Document:

Exhibit 10.29

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN
EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

 

FIRST AMENDMENT TO PRODUCT LICENSE
AGREEMENT

 

THIS FIRST AMENDMENT
TO PRODUCT LICENSE AGREEMENT (this “Amendment”), effective as of the latest dated signature of the parties below (the
 “Amendment Effective Date”), by and between CHINA PRODUCTS LICENSING LLC (by virtue of assignment by Playboy Enterprises
International, Inc.) and NEW HANDONG INVESTMENT (GUANGDONG) CO., LTD. hereby amends that certain Product License Agreement entered
into by and between Licensor and Licensee effective as of December 6, 2019 (the “Agreement”). This Amendment is hereby
incorporated into the Agreement by reference. All capitalized terms not otherwise defined herein shall have the meanings ascribed
to them in the Agreement.

 

WHEREAS, pursuant to
Paragraph 19 of the Agreement, the parties wish to amend the Agreement as set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants herein and for other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the parties hereby agree as follows:

 

1.            
Paragraphs S.3.-1 and S.3.-2 of the Schedule to the Agreement are hereby deleted in their entirety and replaced with the following:

 

	 	S.3.-1	LICENSOR’S AGENT:	CAA-GBG LLP
	 	 	 	5th Floor, WestWorks, 195 Wood Lane
	 	 	 	London W12 7FQ
	 	 	 	United Kingdom
	 	 	 	Contact:	General Counsel
	 	 	 	Telephone:	[TELEPHONE]
	 	 	 	 	 
	 	 	 	CAA-GBG LLP
	 	 	 	2000 Avenue of the Stars
	 	 	 	Los Angeles, California 90067
	 	 	 	Contact:	Heather Kamins
	 	 	 	Telephone:	[TELEPHONE]
	 	 	 	 	 
	 	S.3.-2	COLLECTING AGENT:	CAA-GBG UK LIMITED
	 	 	 	5th Floor, WestWorks, 195 Wood Lane
	 	 	 	London W12 7FQ	 
	 	 	 	United Kingdom	 
	 	 	 	Contact:	Heather Kamins and Inam Shah
	 	 	 	Telephone:	[TELEPHONE]

 

2.            
Paragraph S.12 of the Schedule to the Agreement is hereby deleted in its entirety and replaced with the following:

 

	 	S.12.	GUARANTEED ROYALTIES:	 	 
	 	 	 	 	 
	 	 	License Year	Amount	Payment Due Date
	 	 	LY 1 (01/01/20 – 06/30/21)	[***]	[***]
	 	 	 	 	 
	 	 	LY 2 (07/01/21 – 06/30/22)	[***]	[***]
	 	 	 	 	 
	 	 	LY 3 (07/01/22 – 06/30/23)	[***]	[***]
	 	 	 	 	 
	 	 	LY 4 (07/01/23 – 06/30/24)	[***]	[***]
	 	 	 	 	 
	 	 	LY 5 (07/01/24 – 06/30/25)	[***]	[***]
	 	 	 	 	 
	 	 	LY 6 (07/01/25 – 06/30/26)	[***]	[***]
	 	 	 	 	 
	 	 	LY 7 (07/01/26 – 06/30/27)	[***]	[***]
	 	 	 	 	 
	 	 	LY 8 (07/01/27 – 06/30/28)	[***]	[***]
	 	 	 	 	 
	 	 	LY 9 (07/01/28 – 06/30/29)	[***]	[***]
	 	 	 	 	 
	 	 	LY 10 (07/01/29 – 06/30/30)	[***]	[***]

 

    1 

     

    

 

Subject to the
provisions of Paragraphs 2.e.(vi)(a) and (b) of the Agreement, Licensee understands and accepts that all “Guaranteed
Royalties” (as defined in Paragraph 2.d.(i) of the Agreement) and “Earned Royalties” (as defined in Paragraph
2.d.(ii) of the Agreement) payments to be remitted to Licensor hereunder are intended to be gross amounts without any deductions
whatsoever, except as set forth in Paragraph S.20(8) of the Schedule.

 

3.            
In addition to Licensor’s rights of termination set forth in the Agreement, in the event that Licensee fails to pay the LY
1 Second Payment of Guaranteed Royalties or the LY 1 Third Payment of Guaranteed Royalties as set forth above, Licensor shall have
the right to terminate the License and this Agreement, upon not less than ten (10) days’ prior written notice to Licensee.
Such termination shall become effective unless such default described in such notice shall be completely remedied to the satisfaction
of Licensor within such ten (10) day period.

 

4.            
This Amendment shall not be binding on Licensor until such time as this Amendment has been signed by both parties.

 

5.            
Except as expressly modified above, all of the other terms and conditions of the Agreement shall remain in full force and effect
and shall be applicable to the terms hereof; provided that, to the extent a provision of this Amendment conflicts with a provision
of the Agreement, the provision in this Amendment shall govern and control.

 

Signature Page Follows

 

    2 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed by the authorized representative of each.

 

	NEW HANDONG INVESTMENT	 	CHINA PRODUCTS LICENSING LLC
	(GUANGDONG) CO., LTD.	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Hong Jianqiao	 	By:	/s/ David Israel
	 	 	 	 	 
	Name:	Hong Jianqiao	 	Name:	David Israel
	 	 	 	 	 
	Title:	Chairman	 	Title:	Chief Financial Officer
	 	 	 	 	 
	Date:	June 18, 2020	 	Date:	June 11, 2020

 

ACKNOWLEDGED AND AGREED:

 

PLAYBOY ENTERPRISES

INTERNATIONAL, INC.

 

	By:	/s/ Jared Dougherty	 
	 	 	 
	Name:	Jared Dougherty	 
	 	 	 
	Title:	Co-President	 
	 	 	 
	Date:	June 11, 2020	 

 

    3Exhibit 10.30

 

CONSENT TO MERGER TRANSACTION AND WAIVER
TO CREDIT AGREEMENT

 

This CONSENT TO MERGER
TRANSACTION AND WAIVER TO CREDIT AGREEMENT (this “Consent”) is dated as of December 31, 2020 (the “Effective
Date”) and is entered into among Products Licensing LLC (the “Products”), Playboy Enterprises International,
Inc., (“Parent”), Playboy Enterprises, Inc. (“PEI”), and Yandy Enterprises LLC (f/k/a Y Acquisition
Co. LLC), a Delaware limited liability company (the “New Borrower” and together with Products, Parent, and PEI,
collectively, “Borrowers”), DBD Credit Funding LLC, as Administrative Agent, and the Lenders whose signatories
are affixed hereto.

 

RECITALS

 

WHEREAS, the Borrowers,
certain Lenders, and Administrative Agent have entered into that certain Credit Agreement dated as of June 24, 2014 (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit
Agreement”; capitalized terms used (including in the preamble and recitals hereto) but not defined herein shall have
the meanings assigned to such terms in the Credit Agreement);

 

WHEREAS, (i) Section
6.03 of the Credit Agreement prohibits the merger of any Loan Party with any other Person, (ii) Section 6.04 of the Credit Agreement
prohibits certain Investments and (iii) Section 6.11 of the Credit Agreement prohibits transactions with any Affiliate of the Borrowers
that is not a Loan Party, in each case, subject to certain exceptions set forth in the Credit Agreement (collectively, the “Subject
Covenants”);

 

WHEREAS, the Borrowers
have informed the Administrative Agent and the Lenders that PEI intends to enter into (i) that certain Agreement and Plan of Merger,
substantially in all material respects in the form attached as Exhibit A (the “Merger Agreement”), by
and among Mountain Crest Acquisition Corp., a Delaware corporation (“MCAC”), MCAC Merger Sub Inc. (“Merger
Sub”), a Delaware corporation and wholly owned subsidiary of MCAC, Suying Liu and PEI, pursuant to which MCAC, Merger
Sub and PEI shall (x) effect a merger of Merger Sub with and into PEI pursuant to which PEI will be the surviving corporation and
become a wholly owned subsidiary of MCAC (the “Merger”) and (y) purchase certain Insider Shares (as defined
in the Merger Agreement) (the “Share Purchase”), (ii) the Stock Purchase Agreement substantially in all material
respects in the form attached as Exhibit B, by and among MCAC, PEI and the other parties thereto (the “Stock Purchase
Agreement”), and (iii) certain other documents in connection with the foregoing (together with the Merger Agreement and
Stock Purchase Agreement, collectively, the “Transaction Documents”);

 

WHEREAS, the Borrowers
have requested that the Administrative Agent and the Lenders enter into this Consent (i) to consent to the Transactions (as described
and defined below) and (ii) to consent to a waiver of the Subject Covenants that would otherwise be violated by the Borrowers and
Guarantors (x) executing the Transaction Documents and/or (y) consummating the Transactions pursuant to such Transaction Documents;
and

 

WHEREAS, subject to
the terms and conditions hereof, the Lenders, which constitute Required Lenders, executing this Consent are willing to do so.

 

     

     

    

 

NOW, THEREFORE, in
consideration of the covenants and agreements contained herein, as well as other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.                 
Waiver and Consent.

 

The Administrative
Agent and the Required Lenders hereby (i) consent to the consummation of the Transactions and the performance by PEI and the other
Borrowers of their obligations under the Transaction Documents and (ii) waive any default or event of default that has occurred
or will result from the failure to comply with the Subject Covenants as a result of the Borrowers and Guarantors (x) executing
the Transaction Documents and/or (y) consummating the Transactions pursuant to such Transaction Documents. For purposes of this
Consent, the “Transactions” means the Merger, the Share Purchase and the consummation of the other transaction
under the Transaction Documents.

 

2.                 
No Other Waiver. The waiver and consent set forth in Section 1 herein is limited as specified and shall not
constitute or be deemed to constitute (i) an amendment, waiver or modification of, or consent to any deviation from, the terms
and conditions of the Credit Agreement or any other Loan Document other than as specifically set forth therein, or (ii) an agreement
by the Administrative Agent, or any Lender to consent to any future amendment, waiver, modification or consent with respect to
any provision of the Credit Agreement or any other Loan Document. Except as expressly set forth herein, the Credit Agreement and
each other Loan Document shall remain in full force and effect and are hereby confirmed and ratified in all respects, including
with respect to any security interest or Lien granted to the Administrative Agent pursuant to the terms of the Loan Documents.

 

[Remainder of page intentionally
left blank]

 

    2 

     

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this Waiver and Consent to be duly executed by a respective authorized officer as of the
day and year first above written.

 

	 	BORROWERS
	 	 	 
	 	PRODUCTS LICENSING LLC
	 	 	 
	 	By:	/s/ David Israel
	 	Name:	David Israel
	 	Title:	Chief Financial Officer
	 	 	 
	 	 	 
	 	PLAYBOY ENTERPRISES INTERNATIONAL, INC.
	 	 	 
	 	By:	/s/ David Israel 
	 	Name:	David Israel
	 	Title:	Treasurer
	 	 	 
	 	PLAYBOY ENTERPRISES, INC.
	 	 	 
	 	By:	/s/ David Israel
	 	Name:	David Israel
	 	Title:	Treasurer
	 	 	 
	 	 	 
	 	YANDY ENTERPRISES LLC
	 	 	 
	 	By:	/s/ David Israel
	 	Name:	David Israel
	 	Title:	Manager

 

Signature Page
to Waiver and Consent

  

     

     

    

 

Administrative Agent:

 

	 	DBD CREDIT FUNDING LLC
	 	 
	 	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President

 

Signature Page to Waiver and Consent

 

     

     

    

 

Lenders:

 

	 	FLF I AB Holdings Finance L.P.
	 	 	 
	 	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President

 

Signature Page to Waiver and Consent

 

     

     

    

 

	 	FLF I Holdings Finance L.P.
	 	 	 
	 	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President

 

Signature Page to Waiver and Consent

 

     

     

    

 

	 	Fortress Credit Opportunities VI CLO Limited
	 	 	 
	 	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President

 

Signature Page to Waiver and Consent

 

     

     

    

 

	 	Fortress Credit Opportunities VII CLO Limited
	 	 	 
	 	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President

 

Signature Page to Waiver and Consent

 

     

     

    

 

	 	Fortress Credit Opportunities IX CLO Limited
	 	 	 
	 	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President

 

Signature Page to Waiver and Consent

 

     

     

    

 

	 	Fortress Credit Opportunities XI CLO Limited
	 	 	 
	 	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President

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