EX-10.1





 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into effective as of 7/22/2019, by and between Jennifer Fall Jung, a
California resident (“Employee”), and Funko, Inc., a Delaware corporation (any of its Affiliates as may employ the Employee from time to time, and any successor(s) thereto, the “Company”). 

RECITALS 
 WHEREAS,
the Company desires to enter into this Agreement with Employee, pursuant to which the Company will employ Employee on the terms and conditions set forth in this Agreement, and Employee desires to be employed by the Company pursuant to the terms
and conditions of this Agreement; 
 WHEREAS, the parties have agreed that Employee will commence full-time employment with the
Company on August 13, 2019 (the “Effective Date”); 
 WHEREAS, prior to the Effective Date, the parties desire for
Employee to provide consulting services to the Company during the period beginning on July 22, 2019 and ending on the Effective Date (the “Consulting Period”), in accordance with the terms set forth on Annex A. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
agree as follows: 
 1.        Employment. The Company agrees to employ Employee on the terms
and conditions set forth in this Agreement, and Employee accepts such employment and agrees to perform the services and duties for the Company as herein provided for the period and upon the other terms and conditions set forth in this Agreement.

 2.        Term. Unless earlier terminated pursuant to the terms of Section 7 hereof,
and subject to Employee’s delivery of documentation sufficient to satisfy the requirements of the Immigration Reform and Control Act of 1986, Employee shall be employed by the Company for the period commencing as of the Effective Date and
ending on the third (3rd) anniversary of the Effective Date (the “Initial Term”), subject to automatic renewal periods for up to two additional one (1)-year periods, unless either party
provides the other party with ninety (90) days’ advance written notice prior to the end of the Initial Term or any such renewal period, as applicable, of such party’s intent not to renew (the Initial Term and any such renewal period,
the “Term”). 
 3.        Position and Duties. 

3.01    Title. During the Term, Employee agrees to serve as the Company’s Chief Financial Officer. 

3.02    Location; Duties. During the Term, Employee’s primary workplace shall be the Company’s offices
in Everett, Washington, except for usual and customary travel on the Company’s business. During the Term, Employee agrees to serve the Company, and Employee will faithfully and to the best of her ability discharge the duties associated with her
position of 

  
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Chief Financial Officer and will devote her full time during business hours for the Company and to the business and affairs of the Company, its direct and indirect subsidiaries and its
affiliates. Employee hereby confirms that during the Term, she will not render or perform services for any other corporation, firm, entity or person. Employee recognizes that she will be required to travel to perform certain of her duties. Employee
shall report to, and be subject to the direction of, the Company’s Chief Executive Officer, or if determined by the Board of Directors (the “Board”), the Board. During the Term, Employee shall be employed by the Company on a full time
basis. Notwithstanding the foregoing, Employee shall be permitted to participate in, and be involved with, such community, educational, charitable, professional, and religious organizations so long as such participation does not, in the judgment of
the Board interfere with the performance of or create a potential conflict with Employee’s duties hereunder. 

4.        Compensation. 

4.01    Base Salary. During the Term, the Company shall pay to Employee a base annual salary of four hundred
twenty-five thousand dollars ($425,000) (“Base Salary”), which salary shall be paid in accordance with the Company’s normal payroll procedures and policies. 

4.02    Annual Bonus. During the Term, Employee shall be eligible to receive a bonus pursuant to an annual
performance-based incentive compensation program to be established by the Board, with Employee’s annual target to be up to 50% of Employee’s then Base Salary (pro-rated for any partial bonus years
ending during the Term); provided, however, that the Company reserves the right to establish such lesser target if done in good faith and as a result of Company’s legitimate business needs. Notwithstanding the preceding sentence,
Employee’s bonus, if any, may be below (including zero), at, or above, the annual target based upon the achievement of the performance objectives, as determined by the Company in its sole discretion, and payment of any bonus described in this
Section 4.02 shall be according to the established plan and subject to Employee’s continued employment by the Company through the date the bonus is paid pursuant to the annual performance-based incentive compensation program. With respect
to any bonus year during the Term, the Board or a committee thereof may in its discretion establish a maximum payout level, in excess of the annual target, to be payable to Employee to the extent that actual performance exceeds the performance
objectives. 
 4.03    Benefits. During the Term, Employee may participate in all employee benefit plans or
programs of the Company consistent with such plans and programs of the Company. The Company does not guarantee the adoption or continuance of any particular employee benefit plan or program during the Term, and Employee’s participation in any
such plan or program shall be subject to the provisions, rules and regulations applicable thereto. 
 4.04    Equity
Awards. Following the Effective Date, the Employee shall be eligible to be issued equity in an amount targeted at 200% of Employee’s base annual salary. The equity grant shall be a combination of restricted stock units (RSUs) and stock
options, unless otherwise determined by the Board. The RSUs and the stock option award shall vest over four years, with 25% of the RSUs vesting on each of the first four anniversaries of the vesting commencement date, and 25% of the stock option
award vesting on the one-year anniversary of the vesting commencement date with the remaining 75% of such stock option award vesting in thirty-six (36) equal and
cumulative installments on each monthly anniversary thereafter. 

  
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 4.05    Expenses; Contributions. During the Term, the Company
agrees to reimburse all reasonable business expenses incurred by Employee consistent with the Company’s policies regarding reimbursement in the performance of Employee’s duties under this Agreement. 

4.06    Paid Time Off. During the Term, Employee, as a senior member of the leadership team, will not accrue
vacation, it is in effect, unlimited. 
 4.07    Indemnification and Additional Insurance. The Company shall
indemnify Employee with respect to matters relating to Employee’s services as an officer of the Company or any of its affiliates, occurring during the course and scope of Employee’s employment with the Company to the extent required by,
and pursuant to the provisions in the, Delaware law. The Company may also cover Employee under a policy of officers’ and directors’ liability insurance providing coverage that is comparable to that provided now or hereafter to other senior
executives of the Company. 
 4.08    Relocation; Relocation Expenses. Employee shall relocate her primary
residence to a location within fifty (50) miles of the Company’s offices in Everett, Washington by not later than October 15, 2020. Prior to Employee’s permanent relocation to the Everett, Washington area, Employee will be
expected to work from the Company’s offices in Everett, Washington no less than three weeks per month, unless otherwise permitted by the Company. The Company shall pay to Employee a taxable temporary housing allowance of $3,000 per month for
the period beginning on the Effective Date and ending on the first anniversary of the Effective Date (or, if earlier, the date of Employee’s termination). The Company shall also reimburse Employee for up to $20,000 of Employee’s reasonable
and customary expenses related to the relocation of Employee’s primary residence to the Everett, Washington area (the “Moving Allowance”), as well as the costs of forty-five (45) two-way
flights for Employee’s travel from California to Washington in an amount of up to $300 each, in each case subject to the Company’s applicable expense reimbursement policy as may be in effect from time to time. Employee shall be solely
responsible for all taxes arising in connection with the payment of the Moving Allowance, including without limitation any and all federal, state, local and foreign income and employment taxes. If Employee’s employment is terminated by the
Company for Cause or Employee resigns for any reason prior to the first anniversary of the Effective Date, Employee shall be required to reimburse the Company for any portion of the Moving Allowance paid pursuant to this Section 4.08. 

5.        Confidential Information and Proprietary Information. 

5.01    Confidential Information. During the Term and at all times thereafter, Employee shall not divulge, furnish
or make accessible to anyone or use in any way (other than in the ordinary course of the business of the Company or any of its affiliates) any confidential or secret knowledge or information of the Company or any of its affiliates which Employee has
acquired or become acquainted with prior to the termination of the period of her employment by the Company (including employment by the Company or any affiliated companies prior to the date of this Agreement), whether developed by herself or by
others, including, without limitation, any trade secrets, confidential or secret designs, processes, formulae, plans, devices or material (whether or not patented or patentable) directly or indirectly useful in any aspect of the business of the
Company or any of its affiliates, any customer or supplier lists of the Company or any of its 

  
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affiliates, any confidential or secret development or research work of the Company or any of its affiliates, or any other confidential information or secret aspect of the business of the Company
or any of its affiliates (collectively, “Confidential Information”). Employee acknowledges that (a) the Company and its affiliates have expended and shall continue to expend substantial amounts of time, money and effort to develop
business strategies, employee and customer relationships and goodwill and build an effective organization, (b) Employee is and shall become familiar with the Company’s and its affiliates’ Confidential Information, including trade
secrets, and that Employee’s services are of special, unique and extraordinary value to the Company and its affiliates, (c) the above-described knowledge or information constitutes a unique and valuable asset of the Company and its
affiliates and the Company and its affiliates have a legitimate business interest and right in protecting its Confidential Information, business strategies, employee and customer relationships and goodwill and (d) any disclosure or other use of
such knowledge or information other than for the sole benefit of the Company and any of its affiliates would be wrongful and would cause irreparable harm to the Company and any of its affiliates. However, the foregoing shall not apply to any
knowledge or information which is now published or which subsequently becomes generally publicly known in the form in which it was obtained from the Company or any of its affiliates, other than as a direct or indirect result of the breach of this
Agreement by Employee. 
 5.02    Proprietary Information. (a) Employee agrees that the results and
proceeds of Employee’s services for the Company or its affiliates (including, but not limited to, any trade secrets, products, services, processes, know-how, designs, developments, innovations, analyses,
drawings, reports, techniques, formulas, methods, developmental or experimental work, improvements, discoveries, inventions, ideas, source and object codes, programs, matters of a literary, musical, dramatic or otherwise creative nature, writings
and other works of authorship) resulting from services performed while an employee of the Company and any works in progress, whether or not patentable or registrable under copyright or similar statutes, that were made, developed, conceived or
reduced to practice or learned by Employee, either alone or jointly with others (collectively, “Inventions”), shall be works-made-for-hire and the Company (or,
if applicable or as directed by the Company or any of its affiliates) shall be deemed the sole owner throughout the universe of any and all trade secret, patent, copyright and other intellectual property rights (collectively, “Proprietary
Rights”) of whatsoever nature therein, whether or not now or hereafter known, existing, contemplated, recognized or developed, with the right to use the same in perpetuity in any manner the Company determines in its sole discretion, without any
further payment to Employee whatsoever. If, for any reason, any of such results and proceeds shall not legally be a work-made-for-hire and/or there are any Proprietary
Rights which do not accrue to the Company (or, as the case may be, any of its affiliates) under the immediately preceding sentence, then Employee hereby irrevocably assigns and agrees to assign any and all of Employee’s right, title and
interest thereto, including any and all Proprietary Rights of whatsoever nature therein, whether or not now or hereafter known, existing, contemplated, recognized or developed, to the Company (or, if applicable or as directed by the Company or any
of its affiliates), and the Company or its affiliates shall have the right to use the same in perpetuity throughout the universe in any manner determined by the Company or such affiliates without any further payment to Employee whatsoever. As to any
Invention that Employee is required to assign, Employee shall promptly and fully disclose to the Company all information known to Employee concerning such Invention. 

  
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 (b) Employee agrees that, from time to time, as may be requested by the Company and at the
Company’s sole cost and expense, Employee shall do any and all things that the Company may reasonably deem useful or desirable to establish or document the Company’s exclusive ownership throughout the United States of America or any other
country of any and all Proprietary Rights in any such Inventions, including the execution of appropriate copyright and/or patent applications or assignments. To the extent Employee has any Proprietary Rights in the Inventions that cannot be assigned
in the manner described above, Employee unconditionally and irrevocably waives the enforcement of such Proprietary Rights. This Section 5.02 is subject to and shall not be deemed to limit, restrict or constitute any waiver by the Company of any
Proprietary Rights of ownership to which the Company may be entitled by operation of law by virtue of the Company’s being Employee’s employer. Employee further agrees that, from time to time, as may be requested by the Company and at the
Company’s sole cost and expense, Employee shall assist the Company in every proper and lawful way to obtain and from time to time enforce Proprietary Rights relating to Inventions in any and all countries. To this end, Employee shall execute,
verify and deliver such documents and perform such other acts (including appearances as a witness) as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining, and enforcing such Proprietary Rights
and the assignment thereof. In addition, Employee shall execute, verify, and deliver assignments of such Proprietary Rights to the Company or its designees. Employee’s obligation to assist the Company with respect to Proprietary Rights relating
to such Inventions in any and all countries shall continue beyond the termination of Employee’s employment with the Company. 
 (c)
Employee hereby waives and quitclaims to the Company any and all claims, of any nature whatsoever, that Employee now or may hereafter have for infringement of any Proprietary Rights assigned hereunder to the Company. 

5.03    Defend Trade Secrets Act. Employee acknowledges that, pursuant to 18 U.S.C. § 1833(b), an
individual may not be held liable under any criminal or civil federal or state trade secret law for disclosure of a trade secret (a) made in confidence to a government official, either directly or indirectly, or to an attorney, solely for the
purpose of reporting or investigating a suspected violation of law or (b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual suing an employer for
retaliation based on the reporting of a suspected violation of law may disclose a trade secret to her or her attorney and use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under
seal and the individual does not disclose the trade secret except pursuant to court order. 

6.        Non-competition and Non-solicitation Covenants
and Adversarial Restrictions. 
 6.01    Non-competition. Employee
agrees that, during the Term and for twelve months after the termination of Employee’s employment for any reason (the “Non-Compete Period”), Employee shall not, directly or indirectly,
(a) engage in activities or businesses (including without limitation by owning any interest in, managing, controlling, participating in, consulting with, advising, rendering services for, or in any manner engaging in the business of owning,
operating or managing any business) in any geographic location in which the Company, its subsidiaries or Affiliates engage in, whether through selling, distributing, manufacturing, marketing, purchasing, or otherwise, that compete directly or
indirectly with the Company or any 

  
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of its subsidiaries or Affiliates (“Competitive Activities”), it being understood that Competitive Activities as of the date hereof include, without limitation, the manufacture,
marketing, license, distribution and sale of licensed pop culture products; or (b) assist any person in any way to do, or attempt to do, anything prohibited by Section 6.01(a) above. Employee acknowledges (i) that the business of the
Company and its affiliates is global in scope and (ii) notwithstanding the jurisdiction of formation or principal office of the Company and its affiliates, or the location of any of their respective executives or employees (including, without
limitation, Employee), it is expected that the Company and its affiliates will have business activities and have valuable business relationships within their respective industries throughout the United States and abroad. 

6.02    Indirect Competition. Employee further agrees that, during the Term and the
Non-Compete Period, she will not, directly or indirectly, assist or encourage any other person in carrying out, direct or indirectly, any activity that would be prohibited by the above provisions of this
Section 6 if such activity were carried out by Employee, either directly or indirectly; and in particular, Employee agrees that she will not, directly or indirectly, induce any employee of the Company to carry out, directly or indirectly, any
such activity. 
 6.03    Non-solicitation. Employee further agrees
that, during the Term and for a period of two years after the termination of her employment (the “Non-Solicitation Period”), she will not, directly or indirectly, employ or hire, or assist or
encourage any other person in seeking to employ or hire, any employee, consultant, advisor or agent of the Company or any of its affiliates or encouraging any such employee, consultant, advisor or agent to discontinue employment with the Company or
any of its affiliates. 
 6.04    Non-Disparagement. Employee agrees not
to disparage the Company, any of its products or practices, or any of its directors, officers, agents, representatives, partners, members, equity holders or affiliates, either orally or in writing, at any time, and the Company shall direct its
directors and officers not to disparage Employee, either orally or in writing, at any time; provided that Employee, the Company and the Company’s directors and officers may confer in confidence with their respective legal representatives and
make truthful statements as required by law, or by governmental, regulatory or self-regulatory investigations or as truthful testimony in connection with any litigation involving Employee and the Company or its affiliates. 

6.05    Enforceability. If a final and non-appealable judicial
determination is made that any of the provisions of this Section 6 constitutes an unreasonable or otherwise unenforceable restriction against Employee, the provisions of this Section 6 will not be rendered void but will be deemed to be
modified to the minimum extent necessary to remain in force and effect for the longest period and largest geographic area that would not constitute such an unreasonable or unenforceable restriction. Moreover, and without limiting the generality of
Section 6, notwithstanding the fact that any provision of this Section 6 is determined to not be enforceable through specific performance, the Company will nevertheless be entitled to recover monetary damages as a result of Employee’s
breach of such provision. 
 6.06    Acknowledgement. Employee acknowledges that Employee has carefully read
this Agreement and has given careful consideration to the restraints imposed upon Employee by this Agreement, and is in full accord as to the necessity of such restraints for the reasonable and proper protection of the Confidential Information,
business strategies, employee and customer 

  
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relationships and goodwill of the Company and its subsidiaries and affiliates now existing or to be developed in the future. Employee expressly acknowledges and agrees that each and every
restraint imposed by this Agreement is reasonable with respect to subject matter, time period and geographical area. Employee further acknowledges that although Employee’s compliance with the covenants contained in Sections 5 and 6 may
prevent Employee from earning a livelihood in a business similar to the business of the Company, Employee’s experience and capabilities are such that Employee has other opportunities to earn a livelihood and adequate means of support for
Employee and Employee’s dependents. 
 7.        Termination. 

7.01    Grounds for Termination. Employee’s employment with the Company shall terminate (a) by Employee
for Good Reason, (b) by the Company for Cause, (c) by the Employee without Good Reason, (d) by the Company without Cause, (e) on account of Employee’s death or disability, or (f) by expiration or non-renewal of the Term. Notwithstanding any termination of this Agreement and Employee’s employment by the Company, Employee, in consideration of his employment hereunder to the date of such termination, shall
remain bound by the provisions of this Agreement which specifically relate to periods, activities or obligations upon or subsequent to the termination of Employee’s employment including without limitation the provisions of Sections 5, 6 and 8
hereof. 
 7.02    Cause Defined. Termination of Employee’s employment by the Company for any of the
following reasons shall be deemed termination for “Cause”: (a) gross neglect or willful misconduct by Employee of Employee’s duties or Employee’s willful failure to carry out, or comply with, in any material respect any lawful
and reasonable directive of the Board not inconsistent with the terms of this Agreement; (b) conviction of Employee of, or Employee’s plea of no contest, plea of nolo contendere or imposition of adjudicated probation with respect to, any
felony or crime involving moral turpitude or Employee’s indictment for any felony or crime involving moral turpitude; provided if Employee is terminated following such indictment but is found not guilty or the indictment is dismissed, the
termination shall be deemed to be a termination without Cause; (c) Employee’s habitual unlawful use (including being under the influence) or possession of illegal drugs on the Company’s premises or while performing Employee’s
duties and responsibilities under this Agreement; (d) Employee’s commission at any time of any act of fraud, embezzlement, misappropriation, material misconduct, or breach of fiduciary duty against the Company (or any predecessor thereto
or successor thereof); or (e) Employee’s material breach of the restrictive covenants in Sections 5 and 6 hereof or any other confidentiality, non-compete or
non-solicitation covenant; provided that the Company shall provide Employee with fifteen (15) days prior written notice before any such termination in (a) or (e) (other than to the extent that (a)
relates to any fraud or intentional misconduct) with an opportunity to meet with the Board and discuss or cure any such alleged violation. 

7.03    Good Reason Defined. Termination of Employee’s employment by Employee for any of the following
reasons shall be deemed for “Good Reason”: (a) a material adverse change in Employee’s title or reporting line or material duties, authorities or responsibilities, as determined by the Board (provided, that Employee’s title,
reporting line or material duties, authorities or responsibilities shall not be deemed to be materially adversely changed solely because the Company (or its successor) is no longer an independently operated


  
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public entity or becomes a subsidiary of another entity); (b) a material breach by the Company of any material provision of this Agreement; (c) a material reduction of Employee’s Base
Salary or benefits or target bonus opportunity (other than such a reduction that is generally consistent with a general reduction affecting the Company’s other similarly situated executives); (d) failure by the Company to pay any portion of
Employee’s earned Base Salary or bonus; or (e) the Company’s requiring Employee to be headquartered at any office or location more than 50 miles from Everett, Washington, provided that in the case of all the above events, Employee may
not resign from her employment for Good Reason unless she provides the Company written notice within 90 days after the initial occurrence of the event and at least 60 days prior to the date of termination, and the Company has not corrected the event
prior to the date of termination. 
 7.04    Surrender of Records and Property. Upon termination of her
employment with the Company for any reason, Employee shall deliver promptly to the Company all records, manuals, books, blank forms, documents, letters, memoranda, notes, notebooks, reports, data, tables, calculations or copies thereof, which are
the property of the Company or any of its Affiliates or which relate in any way to the business, products, practices or techniques of the Company or any of its affiliates, and all other property, trade secrets and confidential information of the
Company or any of its affiliates, including, but not limited to, all documents which in whole or in part contain any trade secrets or confidential information of the Company or any of its Affiliates, which in any of these cases are in her possession
or under her control. 
 7.05    Payments Upon Termination. (a) If this Agreement is terminated for any
reason set forth in Section 7, then Employee shall be entitled to receive (i) her earned but unpaid Base Salary through the date of the termination, (ii) any accrued and unused vacation or paid time off through the date of
termination, (iii) reimbursement of any business expenses incurred in the ordinary course of business through the date of termination that have not yet been reimbursed pursuant to Section 4.05, and (iv) any earned but unpaid bonus
pursuant to Section 4.02 for the calendar year prior to termination to the extent not yet paid when due (together, the “Accrued Compensation”). 

(b) If Employee’s employment is terminated pursuant to Section 7.01(a) or (d) and provided that Employee shall have executed
and delivered to the Company the a release of claims substantially in the form attached hereto as Exhibit A (the “Release”) and any period for rescission of such Release shall have expired without Employee having rescinding such
Release, in addition to the Accrued Compensation, Employee shall be entitled to receive either (i) if Employee has been an employee of the Company or its affiliates for more than six continuous months, but less than two years, following the
Effective Date but prior to the date of termination, continuation of the Base Salary for up to six (6) months from the date of termination, payable in six equal monthly installments in accordance with the Company’s regular payroll
practices, and reimbursement, up to a maximum of six (6) months, of the Company-paid portion of premium payments, as if Employee had remained an active employee, for any COBRA coverage Employee elects, if any; or (ii) if Employee has been
an employee of the Company or its affiliates for at least two years following the Effective Date but prior to the date of termination, an amount equal to continuation of the Base Salary for up to twelve (12) months from the date of termination,
payable in twelve equal monthly installments in accordance with the Company’s regular payroll practices, and reimbursement, up to a maximum of twelve (12) months, of the Company-paid portion of premium payments, as if Employee had remained
an active employee, for any COBRA coverage Employee elects, if any. 

  
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 7.06    Termination in Connection with a Change in Control.
(a) Notwithstanding the foregoing, if Employee’s employment is terminated pursuant to Section 7.01(a) or (d) on or within twelve (12) months following a Change in Control, and provided that Employee shall have executed and
delivered to the Company the Release and any period for rescission of such Release shall have expired without Employee having rescinded such Release, in addition to the Accrued Compensation but in lieu of any payments or benefits pursuant to
Section 7.05(b), Employee shall be entitled to receive an amount equal to continuation of the Base Salary for twelve (12) months from the date of termination, payable in twelve equal monthly installments in accordance with the
Company’s regular payroll practices, and reimbursement, up to a maximum of twelve (12) months, of the Company-paid portion of premium payments, as if Employee had remained an active employee, for any COBRA coverage Employee elects, if any.

 (b) For purposes of this Agreement, a “Change in Control” shall mean, following the Effective Date, (i) a change in
ownership or control of Funko, Inc. effected through a transaction or series of transactions (other than an offering of common stock or units to the general public through a registration statement filed with the Securities and Exchange Commission)
whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other than Funko, Inc., any
of their respective subsidiaries, ACON Equity Management, L.L.C., ACON Equity GenPar, L.L.C., any other entity owned or controlled by one or more of the managing members or managers of ACON Equity Management, L.L.C. or ACON Equity GenPar, L.L.C.
(collectively, “ACON”), any employee benefit plan maintained by Funko, Inc. or any of their respective subsidiaries, or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under
common control with, Funko, Inc. or ACON), directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of Funko, Inc. possessing more than fifty
percent (50%) of the total combined voting power of Funko, Inc.’s securities outstanding immediately after such acquisition; (ii) the majority of the members of the Board are replaced during any twelve (12) month period by directors
whose appointment or election is not endorsed by a majority of the Board, as applicable, prior to the date of such appointment or election; or (iii) a sale or other disposition of all or substantially all of the Company’s assets in any
single transaction or series of related transactions. 
 7.07    Mitigation. The amounts set forth in
Section 7.05(b) and Section 7.06(a) shall be reduced by any amount Employee receives as compensation from a subsequent employer during the severance period. 

7.08    Termination of Offices Held. Upon termination of her employment with the Company for any reason, Employee
agrees that she shall immediately resign from any offices she holds with the Company or any of its affiliates, including any boards of directors or boards of managers. 

  
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 8.        Miscellaneous. 

8.01    Governing Law: Venue. This Agreement is made under and shall be governed by and construed in accordance
with the laws of the State of Washington, regardless of the laws that might otherwise govern under applicable principles of conflict of law. 

8.02    Prior Agreements. This Agreement contains the entire agreement of the parties relating to the subject
matter hereof and supersedes all prior agreements and understandings with respect to such subject matter, including, without limitation, that certain offer letter provided to Employee on July 2, 2019, and the parties hereto have made no
agreement, representations or warranties relating to the subject matter of this Agreement which are not set forth herein. 

8.03    Withholding Taxes. The Company may withhold from any payments or benefits payable under this Agreement all
federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling. 

8.04    Amendments. No amendments or modifications of this Agreement shall be deemed effective unless made in
writing and signed by the parties hereto. 
 8.05    No Waiver. No term or condition of this Agreement shall be
deemed to have been waived, nor shall there by an estoppel to enforce any provisions of this Agreement, except by a statement in writing signed by the party against whom enforcement of the waiver or estoppel is sought. Any written waiver shall not
be deemed a continuing waiver unless specifically stated, shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived

 8.06    Section 409A.    (a) For purposes of this Agreement,
“Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations promulgated thereunder (and such other Treasury or Internal Revenue Service guidance) as in
effect from time to time. The parties intend that any amounts payable hereunder that could constitute “deferred compensation” within the meaning of Section 409A will be compliant with Section 409A or exempt from
Section 409A. Notwithstanding the foregoing, Employee shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for the account of Employee in connection with this Agreement (including any
taxes and penalties under Section 409A), and neither the Company nor any of its Affiliates shall have any obligation to indemnify or otherwise hold Employee (or any beneficiary) harmless from any or all of such taxes or penalties. No provision
of this Agreement shall be interpreted or construed to transfer any liability for failure to comply with the requirements of Section 409A from the Employee or any other individual to the Company or any of its affiliates, employees or agents.

 (b) Notwithstanding anything in this Agreement to the contrary, the following special rule shall apply, if and to the extent required by
Section 409A, in the event that (i) Employee is deemed to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, (ii) amounts or benefits under this Agreement or any other program, plan or
arrangement of the Company or a controlled group affiliate thereof are due or payable on account of “separation from service” within the meaning of Treasury Regulations Section 1.409A-l(h)


  
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and (iii) Employee is employed by a public company or a controlled group affiliate thereof: no payments hereunder that are “deferred compensation” subject to Section 409A
shall be made to Employee prior to the date that is six (6) months after the date of Employee’s separation from service or, if earlier, Employee’s date of death; following any applicable six (6) month delay, all such delayed
payments will be paid in a single lump sum on the earliest permissible payment date, without interest. 
 (c) Each payment made under this
Agreement (including each separate installment payment in the case of a series of installment payments) shall be deemed to be a separate payment for purposes of Section 409A. Amounts payable under this Agreement shall be deemed not to be a
“deferral of compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation Sections 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9)
(“separation pay plans,” including the exception under subparagraph (iii)) and other applicable provisions of Section 409A. For purposes of this Agreement, with respect to payments of any amounts that are considered to be
“deferred compensation” subject to Section 409A, references to “termination of employment,” “termination,” or words and phrases of similar import, shall be deemed to refer to Employee’s “separation from
service” as defined in Section 409A and shall be interpreted and applied in a manner that is consistent with the requirements of Section 409A. 

(d) Notwithstanding anything to the contrary in this Agreement, any payment or benefit under this Agreement or otherwise that is exempt from
Section 409A pursuant to Treasury Regulation Section 1.409A-l(b)(9)(v)(A) or (C) (relating to certain reimbursements and in-kind benefits) shall be paid or
provided to Employee only to the extent that the expenses are not incurred, or the benefits are not provided, beyond the last day of the second calendar year following the calendar year in which Employee’s “separation from service”
occurs; and provided further that such expenses are reimbursed no later than the last day of the third calendar year following the calendar year in which Employee’s “separation from service” occurs. To the extent any indemnification
payment, expense reimbursement, or the provision of any in-kind benefit is determined to be subject to Section 409A (and not exempt pursuant to the prior sentence or otherwise), the amount of any such
indemnification payment or expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the indemnification payment or provision of in-kind benefits or expenses eligible for reimbursement in any other calendar year (except for any life-time or other aggregate limitation applicable to medical expenses), and in no event shall any indemnification
payment or expenses be reimbursed after the last day of the calendar year following the calendar year in which Employee incurred such indemnification payment or expenses, and in no event shall any right to indemnification payment or reimbursement or
the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. 

(e) Notwithstanding anything to the contrary in this Agreement, to the extent that any payments due under this Agreement as a result of the
Employee’s termination of employment with the Company are subject to the Employee’s execution and delivery and non-revocation of the Release, (i) no such payments shall be made on or prior to
the sixtieth (60th) day immediately following Employee’s date of termination (the “Release Period”), (ii) the Company shall deliver the Release to Employee no later than seven
(7) days immediately following Employee’s date of termination, (iii) if, as of the Release Expiration Date, Employee has failed to execute the Release or has timely revoked her acceptance of the Release thereafter, Employee shall not
be entitled to 

  
 11 













 
any payments or benefits otherwise conditioned on the Release, and (iv) if, as of the Release Expiration Date, Employee has executed the Release and has not revoked her acceptance of the
Release thereafter, any such payments that are delayed pursuant to this Section 8.06(e) shall be paid in a lump sum on the first regularly scheduled payroll date following the expiration of the Release Period, without interest. For purposes of
this Section 8.06(e), “Release Expiration Date” shall mean the date that is twenty-one (21) days following the date upon which the Company timely delivers the Release to Employee, or, in
the event that Employee’s termination of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is
forty-five (45) days following such delivery date. 
 8.07    Compensation Recovery Policy. Employee
acknowledges and agrees that, to the extent the Company adopts any claw-back or similar policy pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act or otherwise, and any rules and regulations promulgated thereunder, she shall
take all action necessary or appropriate to comply with such policy (including, without limitation, entering into any further agreements, amendments or policies necessary or appropriate to implement and/or enforce such policy with respect to past,
present and future compensation, as appropriate). 
 8.08    Severability. To the extent any provision of this
Agreement shall be invalid or unenforceable, it shall be considered deleted here from, and the remainder of such provision and of this Agreement shall be unaffected and shall continue in full force and effect. In furtherance and not in limitation of
the foregoing, should the duration or geographical extent of, or business activities covered by, any provision of this Agreement be in excess of that which is valid and enforceable under applicable law, then such provision shall be construed to
cover only that duration, extent or activities which may validly and enforceably be covered. Employee acknowledges the uncertainty of the law in this respect and expressly stipulates that this Agreement be given the construction which renders its
provisions valid and enforceable to the maximum extent (not exceeding its express terms) possible under applicable law. 

8.09    Assignment. The Company may transfer and assign this Agreement and the Company’s rights and
obligations hereunder to another entity that is substantially comparable to the Company in its financial strength and ability to perform the Company’s obligations under this Agreement. After any such assignment by the Company, the Company shall
be discharged from all further liability hereunder and such assignee shall thereafter be deemed to be the Company for the purposes of all provisions of this Agreement including this Section 8. Neither this Agreement nor the rights or
obligations hereunder of the parties hereto shall be transferable or assignable by Employee, except in accordance with the laws of descent and distribution. 

8.10    Injunctive Relief. Employee agrees that it would be difficult to compensate the Company fully for damages
for any violation of the provisions of this Agreement, including without limitation the provisions of Sections 5 and 6. Accordingly, Employee specifically agrees that the Company shall be entitled to temporary and permanent injunctive relief to
enforce the provisions of this Agreement and that such relief may be granted without the necessity of proving actual damages. This provision with respect to injunctive relief shall not, however, diminish the right of the Company to claim and recover
damages in addition to injunctive relief. 

  
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 8.11    Notices. Any notice, payment, demand or communication
required or permitted to be given by the provisions of this Agreement shall be deemed to have been effectively given and received on the date personally delivered to the respective party to whom it is directed, or five (5) days after the date
when deposited by registered or certified mail, with postage and charges prepaid and addressed to such party at its address below its signature. Any party may change its address by delivering a written change of address to all of the other parties
in the manner set forth in this Section 8.11. 
 8.12    Section 280G. Notwithstanding any other provision
of this Agreement or any other plan, arrangement, or agreement to the contrary, if any of the payments or benefits provided or to be provided by the Company or its affiliates to Employee or for Employee’s benefit pursuant to the terms of this
Agreement or otherwise (“Covered Payments”) constitute parachute payments within the meaning of Section 280G of the Code (such payments, the “Parachute Payments”) and would, but for this Section 8.12, be subject to the
excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), or not
be deductible under Section 280G of the Code, then such Covered Payments shall be reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax. The Covered Payments shall be reduced in a
manner that maximizes Employee’s economic position. In applying this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A, to the extent applicable, and where two or more economically
equivalent amounts are subject to reduction but payable at different times, such amounts payable at the later time shall be reduced first but not below zero. 

[Signatures on following page] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth
in the first paragraph. 
  

	
	
	

  

			
	FUNKO, INC.
		
	By:	 	 /s/ Brian Mariotti

		 	Name: Brian Mariotti
		 	Title: CEO
	
	 /s/ Jennifer Fall Jung

	Jennifer Fall Jung


  
  
  

 

  
 [Signature Page to the
Employment Agreement] 













 Exhibit A 

WAIVER AND RELEASE OF CLAIMS AGREEMENT 

In exchange for the severance payments and benefits provided to me pursuant to Section 7.05 and 7.06 (collectively, the “Severance
Benefits”) of that certain Employment Agreement, dated as of [                ], by and among Funko, Inc. (“Company”) and Joseph Sansone (the
“Employee”) (the “Employment Agreement”), the Employee freely and voluntarily agrees to enter into and be bound by this Waiver and Release of Claims Agreement (this “Release”). 

1.        General Release. The Employee, on her own behalf and on behalf of her spouse, child or
children (if any), heirs, personal representative, executors, administrators, successors, assigns and anyone else claiming through her (the “Releasors”), hereby releases and discharges forever Funko, Inc., and its affiliates, and
each of their respective past, present or future parent, affiliated, related, and subsidiary entities and each of their respective past, present or future directors, officers, employees, trustees, agents, attorneys, administrators, plans, plan
administrators, insurers, equity holders, members, representatives, predecessors, successors and assigns, and all Persons acting by, through, under or in concert with them (hereinafter collectively referred to as the “Released
Parties”), from and against all liabilities, claims, demands, liens, causes of action, charges, suits, complaints, grievances, contracts, agreements, promises, obligations, costs, losses, damages, injuries, attorneys’ fees and other
legal responsibilities (collectively referred to as “Claims”), of any form whatsoever (whether or not relating to Employee’s employment with the Company), including, but not limited to, any claims in law, equity, contract or
tort, claims under any policy, agreement, understanding or promise, written or oral, formal or informal, between the Employee and the Company or any of the other Released Parties, and any claims under the Civil Rights Act of 1866, the Civil Rights
Act of 1871, the Civil Rights Act of 1964, the Americans With Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967 (“ADEA”), the Sarbanes-Oxley Act of 2002, the Securities Act of 1933, the Securities Exchange
Act of 1934 (the “Exchange Act”), the Employee Retirement Income Security Act of 1974, the Rehabilitation Act of 1973, the Family and Medical Leave Act of 1993, the Genetic Information Nondiscrimination Act of 2008, the Worker
Adjustment and Retraining Notification Act of 1988, the Delaware Discrimination in Employment Act, the Delaware Persons with Disabilities Employment Protection Act, the Delaware Whistleblowers’ Protection Act, the Delaware Wage Payment and
Collection Act, the Delaware Fair Employment Practices Act, Delaware’s social media law, the Washington Industrial Welfare Act, the Washington Minimum Wage Act, the Washington Wage Payment Act, the Washington Wage Rebate Act, the Washington Law
Against Discrimination and the Washington Leave Law, as each may have been amended from time to time, or any other federal, state or local statute, regulation, law, rule, ordinance or constitution, or common law, whether known or unknown,
unforeseen, unanticipated, unsuspected or latent, that the Employee or any of the Releasors now possess or have a right to, or have at any time heretofore owned or held, or may at any time own or hold by reason of any matter or thing arising from
any cause whatsoever prior to the date of execution of this Release, and without limiting the generality of the foregoing, from all claims, demands and causes of action based upon, relating to, or arising out of: (a) the Employment Agreement;
(b) the Employee’s employment or other relationship with any of the Released Parties or the termination thereof; and (c) the Employee’s status as a holder of securities of any of the Released Parties.













 
This Release includes, but is not limited to, all wrongful termination and “constructive discharge” claims, all discrimination claims, all claims relating to any contracts of
employment, whether express or implied, any covenant of good faith and fair dealing, whether express or implied, and any tort of any nature. This Release is for any relief, no matter how denominated, including but not limited to wages, back pay,
front pay, benefits, compensatory, liquidated or punitive damages and attorneys’ fees. The Employee acknowledges and reaffirms Employee’s obligations under the Employment Agreement with the Company dated
[                ], a signed copy of which is attached hereto as Exhibit A, including but not limited to Sections 5 and 6 thereof. 

2.        Covenant Not To Sue. The Employee represents and covenants that she has not
filed, initiated or caused to be filed or initiated any Claim, charge, suit, complaint, grievance, action, cause of action or proceeding against the Company or any of other the Released Parties. Except to the extent that such waiver is precluded by
law, the Employee further promises and agrees that she will not file, initiate or cause to be filed or initiated any Claim, charge, suit, complaint, grievance, action, cause of action or proceeding based upon, arising out of or relating to any Claim
released hereunder, nor shall the Employee participate, assist or cooperate in any Claim, charge, suit, complaint, grievance, action, cause of action or proceeding regarding any of the Released Parties relating to any Claims released hereunder,
whether before a court or administrative agency or otherwise, unless required to do so by law. 

3.        Exclusions. Notwithstanding the foregoing, the Employee does not release her rights
to receive the Severance Benefits or any right that may not be released by private agreement. In addition, this Release will not prevent the Employee from (i) filing a charge or complaint with the Equal Employment Opportunity Commission, the
National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”) or
(ii) reporting possible violations of federal law or regulation to, otherwise communicating with or participating in any investigation or proceeding that may be conducted by, or providing documents and other information, without notice to the
Company, to, any Governmental Agency or entity, including in accordance with the provisions of and rules promulgated under Section 21F of the Exchange Act or Section 806 of the Sarbanes-Oxley Act of 2002, as each may have been amended from
time to time, or any other whistleblower protection provisions of state or federal law or regulation. This Agreement does not limit Employee’s right to receive an award for information provided to any Government Agencies; provided,
however, that the Employee acknowledges and agrees that any Claim by her, or brought on her behalf, for damages in connection with such a charge or investigation filed with the Equal Employment Opportunity Commission would be and hereby is
barred. 
 4.        No Assignment. The Employee represents and warrants that she has made
no assignment or other transfer, and covenants that she will make no assignment or other transfer, of any interest in any Claim that she may have against any of the Released Parties. 

5.        Indemnification of Released Parties. The Employee agrees to indemnify and hold
harmless the Released Parties, and each of them, against any loss, claim, demand, damage, expenses or any other liability whatsoever, including reasonable attorneys’ fees and costs, resulting from: (i) any breach of this Release by her
successors in interest; (ii) any assignment or transfer, or attempted assignment or transfer, of any Claims released hereunder; or (iii) any action or proceeding brought by her successors in interest, if such action or proceeding arises
out of, is based upon, or is related to any Claims released hereunder. This indemnity does not require payment as a condition precedent to recovery by any of the Released Parties. 












 6.        Acknowledgments. The Employee
acknowledges that the Company delivered this Release to her on [                ]. The Employee agrees that the Company has advised her to consult with an attorney
before executing this Release. The Employee agrees that she has had the opportunity to consult with counsel, if he chose to do so, and that the Employee has had a sufficient and reasonable amount of time to read and consider this Release before
executing it. The Employee acknowledges that he is responsible for any costs and fees resulting from his attorney reviewing this Release. The Employee agrees that she has carefully read this Release and knows its contents, and that she signs this
Release voluntarily, with a full understanding of its significance, and intending to be bound by its terms. The Employee acknowledges that the provision of the Severance Benefits is in exchange for the promises in the Release and is not normally
available under Company policy to employees who resign or are terminated by the Company, and that, but for her execution of this Release, she would not be entitled to receive the Severance Benefits. The Employee further acknowledges that the
provision of the Severance Benefits does not constitute an admission by the Released Parties of liability or of violation of any applicable law or regulation. The Company and its affiliates expressly deny any liability or alleged violation and state
that the Severance Benefits are being provided solely for the purpose of compromising any and all claims of the Employee without the cost and burden of litigation. 

7.        ADEA Provisions. The Employee understands that this Release includes a release of
claims arising under ADEA. The Employee acknowledges and agrees that she has had at least 21 days after the date of her receipt of this Release (such period, the “Consideration Period”) to review this Release and consider its terms
before signing this Release and that the Consideration Period will not be affected or extended by any changes, whether material or immaterial, that might be made to this Release. The Employee further acknowledges and agrees that she understands that
she may use as much or all of such 21-day period as she wishes before signing, and warrants that she has done so. The Employee may revoke and cancel this Release in writing at any time within seven days after
her execution of this Release (such seven-day period, the “Revocation Period”) by providing notice of revocation to
[                ]. This Release shall not become effective and enforceable until after the expiration of the Revocation Period; after such time, if there has been no
revocation, this Release shall immediately be fully effective and enforceable. 

8.        Consequences of Breach or Revocation. The Employee agrees that, notwithstanding
anything to the contrary in this Release, in the event that she breaches any of the terms of the Release, or revokes the Release pursuant to Section 7, she shall forfeit the Severance Benefits and reimburse the Company for any portion of the
Severance Benefits that have already been paid, and, in the event of such a breach, she shall reimburse the Company for any expenses or damages incurred as a result of such breach. 

9.        Severability. If any provision of the Release is declared invalid or unenforceable,
the remaining portions of the Release shall not be affected thereby and shall be enforced. 

10.        Governing Law: Venue. This Agreement is made under and shall be governed by and
construed in accordance with the laws of the State of Delaware. 












 IN WITNESS WHEREOF, the undersigned has signed and executed this Release on
the date set forth below as an expression of her intent to be bound by the foregoing terms of this Release. 
  

			
	
	 
		
	Date:	 	 














 Annex A 

Duties: During the Consulting Period, Jennifer Fall Jung will provide the following consulting services to the Company: Provide
transitional functional and business leadership through financial acumen. Assess financial system and process, and well as accounting and finance team capability, as well as such other items as are reasonably requested by the Board from time to time
(the “Services”). Ms. Fall Jung shall not be required to provide more than 40 hours of service in any week. 
 Term:
The Consulting Period shall commence on July 22, 2019 and end on the Effective Date, unless earlier terminated as provided below. 

Consulting Fees/Compensation: In consideration for Ms. Fall Jung’s services during the Consulting Period and agreement to
commence full-time employment with the Company on the Effective Date, Ms. Fall Jung shall receive the following compensation: $25,000 for the Consulting Period. Ms. Fall Jung will submit invoices for completed Services to the Company in a
form satisfactory to the Company within 30 days of completion of the Services covered by such invoice. 
 Expense Reimbursement:
Ms. Fall Jung shall be entitled to reimbursement of reasonable and documented business expenses in connection with providing the Services during the Consulting Period, subject to prior written approval by the Board. 

Termination: Either party may terminate the Consulting Period for any reason upon ten (10) days’ advance written notice to
the other party. In the event the Consulting Period is terminated, Ms. Fall Jung will be paid for all work performed through the date of termination. 

Independent Contractor: During the Consulting Period, Ms. Fall Jung’s relationship with the Company will be that of an
independent contractor and nothing in this Agreement, including without limitation this Annex A, should be construed to create a partnership, joint venture, or employer-employee relationship. Ms. Fall Jung is not the agent of the Company
and is not authorized to make any representation, warranty, contract, or commitment on behalf of the Company. As an independent contractor, Ms. Fall Jung will not be entitled to participate in the Company’s employee benefit plans during
the Consulting Period unless otherwise required by applicable law. Ms. Fall Jung will be solely responsible for all tax returns and payments required to be filed with or made to any federal, state or local tax authority with respect to
Ms. Fall Jung’s performance of the Services and receipt of compensation therefor. Because Ms. Fall Jung will be an independent contractor, the Company will not withhold or make payments for social security, make unemployment insurance
or disability insurance contributions, or obtain worker’s compensation insurance on Ms. Fall Jung’s behalf (or for any person performing Services on behalf of Ms. Fall Jung, if applicable) during the Consulting Period.
Ms. Fall Jung agrees to accept exclusive liability for complying with all applicable state and federal laws governing self- employed individuals, including obligations such as payment of taxes, social security, disability and other
contributions based on fees paid to Ms. Fall Jung hereunder. 
 Restrictive Covenants: Ms. Fall Jung shall be bound by the
confidentiality and non-solicitation provisions as set forth in Sections 5.01-5.03 and Section 6.03.