WEBTOON (WBTN) Insider Tax Withholding: 9.3K Shares at $9.81

Rhea-AI Filing Summary

WEBTOON Entertainment Inc. (WBTN) – Form 4 filing dated 07/14/2025

CFO, COO and Director David J. Lee reported an automatic share disposition on 07/12/2025. A total of 9,347 common shares were withheld by the company at an implied price of $9.81 per share (Transaction Code F) to cover income-tax obligations triggered by the vesting of previously granted equity awards. Following the withholding, Lee’s direct beneficial ownership stands at 272,772 common shares. No derivative securities were involved, and the filing confirms the transaction was not an open-market sale but a routine tax-settlement event.

Positive

• Disposition is code F (tax withholding), not a voluntary sale, indicating the executive retains the majority of vested shares.

Negative

• 9,347 shares were removed from outstanding insider ownership, slightly reducing alignment between the executive and shareholders.

Insights

Financial Analyst

TL;DR: Routine tax-withholding; neutral impact.

The F-code disposition signals a standard payroll-tax settlement rather than discretionary selling. The 9,347 shares represent a small fraction (~3.3%) of Lee’s post-transaction stake, leaving his strategic exposure largely intact. Because no open-market sale occurred and his remaining holding is sizable, the filing is operationally neutral for investors. It neither alters insider sentiment nor materially affects float or supply. I rate the market impact as minimal.

Insider Trade Summary

Net Seller: 9,347 shares

Net Sell 1 txn

Insider Lee David J.

Role See Remarks

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	9,347	$9.81	$92K

Holdings After Transaction: Common Stock — 272,772 shares (Direct)

Footnotes (1)

1. F1. Represents shares that have been withheld by the Issuer to satisfy income tax withholding and remittance obligations in connection with the vesting and net settlement of the Reporting Person's equity awards, previously reported on a Form 3, and does not represent a sale by the Reporting Person.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 07/14/2025 - 07:38 PM Learn about SEC filing dates

FAQ

Why did WBTN CFO David J. Lee dispose of 9,347 shares?

The shares were withheld to pay taxes on vested equity awards (Transaction Code F), not sold on the open market.

How many WBTN shares does David J. Lee own after the transaction?

He directly holds 272,772 common shares following the withholding event.

Was the transaction part of a Rule 10b5-1 trading plan?

The filing does not indicate a 10b5-1 plan; it was a tax-settlement withholding.

Does this Form 4 signal negative insider sentiment at WBTN?

No. Code F transactions are administrative in nature and generally neutral regarding insider sentiment.

Were any derivative securities exercised or disposed?

No derivative activity was reported in Table II of the Form 4.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lee David J.

(Last) (First) (Middle)

5700 WILSHIRE BLVD., SUITE 220

(Street)

LOS ANGELES CA 90036

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WEBTOON Entertainment Inc. [ WBTN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
07/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/12/2025		F(1)		9,347	D	$9.81	272,772	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares that have been withheld by the Issuer to satisfy income tax withholding and remittance obligations in connection with the vesting and net settlement of the Reporting Person's equity awards, previously reported on a Form 3, and does not represent a sale by the Reporting Person.

Remarks:

Chief Financial Officer, Chief Operating Officer and Director

	/s/ Maximilian Jo, as Attorney-in-Fact for David J. Lee	07/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.