Document:

Joint Venture Agreement, dated September 10, 2002

 Exhibit 10.1 
  
 Dated the 10th day of September, 2002 
  
 Webzen Inc. 
  
 and 
  
 GAMENOW.NET (HONG KONG) Ltd. 
  
  

  
 JOINT-VENTURE AGREEMENT 
  

  
  
 Hanol Law Offices 
 19th Floor, City Air Tower 
 159-9 Samsung-Dong,
Kangnam-Ku 
 Seoul, Korea 
  

 Table of Contents 
  

				
	 Chapter
	 	 1.
	  	 General
	  	3
				
	 	 	 2.
	  	 Parties
	  	3
				
	 	 	 3.
	  	 Establishment of Joint Venture Company
	  	3
				
	 	 	 4.
	  	 Purposes, Scope and Scale of Business
	  	4
				
	 	 	 5.
	  	 Total Amount of Investment and Registered Capital
	  	4
				
	 	 	 6.
	  	 Responsibilities of the Parties
	  	6
				
	 	 	 7.
	  	 Doing Business
	  	8
				
	 	 	 8.
	  	 Board of Directors
	  	8
				
	 	 	 9.
	  	 Management Organs
	  	10
				
	 	 	 10.
	  	 Labor Management
	  	12
				
	 	 	 11.
	  	 Taxation, Finance, Accounting and Audit
	  	13
				
	 	 	 12.
	  	 Foreign Exchange Management
	  	14
				
	 	 	 13.
	  	 Distribution of Profits
	  	14
				
	 	 	 14.
	  	 Term of Joint Venture
	  	15
				
	 	 	 15.
	  	 Dissolution of the Joint Venture Company
	  	15
				
	 	 	 16.
	  	 Disposition of Assets
	  	16
				
	 	 	 17.
	  	 Insurance and Confidentiality
	  	16
				
	 	 	 18.
	  	 Amendment of the Agreement
	  	17
				
	 	 	 19.
	  	 Liability for Breach
	  	17
				
	 	 	 20.
	  	 Force Majeure
	  	17
				
	 	 	 21.
	  	 Governing Law and Resolution of Disputes
	  	17
				
	 	 	 22.
	  	 Languages
	  	18
				
	 	 	 23.
	  	 Effectiveness of the Agreement and Others
	  	18

  

 2 

 JOINT VENTURE AGREEMENT 
  
 Chapter 1. General 
  
 In accordance with the laws of the Hong Kong Special Administrative Region (hereinafter referred to as “Hong Kong”) of the People’s
Republic of China (hereinafter referred to as “China”), Webzen Inc., established in accordance with the laws of the Republic of Korea (hereinafter referred to as “Korea”) with its principal office at 6F, Daelim Acrotel, 467-6,
Dogok-Dong, Kangnam-Gu, Seoul, Korea (hereinafter referred to as the “WEBZEN” for the First Party) and GAMENOW.NET (HONG KONG) LIMITED, established in accordance with the laws of Hong Kong with its principal office located at
22nd Floor, Hang Lung Centre, 2-20 Paterson Street, Causeway Bay, Hong Kong (“hereinafter referred to as the
“GAMENOW”) or the Second Party) hereby agree to establish a joint venture company with investment jointly contributed by the parties, at Hong Kong, China, based on the principles of equality and mutual benefit as well as through friendly
negotiations on this 10th day of September 2002. The parties shall hereinafter be referred to individually as the
“Party” or collectively as the “Parties”. 
  
 Chapter 2. Parties 
  
 Article 1 
  
 The Parties to this Agreement shall be as follows: 
  
 First Party: WEBZEN 
  
 Its registered location: Seoul, Korea 
  
 Its registered address: 6F, Daelim Acrotel, 467-6, Dogok-Dong, Kangnam-Gu

  
 Its legal representative: EUN SUK LEE 
  
 Title: CEO 
  
 Nationality: Korea 
  
 Second Party: GAMENOW 
  
 Its registered location: Hong Kong, China 
  
 Its registered address: 22nd Floor, Hang Lung Centre, 2-20 Paterson Street, Causeway Bay 
  
 Its legal representative: ZHU JUN 
  
 Title: CEO 
  
 Nationality: P. R. China 
  
 Chapter 3. Establishment of the Joint Venture Company 
  
 Article 2 
  
 Based on the laws of Hong Kong the Parties hereto agree to set up “9WEBZEN LIMITED.”, a joint venture company with
limited liability, in Hong Kong, China (hereinafter referred to as the “JVC” or “9 WEBZEN LIMITED”). 
  
 Based on the laws of China using Chinese and Foreign Investment and other related laws and regulations of China, the JVC hereby to establish a wholly
owned subsidiary in Shanghai, China (hereinafter referred to as the “Subsidiary” or “9 WEBZEN China”). 
  

 3 

 Article 3 
  
 The name of the JVC its legal address shall be as follows: 
  
 Name in Chinese: 
  
 Name in Korean: 
  
 Name in English: 9WEBZEN LIMITED 
  
 Legal Address: 
  
 Article 4 
  
 The JVC
shall be a legal person established under the laws of Hong Kong, and all activities of the JVC shall be done in accordance with the laws, decrees, rules and regulations of Hong Kong, while at the same time shall be protected thereunder and receive
the privileges thereunder. 
  
 Article 5 
  
 The JVC will be a limited liability company. Each Party shall be entitled to
the profits in accordance with the ratio of its shareholding in the capital of the JVC, which its investment bears to the registered capital, and shall share risks and profits within the limit of the capital contributed by it. The Subsidiary shall
also be a limited liability company under the laws of China, where as the wholly owned subsidiary, the JVC shall be entitled to its entire profits. 
  
 Chapter 4. Purposes, Scope and Scale of Business 
  
 Article 6 
  
 The purpose of the joint venture is, under the common idea of strengthening economic and technical cooperation between the Parties, to provide online game
operation in China through the Subsidiary to be established in China, by providing high quality online game contents through professional management and strong marketing to achieve the economic development of thereby attaining economic benefits
satisfactory to the Parties. 
  
 Article 7 
  
 The business scope of the JVC shall be as follows: 
  

	 	(1)	To set up the Subsidiary in China to conduct its business, in the online game business (all inclusive network games, product promotion, marketing and sales, game operation, product
design, customer service, game control center and etc.); and 

  

	 	(2)	Coordinate the business efforts between the WEBZEN and GAMENOW with the Subsidiary. 

  
 The business scope of the Subsidiary shall be as follows: 
  

	 	(1)	Online game business (all inclusive network games, product promotion, marketing and sales, game operation, product design, customer service, game control center and etc.) within
China; and 

  

	 	(2)	Such new business as may be agreed to between the Parties. 

  
 Chapter 5. Total Amount of Investment and Registered Capital 
  
 Article 8 
  
 The registered share capital of the JVC at the commencement of the joint venture of the Parties hereunder shall be one million twenty thousand four
hundred eight in United States Dollars (hereinafter referred to as “USD” or “US$”) (US$1,020,408). 
  

 4 

 Article 9 
  
 The investment amount and ratio of shareholding of the Parties shall be as follows: 
  

	 WEBZEN:
	 	US$500,000 for 49%
	 GAMENOW:
	 	US$520,408 for 51%

  
 Article 10 
  
 The Parties shall contribute as follows: 
  

	 WEBZEN:
	  	cash	  	US$	500,000
			
	 GAMENOW:
	  	cash	  	US$	520,408
			
	 	  	total	  	US$	1,020,408

  
 Article 11 
  

	1.	GAMENOW shall make its entire investment payment of five hundred twenty thousand four hundred eight USD (US$ 520,408) promptly after the execution of this Agreement. WEBZEN shall
make its entire investment payment of five hundred thousand USD (US$500,000) promptly after the execution of this Agreement. The shares in the JVC will be issued only when the full investment payment aforesaid of each relevant Party is actually
received by the JVC, their respective shareholdings in the JVC will be as stipulated in Article 9 hereof. 

  

	2.	Share certificates will be issued by the JVC to the relevant Party when such Party has completely made its investment payment to the JVC as set out in this Article 11.

  
 Article 12 
  

	1.	Subject to the following paragraphs of this Article 12, before any shares in the JVC (“Shares”) may be sold or otherwise transferred or disposed of by a shareholder of the
JVC (the “Selling Shareholder”) (including transfer by gift), all the other shareholders of the JVC (“Remaining Shareholders”) shall have a right of first refusal (“Right of First Refusal”) to purchase such Shares
(“Selling Shares”); and Parties shall have the right to co-sale (“Co-Sale”)_in accordance with the terms of this Article. 

  
 Right of First Refusal 
  

	2.	Before the transfer of any Selling Shares, the Selling Shareholder shall deliver to the JVC and the Remaining Shareholders a written notice (“Transfer Notice”) stating: -

  

	 	(a)	the Selling Shareholder’s intention to sell or otherwise transfer or otherwise dispose of such Selling Shares; 

  

	 	(b)	the name of each proposed purchaser or other transferee (a “Proposed Transferee”); 

  

	 	(c)	the number of Selling Shares to be transferred to each Proposed Transferee; and 

  

	 	(d)	the bona fide cash price and/or other consideration for which, and other terms and conditions on which, the Selling Shareholder proposes to transfer the Selling Shares
(“Offered Terms”). 

  
 The Transfer
Notice shall constitute an irrevocable offer by the Selling Shareholder to sell the Pre-emptive Shares at the Offered Terms to the Remaining Shareholders. 
  

	3.	 Each Remaining Shareholder shall have the right, by serving notice to the Selling Shareholder at any time within fourteen (14) days after receipt of the Transfer
Notice (“Purchase Right Period”), to purchase its 

  

 5 

	 	 
Pro Rata Share (as defined below) of all or any of such Selling Shares at the same price and upon the same terms (or terms as similar as reasonably possible)
as the Offered Terms, and the Selling Shareholder shall, upon receipt of the notice of purchase from the Remaining Shareholder, sell such Selling Shares to such Remaining Shareholder pursuant to such terms. In respect of a Remaining Shareholder, his
“Pro Rata Share” for the purposes of this Article shall mean the ratio of (i) the number of Shares held by such Remaining Shareholders bears to (ii) the total number of Shares held by all Remaining Shareholders.

  
 Co-Sale 
  

	4.	The Parties shall have a co-sale right to sell a proportionate part of its Shares to the Proposed Transferee together with such Selling Shareholder in the proposed sale or transfer
on the same terms offered by such Proposed Transferee. 

  

	5.	The Parties may sell all or any part of that number of Shares equal to the product obtained by multiplying (i) the Selling Shares that the Selling Shareholder proposed to sell or
transfer to the Proposed Transferee, by (ii) a fraction, the numerator of which is the number of Shares (on an as-converted basis) owned by the Party at the time the co-sale right is exercised and the denominator of which is the total number of
Shares (on an as-converted basis) owned by the Selling Shareholders and the Party on the same day. 

  

	6.	If the Proposed Transferee prohibits such transfer or otherwise refuses to purchase Shares from the Party exercising its co-sale right hereunder, the Selling Shareholder shall not
sell or transfer its Selling Shares to such Proposed Transferee unless and until, simultaneously with such sale or transfer, the Selling Shareholder shall itself purchase such amount of Shares as provided in item 5 above from the Party for the same
consideration and on the same terms. 

  
 General 

 

	7.	If any of the Selling Shares proposed in the Transfer Notice to be transferred are not purchased by the Remaining Shareholders or affected by any Co-Sale right, then the Selling
Shareholder may sell or otherwise transfer or dispose of such Selling Shares which have not been purchased to the Proposed Transferee(s) at the Offered Terms or at a higher price and/or better terms, provided that such sale or other transfer shall
be completed and consummated within thirty (30) days after the expiration of the Purchase Right Period. If the Selling Shares described in the Transfer Notice are not transferred to the Proposed Transferee(s) within such thirty (30) day period, such
Selling Shareholder shall not transfer or dispose of any Selling Shares unless such Selling Shares are first re-offered to the Remaining Shareholders in accordance with this Article. 

  

	8.	The Right of First Refusal and Co-Sale right set forth in this Article shall not apply to any transfer of Shares (i) to the holding company or the wholly-owned subsidiary of the
Selling Shareholder or a wholly-owned subsidiary of the holding company of the Selling Shareholder (each a “Permitted Transferee”) provided that in each case the Selling Shareholder shall remain to be bound by this Agreement and the
Permitted Transferee shall agree to be bound by this Agreement and that the Selling Shareholder shall procure the Permitted Transferee shall not transfer its Shares except to the Selling Shareholder or other Permitted Transferee(s) and further that
after the transfer such Permitted Transferee shall remain qualified to be a Permitted Transferee as defined above; or (ii) consequential to the exercise of the rights and powers by the chargee or mortgagee under a charge or mortgage of the Shares.

  
 Chapter 6. Responsibilities of the Parties

  
 Article 13 
  
 Each Party shall, in addition to performing its obligations provided in
other provisions of this Agreement, perform the following items under its responsibility and at its own expense, except where there is a separate 

  

 6 

 
provision in this Agreement or there is a separate agreement with the JVC including but not limited to the license agreement to be signed between WEBZEN and
the JVC (“License Agreement”) that provides for the licensing of the 3D online game MU (“Software”) by WEBZEN to JVC. 
  

	1.	Responsibilities of WEBZEN 

  

	 	(1)	Entering into and execution of the License Agreement. 

  

	 	(2)	Providing the Software and other necessary information agreed in the License Agreement, to the extent necessary for the execution of the License Agreement. 

 

	 	(3)	Reasonable training of the technicians and employees of the JVC or the Subsidiary, to the extent necessary for the execution of the License Agreement. 

  

	 	(4)	Meeting the technological requirements for the JVC in localization, upgrading and further development of MU and other online games. 

  

	 	(5)	Other matters reasonably requested by the JVC. 

  

	2.	Responsibilities of GAMENOW 

  

	 	(1)	Establishment and operation of the JVC in Hong Kong and the Subsidiary in China. Applying and negotiating approval application to the pertinent Chinese government agencies
registration, acquisition of business license and other matters required for the establishment and operation of the Subsidiary. 

  

	 	(2)	Providing the professional management team and the strong marketing expertise. As well as the marketing communications, media relationship and established sales channels.

  

	 	(3)	Introducing the network of venture capital and corporate finance partners to enable the JVC and the Subsidiary to achieve the goals of being listed in domestic and/or overseas
capital markets. 

  

	 	(4)	Applying for the acquisition of the right to use the land (for operations) during the term of the joint venture relating to the land, and assisting in concluding a contract for the
use of land by the Subsidiary. Provided that the terms and conditions of such a contract shall require advance consent of the other parties. 

  

	 	(5)	Assisting in customs clearance of licensed programs, office equipment and transportation for the Subsidiaryin procuring or leasing both inside and outside China, and in
transportation thereof in China. 

  

	 	(6)	Assisting in securing the most favorable conditions for means of transportation, office equipment and communication facilities procured or leased by the JVC in Hong Kong and the
Subsidiary in China. 

  

	 	(7)	Assisting in acquiring at the most favorable conditions the supply of basic facilities such as water main, server system, electric power, steam, gas, roads, transportation means,
communication means, air purifying system and the like for the Subsidiary in China. 

  

	 	(8)	Dispatching management personnel requested by the JVC and seconding management personnel, technicians, workers and other necessary personnel who are the Chinese nationality and have
sufficient experiences or assisting in recruiting such personnel, and assisting in resolving labor management problems. 

  

	 	(9)	Assisting in obtaining entry visas, processing work permits and arranging for travels needed by the foreign nationality personnel of the JVC and by the personnel of WEBZEN as well
as assisting in availing conveniences for the daily life of foreign nationality personnel. 

  

	 	(10)	Providing the JVC with relevant laws and regulations of China concerning the establishment, operation and carrying out of business of the JVC. 

  

	 	(11)	Assisting the JVC and the Subsidiary in obtaining tax and other benefits according to concerned regulations granting benefits of the Chinese government and the Hong Kong Region
Government. 

  

 7 

	 	(12)	Assisting in processing the remittance of foreign exchanges needed by the JVC. 

  

	 	(13)	Other matters reasonably requested by the JVC. 

  
 Chapter 7. Doing Business 
  
 Article 14 
  
 The JVC shall establish the Subsidiary in China to do business provided in Article 7 above in China. 
  
 Article 15 
  
 The trade mark(s) used by the JVC and the Subsidiary shall be as described on Appendix hereof. 
  
 Chapter 8. Board of Directors 
  
 Article 16 
  
 The JVC and the Subsidiary shall establish a Board of Directors, and the date of registration of the JVC and the Subsidiary
respectively, shall be the date of establishment of the Board of Directors of the JVC and the Subsidiary respectively. 
  
 Article 17 
  

	1.	The Board of Directors of the JVC and the Subsidiary shall each be composed of five (5) Directors (including Honorary Chairman, Chairman and Vice Chairman), of whom two (2) shall be
nominated by WEBZEN, and three (3) by GAMENOW. The term of a Director shall be three (3) years. Provided that each Party may change the director nominated and dispatched by it during the term by giving thirty (30) days advance notice to the other
Party. Provided that any damages caused thereby shall be borne by the concerned Party who shall hold other Party harmless. The term of the new Director nominated as the result of the change shall be the remaining term of his predecessor. If upon the
expiration of the term of a Director, each Party desires the same person to continue his/her position, then such Director shall be re-nominated. 

  

	2.	The Board of Directors the JVC and the Subsidiary shall have one each of the Honorary Chairman, Chairman and Vice Chairman, and unless as otherwise resolved among the Parties, the
Chairman shall be nominated and dispatched by GAMENOW, the Vice Chairman to be nominated and dispatched by WEBZEN after consultation, and the Honorary Chairman by WEBZEN. The term of the Honorary Chairman will not be fixed. Provided that he will
have the position of Director. 

  

	3.	Each Party shall cause the directors appointed by them respectively to approve the establishment of the Subsidiary by the JVC in China at the first board meeting of the JVC.

  
 Article 18 
  

	1.	The Board of Directors shall be the highest organ of the JVC and the Subsidiary and shall decide the following important matters (hereinafter referred to as “Matters Requiring
the Board Approval”). 

  

	 	(1)	Amendment of the Articles of Associationof the JVC and the Subsidiary. 

  

	 	(2)	Dissolution and suspension of the JVC and the Subsidiary or extension of the term of the joint venture. 

  

	 	(3)	Increase of the registered capital of the JVC and the Subsidiary and transfer thereof. 

  

	 	(4)	Merger of the JVC and the Subsidiary with another economic organization. 

  

	 	(5)	Sale of all or substantial portion of the assetsof the JVC and the Subsidiary. 

  

 8 

	 	(6)	Taking over substantial assets from another economic organization. 

  

	 	(7)	Reporting and approval of the annual budget, settlement and annual accountingof the JVC and the Subsidiary. 

  

	 	(8)	Deciding annual and long and medium term investment and borrowing plans. 

  

	 	(9)	Deciding on the proposals for the annual distribution of profits and disposition of lossof the JVC and the Subsidiary. 

  

	 	(10)	Approval of the principles of property disposal procedures, selection of the liquidation committee, report of the liquidation and the likeof the JVC and the Subsidiary.

  

	 	(11)	Conclusion, amendment or termination of important contracts. 

  

	 	(12)	Deciding important rules and systemof the JVC and the Subsidiary. 

  

	 	(13)	Deliberation and decision of agenda proposed by a Director. 

  

	 	(14)	Sublicense of the intellectual property rights. 

  

	 	(15)	Such other items for which approval of the Board of Directors is required under this Agreement or the Articles of Association. 

  

	2.	Of the resolutions of the Board of Directors, the matters provided in preceding Paragraph 1, Items (1) through (10) shall require the unanimous vote of all the Directors or their
proxies in attendance. 

  

	3.	Of the resolutions of the Board of Directors, the matters as provided in preceding paragraph 1, items (11) through (15) shall require the affirmative vote of 2/3 or more of the
Directors or their proxies in attendance. 

  

	4.	The detailed rules concerning the Board of Directors not provided in this Agreement shall follow relevant provisions of the Articles of Association or the rules of the Board of
Directorsof the JVC and the Subsidiary. 

  
 Article 19

  
 The Chairman, for each company, shall be the legal
representativeof the JVC and the Subsidiary. Each Chairman shall represent the acts of the JVC and the Subsidiary, externally in accordance with the decision of the Board of Directors. If the Chairman is unable to perform his duties, the Vice
Chairman shall perform the duties on behalf of the Chairman. If the Vice Chairman is also unable to perform the duties, a Director in the other predetermined by the Board of Directors shall perform the duties of the Chairman. 
  
 Article 20 
  

	1.	In principle, the meeting of the Board of Directors shall be held once a year at the location of the JVC and the Subsidiary and the Chairman for each company shall have the
responsibility for convening the meeting. By agreement of the Chairman and the Vice Chairman, the meeting may be held at another place. When more than one-third of the Directors request, the Chairman shall call the meeting. The first meeting of the
Board of Directors shall be held within thirty (30) days after the establishment of each company. 

  

	2.	The Chairman of each company shall send a notice in writing to each Director stating the agenda of the ordinary or extraordinary meeting of the Board of Directors, date and place of
his company. Provided that the number of days may be reduced upon unanimous agreement in advance of the Directors. 

  

	3.	 The quorum of the meeting of the Board of Directors of each company shall be constituted upon the presence of majority of members or proxies as provided herein, and
falling short thereof, the quorum will not be constituted and any resolution made thereby shall be void. If a Director is unable to attend the 

  

 9 

	 	 
meeting of the Board of Directors, he may exercise his voting right by sending his proxy to the meeting of the Board of Directors with the submission of the
power of attorney. Each Party shall be responsible for causing the directors nominated and sent by it or proxies to attend the meeting of the Board of Directors and secure their attendance. 

  

	4.	Upon agreement of the Chairman and the Vice Chairman of each company, the convening of the meeting of the Board of Directors and resolution may be substituted by writing such as
facsimile circulated and resolved by all of its Directors. 

  

	5.	Of the reasonable expenses to be incurred in connection with attending the meeting of the Board of Directors, travel expenses, transportation expenses, lodging expenses meals and
other the Board of Directors meeting related expenses shall be borne by each company. 

  

	6.	The minutes of the meeting of the Board of Directors shall be made in three languages of English, Korean and Chinese, which shall be equally valid. The company shall keep the
minutes for the duration of its term after the directors or proxies attended affixed their signatures, and shall send without delay a copy thereof to each Director after the meeting of the Board of Directors is finished. 

  
 Chapter 9. Management Organs 
  
 Article 21 
  

	1.	The JVC and the Subsidiary shall each set up, the operation management organ below the Board of Directors and shall cause to take charge of the daily operation management affairs.

  

	2.	The Board of Directors of the JVC and the Subsidiary shall each designate one Executive Director to take charge of the daily operation, management and administration. Under the
Executive Director, there shall be one General Manager, one Deputy General Manager and a few senior management officers. 

  

	3.	The Board of Directors of JVC and the Subsidiary shall appoint the person nominated by GAMENOW as the Executive Director and General Manager and the person nominated by WEBZEN as
the Deputy General Manager, and shall decide their authority, compensation and dismissal. For other senior management officers, the Board of Directors shall decide the establishment, number, selection, authority, remuneration, dismissal and the like
shall be decided and selected by the Board of Directors in accordance with the need in performing the affairsof the JVC and the Subsidiary. 

  

	4.	The terms of the Executive Director , the General Manager and the Deputy General Manager shall be three (3) years and may be renewed. In the case of replacement during the term, the
Party who nominated and sent him shall send thirty (30) days advance notice to the other Party and the Board of Directors, and shall bear all damages caused thereby, and hold other Party harmless. 

  
 Article 22 
  

	1.	The JVC and the Subsidiary shall each have the system under the guidance of the Board of Directors and the Executive Director shall be the highest person responsible for daily
operation and management affairs. The Executive Director may also be appointed as General Manager and therefore act in dual capacity. The Executive Director shall represent the company externally within the scope of authority given by the Board of
Directors, and internally shall exercise the authority over daily operation management. In disposing important matters, the Executive Director and General Manager shall consult with the Deputy General Manager. 

  

	2.	When the General Manager is unable to perform his duties, the Deputy General Manager shall perform the duties of the General Manager in his/her behalf. 

  

 10 

	3.	The General Manager shall set up departments within the operation management organ and appoint the department managers to head each department. The department manager shall be
responsible for the affairs of department in charge, handle such matters as may be entrusted by the Executive Director, the General Manager and the Deputy General Manager shall be responsible to the Executive Director. 

  

	4.	The General Manager and Deputy General Manager shall make decision together of the followings: 

  

	 	(1)	Deciding the management policy, and plans for production, sale and procurement for the long and medium terms. 

  

	 	(2)	Deciding the distribution system and distribution methods of the online game. 

  

	 	(3)	Appointment and dismissal of the managing director and other high-ranking officer of the JVC and the Subsidiary as well as deciding their scope of authority and compensation.

  

	 	(4)	Establishment of management control organs, division and branch of the JVC and the Subsidiary as well as deciding and revocation of the authority thereof. 

 

	 	(5)	Appointment of exclusive and non-exclusive distribution in some region of China. 

  

	 	(6)	Establishment of the standards concerning the labor conditions such as wages of personnel and workers of the JVC and the Subsidiary, and their bonus, welfare and the like.

  
 Article 23 
  
 The General Manager shall be responsible to the Executive Director directly
and shall perform the following listed duties. 
  

	1.	Submitting the following drafts or plans to the Executive Director and carrying out after approval by the Board of Directors. 

  

	 	(1)	Annual Business Plan. 

  

	 	(2)	Management policy and medium and long term development plansof the JVC and the Subsidiary. 

  

	 	(3)	Selection, authority, remuneration and dismissal of department managers and senior management officers (including the Deputy General Manager). 

  

	 	(4)	Rules and systems concerning the operation managementof the JVC and the Subsidiary. 

  

	 	(5)	Other matters which require the decision of the Board of Directors. 

  

	2.	In compliance with the resolutions of the Board of Directors, making decisions independently and carrying out the following matters. 

  

	 	(1)	Retailed implementation of items (1) through (5) of the preceding paragraph. 

  

	 	(2)	Establishment of the operation management organs below the department managers and the selection of personnel. 

  

	 	(3)	Employment, dismissal, assignment, awards, punishment and the like of personnel and workers. 

  

	 	(4)	Establishment of various rules, regulations and criteria concerning the daily operation management affairs. 

  

	 	(5)	Plan for training of personnel and workers and arrangement for execution. 

  

	 	(6)	Negotiation, conclusion and performance of contracts representing the company. 

  

	 	(7)	Other important matters in the daily operation. 

  

 11 

 Article 24 
  
 The Deputy General Manager shall be responsible to the Executive Director directly and shall perform the following listed duties with fully consulting
with the Executive Director: 
  

	1.	Submitting the following drafts or plans to the Executive Director and carrying out after approval by the Board of Directors. 

  

	 	(1)	Annual business finance plan. 

  

	 	(2)	Annual budget, settlement of accounts, dividends, disposition of lossesof the JVC and the Subsidiary. 

  

	 	(3)	Plans for procurement, management and enforcement of finances and investments. 

  

	2.	In compliance with the resolutions of the Board of Directors, making decisions independently and carrying out the following matters. 

  

	 	(1)	Wages, wage form, compensation, welfare, labor protection criteria. 

  

	 	(2)	Finance and accounting management related affairs. 

  
 Article 25 
  
 The Executive Director, the General Manager and the Deputy General Manager may not become the President or the Vice President of another economic
organization without prior approval of the Board of Directors, and may not involve in commercial activities of another economic organization competing against the company. 
  
 In the event that the Executive Director, the General Manager or the Deputy General Manager commits dishonest act or brings
substantial economic loss to the company by dereliction of his duties, or there is a just reason indicating that he is not a appropriate person for the job, he may be dismissed at any time according to the resolution of the Board of Directors
without making any compensation. After dismissal as aforesaid, the new Executive Director, the new General Manager and the New Deputy General Manager shall be nominated by the Party who nominated the former Executive Director, the former General
Manager and the former Deputy General Manager and shall be appointed by the Board of Directors, their term to be the remaining term of the predecessors. 
  
 Chapter 10. Labor Management 
  
 Article 26 
  

	1.	For the matters concerning the recruitment, employment, dismissal and resignation, wages, labor insurance, welfare, rewards, penalty and other matters concerning the staff and
workers of the JVC, the Executive Director General Manager shall decide the detailed implementing methods according to the standards reviewed and decided by the Board of Directors shall be determined by the Board of Directors and establish the
employment rules of the JVC and other related regulations. 

  

	2.	For the matters concerning the recruitment, employment, dismissal and resignation, wages, labor insurance, welfare, rewards, penalty and other matters concerning the staff and
workers of the Subsidiary, the Executive Director General Manager shall decide the detailed implementing methods according to the standards reviewed and decided by the Board of Directors shall be determined by the Board of Directors in accordance
with the Regulations of the People’s Republic of China on Labor Management in Joint Ventures Using Chinese and Foreign Investment and its Implementation Rules, and other related laws and regulations, and establish the employment rules of the
Subsidiary and other related regulations. 

  

 12 

 Article 27 
  
 Wage level, system and welfare of the staffs and workers of the Subsidiary shall be decided by the Deputy General Manager in accordance with the related
laws and regulations of China and the standards decided by the Board of Directors. Such matters shall be adjusted in principle every year according to the business situation of the Subsidiary. 
  
 Article 28 
  
 The Subsidiary shall decide employment of the staffs and workers according to the business need and employ by selecting
superior persons through the testing method. The Subsidiary shall separately enter into a labor contract with each staff and worker to be employed and file it with the agency in charge. 
  
 Article 29 
  
 The Subsidiary shall have the right to hand out, depending on the degree, reprimand, fine, pay reduction, demotion, suspension of working, advising
retirement, dismissal and the like to the staffs and workers who violated various rules of the Subsidiary and the labor contract, and report the results thereof to the agency in charge. 
  
 Article 30 
  

	1.	The criteria of salary, insurance, welfare and travel expenses shall be determined by the Board of Directors and the Deputy General Manager shall have the responsibility for the
details thereof. 

  

	2.	All pay and compensation of the high-ranking management personnel of the JVC shall be fixed in USD. 

  
 Chapter 11. Taxes; Finance; Accounting Audit 
  
 Article 31 
  

	1.	The JVC shall pay taxes in accordance with relevant laws and regulations of Hong Kong and receive tax preference according to relevant laws and regulations.

  

	2.	The Subsidiary shall pay taxes in accordance with relevant laws and regulations of China and receive tax preference according to relevant laws and regulations.

  
 Article 32 
  

	1.	The accounting of the JVC and the Subsidiary shall follow the International Accounting System. 

  

	2.	The fiscal year of the JVC and the Subsidiary shall be from January 1 by the solar calendar of each year to December 31. Provided that the first fiscal year shall be from the date
of establishment of the JVC to December 31 of the relevant year. 

  

	3.	The accounting of the JVC and the Subsidiary shall employ the accrual basis and the double entry system, which are used internationally. The completeness in procedures, the
perfectness in the contents and the timeliness shall be the principles. 

  

	4.	In principle, all vouchers, slips, balance sheets, and books shall be prepared in Chinese. Provided that in case where the Deputy General Manager deems it necessary, they shall be
prepared in Chinese and English. 

  

	5.	The Subsidiary may use RMB as the currency for its books. 

  

 13 

 Article 33 
  

	1.	The JVC and Subsidiary shall prepare a loss and profit statement, balance sheets and other fiscal year reports for each month, each quarter and each fiscal year. The monthly
accounting report shall be made by the end of the following month and the quarterly report shall be sent within thirty (30) days of the end of the relevant quarter, to each Party and at the same time, the Subsidiary’s financial information
shall be submitted to concerned authorities of China. 

  

	2.	The JVC and the Subsidiary shall prepare the accounting report of each fiscal year by the end of March of the following year, and report to the Board of Directors after obtaining
audit by a certified public accountant registered in China. Upon approval thereby, the JVC and the Subsidiary shall send it to each Party and at the same time, the Subsidiary will submit such report to concerned authorities of China. All reports and
financial statements shall be prepared in both Chinese and English. 

  
 Article 34 
  
 Each Party may invite a certified
public accountant from inside outside China to have the annual financial situation of the JVC and the Subsidiary audited, and the other Party shall give its consent thereto. The Party conducting the audit shall notify the JVC and the Subsidiary
thirty (30) days beforehand and the JVC shall cooperate with such audit and make available all books and financial records of the JVC. Provided that expenses incurred for the audit shall be borne by the Party conducting the audit. 
  
 Article 35 
  
 The Directors of the JVC may examine vouchers and accounting records of the JVC and the Subsidiary from time to time.

  
 Chapter 12. Foreign Exchange Management 
  
 Article 36 
  
 Foreign exchange management of the Subsidiary shall follow the Foreign Exchange Control Regulations of the People’s
Republic of China and the rules for relevant management method. 
  
 Article 37

  
 After obtaining the business license, the Subsidiary may
open foreign currency accounts and RMB accounts at a bank inside and outside China and other financial institution, which the Bank of China or the State Foreign Exchange Control Bureau of china (or branch Bureau) and the Executive Director General
Manager of the Subsidiary recognize. 
  
 Chapter 13. Distribution
of Profits 
  
 Article 38 
  

	1.	The JVC shall, according to the criteria stipulated below, carry out profit distribution and loss disposition. 

  

	 	(1)	Profit distribution shall not be made until the accumulated losses are replenished. 

  

	 	(2)	Undistributed profits of the previous fiscal year may be distributed by including in the profits carried forward in the current fiscal year. 

  

	 	(3)	Profits after tax of each fiscal year of the JVC shall be distributed at the end of the relevant fiscal year according to the investment ratio of the Parties, limiting, however, to
the amount which, after setting aside the three funds under Article 34, the Board of Directors approved by the unanimous vote that there will be no hindrance to the future production plan and fund plan of the JVC. 

  

 14 

	 	(4)	All profit distribution shall be paid in USD at the most favorable exchange rate to the Parties. 

  

	2.	The Subsidiary shall, according to the criteria stipulated below, carry out profit distribution and loss disposition. 

  

	 	(1)	Profit distribution shall not be made until the accumulated losses are replenished. 

  

	 	(2)	Undistributed profits of the previous fiscal year may be distributed by including in the profits carried forward in the current fiscal year. 

  

	 	(3)	Profits after tax of each fiscal tear of the Subsidiary shall be distributed at the end of the relevant fiscal year to the JVC. 

  
 Article 39 
  
 Except where there is an unavoidable situation, the distribution of profits to each Party shall be deposited in the bank
account designated by each Party within forty-five (45) days after the resolution of the Board of Directors of the JVC and deposit charges shall be deducted from the profits distributed to each Party. 
  
 Chapter 14. Term of the Joint Venture 
  
 Article 40 
  

	1.	The term of the joint venture shall be ten (10) years, which shall be computed from the date of issuance of the business license of the JVC unless prior written termination notice
is given by one Party to another or an event occurs as described in Article 41. Such term may be extended under the same or new terms and conditions with the written consent of both Parties, at least six (6) months prior to the expiration date.

  
 Chapter 15 Dissolution 
  
 Article 41 
  

	1.	Upon occurrence of any of the events below to the JVC as well as to the Subsidiary, any Party (excepting the Party falling under items (2) and (4) of this paragraph) may notify in
writing the other Party demanding the consultation of the continued existence of the JVC or the Subsidiary. If the Parties (excepting the Party falling under items (2) and (4) of this paragraph) cannot reach an agreement on the resolution (including
purchase by those desiring the continued existence of the investment of those desiring the dissolution) within 90 days after receipt of the notice, the Board of Directors of the JVC or the Subsidiary shall submit an application for dissolution and
upon obtaining approval of the approving authorities shall dissolve the JVC or the Subsidiary. In that event, each Party shall have the obligation to cause the Directors or their proxies nominated and sent by it to attend the meeting of the Board of
Directors and to vote affirmatively for the dissolution of the JVC or the Subsidiary. 

  

	 	(1)	Where the JVC or the Subsidiary recorded the losses continuously for three fiscal years (excepting the first fiscal year) or the enumerated amount of losses of the JVC or the
Subsidiary exceed 50% of registered capital. 

  

	 	(2)	Any Party does not perform its obligations provided in this Agreement or the Articles of Association of the JVC or the Subsidiary pursuant to the principles of good faith and mutual
trust, or materially breaches the provisions of this Agreement or those of the Articles of Association, so that the business of the JVC or the Subsidiary can no longer be carried out. 

  

	 	(3)	Force majeure provided in Article 51 of this Agreement occurred, as a result of which the JVC or the Subsidiary suffered substantial loss and the business cannot be continued.

  

	 	(4)	A Party is filed against or files for an application for bankruptcy. 

  

 15 

	2.	When the Parties agree on the dissolution, an application for dissolution shall be pursued to wind up the business and affairs of the JVC in accordance with the applicable law.

  

	3.	When the Parties agree on the dissolution, an application for dissolution shall be pursued to wind up the business and affairs of the Subsidiary in accordance with the applicable
law and be submitted as well as be dissolved through approval of the approving authorities. 

  
 Article 42 
  

	1.	When the Parties face a dispute where the board of directors or the shareholder’s meeting cannot reach a special resolution regarding the operation and management issue, both
Parties shall exercise good faith effort to come to an amicable resolution. 

  

	2.	If the board of directors or the shareholder’s meeting, of the JVC as well as of the Subsidiary, cannot reach a special resolution, and such unresolved condition continues for
more than five (5) months (“Dead Lock”), then the following shall apply: 

  

	 	(1)	In principal, as soon as possible after the occurrence of a Dead Lock, the JVC or the Subsidiary, as the case may be, shall be dissolved through the resolution of the board of
directors and shareholder’s meeting. 

  

	 	(2)	The License granted by the WEBZEN to JVC shall be terminated simultaneously upon the occurrence of a Dead Lock and the dissolution of the JVC. 

  
 Chapter 16. Disposition of Assets 
  
 Article 43 
  

	1.	When the JVC is dissolved upon expiration of the term of the joint venture or for other cause, the JVC shall be liquidated expeditiously in accordance with the relevant laws and
regulations of Hong Kong. The assets of the JVC shall be caused to be appraised by an organization with the international reputation, which is recognized by the board of Directors and shall be sold according to the appraised amount at the most
favorable prices. In the event that a Party desires to purchase the assets of the JVC, the sale will be made at the appraised amount after obtaining consent of the Parties. The right to use the land shall be disposed according to the laws and rules.
All licenses issued among the Parties and JVC, shall automatically be terminated for no value. 

  

	2.	When dissolving, the JVC shall organize the liquidation committee and liquidate the properties. The details thereof shall follow the Articles of Association.

  

	3.	When dissolving, the Subsidiary shall follow the same procedures as stated in this Article 43 but in accordance with the relevant laws and regulations of China. The Subsidiary shall
organize the liquidation committee and liquidate the properties, where the assets of the Subsidiary shall be appraised and sold at the most favorable prices. The details thereof shall follow the Article of Association of the Subsidiary.

  
 Article 44 
  
 The properties remaining after the liquidation shall be distributed to the
Parties according to the then investment ratio of the Parties. The JVC shall calculate the amount of each Party to be distributed in USD. 
  
 Chapter 17. Insurance and Confidentiality 
  
 Article 45 
  
 Regarding the various insurances of the JVC, the Board of Directors of the JVC shall study and decide the objects to be insured, types of insurance, value
to be insured, insurance term and the like. 
  

 16 

 Article 46 
  
 The Parties shall not disclose to any third party any confidential information of the other Party obtained in connection with this Agreement, and take
measures to ensure that its employees, representatives, agents and consultants do not to disclose. The obligation above shall survive for two(2) years after the expiration or the termination of this Agreement. 
  
 Chapter 18. Amendment of the Agreement 
  
 Article 47 
  
 Amendment of this Agreement or documents attached hereto shall be valid only when agreed upon by the Parties, prepared the
contents of the agreement in writing, signed, applied to the approving authorities and obtained approval. 
  
 Chapter 19. Liabilities for Breach 
  
 Article 48 
  
 In the
event that a Party has failed to pay the entire amount of investment by the time limit provided in Article 11 of this Agreement, the failing Party shall pay to the JVC a penalty of 0.3% per day on the amount unpaid starting from the payment due
date. If payment is not made until the lapse of one month from the payment due date, any of the non-failing Party may notify in writing asking for payment and if no payment is made until the lapse of one (1) month after the date of notice, the
failing Party shall lose all the rights granted in this Agreement and may not demand the refund of investment already made. The failing Party shall be liable to the other Party and the JVC to compensate damages caused thereby. 
  
 Article 49 
  
 If a Party breaches this Agreement, as a result of which the other Party or the JVC or the Subsidiary suffered damages
(including in the event of the dissolution according to Article 42), the breaching Party shall be liable to the other Party and the JVC or the Subsidiary to compensate damages. 
  
 Chapter 20. Force Majeure 
  
 Article 50 
  
 If the performance of this Agreement is directly affected or cannot be performed according to its provisions by the occurrence or consequences of force
majeure which were unpreventable or unavoidable, such as earthquake, typhoon, fire, flood, strike, war (regardless whether declared or not), and other unforeseeable cause, the Party affected by force majeure shall notify the other Party of the force
majeure situation and within fifteen (15) days submit the documents describing the details of the situation, and stating the reasons why this Agreement cannot be performed or cannot be performed partially, or why it is necessary to extend the entire
or partial performance. The other Party shall study the measures according to the degree of influence the concerned force majeure will have on the performance of this Agreement, and shall decide whether the Party affected by force majeure should be
exempt partially from performing the obligation, or whether only part or the entire Agreement should be postponed, and whether the JVC or the Subsidiary should continue considering Article 42, paragraph, item (3) 
  
 Chapter 21. Governing Law and Resolution of Disputes 
  
 Article 51 
  

	1.	The execution, validity, nullification, interpretation, performance and resolution of dispute shall be governed by the laws of State of California of the United States.

  

 17 

	2.	All disputes arising from the performance of this Agreement or in connection with this Agreement shall be resolved by the Parties through amicable consultation. If a dispute is not
resolved within sixty (60) days, it should be settled by arbitration applying the Rules of Conciliation and Arbitration of the International Chamber of Commerce (“ICC”) at Singapore. 

  
 Article 52 
  
 Pending the resolution of a dispute after the occurrence thereof, the responsibilities and obligations provided in this
Agreement and the Articles of Association of the JVC and the Subsidiary shall be performed continuously. 
  
 Chapter 22. Languages 
  
 Article 53 
  
 This Agreement is prepared in
English, Korea and Chinese. The Agreement in such languages shall be equally valid. In case of conflict, the English version shall govern. 
  
 Chapter 23. Effectiveness of the Agreement and Others 
  
 Article 54 
  

	1.	This Agreement and the Articles of Association of the Subsidiary shall be subject to the authorization of the Chinese government of the approving authorities and shall become into
effect as of the date of authorization. 

  

	2.	If conditions are attached in the authorization by the approving authorities, the Parties shall consult whether to accept such conditions. 

  
 Article 55 
  
 Notices to be given between the Parties and from the JVC as well as the Subsidiary to the Parties concerning this Agreement
shall be given to the addresses below in writing or by telegraph, telex or facsimile. The Party shall notify the other Party of the change of address in writing, or by telegraph, telex or facsimile. 
  
 First party 
  

	Webzen	Inc., 

	6F,	Daelim Acrotel, 467-6, Dogok-Dong, Kangnam-Gu 

	Seoul,	Korea 

	Tel:	82-2-3498-1618 

	Fax:	82-2-2057-2568 

  

	Second	Party 

  

	GAMENOW.NET	(Hong Kong) Ltd. 

	30F	CITIC SQUARE, No. 1168, Nan Jing Road(w) 

	Shanghai,	China 

	Tel:	86-21-32174567 

	Fax:	86-21-52984222 

  
 Article 56 
  
 When any of
the provisions of this Agreement are held invalid under the relevant laws and regulations, all other provisions shall remain valid. 
  

 18 

 Article 57 
  
 The Article of Association of the JVC and the Subsidiary shall be written in accordance with the terms and conditions set forth in this Agreement. In case
of discrepancy in interpreting the provisions of the Articles of Association of the JVC and/or the Subsidiary and those of this Agreement, the provisions of this Agreement shall govern. 
  
 Article 58 
  
 This Agreement shall not be nullified by the replacement of the legal representatives or authorized representatives of the Parties. 
  
 Article 59 
  
 This Agreement is executed on 10th of September, 2002 by the legal representatives or authorized representatives of the Parties. 
  
 Article 60 
  
 This Agreement shall be prepared in originals each in English and each Party shall keep one set and two sets shall be submitted to the approving
authorities. 
  
 Article 61 
  
 The Parties shall cause the JVC and the Subsidiary to have the first meeting
of the Board of Directors approve those items, which are made as the duties of the JVC and the Subsidiary in this Agreement. 
  
 Article 62 
  
 Neither shall provide to the JVC and the Subsidiary any illegal information, such as information collected or processed by using the illegal or unjust
method; information which is immoral or harmful to good custom or the social order; information infringing intellectual property of others; information invading the honor, private life and character of others; and false or exaggerated information.
If an action, claim, protest or criminal charges are brought by a third party against the JVC because of such information having been made available by either Party or its directors or employees, such Party shall at its expense and under its
responsibility hold the JVC and the Subsidiary harmless and compensate damages caused thereby to the JVC and the Subsidiary. 
  
 Article 64 
  
 Other matters not provided in this Agreement and difference in interpreting the provisions of this Agreement, the Parties shall decide upon consultation.

  
 IN WITNESS WHEREOF, the Parties have caused this Agreement to
be executed by their duly authorized representatives. 
  
 Date: September 10, 2002

  

	 WEBZEN
	 	 	 	 GAMENOW

					
	By:	 	/S/    Eun-Suk Lee	 	 	 	By:	 	/S/    J. ZHU
	 	
	 	 	 	 	

	 Name:
	 	 Eun-Suk Lee
	 	 	 	 Name:
	 	 J. ZHU

	 Title:
	 	 CEO
	 	 	 	 Title:
	 	 CEO

  

 19License Agreement, dated September 10, 2002

 Exhibit 10.2 
  
 LICENSE AGREEMENT 
  
 This LICENSE AGREEMENT (“Agreement”) is entered into this 10th day of September, 2002, by and between Webzen Inc, a corporation duly organized
and existing under the laws of Republic of Korea (“Korea”) and having its principle office at 6F, Daelim Acrotel, 467-6, Dogok-Dong, Kangnam-Gu, Seoul, Korea (“WEBZEN” or “Licensor”), and JVC, existing under the laws of
the Hong Kong Special Administrative Region (“Hong Kong”) of People’s Republic of China (“China”) and having its principle office at 22nd Floor, Hang Lung Center, 2-20 Paterson Street, Causeway Bay, Hong Kong (“JVC” or “Licensee”)(individually referred to as a “Party” and collectively referred to as the
“Parties”). 
  
 WITNESSETH 
  
 WHEREAS, WEBZEN has developed and currently markets certain 3D online game
under the name “MU” (“Software”); 
  
 WHEREAS,
JVC is a corporation duly organized according to the joint venture agreement (the “JVA”) entered into by and between WEBZEN and GAMENOW.NET Limited.(“GAMENOW”), a corporation duly organized and existing under the laws of Hong
Kong and having its principle office at 22nd Floor, Hang Lung Centre, 2-20 Paterson Street, Causeway Bay, Hong Kong.
Therefore, JVC is a corporation partially owned by WEBZEN and as a joint venture corporation pursuant to the JVC engages in sales, distribution and online game operation of the Software (as defined below); and 
  
 WHEREAS, WEBZEN wishes to license to JVC and JVC wishes to license from
WEBZEN the Software, for the effective term in accordance with the terms and conditions of this Agreement. 
  
 WHEREAS, the parties agree that JVC will form a wholly owned subsidiary in China (the “Subsidiary”), which will sublicense the Software from
JVC. 
  
 NOW, THEREFORE, in consideration of the mutual promises
and covenants contained herein, the Parties hereby agree as follows: 
  

	1.	Definitions 

  

	1.1	“Confidential Information” shall have the meaning ascribed in clause 11. 

  

	1.2	“Deliverable” shall mean such deliverable, including Documentation (as defined below), as is required to be delivered to Licensee by Licensor in relation to the Software
in executable version. 

  

	1.3	“Effective Date” shall mean the date this Agreement is entered into by and between the Parties, through authorized signing hereof. 

  

	1.4	“Derivative Works” shall mean: (i) for material subject to copyright, registered or unregistered design protection, any work which is based on one or more pre-existing
works of the Software, such as revision, modification, improvement, upgrades, translation, abridgment, condensation, expansion, collection, compilation or any other form in which such pre-existing works may be recast, transformed or adapted; and
(ii) for material subject to trade secret protection, any new material, information or data relating to and derived from the Software, including new material which may be protected by copyright, patent or other proprietary right, and, with respect
to each of the above, the preparation and/or use of which, in the absence of this Agreement or other authorization from the owner, would constitute infringement under applicable law. Derivative Works shall include all Localized Versions (as defined
below). 

  

	1.5	”Documentation” shall mean guides, instruction manuals and other documents, whether in written or machine-readable form updated and issued by Licensor from time to time
for Licensee’s use of the Software. 

  

	1.6	”Intellectual Property Right” shall mean all intellectual property rights worldwide arising under statutory or common law, and whether or not perfected, including without
limitation all: (i) patents, patent applications and patent rights; (ii) rights associated with works of authorship including copyrights, copyright applications, copyright registrations, mask work rights, mask work applications, mask work
registrations; (iii) rights relating to the protection of trade secrets and confidential information; (iv) any right analogous to those set forth in this clause 1.6 and any other proprietary rights relating to intangible property; and (v) divisions,
continuations, renewals, re-issues and extensions of the foregoing (as and to the extent possible) now existing, hereafter filed, issued or acquired. 

  

	1.7	”Localized Versions” shall have the meaning ascribed in clause 2.1. 

  

	1.8	”Software” shall mean the “MU” and all its upgrade versions(in executable version only), the commercial 3D online game, including all programs, algorithms,
techniques, processes, methods, know-how and other information comprised therein and the Documentation and Intellectual Property Rights attendant thereto. Software shall also mean and include all the information and Derivative Works which is
necessary in order for JVC or its permitted sub-licensees to meaningfully exercise their licensing rights granted hereunder 

  

	1.9	“Territory” shall mean China 

  

	2.	Grant of License 

  

	2.1	Subject to the terms and conditions contained herein, Licensor hereby grants JVC as the Licensee of an exclusive and non-transferable license, for JVC to use Software for the
following purposes: 

  

	 	(a)	to translate into and generate localized versions of the Software (“Localized Versions”) for marketing, distribution and operation within the Territory (but not including
versions with English interface, subject further to clause 2.3); 

  

	 	(b)	to market, distribute and operate the Localized Versions within the Territory, which the computer servers for each of the Localized Versions shall be located;

  

	 	(c)	to provide the online game operation to customers 

  

	 	(d)	to further develop, including generation of the Derivative Works, the Software and the Localized Versions; and 

  

	 	(e)	to support the customers located within the Territory. 

  

	2.2	Licensor hereby grants to JVC, as the Licensee, an exclusive and non-transferable license to use and modify the Documentation for the purposes stated in clause 2.1.

  

	2.3	In connection with the license set forth in clause 2.1, the trademark owned by Licensor in relation to the Software shall not be hereby licensed to Licensee. It is expressly
acknowledged, however, that Licensee may use any trademark, trade name or service mark in connection with marketing and operation of the Localized Versions under the terms of this Agreement. 

  

	2.4	Licensee shall not use the Software in any manner or for any purpose not expressly permitted under this Agreement, including but not limited to commercial or pecuniary use thereof,
and Licensee shall not distribute, dispose of, disclose or otherwise transfer the Software, in whole or in part, in any medium, to any person or entity without Licensor’s express written consent. 

  

 2 

	2.5	Notwithstanding any of the provisions in this Agreement, the Licensee shall have the unconditional right to sublicense the licenses granted to it hereunder to the Subsidiary as its
operating company only. Any other sublicense or transfer of license shall be only be with the prior written consent of Licensor. 

  

	3.	Delivery 

  
 Promptly upon execution of this Agreement, Licensor shall deliver the Deliverable and initial Documentation to Licensee, as soon as the considerations
under clause 4 below have been satisfied. 
  

	4.	Consideration 

  

	4.1	License Conditions and Consideration of WEBZEN to JVC (under this Agreement) 

  

	 	(a)	Exclusive License, exclusive even against WEBZEN within the Territory. 

  

	 	(b)	Royalty rate is twenty percent (20%) of the sales revenue after tax of Subsidiary. 

  

	 	(c)	Sales revenue of Subsidiary shall meet the minimum guarantee amount (“Minimum Guarantee”) of at least US$ 2,800,000 after the first two(2) quarters of its commercial
launch, and the Minimum Guarantee of each following quarter shall be US$1,400,000. If Subsidiary fails to meet seventy percent (70%) of such Minimum Guarantee in sales revenue, not because of the Licensor or any defect of the Software, in two
consecutive quarters then the License granted herein, shall automatically become a non-exclusive license and the Licensor may simultaneously grant the License to any third party that it wishes.  

  

	 	(d)	If Subsidiary fails to meet the Minimum Guarantee, not because of the Licensor or any defect of the Software, for more than two (2) years, such failure shall be construed as a
material breach and the Licensor may terminate the License in accordance with clause 12 herein. 

  

	 	(e)	The Revenue share rate of the sales revenue of the Subsidiary shall be paid to JVC and JVC shall paid to Licensor monthly, on the fifteenth (15th) day from the last day of each month through wire-transfer to the bank that Licensor designates for such payments. 

  

	 	(f)	In case of delay in payment, a penalty of 0.3% per day of the due amount shall be accrued and added to the due amount from the due date to the payment date. Such delay in payment
shall not exceed thirty (30) days. 

  

	 	(g)	After the delay of payment for more than thirty (30) days, such delay shall constitute a breach of material term under the clause 12.2 below. 

  

	4.2	Any taxes including any withholding tax, if any, charges or other dues payable in connection with the payment of the royalty shall be borne by Licensee. 

  

	5.	Title and Ownership 

  
 Title to and ownership of the Software and all Intellectual Property Rights embodied or incorporated therein or any part thereof shall at all times remain
with Licensor, subject only to the rights granted to Licensee and the Subsidiary under this Agreement. 
  

	6.	Derivative Works 

  
 Any Derivative Works created or invented based on the Software or any Intellectual Property Rights embodied or incorporated in such Derivative Works or
any part thereof, shall be jointly owned by Licensor and Licensee. 
  

 3 

	7.	Training and Technical Assistance 

  

	7.1	Licensor shall permit Licensee’s suitably qualified employees to visit Licensor’s premises for the purpose of receiving training in the technique and process used by
Licensor for the Software at no charge for two (2) months from the Effective Date, after such two (2) months period, the technical assistance fee as set by the Parties shall be charged. The first of such training shall take place as soon as
practicable upon execution of this Agreement. Thereafter, training shall be provided by Licensor at the reasonable request of Licensee. 

  

	7.2	From time to time during the term of this Agreement, at the reasonable request of Licensee, Licensor shall provide technical services to Licensee to assist the latter in the use of
the Software, by telephone or e-mail, in writing, or by any other means agreed between the Parties, or, if reasonably required, by a visit to Licensee’s premises. 

  

	7.3	In the event Licensee’s employees should visit Licensor’s premises under clause 7.1, Licensee shall bear the entire cost of, fringe benefits, traveling, accommodation and
other expenses of its employees who so visit Licensor’s premises. 

  

	7.4	Any technical assistance provided by Licensor under clause 7.2 shall be subject to Licensee’s payment of reasonable man-hour charges incurred by Licensor in relation to the
provision of such technical assistance, the amount of which shall be agreed to by the Parties in advance of each occurrence of technical assistance. Further, in the event Licensor’s employees shall visit Licensee’s premises under clause
7.2, Licensee shall: (i) reimburse Licensor the entire cost of traveling, accommodation and other reasonable expenses incurred by Licensor’s employees to the extent such expenses are necessary for provision of the technical assistance; and (ii)
provide Licensor all necessary assistance to obtain any visa, work permit, or other approval required for entering into and working in the country of Licensee’s premises by Licensor’s employees. 

  

	7.5	In relation to the dispatch of its employees to the premises of the other Party under this clause 7, each Party shall: 

  

	 	(a)	ensure that its employees comply with all security, health and safety and other regulations which apply to or are in force at those premises; and 

  

	 	(b)	indemnify the other Party against any damage to the property of the other Party for any personal injury to any individual, which is caused by the negligent act or omission of any
such employees at the other Party’s premises. 

  

	8.	Development and Other Services by Licensor 

  
 From time to time during the term of this Agreement, Licensee may request Licensor to implement and develop for Licensee or its permitted sublicense
certain feature and/or functionality in relation to the Localized Versions and the licenses granted hereunder. In such event, Licensor shall perform the requested implementation and development subject to Licensee’s payment of reasonable
expenses incurred by Licensor as shall be mutually agreed to. Any software, program, process, method, technique, material, information or data arising out of such implementation or development shall be deemed Derivative Works created or invented by
Licensor as set forth in clause 6. 
  

	9.	Promotion 

  

	9.1	Licensor hereby grants to Licensee and the Subsidiary an exclusive and non-transferable right to use of the items, including Software provided under the License Agreement, graphics,
music, characters, booklets and etc. provided by Licensor to Licensee for the promotion and advertisement of the Software (the “Promotion Items”) under the terms and conditions as follows: 

  

	 	(a)	Licensor shall provide and grant the right to use the Promotion Items, for promotion purposes only, to the extent it deems necessary to enable Licensee and eventually to the
Subsidiary to promote and advertise the Software; 

  

 4 

	 	(b)	The grant of right to use shall be limited to the adoption and development of the Promotion Items solely for the purpose of promotion and advertisement of Software, including the
development of posters, picture, booklets, theme music and character products etc.; and 

  

	 	(c)	Licensee and the Subsidiary shall take due care and exercise its best efforts in promotion of the Software and shall use the Promotion Items for promotion purposes only (the
“Promotion Effort”) as well as to keep Licensor informed of all activities therein. 

  

	9.2	If and when the Promotion Items and the Promotion Efforts become products that could yield profits, the license for such Promotion Items and Promotion Efforts shall be separately
agreed and granted with the prior written agreement, by and between Licensor and Licensee along with the Subsidiary, specifying the terms and conditions thereof including the term of license fee payment and profit sharing ratio.

  

	10.	Warranty 

  

	10.1	Licensor warrants to Licensee that: 

  

	 	(a)	the Software has been originally developed by or for Licensor and Licensor is entitled to grant the licenses granted hereunder; 

  

	 	(b)	the Software will in all material respects comply with Licensor’s specifications made known to Licensee current at the date of provision to Licensee; 

 

	 	(c)	to the best of its knowledge, the Software does not infringe upon any third party’s Intellectual Property Rights and that it has not been notified of nor does it currently
anticipate the possibility of such infringement; 

  

	 	(d)	Licensor is the owner of the Software and has the full and unfettered right to grant the licenses hereunder without the necessity of obtaining any approval, consent or permission of
a third party, and the licenses granted hereunder are free of any encumbrances or third party right; and 

  

	 	(e)	the Localized Version shall be provided by Licensor in synchronous with that of the updated Korean Version. The time difference shall not be later than three(3) months.

  

	10.2	Notwithstanding the foregoing, Licensor shall have no liability for consequences of any changes to the Software made otherwise than by Licensor, and Licensor shall have no
obligation to correct, maintain or update any part of the Software which has been the subject of any such change. 

  

	11.	Indemnity 

  

	11.1	Licensor shall indemnify, hold harmless, and at Licensee’s request, defend Licensee and its directors, officers, employees, agents and independent contractors from and against
any loss, damage, liability, cost and expenses (including court costs and reasonable fees of attorneys and other professionals) arising out of or resulting from any third party claim that the Software infringes upon Intellectual Property Rights of
any third party; provided that Licensee shall: (i) promptly notify Licensor in writing of such claim or action and permit Licensor to answer the charges of infringement and defend such claim or action; and (ii) provide Licensor with
information, assistance and authority, at Licensor’s expense, to enable Licensee to defend such claim or action; provided further that Licensor shall not settle such claim or action without the prior written consent of Licensee.

  

	11.2	In the event of any unauthorized use of the Software within the Territory, Licensor shall either take commercially reasonable action with respect thereto promptly at Licensee’s
request or alternatively Licensee may take any commercially reasonable action against the alleged violator with respect to the alleged unauthorized use. 

  

 5 

	12.	Confidentiality 

  

	12.1	Licensor and Licensee acknowledge that in the course of performing this Agreement, each of them will obtain information from the other Party that is confidential and proprietary in
nature, including without limitation trade secrets, know-how, inventions, techniques, processes, programs, designs, software, documents and date (“Confidential Information”). Each Party shall at all times, both during the term and for
two(2) years after termination of this Agreement, maintain in strict confidence all Confidential Information and not disclose such to any third party without prior written consent of the other Party. 

  

	12.2	The obligation of confidentiality under clause 11.1 shall not apply to Confidential Information if: 

  

	 	(a)	it was in the public domain at the time of disclosure by a Party; 

  

	 	(b)	it became known to the receiving Party from a source other than the disclosing Party without breach of this Agreement; 

  

	 	(c)	it was independently developed by the receiving Party; or 

  

	 	(d)	disclosure is required under applicable law, regulation or court decision or order or governmental request. 

  

	13.	Term and Termination 

  

	13.1	Term 

  
 This Agreement shall become effective as of the date of signing hereof and continue in full force and effect for five (5) years, unless terminated in accordance with the provisions of clause 12.2 below. 
  

	13.2	Termination 

  
 Each Party shall have the right to terminate this Agreement by giving a written notice to the other Party in the following circumstances: 
  

	 	(a)	a Party breaches any material term of this Agreement, other than by reason of Force Majeure and such breach is not cured within thirty (30) days of written notice thereof to the
non-breaching Party; 

  

	 	(b)	a Party becomes bankrupt, is the subject of proceedings for liquidation or dissolution, ceases to carry on business, or becomes unable to pay its debts as they become due;

  

	 	(c)	a majority ownership interest of the other Party has been sold, assigned or otherwise transferred to a third party which is in competition with the Party; 

 

	 	(d)	if the conditions or consequences of Force Majeure prevails for a period in excess of six (6) months with the result of major impairment to the performance by the other Party of its
obligations hereunder, and the Parties have been unable to find an equitable solution thereof. 

  

	13.3	Consequences of Termination 

  

	 	(a)	Upon termination of this Agreement due to Licensee’s breach of any material term hereof, all licenses and other rights granted to Licensee shall automatically terminate and
Licensor will be released from all obligations and liabilities occurring or arising after the date of such termination. 

  

	 	(b)	Upon termination of this Agreement due to Licensor’s breach of any material term hereof, all licenses and rights granted to Licensee shall survive such termination.

  

	 	(c)	The provisions of clauses 5, 6, 9, 10, 11, 12.3, 13 and 14 shall survive any termination of this Agreement. 

  

 6 

	 	(d)	Termination of this Agreement for breach by a Party of any material term hereof shall be without prejudice to the non-breaching Party’s right to pursue all available remedies
at law or in equity. 

  

	14.	Governing Law and Dispute Resolution 

  

	14.1	The validity, interpretation and performance of this Agreement, shall be governed by the laws of California State of United States of America, without reference to the conflicts of
laws principles thereof. 

  

	14.2	Any dispute, which cannot be resolved by amicable consultation within reasonable time, shall be finally settled by arbitration to be conducted in accordance with the then effective
Rules of Conciliation and Arbitration of the International Chamber of Commerce (“ICC”). The arbitration proceeding shall take place in Singapore and be conducted in the English language. The arbitral award shall be final and binding on the
Parties and may be enforced by any court having competent jurisdiction over any of the Parties hereto. Notwithstanding the foregoing, any Party may seek from a court of law injunctive relief pending the rendition of the arbitral award.

  

	15.	Miscellaneous Provisions 

  

	15.1	Force Majeure 

  
 Subject to the provisions of paragraph (d) of clause 12.2 and clause 4.1 neither Party shall be liable to the other Party for failure or delay in the
performance of any of its obligations under this Agreement for the time and to the extent such failure or delay is caused by riot, civil commotion, war, hostilities between nations, law, governmental order or regulation, embargo, action by a
government or nay agency thereof, Act of God, storm, fire, accident, strike, sabotage, explosion or other similar contingencies which are beyond the reasonable control of such Party. 
  

	15.2	Notices 

  
 All notices, consents, approvals or other formal communications required of the Parties hereto by this Agreement shall be in writing. All such communications shall be delivered by hand or by facsimile transmission or
prepaid post, addressed to the other Party at the following address or at such other address as has been notified by a Party. Such communications shall be deemed to have been delivered at the time of delivery (if delivered by hand), at the time of
transmission (if served by facsimile) or on the seventh business day after the date of posting (if served by prepaid post). 
  

	 	(a)	To WEBZEN 

  

	Address:	  	6F, Daelim Acrotel, 467-6, Dogok-Dong, Kangnam-
	 	  	Gu, Seoul, Korea
	Attention:	  	Yooshin Park
	Fax:	  	82-2-2057-2568

  

	 	(b)	To 9WEBZEN 

  

	Address:	  	30F CITIC SQUARE, No. 1168, Nan Jing Road(w)
	 	  	Shanghai China
	Attention:	  	Sun Tao
	Facsimile:	  	86-21-52984222

  

	15.3	Assignment 

  
 Neither this Agreement nor any right or obligation hereunder shall be assignable in whole or in part, except as provided in this Agreement, including but limited to Clause 2.5, whether by operation of law or
otherwise, by either Party without the prior written consent of the other Party. 
  

 7 

	15.4	Modification and Amendment 

  
 No modification, change or amendment of this Agreement shall be binding upon the Parties hereto except by mutual express consent in writing of subsequent
date signed by an authorized officer or representative of each of the Parties hereto. 
  

	15.5	Non-waiver 

  
 No waiver by any Party at any time of any breach of any of the terms and conditions of this Agreement shall be interpreted as any waiver of any other or subsequent breach, whether of the same or of any other terms and
conditions of this Agreement. 
  

	15.6	Entire Agreement 

  
 All of the agreements and understandings between the Parties with reference to the subject matter of this Agreement are embodied herein, and this
Agreement supersedes all prior agreements and understandings between them with reference to such subject matter. 
  

	15.7	Severability 

  
 If any provision hereof is found invalid or unenforceable under applicable laws, the remainder of this Agreement shall nevertheless remain valid and
enforceable according to its terms. 
  

	15.8	Successors and Assigns 

  
 This Agreement shall be binding upon, and inure to the benefit of, each Party and its successors and assigns. Nothing contained in this Agreement, express
or implied, shall be deemed to confer any right or remedy upon any Party against, or obligate any Party to, any person or entity other than the Parties. 
  

	15.9	Language and Counterparts 

  
 This Agreement has been executed in three (3) copies, both with equal force and effect, in the English language. 
  

	15.10	Effectiveness of License 

  
 After the execution of this Agreement by and Between the Licensor and JVC, this Agreement shall be effective by and between the Licensor and JVC.

  
 IN WITNESS WHEREOF, the Parties have caused this
Agreement to be executed by their duly authorized representatives on the day and year first above written. 
  

	 WEBZEN
	 	 	 	 9WEBZEN

					
	By:	 	/S/    Eun-Suk Lee	 	 	 	By:	 	/S/    J. ZHU
	 	
	 	 	 	 	

	 Name:
	 	 Eun-Suk Lee
	 	 	 	 Name:
	 	 J. ZHU

	 Title:
	 	 CEO
	 	 	 	 Title:
	 	 CEO

  

 8

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