Common use of Executive's Rights Clause in Contracts

Executive's Rights. Subject to Section 11.2, in the event the Executive’s employment is terminated by the Company without Cause (pursuant to Section 8) or by the Executive for Good Reason (pursuant to Section 9), then the Executive shall have the right to sell to the Company (which obligation may be assigned to Funko Acquisition Holdings, L.L.C. (“Holdings”)), and the Company shall have the obligation to purchase 50% of the Class A Units of Holdings (“Class A Units”) that were issued to the Executive pursuant to the terms of that certain Securities Purchase Agreement, dated as of October 9, 2015, between Holdings, the Executive and the other parties thereto (the “Purchase Agreement”) at the lower of (i) $1,000 per Class A Unit or (ii) a price per Class A Unit equal to fair market value (as determined pursuant to Section 11.3 below) (the “Fair Value”) of each such Class A Unit (the “Put Right”). The Executive must exercise the Put Right within ninety (90) days of the date of termination of Executive’s employment. The closing of the repurchase pursuant to the exercise of such Put Right shall take place not later than ten (10) days following the date on which the Fair Value of Class A Units has been determined.