Funko Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
May 24 2024 - 5:00PM
Business Wire
Funko, Inc. (Nasdaq: FNKO) (the “Company” or “Funko”), a leading
pop culture lifestyle brand, today announced that on May 20, 2024,
the Compensation Committee of Funko’s Board of Directors granted
(i) non-qualified stock option awards to purchase an aggregate of
297,974 shares of its Class A common stock (the “Common Stock”)
$0.0001 par value per share, (ii) restricted stock unit awards
covering an aggregate of 385,208 shares of Common Stock (the
“Initial RSU Grant”), and (iii) restricted stock unit awards
covering an aggregate of 96,302 shares of Common Stock (the
“Additional RSU Grant”), to Cynthia Williams, who joined Funko as
its Chief Executive Officer on May 20, 2024 (the “Effective Date”),
in connection with her commencement of employment. The awards were
granted under the Funko, Inc. 2024 Inducement Award Plan (the “2024
Inducement Plan”) as an inducement material to Ms. Williams’
entering into employment with Funko, in accordance with and
reliance upon Nasdaq Listing Rule 5635(c)(4).
The 2024 Inducement Plan is used exclusively for the grant of
equity awards to individuals who were not previously employees of
Funko, or following a bona fide period of non-employment, as an
inducement material to such individuals’ entering into employment
with Funko, pursuant to Nasdaq Listing Rule 5635(c)(4). The 2024
Inducement Plan was adopted by the Company’s Board of Directors in
May 2024.
The option has an exercise price of $8.39 per share, which is
equal to the closing price of Funko’s Common Stock on the Nasdaq
Global Market on the date of grant. The option will vest based on
the achievement of a stock price hurdle equal to $25.17, measured
based on the average of the Company’s closing share price over a 90
trading day trailing average, prior to prior to the fourth
anniversary of the Effective Date, subject to Ms. Williams’
continued employment with Funko on each vesting date; provided
that, in no event will the option become exercisable prior to the
second anniversary of the Effective Date. The restricted stock
units will vest (i) in the case of the Initial RSU Grant, over four
years in four equal annual installments on each of the first four
anniversaries of the Effective Date and (ii) in the case of the
Additional RSU Grant, over three years in three equal annual
installments on each of the first three anniversaries of the
Effective Date, in each case subject to Ms. Williams’ continued
employment with Funko on each vesting date.
ABOUT FUNKO:
Headquartered in Everett, Washington, Funko is a leading pop
culture lifestyle brand. Funko designs, sources and distributes
licensed pop culture products across multiple categories, including
vinyl figures, action toys, plush, apparel, housewares and
accessories for consumers who seek tangible ways to connect with
their favorite pop culture brands and characters. Learn more at
www.funko.com, and follow us on X (@OriginalFunko) and Instagram
(@OriginalFunko).
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Investor Relations: Investorrelations@funko.com
Media: pr@funko.com
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