TCG Capital Management, LP 4

What Happened

• TCG Capital Management, LP (a reported 10% owner) reported the conversion/settlement of 34,838 restricted stock units (RSUs) into 34,838 shares of Funko Class A common stock. The filing shows two grants of 17,419 RSUs each (for Jesse Jacobs and Mike Kerns) that vested on June 12, 2026 and were settled in shares on June 15, 2026. The reported price is $0.00, reflecting conversion/settlement of previously granted RSUs rather than a cash purchase.

Key Details

• Transaction dates: RSUs vested on June 12, 2026; shares were settled/issued on June 15, 2026; Form 4 filed June 15, 2026 (timely).
• Transaction codes: M = exercise/conversion of derivative securities (here, RSU settlement into shares).
• Shares: 17,419 RSUs for Jesse Jacobs and 17,419 RSUs for Mike Kerns — total 34,838 shares.
• Consideration: $0.00 per share (RSU settlement), no open-market cash transaction reported.
• Footnotes: The RSUs were granted on June 12, 2025, vested June 12, 2026, and were settled in shares on June 15, 2026. The shares were granted to Jacobs and Kerns as board compensation and are held for the benefit of the reporting person. The filing notes that Jacobs and Kerns serve on Funko’s board pursuant to a stockholders agreement and may be deemed to represent TCG’s interests for Section 16 purposes.
• Shares owned after transaction: not specified in the provided filing excerpt.

Context

• These entries reflect an award vesting and conversion to common stock (a non‑market transaction), not an open‑market buy or sale that would signal immediate insider sentiment. Because the RSUs were compensation for board service and settled without cash payment, the $0 price is standard for such conversions.
• The reporting entity is a 10% institutional owner (TCG Capital) with board representation; this differs from routine executive buying/selling in the open market.