UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
CEO Relocation Arrangements
On September 30, 2026, the Board of Directors (the “Board”) of WEBTOON Entertainment Inc. (the “Company”) approved relocation-related arrangements for Junkoo Kim, the Company’s Chief Executive Officer (the “CEO”) and Chairman of the Board, in connection with Mr. Kim’s relocation of his primary residence from Korea to the United States for business operational purposes (the “Relocation”). Mr. Kim will continue to serve in his role as the Company’s CEO and Chairman of the Board and the Relocation will not result in any change to Mr. Kim’s roles or responsibilities.
In connection with the Relocation, Mr. Kim’s employment with NAVER WEBTOON Ltd. (“NAVER WEBTOON”), our wholly-owned subsidiary in Korea, will be terminated. Upon termination of his employment with NAVER WEBTOON, Mr. Kim will become entitled to a cash payment of KRW 249,648,080 (equivalent to approximately $184,175), less applicable withholdings, to be made in October 2026, under the NAVER WEBTOON Severance Pay Policy for Executives (and, for the avoidance of doubt, following the Relocation, Mr. Kim will no longer participate in the NAVER WEBTOON Severance Pay Policy for Executives). To facilitate a seamless transition with minimal disruption during the Relocation, Mr. Kim will also receive a one-time relocation cash benefit of $567,009, less applicable withholdings, to be paid in January 2027, subject to Mr. Kim’s continued employment with the Company through the payment date. The Company will reimburse Mr. Kim for the amount, if any, by which the actual income and/or tax liability incurred by Mr. Kim in Korea and/or the United States as a result of the relocation cash benefit described above exceeds the tax liability that would have applied had Mr. Kim not been a tax resident in both the U.S. and Korea (the “Tax Equalization Payment”). The amount of the Tax Equalization Payment, if any, is not yet determinable, and will be calculated and paid in accordance with the Company's standard payroll and tax equalization practices.
Amendment and Restatement of CEO Employment Agreement
In connection with the Relocation, on October 1, 2026, the Company and Mr. Kim entered into an amended and restated employment agreement, effective as of October 1, 2026 (the “Amended and Restated Employment Agreement”), which amends and restates in its entirety Mr. Kim’s existing employment agreement with the Company, dated November 5, 2024 (the “Existing Employment Agreement”).
The Amended and Restated Employment Agreement reflects Mr. Kim’s annual base salary and target incentive bonus for fiscal year 2026 as previously approved by the Board and includes the following changes to the Existing Employment Agreement: (1) adjusts severance benefits upon termination without Cause or resignation with Good Reason (as such terms are defined in the Amended and Restated Employment Agreement) to (a) increase the cash severance from six (6) months of base salary paid as salary continuation under the Company’s regular payroll practices to a lump sum payment equal to twelve (12) months of base salary payable within 60 days of the termination date, (b) add a lump-sum payment equal to the target incentive opportunity for the year of termination, payable within 60 days of the termination date, and (c) increase the COBRA premium reimbursements from six (6) months to twelve (12) months; (2) adjusts severance benefits upon termination without Cause or resignation with Good Reason within the 12-month period following a Change in Control (as such terms are defined in the Amended and Restated Employment Agreement) to (a) increase the cash severance from twelve (12) months of base salary paid as salary continuation under the Company’s regular payroll practices to a lump sum payment equal to twenty-four (24) months of base salary payable within 60 days of the termination date, (b) replace the prior pro-rated target incentive opportunity payment with a lump sum payment equal to two (2) times the target incentive opportunity for the year of termination, payable within 60 days of the termination date, (c) increase the COBRA premium reimbursements from twelve (12) months to twenty-four (24) months, and (d) add full equity vesting acceleration of performance stock units, with the number of shares vesting determined based on the greater of (i) target performance level and (ii) actual performance level as determined by the Company’s Compensation Committee (or target performance, if actual performance is not then reasonably determinable); (3) adds a director and officer liability insurance and indemnification provision entitling Mr. Kim to the same indemnification and director and officer liability insurance coverage the Company provides its other corporate officers; and (4) adds a mutual non-disparagement provision applicable to both Mr. Kim and the Company. Except as described above, the Amended and Restated Employment Agreement is generally consistent with the Existing Employment Agreement.
The foregoing description of the Amended and Restated Employment Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amended and Restated Employment Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
Item 7.01 Regulation FD Disclosure.
On October 5, 2026, the Company issued a press release announcing that the Company plans to preview the upcoming Marvel Comics app at New York Comic Con. A copy of the press release is furnished hereto as Exhibit 99.1 and incorporated herein by reference.
The information furnished pursuant to Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d)The following exhibits are being filed herewith:
| Exhibit No. | Description | |||||||
| 10.1 | ||||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WEBTOON Entertainment Inc. | |||||||||||
| Date: | October 5, 2026 | By: | /s/ David J. Lee | ||||||||
| Name: | David J. Lee | ||||||||||
| Title: | Chief Financial Officer | ||||||||||
Exhibit 10.1
Amended and Restated Employment Agreement
This Amended and Restated Employment Agreement (the “Agreement”) is made and entered into as of October 1, 2026, by and between Junkoo Kim (the “Executive”) and WEBTOON Entertainment Inc., a Delaware Corporation with its principal place of business at 222 N. Pacific Coast Highway, Suite 2300, El Segundo, CA 90245 (the “Company”) (each a “Party” and collectively, the “Parties”).
WHEREAS, the Company and the Executive are parties to that certain Employment Agreement dated as of November 5, 2024 (the “Original Agreement”);
WHEREAS, the Company and the Executive desire to amend and restate the Original Agreement in its entirety, on the terms and conditions set forth herein;
WHEREAS, this Agreement amends, restates, and supersedes the Original Agreement in its entirety, and upon the Effective Date, the Original Agreement shall be of no further force or effect, except as otherwise provided herein.
NOW, THEREFORE, in consideration of the mutual covenants, promises, and obligations set forth herein, the Parties agree as follows:
1.Term. This Agreement shall be effective as of October 1, 2026 (“Effective Date”) and shall continue until a termination of Executive’s employment pursuant to Section 4. The period during which the Executive is employed by the Company hereunder is referred to as the "Employment Term." For the avoidance of doubt, the Parties acknowledge and agree that the Executive’s employment with the Company has been continuous and is not being terminated or interrupted by virtue of this Agreement.
2.Position and Duties.
2.1.Position. During the Employment Term, the Executive shall serve as the Chief Executive Officer, reporting to the Board of Directors of the Company (the “Board”), and shall sit on the Board as the Chairman, subject to the Executive’s election by the shareholders of the Company. In such position, the Executive shall have such duties, authority, and responsibilities as shall be determined from time to time by the Board, which duties, authority, and responsibilities are consistent with the Executive's position.
2.2.Duties. During the Employment Term, the Executive shall devote substantially all of the Executive's business time and attention to the performance of the Executive's duties hereunder and will not engage in any other business, profession, or occupation for compensation or otherwise which would conflict or interfere with the performance of such services either directly or indirectly without the prior written consent of the Company or the Board, as applicable.
3.Compensation & Benefits.
3.1.Base Salary: The Company shall pay the Executive an annual base salary of $750,000 in biweekly installments of $28,846.15, less legally required withholdings, or in such other installments in accordance with the Company's customary payroll practices and applicable wage payment laws, but no less frequently than monthly. Executive's base salary shall be reviewed at least annually by the Board and the Board may, but shall not be required to, increase the base salary during the Employment Term.
3.2.Target Incentive Bonus: For each fiscal year of the Employment Term, the Executive shall be eligible to receive a target incentive bonus ranging from 0% to 200% of $850,000 (the “Target Incentive”), based on the Executive’s achievement of key performance indicators established by the senior executives. For any Employment Term commencing mid-year, the available Target Incentive for the applicable fiscal year will be pro-rated based the number of days the Executive is employed by the Company in that fiscal year. Any Target Incentive will be earned and paid in accordance with the annual bonus plan applicable to senior executives generally, but shall be paid no later than March 15 following the year of performance.
3.3.Benefits: The Executive shall be eligible to participate in the Company’s benefit programs pursuant to the terms of those programs, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided hereunder. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time without violation of this Agreement.
3.4.Business Expenses. The Company will reimburse the Executive for all reasonable and necessary out-of-pocket business, travel expenses incurred by the Executive in connection with the performance of the Executive’s duties hereunder in accordance with the Company’s expense reimbursement policy.
4.Separation Package Upon Termination of Employment. Upon termination of Executive’s employment (such date of termination being referred to as the “Termination Date”), the Executive shall be entitled to receive the following:
4.1.Termination Without Cause or Resignation With Good Reason:
1.In the event the Company terminates the Executive’s employment without Cause or the Executive resigns with Good Reason, and subject to the Executive’s compliance with Section 5 of this Agreement and the Executive’s execution of a release of claims in favor of the Company, its affiliates and their respective officers and directors in a form provided by the Company (the “Release”) within the timeframe provided in such Release and in accordance with Section 4.4 hereunder, the Executive will be eligible to receive the following: (i) a lump sum payment equal to 12 months of the Executive’s annualized base salary as of the last day of the Executive’s employment payable within 60 days following the Termination Date; (ii) a lump sum payment equal to the Target Incentive opportunity for the fiscal year in which the Termination Date occurs, as established or approved by the Board (or the Compensation Committee thereof) payable within 60 days following the Termination Date; and (iii) subject to the Executive’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), a reimbursement to Executive for the monthly COBRA premium paid by the Executive for the Executive and the Executive’s dependents for a period of 12 months at the same rate applicable to the Executive as of the Executive’s termination date, provided that the Executive is eligible and remains eligible for COBRA coverage; provided, further, that the Company may modify the continuation coverage contemplated by this Section 4.1(a) to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for
failure to comply with the nondiscrimination requirements of Section 105(h) of the Internal Revenue Code of 1986, as amended; the Patient Protection and Affordable Care Act of 2010, as amended; and/or the Health Care and Education Reconciliation Act of 2010, as amended, and in each case, the regulations and guidance promulgated thereunder (to the extent applicable); and provided, further, that in the event that the Executive obtains other employment that offers group health benefits, such COBRA premium reimbursements relating to continuation of coverage by the Company under this Section 4.1(a) will immediately cease.
2.“Cause” for the Company to terminate the Executive’s employment shall be the occurrence of any of the following events: (i) the Executive’s conviction of, indictment for or plea of nolo contendere to, any felony or any crime involving dishonesty or moral turpitude; (ii) the Executive’s intentional participation in any fraud or act of dishonesty against the Company; (iii) a willful violation by the Executive of any of the Company’s written policies or other serious misconduct that is not cured (to the extent curable) within 30 days following written notice of Cause from the Company provided that a cure is possible; (iv) the Executive’s willful and continued failure to substantially perform any of the Executive’s job duties or to follow lawful directives of the Board that is not cured (to the extent curable) within 30 days following written notice of Cause from the Company; (v) conduct by the Executive which, in the good faith and reasonable determination of the Board, demonstrates gross unfitness to serve that is not cured (to the extent curable) within 30 days following written notice of Cause from the Company provided a cure is possible; and (vi) the Executive’s willful, material breach of any agreement with the Company (or its subsidiaries or successors) that is not cured (to the extent curable) within 30 days following written notice of Cause from the Company.
3.“Good Reason” for the Executive to resign from employment with the Company shall be the occurrence of any of the following events without the Executive’s prior written consent: (i) a material reduction in base salary or target incentive opportunity, other than a general reduction in base salary or target incentive opportunity that affects all similarly situated executives; or (ii) a material diminution in the Executive’s title, duties, or responsibilities without cause; provided, however, that no such event or condition shall constitute Good Reason unless (A) the Executive gives the Company a written notice of resignation for Good Reason not more than 90 days after the initial existence of the condition, (B) the grounds for resignation (if susceptible to correction) are not corrected by the Company within 45 days of its receipt of such notice, and (C) the effective resignation date occurs within 90 days following the Company’s receipt of such notice.
4.2.Termination Without Cause or Resignation With Good Reason Within 12-Month Period Following a Change in Control.
1.In the event that, within the 12-month period following a Change in Control, the Company terminates the Executive’s employment without Cause or the Executive resigns with Good Reason, subject to the Executive’s compliance with Section 5 of this Agreement and the Executive’s execution of a Release within the timeframe provided in such
Release and in accordance with Section 4.4 hereunder, the Executive will be eligible to receive the following: (i) a lump sum payment equal to 24 months of the Executive’s annualized base salary as of the last day of the Executive’s employment payable within 60 days following the Termination Date; (ii) a lump sum payment equal to two (2) times the Target Incentive opportunity for the fiscal year in which the Termination Date occurs, as established or approved by the Board (or the Compensation Committee thereof) payable within 60 days following the Termination Date; (iii) subject to the Executive’s timely election of continuation coverage under COBRA, a reimbursement to Executive for the monthly COBRA premium paid by the Executive for the Executive and the Executive’s dependents for a period of 24 months at the same rate applicable to the Executive as of the Executive’s termination date, provided that the Executive is eligible and remains eligible for COBRA coverage; provided, further, that the Company may modify the continuation coverage contemplated by this Section 4.2(a) to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of Section 105(h) of the Internal Revenue Code of 1986, as amended; the Patient Protection and Affordable Care Act of 2010, as amended; and/or the Health Care and Education Reconciliation Act of 2010, as amended, and in each case, the regulations and guidance promulgated thereunder (to the extent applicable); and provided, further, that in the event that the Executive obtains other employment that offers group health benefits, such COBRA premium reimbursements relating to continuation of coverage by the Company under this Section 4.2(a) will immediately cease; (iv) accelerated vesting of 100% of unvested amounts of any restricted stock unit incentive equity award granted by the Company to the Executive; and (v) accelerated vesting of 100% of unvested amounts of any performance stock unit incentive equity award granted by the Company to the Executive, with the number of shares vesting determined based on the greater of (A) target performance level (i.e., 100% of the target number of shares subject to such award) and (B) actual performance level as determined by the Company's Compensation Committee in its reasonable discretion as of the date of termination, to the extent that actual performance is reasonably determinable at such time; provided that, if actual performance is not reasonably determinable at the time of such termination (including, without limitation, where the Change in Control has been consummated and the Company's common stock is no longer publicly traded such that performance against any market-based metric cannot be assessed), the number of shares shall be determined based solely on target performance level.
2.“Change in Control” means a change in ownership or control of the Company effected through any of the following transactions: (i) a merger, consolidation or other reorganization, unless securities representing more than 50% of the total combined voting power of the voting securities of the successor company are immediately thereafter beneficially owned, directly or indirectly, by the persons who beneficially owned the Company’s outstanding voting securities immediately prior to such transaction; (ii) a sale, transfer or other disposition of all or substantially all of the Company’s assets in liquidation or dissolution of the Company; or (iii) the acquisition, directly or
indirectly, by any person or related group of persons (other than the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company), of beneficial ownership of securities possessing more than 50% of the total combined voting power of the Company’s outstanding securities pursuant to a transfer of the then issued and outstanding voting securities of the Company by one or more of the Company’s stockholders. Anything in the foregoing to the contrary notwithstanding, a transaction shall not constitute a Change in Control if its sole purpose is to change the legal jurisdiction of the Company’s incorporation or to create a holding company that will be owed in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
4.3.Termination With Cause: In the event the Company terminates the Executive’s employment with Cause (which, for purposes of this Section 4, shall be deemed to include a termination from employment in connection with a resignation by the Executive from employment without Good Reason, the Executive’s death and/or the Executive’s inability to perform the essential functions of the Executive’s job position due to a disability that cannot be reasonably accommodated), the Executive will not be eligible for any post-separation payment beyond the Executive’s regular wages and unused vacation earned through the Executive’s last day of employment.
4.4.Post-Termination Release of Claims: As a condition of receiving any postseparation benefits described in Sections 4.1 and 4.2 of this Agreement, the Executive shall: (i) keep the terms of the separation benefits confidential and may not disclose them to anyone other than the Executive’s immediate family, the Executive’s financial/legal advisors and to the extent required by law;(ii) sign a general Waiver and Release Agreement in favor of the Company substantially similar to that attached as Exhibit A to this Agreement, and (iii) Executive continued compliance with any restrictive covenants between Executive and the Company.
5.Confidentiality Agreement. Except as required in the performance of the Executive’s duties, the Executive will not, at any time during or after the Executive’s employment, use, disclose or disseminate any confidential information, or any other information of a secret, proprietary, confidential or generally undisclosed nature, relating to the Company, or its products, services, clients, methods or procedures. The obligations contained in this Section 5 will survive the termination of the Employment Term and employment hereunder and is fully enforceable thereafter.
6.Return of Company Property. Upon termination of the Employment Term for any reason (or at any time prior thereto at the Company’s request), the Executive will promptly return all property belonging to the Company or its affiliates (including, but not limited to, all confidential information and any Company-provided laptops, computers, cell phones, or other equipment, documents and other property belonging to the Company).
7.Whistleblower. Notwithstanding anything to the contrary contained herein, no provision of this Agreement or any other agreement or Company policy will be interpreted so as to impede the Executive (or any other individual) from (a) making any disclosure of relevant and necessary information or documents in any action, investigation, or proceeding relating to this Agreement, or as required by law or legal process, including with respect
to possible violations of law, (b) participating, cooperating, or testifying in any action, investigation, or proceeding with, or providing information to, any governmental agency, legislative body or any self-regulatory organization, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, (c) seeking or accepting any U.S. Securities and Exchange Commission awards or other relief in connection with protected whistleblower activity, or (d) making other disclosures under the whistleblower provisions of federal law or regulation. In addition, nothing in this Agreement or any other agreement or Company policy prohibits or restricts the Executive from initiating communications with, or responding to any inquiry from, any administrative, governmental, regulatory or supervisory authority regarding any good faith concerns about possible violations of law or regulation. The Executive does not need the prior authorization of the Company to make any such reports or disclosures and the Executive will not be required to notify the Company that such reports or disclosures have been made.
8.Director and Officer Liability Insurance; Indemnification. During the Employment Term, the Executive shall be entitled to the same indemnification and director and officer liability insurance as the Company and its affiliates maintain for other corporate officers.
9.Non-Disparagement. The Executive covenants and agrees that the Executive shall not make, or solicit or encourage others to make or solicit, directly or indirectly (on the Executive’s own behalf or in the service or on behalf of others or jointly with any other person), any public derogatory statement or other public communication with the intent to disparage the Company or any of its subsidiaries or their businesses, products, services, personnel, or activities. The Company agrees to instruct members of the Board and its executive officers not to make, or solicit or encourage others to make or solicit, directly or indirectly (on the Company’s own behalf or in the service or on behalf of others or jointly with any other person), any public derogatory statement or other public communication with the intent to disparage the Executive or his businesses, products, services, or activities. The foregoing shall not be construed to prevent either Party from testifying truthfully in any legal proceeding or from making disclosures required or protected by applicable law.
10.No Assignments. This Agreement is personal to each of the Parties hereto. No Party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other Party hereto. Notwithstanding the foregoing, the Company may freely assign this Agreement to any affiliate or a successor to the equity, business and/or assets of the Company.
11.Section Headings. The section headings used in this Agreement are included solely for convenience and will not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement will govern and control.
12.Counterparts. This Agreement may be executed in several counterparts, each of which is deemed to be an original but all of which together will constitute one and the same instrument. Electronic copies shall have the same force and effect as the originals.
13.Entire Agreement. Unless otherwise set forth herein, together with Confidentiality Agreement sets forth the complete agreement between the Executive and the Company
regarding the Executive’s employment and can only be modified by a written agreement signed by the Executive and an authorized executive of the Company.
14.Arbitration. Any dispute, controversy, or claim arising out of or related to the Executive's employment by the Company, or termination of employment, including but not limited to claims arising under or related to this Agreement or any breach of this Agreement, and any alleged violation of federal, state, or local statute, regulation, common law, or public policy, shall be submitted to and decided by binding arbitration. Arbitration shall be administered exclusively by the American Arbitration Association in accord with its Commercial Arbitration Rules and shall be conducted in Los Angeles, California. The Parties waive all rights to have their disputes heard or decided by a jury or in a court trial and the right to pursue any class or collective action or representative claims against each other in court, arbitration, or any other proceeding. Any arbitral award determination shall be final and binding upon the Parties.
15.Withholding. The Company shall have the right to withhold from any amount payable hereunder any Federal, state, and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.
16.Survival. Upon the expiration or other termination of this Agreement, the respective rights and obligations of the Parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of the Parties under this Agreement.
17.Section 409A Compliance. All provisions of this Agreement are intended to comply with Section 409A of the Internal Revenue Code of 1986 and the applicable Treasury regulations and administrative guidance issued thereunder (collectively, "Section 409A") or an exemption therefrom and shall be construed and administered in accordance with such intent. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of Executive’s employment shall only be made if such termination of employment constitutes a "separation from service" under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement are exempt from, or compliant with, Section 409A and in no event shall the Company or any of its subsidiaries be liable for all or any portion of any taxes, penalties, interest or other expenses that you may incur on account of non-compliance with Section 409A
18.Acknowledgement of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE EXECUTIVE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE EXECUTIVE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF THE EXECUTIVE'S CHOICE BEFORE SIGNING THIS AGREEMENT.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written.
| WEBTOON Entertainment Inc. | |||||
By /s/ Glenn Choi Name: Glenn Choi Title: Head of WEBTOON Americas HR | |||||
EXECUTIVE | |||||
Signature: /s/ Junkoo Kim Print Name: Junkoo Kim | |||||
Exhibit A
Form Waiver and Release Agreement
VIA EMAIL
PERSONAL AND CONFIDENTIAL
DATE
FIRST LAST NAME
ADDRESS
Re: Waiver and Release Agreement
Dear FIRST AND LAST NAME,
This will confirm that your employment with WEBTOON ENTERTAINMENT INC. ( “Company”) will end effective DATE (“Separation Date”). The Company is offering you a severance package in connection with the separation of your employment. This letter (“Agreement”) sets forth the terms and conditions of the severance package the Company is offering you.
1.Termination of Employment.
a)Your employment will terminate for all purposes on the Separation Date. Regardless of whether you sign this Agreement, your final paycheck, including any accrued PTO to which you are entitled (less withholdings and deductions), is being paid to you on the Separation Date.
b)Except as otherwise set forth below, your Company-provided group health insurance will end on DATE. If you desire continued health coverage under COBRA after DATE you will be responsible for the premiums for such coverage. Information regarding COBRA coverage will be sent to you shortly by our benefits administrator.
2.Separation Package.
a)Separation Pay: If you sign and return this Agreement, the Company will pay you separation pay equivalent to # weeks of your regular salary, in the lump sum amount of $00000.00 less legally required withholdings and deductions (the “Separation Pay”). The Separation Pay will be direct deposited to your bank account DAY, DATE.
3.Other Benefits.
a)Nothing in this Agreement shall constitute a waiver of any benefits which are already vested as of the Separation Date under any Company 401(k) or retirement plan, and you shall remain fully entitled to all such benefits in accordance with the terms of the applicable plan.
b)Other than the amounts/benefits set forth above, you are not eligible for, and will not receive, any other compensation or benefit from the Company following the Separation Date.
4.Return of Company Property; Trade Secrets; Non-Solicitation; Non-Disparagement.
a)You represent that you have returned all keys and other means of access to the property of the Company, as well as all other Company property, equipment, credit cards, laptops, records and documents in your possession or under your control.
b) You also agree to preserve in confidence and not disclose, either directly or indirectly, any confidential, proprietary, or trade secret information relating to the Company, its products, services or operations including, but not limited to, information related to Company budgets, projections, audits, expenses, marketing and sales policies, employee compensation data/policies, customer lists and customer information. You agree to abide by the terms of any and all confidentiality agreements you signed as part of your employment with the Company, which are incorporated in this Agreement by reference.
c)You agree that you will not use the Company’s confidential and proprietary information to directly or indirectly solicit, induce or attempt to induce, or encourage others to solicit or induce, any of the Company’s current employees to cease their employment with the Company in order to work for any other employer, entity or person.
d)You understand and agree that the representations and covenants made by you and set forth in this Paragraph 4 are essential and material to the Company, and the Company would not have entered into this Agreement except for your representations and commitments.
5.Release of Claims.
a)You agree to forever waive and release the Company, and each of its affiliated or related entities, holding companies, parents, subsidiaries, divisions, officers, shareholders, partners, directors, employees, agents, attorneys, customers, vendors, staffing companies, insurers, past and present predecessors, successors, and assigns, and all persons acting by, through, under or in concert with any of them (collectively, “Released Parties”), from all known and unknown claims, rights, actions, complaints, charges, liabilities, damages, obligations, promises, agreements, causes of action, suits, demands, costs, losses, debts, and expenses of any nature whatsoever which you ever had, now have, or may claim to have, including, without limitation, any claim arising out of (i) any aspect of your employment or its termination; (ii) any agreement, oral or written, express or implied, between you and any of the Released Parties, including, without limitation, any employment agreement; (iii) any common law or statutory torts; (iv) any federal, state or governmental constitution, statute, regulation or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act, the Family and Medical Leave Act, the Age Discrimination in Employment Act, the California Labor Code, the California Family Rights Act, and the California Fair Employment and Housing Act; and (v) any claim for salary, wages, commissions, bonuses, meal/rest breaks, and/or any other compensation or benefit.
b)Further, you waive and relinquish all rights and benefits you may have under Section 1542 of the California Civil Code, or similar provision of any other applicable state, which reads as follows:
“A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.”
c)The waiver and release in this Agreement does not apply to those rights which as a matter of law cannot be waived.
1.Full Understanding and Voluntary Acceptance. You agree that you understand all the terms of this Agreement. You are executing this Agreement voluntarily with full knowledge of its significance.
2.Confidentiality. You agree that the terms of this Agreement are confidential, and you will not disclose to any other person any information contained in this Agreement with the exception of your immediate family, accountant or attorney.
3.Non-Admission. Nothing contained in this Agreement shall be considered an admission of any wrongdoing or liability whatsoever by either you or the Company.
4.Severability. Should any clause, sentence or paragraph of this Agreement be declared void or unenforceable, such portion shall be considered independent and severable from the remainder of the Agreement, the validity of which shall remain unaffected.
5.Governing Law. This Agreement is made and entered into in the State of your employment with the Company and shall in all respects be interpreted, enforced and governed under the laws of that State. To the fullest extent allowed by law, any dispute regarding your employment with the Company or its termination, any aspect of this Agreement or any act which allegedly has or would violate any provision of this Agreement, shall be settled by final and binding arbitration in the county of your employment with the Company, in accordance with the applicable rules of JAMS, and judgment upon the award rendered by the arbitrator may be entered in any court with jurisdiction to enter the award.
6.Entire Agreement. This Agreement constitutes the entire integrated agreement between you and the Company pertaining to the Agreement’s subject matter and supersedes any and all prior agreements, understandings, negotiations and discussions, whether oral or written, pertaining to its subject matter. Any modification to this Agreement must be in writing and signed by both you and the Company.
Sincerely,
____________________
FIRST AND LAST NAME
HR POSITION
I HAVE READ, UNDERSTAND AND VOLUNTARILY AGREE TO THE ABOVE:
________________________________ _______________________
FIRST AND LAST NAME Date
Exhibit 99.1
WEBTOON and Marvel to Unveil the New Marvel Comics App at New York Comic Con
Launching November 16, All-New App to Feature More Than 35,000 Digital Comics, Personalized Discovery Tools, Pull List Features and New Issues as Early as 1 Month After Print Release
Limited-Time Founding Member Pricing Available Online Now and at the Marvel Comics App Booth at New York Comic Con
LOS ANGELES (OCTOBER 5, 2026) – Comic book fans will soon have a new way to discover, read, and follow the stories they love: the new Marvel Comics app. Attendees at New York Comic Con this week will be the first to preview the new app in a booth experience on the show floor (Booth #2435). Officially launching November 16, the new Marvel Comics app will make it easier than ever for fans to find and read the stories they love with a single convenient subscription.
The Marvel Comics app will give fans access to a deep and growing library of current and classic comics from Marvel, Star Wars, and 20th Century Studios, and will continue growing with more features and stories from across Disney's portfolio. Developed from the ground up by WEBTOON Entertainment for mobile and web, the app is designed to make comic discovery faster, reading more flexible, and ongoing series easier to follow. The Marvel Comics app will include archived comics, current comic book runs, and will support both traditional page-based comics and vertical-scroll formats.
“We know that there is a large audience of readers who are looking to experience comics digitally, and there is no richer library than Marvel Comics,” said David Abdo, General Manager, Marvel Comics and Franchise. “We’re excited to partner with WEBTOON, industry leaders in the space, to create a new app that can continue to grow and evolve with the way readers discover and experience comics.”
Fans can explore what catches their eye through a dynamic cover-scroll interface that makes thousands of comics browsable at a glance, or turn to personalized recommendations tailored to their reading history and interests. Character and creator pages let fans follow journeys across arcs and storylines, and Pull List surfaces new issues from followed series, characters, and creators the moment they're available. Fans can also browse upcoming releases to see what's coming soon and add titles to their Pull List in advance. An enhanced smart panel mode, which zooms in on individual panels, makes every issue easier to follow on mobile devices.
"The Marvel Comics app represents a new chapter in helping fans connect with the stories they love," said Yongsoo Kim, President of WEBTOON Entertainment. "By combining WEBTOON's expertise in building digital comics platforms with Marvel’s unparalleled storytelling legacy, we're making it easier for longtime fans and new readers alike to explore Marvel’s universe and discover their next favorite story."
The Marvel Comics app will offer two subscription tiers. The Base tier is $9.99/month (plus tax) or $69.99/year (plus tax) and provides access to the full Marvel Comics digital library, with the latest issues available as soon as 3 months after their print release. For fans who want the latest issues sooner, the Ultimate tier gives access to new comics as soon as 1 month after their print release in addition to the full library. Ultimate will be available for $12.49/month (plus tax) or $99.99/year (plus tax).
Fans can pre-register now at https://marvel.webtoon.com and claim a limited-time founding member price of $59.99 (plus tax) for their first year of Ultimate Annual.
Pre-order: $59.99 + tax for year one, charged today. Subscription starts when you redeem your code after service launch, then auto-renews at $99.99 + tax/year until canceled. 18+. Subject to the Founders Offer Terms of Use.
The Marvel Comics App at New York Comic Con
The Marvel Comics app will make its New York Comic Con debut October 8–11 at booth (#2435), where fans can get an early look at the beta version of the app, learn more about the upcoming service, and pre-register ahead of the app’s launch on November 16, 2026.
NYCC attendees will also have the opportunity to claim the limited-time founding member price on-site. The first 2,000 fans to claim the offer will receive a limited-edition Marvel Comics print ID card, available exclusively at NYCC.
Founding Member ID Card available at booth #2435 while supplies last; limit one per person. Card designs are subject to availability and may vary.
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About Marvel
Marvel is one of the world’s most prominent entertainment brands, built on an unparalleled library of iconic characters and stories that have shaped pop culture for over 85 years. The
Marvel brand spans entertainment, including film, television, publishing, licensing, games, live events, digital media, and more.
For more information, visit marvel.com. © 2026 MARVEL
About WEBTOON Entertainment
WEBTOON Entertainment is a leading global entertainment company and home to some of the world's largest storytelling platforms. As the global leader and pioneer of the mobile webcomic format, WEBTOON Entertainment has transformed comics and visual storytelling for fans and creators.
With its CANVAS UGC platform empowering anyone to become a creator, and a growing roster of superstar WEBTOON Originals creators and series, WEBTOON Entertainment’s passionate fandoms are the new face of pop culture. WEBTOON Entertainment adaptations are available on Netflix, Prime Video, Crunchyroll, and other screens around the world, and the company’s content partners have included Warner Bros. Animation, Discord, HYBE, and Duolingo, among many others.
With approximately 155 million monthly active users, WEBTOON Entertainment’s IP & Creator Ecosystem of aligned brands and platforms include WEBTOON, Wattpad--the world’s leading webnovel platform--WEBTOON Productions, Studio N, Studio LICO, WEBTOON Unscrolled, LINE MANGA, and eBookJapan, among others.