Document:

Exhibit
4.12

     

    Judicial
Scrivener

     

    Tel.:
3461-2035

     

    3461-2036

     

    Amendment Agreement
of Leaseholder Right

     

    

     

    Both parties have
signed amendment agreement as below in connection with registration of
establishment of leaseholder right that had been registered as No. 103899 at the
Kangnam Registry Office, Seoul Central District Court as of Dec. 6, 2005
pursuant to agreement of establishment of leaseholder right dated Dec. 5, 2005
for the real estate mentioned at the end of this letter.

     

    = Recitals
=

     

    
      
        	
                1.

              	
                Both parties
      agree to change deposit money of the leaseholder’s right
      from  3,319,836,000 won to 4,315,786,800
  won.

              

      

    

     

    
      
        	
                2.

              	
                Duration of
      the leaseholder’s right and refund date of lease deposit shall be Dec. 5,
      2009.

              

      

    

     

    
      
        	
                3.

              	
                Both parties
      agree to change the leaseholder’s right as above and keep other clauses
      the same as the existing agreement of establishment of the leaseholder
      right.

              

      

    

     

     

    In Witness Whereof,
both parties hereto have signed and caused the change agreement to be
executed.

     

    Sept. 10,
2007

     

    

     

    
      	
              Establisher
      of Leaseholder Right

            	
              Kim Eun-ok
      (570405-2469517)    (Seal)
      
                Rm. #4208, E
      Bldg. Tower Palace APT, 467-17, Dogok-dong, Kangnam-gu,
      Seoul

              

            

    

     

    
    

    
      	
              Leaseholder

            	
              WEBZEN Inc.
      (110111-1955694)
      
                467-6,
      Dogok-dong, Kangnam-gu, Seoul
      
                  Kim Nam-ju/
      Representative Director
  (Seal)

                

              

            

    

    

     

    (Indication of Real
Estate)

     

    1 Indication of
Building

     

      Daelim
Acrotel, 467-6, Dogok-dong, Kangnam-gu, Seoul

     

    Indication of
Dedicated Area of the Building

     

    Building No.:
8-801

     

    Structure:
Reinforced Concrete Structure

     

    Area: 809.133m2, Rm. #809, 8th
Fl.Exhibit
4.13

     

    

     

    Lease
Agreement

    

     

    

     

    

     

    

     

    

     

    Real
Estate: Daelim Acrotel, Dogok-dong

     

     

     

    

     

    

     

    

     

    

     

    

     

    

     

    Lessor:
Kim, Seong-gyun

    Lessee:
WEBZEN Inc.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              【Lessor】

            	
              Kim,
      Seong-gyun (hereinafter referred to as “Lessor”.)

            

    

     

    
      	
              【Lessee】

            	
              WEBZEN Inc.
      (Kim Nam-ju / Representative Director) (hereinafter referred to as “Lessee”.)

            

    

     

    Real
Estate:  Northeast side of part of Rm. #903, Daelim Acrotel, 467-6,
Dogok-dong, Kangnam-gu, Seoul, 641m2 (194 pyeong, including
shared area, the same as the area being used)

     

    Both parties
mentioned above have entered into this Lease (extension) Agreement of the real
estate indicated above under the terms and conditions as stipulated
below.

     

    Article 1 (Leased
Property)

     

    
      
        	
                1.

              	
                The Lessor
      shall lease the real estate indicated above to the
  Lessee.

              

      

    

     

    
      
        	
                2.

              	
                The Lessee
      shall not use the real estate above for uses other than usual business nor
      claim any and all sorts of premiums, facility cost, etc. when this
      Agreement is terminated.

              

      

    

     

    Article 2 (Lease
Period)

     

    
      
        	
                1.

              	
                Lease period
      of this Lease Agreement shall be twenty four (24) months from Aug. 13,
      2008 to Aug. 12, 2010. However, if there is no written notice on
      termination of the agreement from both parties three (3) months before
      termination of the lease period, this Lease Agreement shall be deemed to
      be automatically extended for one (1) year once only under the same
      conditions without further
condition.

              

      

    

     

    Article 3 (Payment
of Lease Deposit, Monthly Rent, and Refund Method of Deposit/ Matter of
Right)

     

    
      	
              Type

            	
              Deposit

            	
              Monthly
      Rent

            	
              Remarks

            
	
              Existing
      Lease Agreement

            	
              1,358,000,000
      Won

            	 
      	 
      
	
              New Lease
      Agreement

            	
              552,000,000
      Won

            	
              10,000,000
      Won

            	
              Lump sum
      payment at execution of this agreement

              (Substituted
      by the existing deposit without additional payment)

            
	
              Refund by the
      Lessor

            	
              806,000,000
      Won

            	 
      	
              Agreed to
      remit to the designated account of the Lessee until Aug. 12,
      2008

            

    

    

     

    
      
        	
                1.

              	
                The leased
      real estate above has been under kun-mortgage of 780,000,000 maximum claim
      amount and leaseholder’s right of the Lessee with key money deposit of
      1,358,000,000 Won. Both parties agreed to register the leaseholder’s right
      with reduced deposit as of the date of balance payment, of which expenses
      to establish and erase the right shall be borne by the Lessee. However,
      deposit money of 552,000,000 won of new lease agreement shall be deemed to
      be paid on the date of execution with the existing deposit in lump sum
      payment and difference from the existing deposit, i.e. 806,000,000 won
      shall be remitted into the account designated by the Lessee until Aug. 12,
      2008.

              

      

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

     

    
      
        	
                2.

              	
                Monthly rent
      shall be remitted into the account designated by the Lessor on 12th of
      each month. (VAT excluded, payment in
arrears)

              

      

    

     

    
      
        	
                3.

              	
                The Lessee
      shall not claim interest on the lease
deposit.

              

      

    

     

    
      
        	
                4.

              	
                The Lessee
      shall not defer payment of rent, management expenses, etc. for the reason
      of lease deposit nor conduct assignment, provision for security,
      establishment of right of pledge, etc with regard to the lease
      deposit.

              

      

    

     

    
      
        	
                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 complement the deducted amount within 10 days after
      receiving the notice.

              

      

    

     

    
      
        	
                6.

              	
                When the
      Lease Agreement has been terminated, the Lessee shall evacuate the Leased
      Property and the Lessor shall immediately return the lease deposit.
      However, if there is remaining debt of the Lessee, the lease deposit will
      be returned after deducting the debt and if the building has been damaged
      during the lease period due to force majeure such as earthquake, refund
      period may be deferred under mutual
discussion.

              

      

    

     

    
      Article 4
(Management Expenses)

    

     

    
      
        	
                1.

              	
                The Lessee
      shall pay all expenses published from the management office in accordance
      with use of the Leased
Property.

              

      

    

     

    
      
        	
                2.

              	
                Payment term
      of the management expenses shall be to the date when the Leased Property
      has been restored to its original state and delivered to the Lessor after
      termination of the Agreement.

              

      

    

     

    
      Article 5
(Adjustment of Lease Deposit and Management Expenses)

    

     

    
      
        	
                1.

              	
                In spite of
      lease period or its extension specified in Paragraph 1 of Article 2, the
      Lessor may increase or decrease the lease deposit and 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 said
      clause, in principle, adjustment shall be conducted once a year, and it
      shall be effective after thirty days have passed from the date of notice
      from the Lessor to the
Lessee.

              

      

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

     

    Article 6 (Use of
Parking Lot and Communication)

     

    The Lessee may use
the parking space designated by the management office by ratio of lease area in
accordance with the management regulations, as well as the communication
facilities such as telephone based on the installation status at the time of
selling of the property.

     

    
      Article 7
(Prohibition of Assignment and Sublease of Leaseholder Right)

    

     

    
      
        	
                1.

              	
                The Lessee
      shall not change use or structure, etc. of the real estate nor sublease it
      or assign the leaseholder’s right without consent of the
      Lessor.

              

      

    

     

    
      
        	
                2.

              	
                In the event
      that the Lessee violates the Paragraph 1 above, the Lessor may terminate
      this Agreement and in this case all expenses for its restoration to the
      original state shall be borne by the
Lessee.

              

      

    

     

    Article 8
(Protection of Internal Facilities and Properties)

     

    
      
        	
                1.

              	
                Responsibility
      of safety for office supplies, fixtures, vehicles, etc. shall be borne by
      the Lessee.

              

      

    

     

    
      Article 9
(Observances/Prohibitions of the Lessee and Users)

    

     

    
      
        	
                1.

              	
                Users of the
      Leased Property shall observe all matters specified by the management
      regulations.

              

      

    

     

    
      
        	
                2.

              	
                Behaviors to
      have others feel unpleasant are prohibited(behavior to give cause
      of dispute with other occupants,
etc.)

              

      

    

     

    
      
        	
                3.

              	
                Carrying in
      or keeping explosive or dangerous objects are
  prohibited

              

      

    

     

    
      
        	
                4.

              	
                Use of
      cooling/heating products unauthorized from the building management office
      is prohibited

              

      

    

     

    
      Article 10
(Structural Change of Leased Property and New Construction)

    

     

    
      
        	
                1.

              	
                If the Lessee
      intends to conduct the following behaviors, it shall get written consent
      of the Lessor and its expenses shall be borne by the
    Lessee.

              

      

    

     

    
      
        	
              	
                (1)

              	
                repair/dismantle
      and shape change of important bearing structures such as new construction
      of important bearing structure and exterior window frame for the Leased
      Property

              

      

    

     

    
      
        	
              	
                (2)

              	
                new
      construction and change of water supply/drainage, gas facility,
      etc.

              

      

    

     

    
      
        	
              	
                (3)

              	
                The Lessee
      shall not demand repayment of installation expenses or repurchase of the
      facilities installed under clauses above and shall deliver them to the
      Lessor after restoring them to the original state at the time of selling
      of the property.

              

      

    

     

    
      Article 11 (Repair
and Maintenance)

    

     

    
      
        	
                1.

              	
                Repair
      expenses such as painting of naturally worn and discolored Leased Property
      required during lease period shall be borne by the Lessor, while other
      repair expenses shall be borne by the
Lessee.

              

      

    

     

    
      
        	
                2.

              	
                The Lessee may request repair to
      the Lessor pursuant to the clause above and when the Lessee intends to
      conduct large scale repair, it shall notify the Lessor of
      it.

              

      

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    
      Article 12
(Indemnification)

    

     

    
      
        	
                1.

              	
                The Lessee
      shall be responsible for all damages from material or physical accidents
      generated from use of the Leased
Property.

              

      

    

     

    
      
        	
                2.

              	
                In case of
      the clause above, calculation of compensation amount shall be based on the
      time of compensation.

              

      

    

     

    
      Article 13 (Access
Right)

    

     

    
      
        	
                1

              	
                The Lessor or
      its representative may access to the Leased Property together with the
      concerned person for the purpose of checkup and verification of
      preservation status of the Leased Property or lease of the Leased Property
      to the third party,.

              

      

    

     

    
      
        	
                2.

              	
                The Lessor
      may enter the Leased Property to take emergency action by dismantling or
      destroying lock of the entrance gate without approval of the Lessee when
      emergent or urgent situation that does not permit prior understanding of
      the Lessee has occurred, and its restoration expenses shall be borne by
      the Lessee. However, the cause has occurred from the building itself
      rather than mistake of the Lessee during use, the expenses shall be borne
      by the Lessor.

              

      

    

     

    
      Article 14
(Termination of Agreement by the Lessor)

    

     

    
      
        	
                1.

              	
                In the event
      that the Lessee has violated any of the following clauses, the Lessor may
      terminate this Agreement without
notification:

              

      

    

     

    
      
        	
              	
                (1)

              	
                When the
      Lessee has failed to pay rent, management expenses or etc. three times or
      more;

              

      

    

     

    
      
        	
              	
                (2)

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

              

      

    

     

    
      
        	
              	
                (3)

              	
                When the
      Lessee has gone into default such as bankruptcy, or the lease deposit has
      been subject to assignment for settlement of debt or there is any claim
      for corporate rehabilitation, etc of the
Lessee.

              

      

    

     

    
      Article 15
(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 the same time of expiration or termination of this Agreement and
      the Leased Property shall be handed over in 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 of the Lessee or the Lessee
      has failed to conduct restoration works, the Lessor may carry out the
      works on behalf of the Lessee at expenses of the
  Lessee.

              

      

    

     

    
      
        	
                3.

              	
                If there is
      any possession or property of the Lessee within the Leased Property after
      the Lease Agreement has expired or has been terminated, rent, management
      expenses, etc. until completion of restoration and evacuation shall be
      borne by the Lessee.  In such case, the Lessee shall be liable
      for the damage generated from non-fulfillment of the evacuation of the
      Leased Property by the Lessee when a new lease agreement is entered into
      with a third party after termination of this lease
    agreement.

              

      

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    Article 16
(Enforcement of Evacuation)

     

    
      
        	
                1.

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

              

      

    

     

    
      
        	
                2.

              	
                For the
      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 17 (Force
Majeure )

    

     

    
      
        	
                1.

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

              

      

    

     

    
      
        	
                2.

              	
                The reasons
      specified in the previous clause shall not have influence on obligations
      and rights of both parties already occurred under this
      Agreement.

              

      

    

     

    
      Article 18
(Designation of Manager)

    

     

    
      
        	
                1.

              	
                The Lessor
      may designate the third party as a manager and representative for proper
      management of the Leased
Property.

              

      

    

     

    Article 19 (Seal to
be used)

     

    
      
        	
                1.

              	
                The seal to
      be used shall be affixed at the execution of the Lease Agreement and the
      certificate of such seal shall be
attached.

              

      

    

     

    
      
        	
                2.

              	
                In principle,
      change of right or execution of obligation, etc. under this Agreement
      shall be affixed with the seal used for this
  Agreement.

              

      

    

     

    Article 20
(Jurisdiction)

     

    
      
        	
                1.

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

              

      

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

     

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

     

     

    

     

    

     

    May 28,
2008

     

    

     

     

    

     

    

     

    
      	
              【Lessor 】

            	
              Address:
      #109-404, the 1st
      Seongdongmaeul Village, #155, Seongbok-dong, Suji-gu, Yongin-si,
      Gyeonggi-do 

                Name: Kim,
      Seong-gyun         (Signature
      and Seal) 

                  National ID:
      470916-1052814

                

              

            

    

     

    
      	
              【Lessee】

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

                Company Name:
      WEBZEN Inc. (Kim Nam-ju / Representative Director) (Signature and Seal)
      

                  Corporate
      Registration No:
110111-1955694

                

              

            

    

     

    
      	
              【Intermediary】

            	
              Address: Rm.
      #21, Daelim Acrotel Store, 467-6, Dogok-dong, Kangnam-gu, Seoul 

                Trade Name:
      Daelim Acro Authorized Intermediary 

                  Registration
      No.: 9250-9017 

                    Representative:
      Kim, Seong-uk         (Signature
      and Seal)

                  

                

              

            

    

     

     
6

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