WEBTOON Entertainment Inc

On November 5, 2024, the Company entered into an employment agreement (the “Employment Agreement”) with Junkoo Kim, the founder and Chief Executive Officer of the Company as well as Chairman of the board of directors of the Company. Pursuant to the Employment Agreement, deemed effective January 1, 2024, Mr. Kim shall continue to serve as the Chief Executive Officer of the Company until termination by the Company or his resignation. The Employment Agreement was approved by the board of directors of the Company on November 5, 2024, prior to its execution and upon recommendation from the Compensation Committee of the board of directors of the Company.

Pursuant to the Employment Agreement, Mr. Kim will receive: (i) a base salary of $480,000 per year; and (ii) a target incentive bonus ranging from 50% to 150% of $570,000 for each fiscal year of his employment subject to achievement of a set of performance metrics.

The foregoing description of the Employment Agreement is qualified in its entirety by reference to the full text of the document, copy of which is filed as Exhibit 10.25 to this Report and is incorporated herein by reference.

On November 5, 2024, NAVER WEBTOON entered into a business delegation agreement (the “Business Delegation Agreement”) with Mr. Kim, the Chief Executive Officer of NAVER WEBTOON. Pursuant to the Business Delegation Agreement,deemed effective January 1, 2024, Mr. Kim shall continue to serve as the Chief Executive Officer of NAVER WEBTOON until December 31, 2024.

Pursuant to the Business Delegation Agreement and an annex thereof (the “Annex Agreement”), Mr. Kim (a) is eligible to receive an annual base salary of 150,000,000 Korean Won and (b) may not be employed or entrusted for businesses identical to or competing against the business of NAVER WEBTOON during the term of the Business Delegation Agreement and for a period of one(1) year after voluntary or involuntary retirement or resignation of Mr. Kim.

The Business Delegation Agreement and the Annex Agreement are substantially in the form previously filed as Exhibit 10.21 and Exhibit 10.22 to the Company’s Registration Statement, respectively, both of which are incorporated herein by reference.