TCG Capital Management, LP 4

What Happened

• TCG Capital Management, LP (a reported 10% owner of Funko, Inc.) reported on Form 4 that on June 3, 2026 it received/was granted a total of 71,646 derivative awards tied to two Funko directors. The filing shows 28,736 restricted stock units (RSUs) and 42,910 option awards granted on that date. The transactions are recorded at $0.00 because these were compensation awards (not purchases or cash sales).
• Per the filing footnotes, the 28,736 RSUs are split as 14,368 RSUs to Jesse Jacobs and 14,368 RSUs to Mike Kerns; each RSU represents a contingent right to one share (or cash equivalent at the issuer’s election) and those RSUs vest on June 3, 2027 subject to continued service. The options are likewise split between Jacobs and Kerns (see footnotes) and will vest and become exercisable on June 3, 2027, subject to continued service.

Key Details

• Transaction date: June 3, 2026; Form filed: June 5, 2026 (timely filing).
• Reported awards: 28,736 RSUs and 42,910 options (total 71,646 derivative awards). Transaction price listed as $0.00 because these are compensation grants.
• Vesting: RSUs vest June 3, 2027; options vest/become exercisable June 3, 2027 (both subject to continued service).
• Holdings after transaction: Not specified in the provided filing excerpts.
• Notable footnotes: RSUs convert to one share each or cash at issuer’s option (F1). Awards were granted to Jesse Jacobs and Mike Kerns as director compensation and are held by them for the benefit of the reporting person (F2, F3). Reporting person has board-nomination rights via a Stockholders Agreement; Jacobs and Kerns serve on the board pursuant to that arrangement (remarks).
• Timeliness: Filed two days after the transaction date — appears timely under Form 4 rules.

Context

• These are compensation grants to two directors (not open-market purchases or insider sales). Grants like RSUs and stock options typically vest over time and do not represent immediate stock purchases or sales; they indicate future potential to receive shares (or cash) if vesting conditions are met.
• The reporting entity is a 10% institutional owner that nominated these directors under a stockholder agreement; this is institutional/director compensation activity rather than a typical executive buy/sell signal.