PLBY 10-K

Playboy, Inc. (PLBY)

10-K 2024-03-29 For: 2023-12-31

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Added on April 10, 2026

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Delaware						37-1958714
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐


			Page
Cautionary Note Regarding Forward-Looking Statements

Part I			5
Item 1. Business			5
Item 1A. Risk Factors			10
Item 1B. Unresolved Staff Comments			36
Item 1C. Cybersecurity			36
Item 2. Properties			37
Item 3. Legal Proceedings			37
Item 4. Mine Safety Disclosures			38

Part II			39
Item 5. Market for Registrant ’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			39
Item 6. [Reserved]			40
Item 7. Management ’s Discussion and Analysis of Financial Condition and Results of Operations			40
Item 7A. Quantitative and Qualitative Disclosures About Market Risk			56
Item 8. Financial Statements and Supplementary Data			57
Index to Consolidated Financial Statements			57
Report of Independent Registered Public Accounting Firm (BDO USA, P.C.)			58
Consolidated Statements of Operations			60
Consolidated Statements of Comprehensive Loss			61
Consolidated Balance Sheets			62
Consolidated Statements of Stockholders’ Equity			63
Consolidated Statements of Cash Flows			64
Notes to the Consolidated Financial Statements			66
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures			103
Item 9A. Controls and Procedures			103
Item 9B. Other Information			107
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			107

Part III			108
Item 10. Directors, Executive Officers and Corporate Governance			108
Item 11. Executive Compensation			108
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			108
Item 13. Certain Relationships and Related Transactions, and Director Independence			108
Item 14. Principal Accountant Fees and Services			108

Part IV			109
Item 15. Exhibits, Financial Statement Schedules			109
Item 16. Form 10-K Summary			110

Signatures			111


Month of Fourth Quarter of 2023	Total Number of Shares Purchased	Average Price Paid Per Share(1)		Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs(2)	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(3)
October 1 through October 31	—	$	—	—	$	—
November 1 through November 30	810,463	0.49		810,463	49,589,252
December 1 through December 31	739,466	0.78		739,466	49,000,011
Total for Quarter	1,549,929	$	0.69	1,549,929	$	49,000,011


	Year Ended December 31,
	2023		2022		$ Change		% Change
Net revenues	$	142,950	$	185,536	$	(42,586)	(23)	%
Costs and expenses:
Cost of sales	(54,777)		(82,945)		28,168		(34)
Selling and administrative expenses	(123,554)		(150,535)		26,981		(18)
Impairments	(154,884)		(283,500)		128,616		(45)
Contingent consideration fair value remeasurement gain	436		29,173		(28,737)		(99)
Gain on sale of the aircraft	—		5,689		(5,689)		(100)
Other operating (expense) income, net	(540)		482		(1,022)		(212)
Total operating expense	(333,319)		(481,636)		148,317		(31)
Operating loss	(190,369)		(296,100)		105,731		(36)
Nonoperating (expense) income:
Interest expense	(23,293)		(17,719)		(5,574)		31
Gain (loss) on extinguishment of debt	6,133		(1,266)		7,399		(584)
Fair value remeasurement gain	6,505		9,401		(2,896)		(31)
Other income (expense), net	806		(711)		1,517		(213)
Total nonoperating expense	(9,849)		(10,295)		446		(4)
Loss from continuing operations before income taxes	(200,218)		(306,395)		106,177		(35)
Benefit from income taxes	13,770		55,704		(41,934)		(75)
Net loss from continuing operations	(186,448)		(250,691)		64,243		(26)
Income (loss) from discontinued operations, net of tax	6,030		(27,013)		33,043		(122)
Net loss	(180,418)		(277,704)		97,286		(35)
Net loss attributable to PLBY Group, Inc.	$	(180,418)	$	(277,704)	$	97,286	(35)	%


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


			Page
Audited Consolidated Financial Statements:
Report of Independent Registered Public Accounting Firm (BDO USA, P.C.; Los Angeles, California; PCAOB ID: # 243)			58

Financial Statements:
Consolidated Statements of Operations			60
Consolidated Statements of Comprehensive Loss			61
Consolidated Balance Sheets			62
Consolidated Statements of Stockholders’ Equity			63
Consolidated Statements of Cash Flows			64
Notes to the Consolidated Financial Statements			66


	Year Ended December 31,
	2023		2022
Net revenues	$	142,950	$	185,536
Costs and expenses:
Cost of sales	(54,777)		(82,945)
Selling and administrative expenses	(123,554)		(150,535)
Impairments	(154,884)		(283,500)
Contingent consideration fair value remeasurement gain	436		29,173
Gain on sale of the aircraft	—		5,689
Other operating (expense) income, net	(540)		482
Total operating expense	(333,319)		(481,636)
Operating loss	(190,369)		(296,100)
Nonoperating (expense) income:
Interest expense	(23,293)		(17,719)
Gain (loss) on extinguishment of debt	6,133		(1,266)
Fair value remeasurement gain	6,505		9,401
Other income (expense), net	806		(711)
Total nonoperating expense	(9,849)		(10,295)
Loss from continuing operations before income taxes	(200,218)		(306,395)
Benefit from income taxes	13,770		55,704
Net loss from continuing operations	(186,448)		(250,691)
Income (loss) from discontinued operations, net of tax	6,030		(27,013)
Net loss	(180,418)		(277,704)
Net loss attributable to PLBY Group, Inc.	$	(180,418)	$	(277,704)
Net loss per share from continuing operations, basic and diluted	$	(2.60)	$	(5.28)
Net income (loss) per share from discontinued operations, basic and diluted	0.07		(0.58)
Net loss per share, basic and diluted	$	(2.53)	$	(5.86)
Weighted average shares used in computing net loss per share, basic	71,319,437		47,420,376
Weighted average shares used in computing net loss per share, diluted	71,319,437		47,420,376


	December 31,
	2023		2022
Assets
Current assets:
Cash and cash equivalents	$	28,120	$	31,815
Restricted cash	1,587		—
Receivables, net of allowance for credit losses	7,496		14,214
Inventories, net	13,000		20,612
Prepaid expenses and other current assets	7,802		16,276
Assets held for sale	11,692		37,801
Total current assets	69,697		120,718
Restricted cash	1,969		3,809
Property and equipment, net	13,514		13,804
Operating right-of-use assets	25,284		28,082
Goodwill	54,899		123,217
Other intangible assets, net	157,901		236,137
Contract assets, net of current portion	8,716		13,680
Other noncurrent assets	2,274		15,137
Total assets	$	334,254	$	554,584
Liabilities, Redeemable Noncontrolling Interest, and Stockholders’ Equity
Current liabilities:
Accounts payable	$	14,500	$	13,630
Accrued agency fees and commissions	901		7,785
Deferred revenues, current portion	9,205		10,480
Long-term debt, current portion	304		2,050
Operating lease liabilities, current portion	6,955		6,278
Other current liabilities and accrued expenses	27,066		25,566
Liabilities held for sale	—		27,126
Total current liabilities	58,931		92,915
Deferred revenues, net of current portion	4,641		21,406
Long-term debt, net of current portion	190,115		191,125
Deferred tax liabilities, net	9,304		27,414
Operating lease liabilities, net of current portion	24,621		26,695
Mandatorily redeemable preferred stock, at fair value	—		39,099
Other noncurrent liabilities	957		886
Total liabilities	288,569		399,540
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest	(208)		(208)
Stockholders’ equity:
Preferred stock, $0.0001 par value per share, 5,000,000 shares authorized, 50,000 shares designated Series A preferred stock, of which 0 shares were issued and outstanding as of December 31, 2023; 50,000 shares were issued and outstanding as of December 31, 2022	—		—
Common stock, $0.0001 par value; 150,000,000 shares authorized at December 31, 2023 and 2022; 74,783,683 shares issued and 72,533,754 shares outstanding at December 31, 2023; 47,737,699 shares issued and 47,037,699 shares outstanding at December 31, 2022	7		5
Treasury stock, at cost: 2,249,929 shares and 700,000 shares at December 31, 2023 and 2022, respectively	(5,445)		(4,445)
Additional paid-in capital	690,055		617,233
Accumulated other comprehensive loss	(24,910)		(24,145)
Accumulated deficit	(613,814)		(433,396)
Total stockholders’ equity	45,893		155,252
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity	$	334,254	$	554,584


	Series A Preferred Stock			Common stock
	Shares	Amount		Shares	Amount		Treasury Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total
Balance at December 31, 2021	—	$	—	42,296,121	$	4	$	(4,445)	$	586,349	$	(3,725)	$	(155,692)	$	422,491
Shares issued in connection with options exercise, net exercised	—	—		495,052	—		—		1,924		—		—		1,924
Shares issued in connection with equity incentive plans	—	—		3,759,122	1		—		—		—		—		1
Shares issued pursuant to a license, services and collaboration agreement	—	—		30,911	—		—		—		—		—		—
Shares issued in connection with asset purchase	—	—		103,570	—		—		1,333		—		—		1,333
Shares issued in connection with preferred shares agreement	50,000	—		—	—		—		—		—		—		—
Shares issued in connection with the settlement of the performance holdback contingent consideration relating to the acquisition of GlowUp	—	—		352,923	—		—		260		—		—		260
Stock-based compensation expense and vesting of restricted stock units	—	—		—	—		—		22,553		—		—		22,553
Reclassification of the fair value of the lock-up shares contingent consideration relating to the acquisition of Honey Birdette	—	—		—	—		—		4,814		—		—		4,814
Other comprehensive loss	—	—		—	—		—		—		(20,420)		—		(20,420)
Net loss	—	—		—	—		—		—		—		(277,704)		(277,704)
Balance at December 31, 2022	50,000	$	—	47,037,699	$	5	$	(4,445)	$	617,233	$	(24,145)	$	(433,396)	$	155,252
Issuance of common stock in rights offering	—	—		19,561,050	2		—		47,600		—		—		47,602
Issuance of common stock in registered direct offering	—	—		6,357,341	—		—		13,890		—		—		13,890
Exchange of mandatorily redeemable preferred shares	(50,000)	—		—	—		—		—		—		—		—
Shares issued in connection with equity incentive plans	—	—		1,124,281	—		—		—		—		—		—
Shares issued pursuant to a license, services and collaboration agreement	—	—		3,312	—		—		—		—		—		—
Stock-based compensation expense and vesting of restricted stock units	—	—		—	—		—		11,332		—		—		11,332
Shares repurchased pursuant to the 2022 Stock Repurchase Program	—	—		(1,549,929)	—		(1,000)		—		—		—		(1,000)
Other comprehensive loss	—	—		—	—		—		—		(765)		—		(765)
Net loss	—	—		—	—		—		—		—		(180,418)		(180,418)
Balance at December 31, 2023	—	$	—	72,533,754	$	7	$	(5,445)	$	690,055	$	(24,910)	$	(613,814)	$	45,893


PLBY Group, Inc.
Consolidated Statements of Cash Flows (continued)
(in thousands)
	Year Ended December 31,
	2023		2022
Supplemental Disclosures
Cash (refunded) paid for income taxes	$	(1,753)	$	5,327
Cash paid for interest	$	17,258	$	15,546
Supplemental Disclosure of Non-cash Activities
Capitalized stock-based compensation expense	$	1,735	$	2,014
Purchases of property and equipment	$	596	$	379
Reclassification of the fair value of the lock-up shares contingent consideration relating to the acquisition of Honey Birdette	$	—	$	4,814
Right-of-use assets in exchange for lease liabilities - continuing operations	$	4,540	$	6,209
Right-of-use assets in exchange for lease liabilities - discontinued operations	$	1,018	$	5,750
Shares issued pursuant to a license, services and collaboration agreement	$	—	$	237
Shares issued in connection with asset purchase	$	—	$	1,333
Shares issued in connection with the settlement of the performance holdback contingent consideration relating to the acquisition of GlowUp	$	—	$	260


Customer	December 31, 2023	December 31, 2022
Customer A	*	31	%
_________________ *Indicates the receivables for the customer did not exceed 10% of the Company’s total as of December 31, 2023.


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities
Contingent consideration liability	$	—	$	—	$	(399)	$	(399)


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Liabilities
Contingent consideration liability	$	—	$	—	$	(835)	$	(835)
Mandatorily redeemable preferred stock	—		—		(39,099)		(39,099)
Total liabilities	$	—	$	—	$	(39,934)	$	(39,934)


	Year Ended December 31,
	2023		2022		$ Change		% Change
Net revenues
Direct-to-consumer	$	77,984	$	105,177	$	(27,193)	(26)	%
Licensing	44,292		60,861		(16,569)		(27)
Digital subscriptions and content	20,670		18,709		1,961		10
All other	4		789		(785)		(99)
Total	$	142,950	$	185,536	$	(42,586)	(23)	%

Operating (loss) income
Direct-to-consumer	$	(98,886)	$	(177,388)	$	78,502	(44)	%
Licensing	(46,898)		(73,979)		27,081		(37)
Digital subscriptions and content	(2,440)		(13,016)		10,576		(81)
Corporate	(42,132)		(32,428)		(9,704)		30
All other	(13)		711		(724)		(102)
Total	$	(190,369)	$	(296,100)	$	105,731	(36)	%


	Year Ended December 31,
	2023		2022		$ Change		% Change
Net cash provided by (used in):
Operating activities	$	(42,788)	$	(64,042)	$	21,254	(33)	%
Investing activities	13,060		9,377		3,683		39
Financing activities	26,184		11,559		14,625		127


Total Fair Value		Valuation Technique	Unobservable Inputs	Rate
$	32,594	Binomial lattice model	Preferred credit spread (annual)	18	%
			Yield volatility	50	%
			Dividend settlement	Paid-in-kind (PIK)


	Fair Value		Valuation Technique	Unobservable Inputs	Range
October 31, 2023
Indefinite-lived trademarks	$	145,087	Multi-period excess earnings method	Revenue growth rate	(39.2)% - 52.4%
				Discount rate	17.0%
			Relief from royalty	Revenue growth rate	(9.9)% - 233.0%
				Royalty rate	7.0%
				Discount rate	17.0% - 30.0%
June 30, 2023
Indefinite-lived trademarks	150,650		Multi-period excess earnings method	Revenue growth rate	(0.6)% - 52.6%
				Discount rate	16.0%
			Relief from royalty	Revenue growth rate	(34.5)% - 200.0%
				Royalty rate	7.0%
				Discount rate	16.0% - 28.0%
Trade names	12,550		Relief from royalty	Revenue growth rate	3.0% - 10.0%
				Royalty rate	3.0%
				Discount rate	17.0%
Goodwill	21,176		Discounted cash flow	Revenue growth rate	3.0% - 10.0%
				Discount rate	14.0%
September 1, 2022
Indefinite-lived trademarks	216,185		Multi-period excess earnings method	Revenue growth rate	2.5% - 12.3%
				Discount rate	18.0%
			Relief from royalty	Revenue growth rate	(5.0)% - 10.0%
				Royalty rate	2.0% - 7.0%
				Discount rate	18.0%
Trade names	20,032		Relief from royalty	Revenue growth rate	2.5% - 10.0%
				Royalty rate	0.3% - 4.0%
				Discount rate	19.0% - 35.0%
Goodwill	90,498		Discounted cash flow	Revenue growth rate	3.0% - 10.0%
				Discount rate	16.0%


	Contingent Consideration		Mandatorily Redeemable Preferred Stock Liability		Total
Balance at December 31, 2022	$	835	$	39,099	$	39,934
Change in fair value and other	(436)		(6,505)		(6,941)
Mandatorily redeemable preferred stock	—		(32,594)		(32,594)
Balance at December 31, 2023	$	399	$	—	$	399


	Contract Liabilities, Net
Balance at December, 31, 2021	$	(35,070)
Revenues recognized that were included in gross contract liabilities at December, 31, 2021	54,840
Contract assets reclassified to accounts receivable in 2022	(28,947)
Cash received in advance since prior year and remains in net contract liabilities at December, 31, 2022	(5,946)
Contract modifications and terminations in 2022	(524)
Balance at December, 31, 2022	$	(15,647)
Revenues recognized that were included in gross contract liabilities at December, 31, 2022 (1)	41,919
Contract assets reclassified to accounts receivable in 2023	(30,295)
Cash received in advance since prior year and remains in net contract liabilities at December, 31, 2023	(5,170)
Contract impairments, modifications and terminations in 2023	5,610
Balance at December, 31, 2023	$	(3,583)
_________________ (1) Includes $5.1 million of revenue recognized from prepaid royalty guarantees in connection with a licensing contract terminated in the fourth quarter of 2023.


	Year Ended December 31, 2023
	Licensing		Direct-to- Consumer		Digital Subscriptions and Content		Other		Total
Trademark licensing	$	44,292	$	—	$	—	$	—	$	44,292
Digital subscriptions and products	—		—		12,923		4		12,927
TV and cable programming	—		—		7,747		—		7,747
Consumer products	—		77,984		—		—		77,984
Total revenues	$	44,292	$	77,984	$	20,670	$	4	$	142,950


	Year Ended December 31, 2022
	Licensing		Direct-to- Consumer		Digital Subscriptions and Content		Other		Total
Trademark licensing	$	60,861	$	—	$	—	$	—	$	60,861
Magazine, digital subscriptions and products	—		—		9,333		789		10,122
TV and cable programming	—		—		9,376		—		9,376
Consumer products	—		105,177		—		—		105,177
Total revenues	$	60,861	$	105,177	$	18,709	$	789	$	185,536


	Weighted- Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairments(1)		Net Carrying Amount
December 31, 2023
Trade names	12	$	71,524	$	(8,427)	$	(50,825)	$	12,272
Distribution agreements	15	3,720		(3,183)		—		537
Total		$	75,244	$	(11,610)	$	(50,825)	$	12,809
_________________ (1) Includes the impairment charges on trade names of $5.1 million during the year ended December 31, 2023. The offset relates to foreign currency translation.


	Weighted- Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairments(1)		Net Carrying Amount
December 31, 2022
Trade names	12	$	71,458	$	(6,881)	$	(45,566)	$	19,011
Distribution agreements	15	3,720		(2,935)		—		785
Developed technology	3	2,300		(2,300)		—		—
Total		$	77,478	$	(12,116)	$	(45,566)	$	19,796
_________________ (1) Includes the impairment charges on trade names of $44.9 million during the year ended December 31, 2022. The offset relates to foreign currency translation.


2024	$	1,445
2025	1,445
2026	1,238
2027	1,197
2028	1,197
Thereafter	6,287
Total	$	12,809


	Gross Goodwill		Impairments		Net Goodwill
Balance at December 31, 2021	$	254,214	$	—	$	254,214
Foreign currency translation adjustment in relation to Honey Birdette	(13,557)		—		(13,557)
Impairments(1)	—		(117,440)		(117,440)
Balance at December 31, 2022	$	240,657	$	(117,440)	$	123,217
Foreign currency translation adjustment in relation to Honey Birdette	(1,658)		—		(1,658)
Impairments (1)	—		(66,660)		(66,660)
Balance at December 31, 2023	$	238,999	$	(184,100)	$	54,899
_________________ (1) As of the impairment dates. Impairment charges on goodwill recorded in the consolidated statements of operations for the years ended December 31, 2023 and 2022 were $67.5 million and $115.2 million, respectively. The offset relates to foreign currency translation.


	Number of options	Weighted- average exercise price		Weighted- average remaining contractual term (years)	Aggregate intrinsic value (in thousands)
Balance – December 31, 2021	3,211,071	$	7.77	7.9	$	60,978
Granted	—	—		—	—
Exercised	(495,052)	3.89		—	4,028
Forfeited and cancelled	(116,755)	9.83		—	—
Balance – December 31, 2022	2,599,264	8.41		7.2	—
Granted (1)	914,574	0.66		—	—
Exercised	—	—		—	—
Forfeited and cancelled (1)	(1,222,510)	13.71		—	—
Balance – December 31, 2023	2,291,328	$	2.49	6.4	$	311
Exercisable – December 31, 2023	1,376,754	$	3.71	4.2	$	—
Vested and expected to vest as of December 31, 2023	2,291,328	$	2.49	6.4	$	311
_________________ (1) Includes option awards previously granted to two employees, with respect to which 1,002,534 shares were cancelled and 914,574 shares were granted in the fourth quarter of 2023.


	Number of awards	Weighted- average grant date fair value per share
Unvested and outstanding balance at December 31, 2021	585,075	$	28.15
Granted	2,050,254	10.55
Vested	(343,891)	21.42
Forfeited	(232,904)	19.00
Unvested and outstanding balance at December 31, 2022	2,058,534	12.79
Granted	2,554,632	0.66
Vested	(1,086,825)	12.53
Forfeited	(311,431)	16.17
Unvested and outstanding balance at December 31, 2023	3,214,910	$	2.91


	Year Ended December 31,
	2023 (1)		2022
Fair value of common stock	$0.66		$4.63 - $28.08
Expected term, in years	6		5.49 - 5.86
Expected volatility	72	%	45% - 47%
Risk-free interest rate	4.64	%	0.57% - 1.27%
Expected dividend yield	0%		0%
_________________ (1) Assumptions relate to options canceled and granted in the fourth quarter of 2023.


Years ending December 31:	Amounts
2024	$	9,027
2025	7,905
2026	7,280
2027	4,973
2028	2,640
Thereafter	6,726
Total undiscounted lease payments	38,551
Less: imputed interest	(6,975)
Total operating lease liabilities	$	31,576

Operating lease liabilities, current portion	$	6,955
Operating lease liabilities, noncurrent portion	$	24,621


	Employee Separation Costs
Balance at December 31, 2022	$	1,192
Costs incurred and charged to expense	3,660
Costs paid or otherwise settled	(3,668)
Balance at December 31, 2023	$	1,184


	Year Ended December 31,
Net revenues:	2023		2022
United States	$	61,810	$	76,969
Australia	32,037		41,743
China	28,949		42,514
UK	10,537		11,641
Other	9,617		12,669
Total	$	142,950	$	185,536


	December 31,
Long-lived assets:	2023		2022
United States	$	31,490	$	33,673
Australia	6,882		5,747
Other	426		2,466
Total	$	38,798	$	41,886


(in thousands)	Balance at Beginning of Year		Costs Charged to Expenses		Deductions and Write-offs		Balance at End of Year
Year Ended December 31, 2022
Reserve for inventory	$	1,203	$	3,095	$	(706)	$	3,592
Year Ended December 31, 2023
Reserve for inventory	$	3,592	$	6,935	$	(5,049)	$	5,478


Exhibit No.						Description
3.1						Second Amended and Restated Certificate of Incorporation of PLBY Group, Inc. (incorporated by reference to Exhibit 3.1 of PLBY’s Form 8-K filed with the SEC on February 16, 2021)
3.2						Amended and Restated Bylaws of PLBY Group, Inc. (incorporated by reference to Exhibit 3.2 of PLBY’s Form 8-K filed with the SEC on February 16, 2021)
3.3						Certificate of Designation of the Series A Preferred Stock (incorporated by reference to Exhibit 3.1 of PLBY ’s Current Report on Form 8-K filed with the SEC on May 17, 2022)
4.1						Description of registrant ’s securities
10.1 †						Playboy Enterprises, Inc. 2018 Equity Incentive Plan (incorporated by reference to Exhibit 10.33 of PLBY’s Form 8-K filed with the SEC on February 16, 2021)
10.2 †						PLBY Group, Inc. 2021 Equity and Incentive Compensation Plan (incorporated by reference to Exhibit 10.8 of PLBY’s Form 8-K filed with the SEC on February 16, 2021)
10.3 †						Employment Agreement, dated as of January 31, 2021, by and between Playboy Enterprises, Inc. and Ben Kohn (as assumed by PLBY Group, Inc.) (incorporated by reference to Exhibit 10.23 of PLBY’s Form 8-K filed with the SEC on February 16, 2021)
10.4†						Employment Agreement, dated as of March 22, 2023, by and between Marc Crossman and Playboy Enterprises, Inc. (incorporated by reference to Exhibit 10.1 of PLBY ’s Current Report on Form 8-K filed with the SEC on March 22, 2023)
10.5 †						Employment Agreement, dated as of February 10, 2021, by and between Playboy Enterprises, Inc. and Chris Riley (as assumed by PLBY Group, Inc.) (incorporated by reference to Exhibit 10.24 of PLBY’s Form 8-K filed with the SEC on February 16, 2021)
10.6 *						Securities Purchase Agreement, dated January 18, 2023 (incorporated by reference to Exhibit 10.1 of PLBY ’s Current Report on Form 8-K filed with the SEC on January 18, 2023)
10.7						Standstill Agreement, dated as of January 30, 2023, by and among PLBY Group, Inc. and affiliates of Rizvi Traverse Management (incorporated by reference to Exhibit 10.1 of PLBY ’s Current Report on Form 8-K filed with the SEC on February 2, 2023)
10.8						Amendment No. 4 to Credit and Guaranty Agreement, dated as of February 17, 2023, by and among PLBY Group, Inc., Playboy Enterprises, Inc., each guarantor party thereto, the lenders party thereto, and Acquiom Agency Services LLC, as the administrative agent and the collateral agent (incorporated by reference to Exhibit 10.1 of PLBY ’s Current Report on Form 8-K filed with the SEC on February 21, 2023)


Exhibit No.						Description
10.9						Amendment No. 5 to Credit and Guaranty Agreement, dated as of April 4, 2023, by and among PLBY Group, Inc., Playboy Enterprises, Inc., each guarantor party thereto, the lenders party thereto, and Acquiom Agency Services LLC, as the administrative agent and the collateral agent (incorporated by reference to Exhibit 10.1 of PLBY ’s Current Report on Form 8-K filed with the SEC on April 5, 2023)
10.10 †						PLBY Group, Inc. Non-Employee Director Compensation Policy, amended and restated as of April 20, 2023 (incorporated by reference to Exhibit 10.6 of PLBY ’s Current Report on Form 10-Q filed with the SEC on May 10, 2023)
10.1 1 *						Amended and Restated Credit and Guaranty Agreement, dated as of May 10, 2023, by and among PLBY Group, Inc., Playboy Enterprises, Inc., each guarantor party thereto, the lenders party thereto, and Acquiom Agency Services LLC, as the administrative agent and the collateral agent (incorporated by reference to Exhibit 10.7 of PLBY ’s Current Report on Form 10-Q filed with the SEC on May 10, 2023)
10.1 2 *						Stock Purchase Agreement, dated October 3, 2023, by and among LV Holding, LLC, TLA Acquisition Corp. and Playboy Enterprises, Inc. (incorporated by reference to Exhibit 10.1 of PLBY ’s Current Report on Form 8-K filed with the SEC on October 5, 2023)
10.1 3 *						Amendment No. 1 to Amended and Restated Credit and Guaranty Agreement, dated as of November 2, 2023, by and among the Company, Playboy Enterprises, Inc., each guarantor party thereto, the lenders party thereto, and DBD Credit Funding LLC, as the administrative agent and the collateral agent (incorporated by reference to Exhibit 10.1 to PLBY ’s Current Report on Form 8-K filed with the SEC on November 6, 2023)
10.14 *						Amendment No. 2 to Amended and Restated Credit and Guaranty Agreement, dated as of Marc h 2 7 , 2024 , by and among the Company, Playboy Enterprises, Inc., each guarantor party thereto, the lenders party thereto, and DBD Credit Funding LLC, as the administrative agent and the collateral agent
14.1						Code of Conduct and Ethics, adopted by PLBY Group, Inc.’s board of directors on February 10, 2021 (incorporated by reference to Exhibit 14.1 of PLBY’s Form 8-K filed with the SEC on February 16, 2021)
21.1						List of subsidiaries of PLBY Group, Inc.
23.1						Consent of BDO USA, P .C.
24.1						Power of Attorney (included on signature page)
31.1						Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2						Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1^						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2^						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
9 7						PLBY Group , Inc. Clawback Polic y
101.INS						Inline XBRL Instance Document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


	PLBY GROUP, INC.

Date: March 29, 2024	By:	/s/ Ben Kohn
	Name:	Ben Kohn
	Title:	Chief Executive Officer and President (Principal executive officer)