Playboy, Inc. 8-K

What Happened Playboy, Inc. announced on Feb. 22, 2026 (effective Feb. 23, 2026) that it has appointed David Miller as President, Playboy, Media & Brand; Mr. Miller will serve as an executive officer of the company. He joins after senior media roles at National Geographic Media (2018–2025) and AOL (2016–2018). The company’s subsidiary, Playboy Enterprises International, Inc., entered into an employment agreement with Mr. Miller describing salary, bonus, equity grants and severance terms.

Key Details

• Base salary: $400,000 per year.
• Annual cash bonus: eligible, target = 80% of base salary.
• Equity: initial restricted stock unit (RSU) grant of 248,869 shares vesting in three equal annual installments; annual equity awards with a target grant-date fair value of $700,000 beginning in 2026.
• Severance and benefits: if terminated without cause or for good reason, severance ranges from 9–18 months of salary depending on timing and change-in-control, prorated bonus, COBRA premium coverage for the severance period, and accelerated vesting of 1/3 of the initial RSU grant plus then-outstanding annual awards (subject to release).
• No related-party arrangements or family relationships disclosed; the employment agreement is filed as Exhibit 10.1 to the 8-K.

Why It Matters This is a senior media and brand leadership hire aimed at strengthening Playboy’s media and brand initiatives. The compensation package is equity-heavy, which aligns Mr. Miller’s pay with long-term company performance but may lead to future share-based expense or dilution. Severance and change-in-control protections are standard but can affect cash and equity outcomes if his employment ends. Investors should note the executive appointment and material compensation terms disclosed in the 8-K when evaluating Playboy’s leadership and governance developments.