WEBTOON Entertainment: CEO relocation and amended employment agreement

What happened

• The filing reports that on Sep 30, 2026 the board approved relocation-related arrangements for Junkoo Kim, the company's chief executive officer and chairman, in connection with his relocation of primary residence from Korea to the United States. Mr. Kim will continue to serve as CEO and chairman.
• The filing reports that on Oct 1, 2026 the company and Mr. Kim entered into an amended and restated employment agreement, effective Oct 1, 2026, which replaces his existing employment agreement dated Nov 5, 2024.
• The filing also reports that on Oct 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.

Key details

• Upon termination of Mr. Kim's employment with NAVER WEBTOON Ltd., his NAVER WEBTOON severance payment will be KRW 249,648,080 (equivalent to approximately $184,175), to be paid in Oct 2026; he will no longer participate in NAVER WEBTOON's executive severance policy after the relocation.
• Mr. Kim will receive a one-time relocation cash benefit of $567,009, to be paid in Jan 2027, subject to continued employment, and the company will reimburse any excess income or tax liability through a tax equalization payment calculated under the company's payroll practices.
• The amended agreement changes severance for termination without Cause or resignation for Good Reason: cash severance increased from six (6) months of base salary paid as salary continuation to a lump sum equal to twelve (12) months of base salary payable within 60 days, adds a lump-sum payment equal to the target incentive for the year of termination payable within 60 days, and increases COBRA premium reimbursements from six (6) months to twelve (12) months.
• For termination without Cause or resignation for Good Reason within 12 months after a change in control, cash severance increases to a lump sum equal to twenty-four (24) months of base salary payable within 60 days, target incentive payment becomes two (2) times the target incentive payable within 60 days, COBRA reimbursements increase from twelve (12) months to twenty-four (24) months, and the agreement adds full equity vesting acceleration of performance stock units with vesting determined by the greater of target or actual performance (or target if actual is not reasonably determinable).
• The amended agreement adds director and officer liability insurance and indemnification coverage consistent with other corporate officers and a mutual non-disparagement provision.

Why it may matter

• This filing reports Item 5.02 (departure of directors or certain officers; election of directors) covering CEO Junkoo Kim's relocation and the amended and restated employment agreement, and Item 7.01 (Regulation FD disclosure) covering the press release about previewing the Marvel Comics app.
• The filing does not show why the insider traded or why the company acted.