Exhibit
4.11

     

    Lease
Agreement

     

    


     

    
      	
              【Lessor】

            	
              Address: Rm.
      #4208, E Bldg. Tower Palace APT, 467-17, Dogok-dong, Kangnam-gu, Seoul
      

                National ID:
      570405-2468517 

                  Name: Kim,
      Eun-ok (hereinafter referred to as “Lessor”.)

                

              

            


    

     

    
      	
              【Lessee】

            	
              Address:
      6th
      Fl., Daelim Acrotel, 467-6, Dogok-dong, Kangnam-gu, Seoul 

                Company Name:
      WEBZEN Inc. 

                  Name: Kim,
      Nam-ju/ Representative Director (hereinafter referred to as “Lessee”.)

                

              

            


    

    


     

    Both parties
mentioned above have signed this Lease Agreement in order to lease specified
space within Daelim Acrotel, C Building of Daelim Acrotown (hereinafter referred
to as “Leased
Property”) under the
terms and conditions as stipulated below.

     

    Article 1 (Leased
Property)

     

    1. The Lessor shall
lease the Leased Property below to the Lessee.

     

    
      	
               
      

            	
              Leased
      Property 

                553.306
      pyeong (including shared area), 8th
      Fl., Daelim Acrotel, C Building of Daelim Acrotown, 467-6, Dogok-dong,
      Kangnam-gu, Seoul

              

            


    

     

    
      
        	
                2.

              	
                The Lessee
      shall have no other right on this property except for that of using the
      Leased Property pursuant to provisions specified in this Agreement and any
      and all of premiums including goodwill shall not be
      recognized.

              


      

    

     

    
      
        	
                3.

              	
                The Lessee
      shall lease this Leased Property for the purpose of business office and
      shall not use it for other purposes such as wholesale or retail. In
      addition, even when bringing in any object for office purposes, if it is
      determined that such action may hinder the business of other occupants,
      the Lessor may not permit bringing in such object or may cancel this
      Agreement.

              


      

    

     

    Article 2 (Lease
Period)

     

    
      
        	
                1.

              	
                Lease period
      of this Lease Agreement shall be two years (from Dec. 31, 2005 to Dec. 31,
      2007) from date of balance payment by the Lessee (expected occupation
      date). However, if the Lessor or the Lessee does not notify the other
      party of intention to terminate the agreement until three (3) months
      before expiration of the contract period, this Lease Agreement shall be
      deemed to be automatically extended for one (1) year only one time under
      the same conditions as this Lease Agreement without execution of the
      agreement.

              


      

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

     

    
      
        	
                2.

              	
                If the Lessee
      does not occupy the Leased Property or pay the full amount of lease
      deposit specified in Paragraph 1 of Article 3 to the Lessor within thirty
      days from the date of balance payment (expected occupation date), the
      Lessor may terminate this Agreement without
  notification.

              


      

    

     

    Article 3
(Leasehold Deposit)

     

    
      
        	
                1.

              	
                Leasehold
      deposit shall be 3,319,836,000 won and be paid to the Lessor as specified
      below.

              


      

    

     

    
      	
              Type

            	
              Due
      Date

            	
              Amount

            	
              Remarks

            
	
              Down Payment
      (15%)

            	
              09/01/2005

            	
              497,975,400
      won

            	 
      
	
              Intermediate
      Payment (0%)

            	
              -

            	 
      	 
      
	
              Balance
      Payment (85%)

            	
              12/31/2005

            	
              2,821,836,000
      won

            	 
      
	
              Total

            	
              3,319,836,000
      won

            	 
      


    

    


     

    
      
        	
                2.

              	
                In the event
      that this Agreement has been cancelled or terminated pursuant to Paragraph
      2 of Article 2 and Paragraph 1-1 of Article 15, the down payment shall
      revert to the Lessor as a penalty without any condition and the Lessee
      shall not claim refund of it.

              


      

    

     

    
      
        	
                3.

              	
                The Lessee
      shall not claim the Lessor any interest for the Lease
    Deposit.

              


      

    

     

    
      
        	
                4.

              	
                The Lessee
      shall not substitute payment of fees such as rent, management expenses,
      etc with the Lease Deposit, assign the right to claim refund of the Lease
      Deposit nor provide it as the pledge or other security to
      others.

              


      

    

     

    
      
        	
                5.

              	
                The Lessor
      may deduct from the lease deposit expenses or debts to be borne by the
      Lessee under this Agreement at its discretion and apply the amount to its
      claim. In this case the Lessor shall notify the Lessee of it in writing
      and the Lessee shall supplement the deducted amount within ten (10) days
      from the written notice.

              


      

    

     

    
      
        	
                6.

              	
                In the case
      of termination or expiration of this Lease Agreement, when the Lessee has
      transferred this Leased Property to the Lessor, the Lessor shall return
      the Lease Deposit to the Lessee. However, if there is any unpaid expense
      or liability to be paid by the Lessee in accordance with this Agreement,
      the Lessor shall deduct the said amount and return the balance to the
      Lessee. In the event that this building has been damaged due to the
      accident from force majeure specified in Paragraph 1 of Article 18, refund
      period shall be postponed without interest under mutual
      discussion.

              


      

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    
      Article 4
(Management Expenses)

    

     

    
      
        	
                1.

              	
                The Lessee
      shall pay the Lessor the management expenses required to maintain the
      Leased Property, to the place designated by the Lessor by the
      28th
      day of every month (if the 28th
      day of the month is holiday, by the first subsequent business day of the
      financial institutions).

              


      

    

     

    
      
        	
                2

              	
                The Lessee
      shall be responsible for internal/external management of any special
      facility installed upon necessity of the
Lessee.

              


      

    

     

    
      
        	
                3.

              	
                Calculation
      of management expenses shall begin on the start date of interior works and
      end on the evacuation date. If the time to calculate management expenses
      starts or ends in the middle of the month, the management expenses shall
      be calculated by the number of
days.

              


      

    

     

    
      
        	
                4.

              	
                If the Lessee
      does not pay the monthly management expenses until due date, the Lessee
      shall pay to the Lessor the monthly management expenses plus additional
      default interest calculated by number of delayed days by applying default
      interest rate of 24% per annum to the monthly management
      expenses.

              


      

    

     

    
      **
Management expenses shall be charged from start of interior construction for
occupation.

    

     

    Article 5
(Adjustment of Lease Deposit and Management Expenses)

     

    
      
        	
                1.

              	
                In spite of
      lease period or its extension specified in Paragraph 1 of Article 2, the
      Lessor may increase or decrease the lease deposit and the management
      expenses specified in Article 4 for the following cases under mutual
      discussion.

              


      

    

     

    
      
        
          	
                  
                  

                	
                  (1)

                	
                  When
      taxes and
      dues for the Leased Property
      or business of the Lessor have increased/decreased or are expected to
      increase/decrease;

                


        

      

    

     

    
      	
              
              

            	
              
                
                  (2)

                

              

            	
              
                
                  When
      electrical charge, water supply/sewage fee, cooling/heating expenses,
      cleaning expenses, labor cost of management personnel, etc. required for
      maintenance of the Leased Property have increased;
      or

                

              

            


    

     

    
      	
              
              

            	
              
                
                  (3)

                

              

            	
              
                
                  When there
      are changes in general economic conditions such as increase of prices,
      change of ambient market conditions,
  etc.

                

              

            


    

     

    
      
        	
                2.

              	
                For the
      previous clause, in principle, adjustment shall be conducted once a year
      and it shall be effective when thirty days has passed from the date of
      notice by the Lessor to the
Lessee.

              


      

    

     

    Article 6 (Use of
Parking Lot and Communication Facilities)

     

    
      
        	
                1.

              	
                The Lessee
      may, free of charge, use parking lot attached to the building for the
      number of vehicles permitted in accordance with ratio of lease
      area.

              


      

    

     

    
      
        	
                2.

              	
                For other
      vehicles than specified in the foresaid clause (including visitors’
      vehicles), it shall follow parking lot management rules of the
      building.

              


      

    

     

    
      
        	
                3.

              	
                Communication
      facilities such as telephony, telex, etc. can be connected at the expenses
      of the Lessee after getting written approval of the Lessor only when it is
      approved by the authority.

              


      

    

     

    
      
        	
                4.

              	
                The Lessee
      shall notify the Lessor of such connection after connecting the
      communication facilities pursuant to the previous clause and management
      and repair of the facilities shall be borne by the
  Lessee.

              


      

    

     

    Article 7
(Compliance Obligations of the Lessee)

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    The Lessee shall
comply with all regulations on use and management of the Leased Property and
facilities specified by the Lessor during execution of businesses by the staff
and employees of the Lessee.

    


     

    Article 8
(Prohibition of Right, Sublease, etc.)

     

    
      
        	
                1.

              	
                The Lessee
      shall not assign any right under this Agreement or sublease part or all of
      the Leased Property to the third party unless getting prior written
      approval or consent of the
Lessor.

              


      

    

     

    
      
        	
                2.

              	
                The Lessee
      shall not let the third party occupy the Leased Property or indicate the
      third party’s name or use it as the third party’s liaison office without
      prior written consent of the
Lessor.

              


      

    

     

    
      
        	
                3.

              	
                When the
      Lessee violates previous two clauses, the Lessee may not raise any
      objection nor claim any indemnity even if the Lessor terminates this
      Agreement at its discretion.

              


      

    

     

    Article 9 (Property
Protection)

     

    Safety management
for the properties of the Lessee such as office supplies, vehicles, etc. shall
be the Lessee’s
responsibility and the Lessor shall not be responsible for fire, theft,
destruction, etc.

     

    Article 10
(Prohibitions for the Lessee)

     

    
      
        	
                1.

              	
                The Lessee
      shall not conduct the following behaviors within this building and related
      subsidiary buildings:

              


      

    

     

    
      
        	
              	
                (1)

              	
                To use
      building to give the public unpleasantness or to install or display
      signboard or advertisement or use or leave all sorts of installations on
      the passage or other shared facilities without getting prior approval of
      the Lessor;

              


      

    

     

    
      
        	
              	
                (2)

              	
                To carry in
      or keep explosive or dangerous objects, or articles that are dangerous to
      human body or give unpleasant feelings or may damage the
      properties;

              


      

    

     

    
      
        	
              	
                (3)

              	
                To use fuels
      and equipments to make heat such as oil or gas or electric heater other
      than supplied by the Lessor;

              


      

    

     

    
      
        	
              	
                (4)

              	
                To carry in
      or use cooling/heating equipment, vending machine or cooking utensils
      without written consent of the
Lessor;

              


      

    

     

    
      
        	
              	
                (5)

              	
                To raise
      animals that generally give unpleasantness or
  disgust;

              


      

    

     

    
      
        	
              	
                (6)

              	
                To damage or
      stain structures, instruments or facilities installed by the Lessor or
      change structures without consent of the
Lessor;

              


      

    

     

    
      
        	
              	
                (7)

              	
                To conduct
      all sorts of illegal manufactures, sales or entertainments that violates
      the public morals or give the public unpleasantness;
  or

              


      

    

     

    
      
        	
              	
                (8)

              	
                To conduct
      other activities that are prohibited by Article 20 of the Management
      Regulations or requested in writing by the Lessor upon
      necessity.

              


      

    

     

    Article 11
(Structural Change and New Construction within the Leased Property)

     

    
      
        	
                1.

              	
                When the
      Lessee wants to conduct the following activities, it shall get prior
      written consent of the Lessor and the expenses for such activities shall
      be borne by the Lessee. However, the Lessor may take restriction against
      and required actions for the construction in order to contribute to the
      uniformity of building management and reinforce accident protection
      function:

              


      

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    
      
        	
              	
                (1)

              	
                To operate
      facilities, construct or change partitions, window frames, etc. within the
      Leased Property;

              


      

    

     

    
      
        	
              	
                (2)

              	
                To newly
      construct or move power or lights, or newly construct, expand or change
      facilities such as communication facilities, water supply, gas,
      etc.;

              


      

    

     

    
      
        	
              	
                (3)

              	
                To indicate
      company name, trademark, or other indications on the exterior within the
      Leased Property (including entrance door, exterior wall, glass, shutter,
      etc.)

              


      

    

     

    
      
        	
              	
                (4)

              	
                To install
      signboard or advertisements

              


      

    

     

    
      
        	
              	
                (5)

              	
                To fix safety
      box, or carry in, fix, etc. other heavy materials;
  or

              


      

    

     

    
      
        	
              	
                (6)

              	
                To conduct
      other activities specified by the Lessor
  separately.

              


      

    

     

    
      
        	
                2.

              	
                The Lessee
      shall not have any right to claim return of expenses for all subsidiary
      facilities and installations borne by the Lessee pursuant to the previous
      clause nor to claim purchase of the subsidiary materials, and shall
      recover the original status upon request of the Lessor
  .

              


      

    

     

    
      Article 12
(Repair)

    

     

    
      
        	
                1.

              	
                Repair costs
      for naturally worn wall, ceiling, floor, etc. of the Leased Property shall
      be borne by the Lessor and other repair costs shall be borne by the
      Lessee.

              


      

    

     

    
      
        	
                2.

              	
                When the
      Lessee has found the place to be repaired as specified in the previous
      clause, it shall immediately notify the Lessor of it and if the Lessee
      repairs the place, it shall discuss with the Lessor in
      advance.

              


      

    

     

    
      
        	
                3.

              	
                The Lessee
      agrees to waive repayment right of all of necessary expenses borne by
      itself pursuant to Clause 1
above.

              


      

    

     

    Article 13
(Indemnification)

     

    
      
        	
                1.

              	
                If the Lessee
      or its employee, customer or related person has damaged or destroyed the
      Leased Property or facilities within the building, or inflicts physical
      injury or property damage on the Lessor or to a third party including
      other lessees with intention or neglect, the Lessee shall immediately
      notify the Lessor and at the same time compensate the Lessor or the third
      party for such damages promptly under its internal/external
      responsibilities.

              


      

    

     

    
      
        	
                2.

              	
                The Lessor
      may enter the Leased Property to take emergency action by dismantling or
      destroying lock of the entrance gate without approval of the Lessee when
      emergent or urgent situation that does not permit prior understanding of
      the Lessee has occurred.

              


      

    

     

    Article 14
(Termination of the Agreement by the Lessor)

     

    1. In the event
that the Lessee has conducted the following activities, the Lessor may terminate
this Agreement without notification:

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    
      
        	
              	
                (1)

              	
                When the
      Lessee does not occupy the Leased Property or has not paid the Lessor the
      balance of the Lease Deposit pursuant to Paragraph 1 of Article 3 until
      one month has passed from the due date of the balance (expected date of
      occupation);

              


      

    

     

    
      
        	
              	
                (2)

              	
                When the
      Lessee has failed to pay rent, management expenses or any expense under
      this Agreement two times or
more;

              


      

    

     

    
      
        	
              	
                (3)

              	
                When Lease
      Deposit has been subject to the pledge or other security or
      foreclosure;

              


      

    

     

    
      
        	
              	
                (4)

              	
                When the
      Lessee has gone into bankruptcy or default, or signed property transfer
      agreement or reconciliation agreement with its creditor for the purpose of
      settlement of debt, or there is any claim of proceeding for company
      readjustment of the Lessee;

              


      

    

     

    
      
        	
              	
                (5)

              	
                When honor
      and credit of the Lessor have been damaged due to activity of the
      Lessee;

              


      

    

     

    
      
        	
              	
                (6)

              	
                When the
      Lessee has experienced suspension of current trade or is subject to
      unrecoverable insolvency; or

              


      

    

     

    
      
        	
              	
                (7)

              	
                When there is
      any activity violating any provision of this
  Agreement.

              


      

    

     

     

    
      
        	
              	
                2. 

              	
                In the case
      of the above clause, the Lessor may terminate this Agreement and demand
      transfer of the Leased Property at any time and institute necessary legal
      procedures. In such case, the Lessee may not decline the transfer of the
      Leased Property on the ground that the Lessor keeps the lease
      deposit.

              


      

    

     

    Article 15
(Evacuation and Restoration to the Original State)

     

    
      
        	
                1.

              	
                When this
      Agreement expires or is terminated, the Lessee shall remove its
      possessions and properties and deliver the entire Leased Property to the
      Lessor on or before the date of
termination.

              


      

    

     

    
      
        	
                2.

              	
                The Lessee
      shall remove installed equipment, partitions, structure. etc. at its own
      expenses at the same time of expiration or termination of this Agreement
      and restore the original state at the time of contract start. However, the
      Lessor may carry out the works on behalf of the Lessee at the expenses of
      the Lessee upon request of the
Lessee.

              


      

    

     

    
      
        	
                3.

              	
                If the Lessee
      cannot remove its possessions and properties or restore the original state
      of the Leased Property before evacuation due to any cause, the Lessee
      shall pay the Lessor the amount corresponding to usual rent and management
      expenses from the termination date of this Agreement to the date of actual
      evacuation or restoration as compensation. 

                  However, both
      parties may agree to keep part or all of the
    facilities.

                

              


      

    

     

    
    

    
      
        	
                4.

              	
                Any accident,
      defect of the building, etc. generated due to failure of restoration to
      the original state by the previous lessee (Incube Tech) shall be processed
      at the Lessor’s expenses.

              


      

    

     

    Article 16
(Enforcement of Evacuation)

     

    
      
        	
                1.

              	
                If the Lessee
      does not evacuate the Leased Property after termination or expiration of
      this Agreement, the Lessor may remove articles owned by the Lessee from
      the Leased Property and keep them in any place designated by the Lessor.
      In this case, all of responsibilities and expenses accrued shall be borne
      by the Lessee.

              


      

    

     

    
      
        	
                2.

              	
                For the case
      of removal under the previous clause, the Lessee shall not claim
      compensation against the Lessor on the ground of the invalidity of
      termination of the Agreement or other
reasons.

              


      

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    
      Article 17 (Force
Majeure )

    

     

    
      
        	
                1.

              	
                The Lessor
      shall not be responsible for any and all of damages on the Lessee or the
      third parties due to storm and flood, earthquake, war, riot, other legal
      force majeure or other reasons that are not attributable to the
      Lessor.

              


      

    

     

    
      
        	
                2.

              	
                The reasons
      specified in the previous clause shall not have influence on right of the
      Lessor already occurred under this
Agreement.

              


      

    

     

    Article 18
(Amendment of the Agreement)

     

    The Lessor and the
Lessee may modify and amend the Agreement under mutual agreement even before
termination of the Lease Period or during extended period if there is any
reasonable and unavoidable reason.

     

    
      Article 19
(Designation of Manager)

    

     

    
      
        	
                1.

              	
                The Lessor
      may designate the third party manager for proper management of the Leased
      Property and Daelim Acrotown.

              


      

    

     

    
      
        	
                2.

              	
                The foresaid
      manager shall be the representative of the Lessor against the
      Lessee.

              


      

    

     

    Article 20
(Management Regulations and Standing Rules)

     

    
      
        	
                1.

              	
                The Lessor
      shall establish and enforce management regulations and its detailed rules
      for its properties in accordance with this
  Agreement.

              


      

    

     

    
      
        	
                2.

              	
                The Lessee
      shall approve that the foresaid management regulations are part of this
      Agreement and comply with
them.

              


      

    

     

    Article 21 (Seal to
be used)

     

    
      
        	
                1.

              	
                In case the
      Lessee signs the Agreement itself, in principle, it shall attach the
      certificate of the seal and affix the registered
  seal.

              


      

    

     

    
      
        	
                2.

              	
                In case the
      Lessee lets the third party sign the Agreement on behalf of the Lessee, it
      shall attach the certificate of its seal and the power of attorney affixed
      by the registered seal and affix the registered
  seal.

              


      

    

     

    
      
        	
                3.

              	
                All of the
      documents for change of right or execution of obligations (execution of
      contract, amendment, cancellation, etc.) under this Agreement shall be
      affixed by the seals affixed on this Agreement. 

                  In case a
      certificate of the seal to be used is submitted and attached by the seal
      certificate in connection with Clause 1, 2 or 3 above, the seal to be used
      may be affixed.

                

              


      

    

     

    
    

    Article 22
(Jurisdiction)

     

    
      A
court having jurisdiction over the location of the Leased Property shall have
jurisdiction for any lawsuit or mediation for this Agreement.

    

     

    
      Article 23
(Brokerage Commission)

    

     

    Brokerage
commission shall be 0.5% and be paid by each of both parties respectively on the
date of balance payment after signing this Agreement and even though this
Agreement has been invalidated, cancelled or terminated due to circumstances of
the parties hereto without intentional or neglectful act of the intermediary, it
shall be paid (VAT excluded).

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    * Special
Agreements

     

    1. The Lessor shall
obliterate attachment registration and priority kun-mortgage on or before the
date of balance payment and cooperate with WEBZEN Inc. for establishment of the
first priority leaseholder’s right for WEBZEN Inc. at the same time of
obliteration of leaseholder’s right of Incube Tech Co., Ltd on the date of
balance payment.

     

    2. In the case of
violation of this Agreement, the Lessor shall compensate WEBZEN Inc. for twice
of down payment and the down payment shall revert to the Lessor as a
penalty.

     

    3. Facilities of
Incube Tech Co., Ltd. shall be removed and the Leased Property shall be restored
to the original state.

     

    4. Date of balance
payment (expected date of occupancy) shall be Dec. 31, 2005, provided that it
may be adjusted by mutual agreement of the Lessor and the Lessee.

    


     

    In Witness Whereof,
the parties hereto have prepared and caused three original copies of this
Agreement to be executed by their respective duly authorized representative, of
which each one copy shall be kept by the Lessor, the Lessee and intermediary,
respectively

     

    Sept. 1,
2005

     

    
      	
              【Lessor 】

            	
              Address: Rm.
      #4208, E Bldg. Tower Palace APT, 467-17, Dogok-dong, Kangnam-gu, Seoul
      

                Name: Kim,
      Eun-ok (Proxy: Kim
      Ju-wan)                   
      (Seal)
      

                  National ID:
      570405-2469517 (Proxy:
  530604-1528012)

                

              

            


    

     

    
      	
              【Lessee】

            	
              Address:
      6th
      Fl., Daelim Acroville, 467-6, Dogok-dong, Kangnam-gu, Seoul 

                Company Name:
      WEBZEN Inc. 

                  Name: Kim,
      Nam-ju                
      (Seal)

                

              

            


    

    
    

     

    
      	
              【Intermediary】

            	
              Address: Rm.
      #306, Wooseong Livingtel, 467-10, Dogok-dong, Kangnam-gu, Seoul 

                Trade Name:
      Seoul Authorized Intermediary 

                  Name: Kim,
      Ju-wan      (Seal)
      

                    Business
      Registration No.: 406-01-58823

                  

                

              

            


    

     

     
8