Exhibit
4.14

    
       

      


       

      Lease
Agreement

       

       

      


       

      


       

      


       

      


       

      Lessor:
Yu, Ji-hun

       

      Lessee:
WEBZEN Inc.

       


      
        
           


        

        
           


          
            

          

        

        
           


        

      


      Lease
Agreement

       

      


       

      
        	
                【Lessor】

              	
                Address: Rm.
      #3302, B Bldg. Daelim Acroville, 467-6, Dogok-dong, Kangnam-gu,
      Seoul

              
	 
      	
                National ID:
      520920- 1023325

              
	 
      	
                Name: Yu,
      Ji-hun (hereinafter referred to as “Lessor”.)

              
	 
      	 
      
	
                【Lessee】

              	
                Address:
      8th
      Fl., Daelim Acroville, 467-6, Dogok-dong, Kangnam-gu,
  Seoul

              
	 
      	
                Company Name:
      WEBZEN Inc.

              
	 
      	
                Name: Kim,
      Chang-geun/ 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

              


      

      
        	
                 
      

              	
                Rm. #1401,
      14th
      Fl., Daelim Acrotel, C Building of Daelim Acrotown, 467-6, Dogok-dong,
      Kangnam-gu, Seoul

              


      

      
        	
                 
      

              	
                1,829.112
      m2 (553.306 pyeong
      / including shared area)

              


      

       

      
        
          	
                  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, in case of bringing in of any object for office purposes, if it
      is determined that such action may obstacle against businesses of other
      occupants, the Lessor may not permit bringing-in of such object or may
      cancel this Agreement.

                

              


      

       

       

      Article 2 (Lease
Period)

       

      1. Lease period of
this Lease Agreement shall be six months and sixteen days from date of balance
payment by the Lessee (expected occupation date), i.e. from June 15, 2009 to
Dec. 31, 2009.

       


      
        
           


        

        
          1

          
            

          

        

        
           


        

      


      Article 3
(Leasehold Deposit)

       

      1. Leasehold
deposit shall be 4,924,423,400 Won and be paid to the Lessor as specified
below.

       

      
        	
                Type

              	
                Due
      Date

              	
                Amount

              	
                Remarks

              
	
                Existing
      Deposit

              	
                Paid

              	
                4,315,786,800
      Won

              	
                7,800,000 won
      per pyeong

              
	
                Additional
      Deposit

              	
                May 22,
      2009

              	
                182,590,980
      Won

              	
                Down
      Payment

              
	
                June 15,
      2009

              	
                426,045,620
      Won

              	
                Balance

              
	
                Total

              	
                4,924,423,400
      Won

              	
                8,900,000 won
      per pyeong

              


      

      


      
        	
                2.

              	
                In the event
      that this Agreement has been cancelled or terminated pursuant to 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 nor assign the right to claim refund of the
      Lease Deposit or 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 amount of management expenses required to maintain the
      Leased Property, charged by the management office of each floor, on or
      before the date and to the location specified by the management
      office.

              


      

       

      
        	
                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.

              


      

       

      Article 5
(Adjustment of 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 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.

              


      

       

      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 to the approved
      places by the authority at the expenses of the Lessee after getting
      approval of the Lessor.

                

              


      

       


      
        
           


        

        
          3

          
            

          

        

        
           


        

      


      
        
          	
                  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
(Obligations of the Lessee)

       

      
        	
                1.

              	
                The Lessee
      shall comply with all regulations on use and management of the Leased
      Property and facilities specified by the Lessor in connection with
      businesses by 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 party 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)

       

      
        
          	
                  1.

                	
                  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.
      However,the
      Lessor shall put guards on lobby, parking lot, and other shared facilities
      within the building to control those
places.

                


        

      

       

      Article 10
(Prohibitions for the Lessee)

       

      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 and give unpleasant feelings or may damage the
      properties;

                


        

      

       


      
        
           


        

        
          4

          
            

          

        

        
           


        

      


      
        
          	
                  3.

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

                


        

      

       

      
        	
                
                  4.

                

              	
                
                  To carry in
      or use cooling/heating equipment 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 and prescribed and requested in writing by the Lessor upon
      necessity.

                

              


      

       

      


      Article 11
(Structural Change of Leased Property and New Construction )

       

      
        
          	
                  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 suggest alternatives for
      the construction and take required actions in order to contribute to the
      uniformity of building management and reinforce accident protection
      function:

                


        

      

       

      
        	
                 
      

              	
                (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.

                


        

      

       


      
        
           


        

        
          5

          
            

          

        

        
           


        

      


      
        
          	
                  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.

                


        

      

       

      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
      the third party including other lessees intentionally or neglectfully, the
      Lessee shall immediately notify the Lessor and at the same time compensate
      the Lessor or the third party for such damages immediately under its
      internal/external responsibilities.

              


      

       

      
        	
                
                  2.

                

              	
                
                  Any damage
      specified by the previous clause that is not notified to the Lessor shall
      be deemed to be attributed to the Lessee and the Lessor may take required
      actions such as claim for compensation,
  etc.

                

              


      

       

      
        	
                
                  3.

                

              	
                
                  For the
      previous clause, calculation of compensation shall be decided upon market
      prices at that time of
compensation.

                

              


      

       

      Article 14 (Access
Right)

       

      
        
          	
                  1.

                	
                  The Lessor or
      its employee may enter the Leased Property together with the third party
      in order to take emergency actions such as verification of maintenance
      status, hygiene, fire protection, crime prevention, rescue, etc. of the
      Leased Property, or to show the place to the other prospective lessee
      before the end of the lease
period.

                


        

      

       

      
        	
                
                  2.

                

              	
                
                  In case of
      emergency where there is no time to ask understanding of the Lessee in
      advance or urgency for the management of the building, the Lessor may
      dismantle or destroy lock of the entrance gate to take emergency action
      without approval of the
Lessee.

                

              


      

       

      Article 15
(Termination of the Agreement by the Lessor)

       

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

       

      
        	
                
                

              	
                (1)

              	
                When the
      Lessee 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 three times or
more;

                

              


      

       

      
        	
                
                

              	
                (3)

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

              


      

       


      
        
           


        

        
          6

          
            

          

        

        
           


        

      

      
         

        
          	
                  
                  

                	
                  (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 for corporate rehabilitation 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.

                

              


      

       

      Article 16
(Evacuation and Restoration to the Original State)

       

      
        	
                1.

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

              


      

       

      
        	
                2.

              	
                The Lessee
      shall remove installed equipment, partitions, structures, etc. at its own
      expenses at the same time of expiration or termination of this Agreement
      and the Leased Property shall be succeeded with the same conditions in
      accordance with“the principle of
      restoration to the original state at the time of selling by Daelim Co.,
      Ltd.” signed by
      and between both parties on June 21, 2004. However, if there is request by
      the Lessee, the Lessor may carry out the works on behalf of the Lessee at
      expenses 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.

                

              


      

       

      Article 17
(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
      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.

                

              


      

       

      
        	
                 
      

              	
                Article 18
      (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.

              


      

       


      
        
           


        

        
          7

          
            

          

        

        
           


        

      


      
        
          	
                  2.

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

                


        

      

       

      Article 19
(Amendment of the Agreement)

       

      
        
          	
                  1.

                	
                  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 20
(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 for the
      Lessee.

              


      

       

      Article 21
(Management Regulations and Standing Rules)

       

      
        
          	
                  1.

                	
                  The Lessor
      shall establish and enforce management regulations and its detailed rules
      to protect the Lessee’s properties and
      manage the Leased Property properly in accordance with this
      Agreement.

                


        

      

       

      
        	
                
                  2.

                

              	
                
                  The Lessee
      shall agree that the foresaid management regulations are part of this
      Agreement.

                

              


      

       

      Article 22 (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.

                

              


      

       


      
        
           


        

        
          8

          
            

          

        

        
           


        

      


      
        
          	
                  4.

                	
                  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 23
(Jurisdiction)

       

      
        	
                 
      

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

              


      

       

      


       

      
        	
                 
      

              	
                * Special
      Agreements

              


      

       

      
        	
                 
      

              	
                1.  
      The Lessor shall fully cooperate with WEBZEN Inc. to establish leaseholder
      right for WEBZEN upon execution of the
  Agreement.

              


      

       

      
        	
                 
      

              	
                2.  
      In the event of violation of the Agreement, the Lessor shall compensate
      WEBZEN Inc. for double amount of down payment and if the Lessee violates
      the agreement, the down payment shall revert to the Lessor as a
      penalty.

              


      

       

      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

       

      


       

      May 25,
2009

       

      


       

      
        	
                【Lessor 】

              	
                Address: Rm.
      #3302, B Bldg. Daelim Acroville, 467-6, Dogok-dong, Kangnam-gu,
      Seoul

              
	 
      	
                National ID:
      520920- 1023325

              	 
      
	 
      	
                Name: Yu,
      Ji-hun

              	
                (Seal)

              
	 
      	 
      	 
      
	 	 	 
	
                【Lessee】

              	
                Address:
      8th
      Fl., Daelim Acrotel, 467-6, Dogok-dong, Kangnam-gu,
  Seoul

              
	 
      	
                Company Name:
      WEBZEN Inc.

              	 
      
	 
      	
                Name: Kim,
      Chang-geun

              	
                (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

              	 
      


      

      
9