Document:

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                                                                    Exhibit 10.3

English translation

                    EMPLOYMENT AGREEMENT (ANNUAL SALARY BASE)

Gmarket Inc. ("G-Market") and Young Bae Ku ("YBK") agree on YBK's annual salary
as follows, covenant to faithfully comply with the agreed matters and enter into
this Employment Agreement.

1. Personal Data

Department   Executive   Resident I.D. No.  660223-1628413   Name   Young Bae Ku

2. Annual Salary

<TABLE>
<CAPTION>
Section                 Details                                          Remarks
-------                 -------                                          -------
<S>                     <C>                                              <C>
Annual Salary           100,000,000 Korean Won

Term of the Agreement   From January 1, 2005 through December 31, 2005

Payment Method          An amount of 1/12 of the annual salary to be
                        paid on the 25th day of every month.
</TABLE>

3. Other Allowances: The foregoing amount includes overtime work/holiday
work/night time work allowances, meal cost and owner-driver's allowance, etc.,
which shall not be additionally payable. Any relevant matters shall be in
accordance with the regulations including the Employment Regulations of
G-Market.

4. Severance Allowance: Severance allowance shall be in principle paid to
employees and officers who have worked for G-Market continuously for at least
one year and the details shall be in accordance with the Severance Payment
Regulations of G-Market.

5. Termination: Even during the term of this Agreement, this Agreement may be
terminated due to YBK's gross negligence and in accordance with the punitive
regulations.

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7. YBK agrees to G-Market's annual salary system and shall not disclose his own
annual salary as fixed under this Agreement to others and shall not do any acts
to be informed of any others' annual salary.

8. In case YBK violates this Agreement, YBK shall not raise any objection to any
and all disadvantages arising there from.

9. Any other matters, which are not provided by this Agreement, shall be in
accordance with the regulations of G-Market.

                                 January 1, 2005

GMARKET Inc.                            Young Bae Ku
Young Bae Ku, Representative Director   Executive

-------------------------------------   ----------------------------------------<PAGE>

                                                                    Exhibit 10.4

English Translation

                                  GMARKET INC.
                            PRIVATE and CONFIDENTIAL

June 2, 2005

Mr. Duckjun Lee
Rm. 501, Hanshin 26-347 Dong
Jamwon-Dong, Seocho-Ku
Seoul, Korea

We are pleased to offer you employment as the Chief Financial Officer of Gmarket
Inc.(the "Company").

Commencement Date of Employment: August 17, 2005

Base Salary: Annual salary in the amount of 150,000,000 Korean Won shall be
payable in equal amounts each month, which shall be subject to all applicable
tax withholdings. The base salary may be subject to increase generally on an
annual basis, or at such time when the Company deems appropriate.

Bonus and Other Benefits: You are entitled to participate in performance-based
bonus payable to directors and officers of the Company. The amount of bonus
payable is to be determined at discretion of the Company. In case of bonus for
the year 2005, your bonus payment shall be postponed to the time of initial
pubic offering (the "IPO") by the Company and the amount shall be at least
250,000,000 Korean Won. If the market capitalization of the Company on the first
trading day of the IPO is 250,000,000,000 Korean Won or more, 250,000,000 Korean
Won shall be additionally payable (the both amounts are together called as the
"Guaranteed Bonus"). The Guaranteed Bonus shall be treated separately for
purposes of determination of the amount of bonuses for year 2006 and afterwards.

Vacation, national pension, medical insurance and any other allowances shall be
in accordance with the Company regulations applicable to its directors and
officers.

Stock Option: The Company will recommend to its board of directors to grant you
a stock option for 10,000 common shares of the Company. The stock option shall
be granted as of the date of the commencement date of your employment with the
Company, and the exercise price and the time of exercise shall be in accordance
with the internal regulations of the Company. In addition to the initial stock
option grant, you may be at any time granted additional stock option in
accordance with resolutions by

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the Board of Directors. In addition, as per customary practice, your stock
option will entitle you to participate in the benefits on the same terms as the
selling shareholders in the event of "change of control" transactions.

Confidentiality: With respect to undisclosed and proprietary information of the
Company ("Confidential Information") obtainable in the course of conducting your
duties, you acknowledge, agree to accept, the obligation to keep confidential,
at the same time with signing this Agreement. You are prohibited from using such
information to seek private gains or the benefit of third party during office as
well as after termination of the employment.

Other Conditions: You will faithfully carry out the assigned duties and
responsibilities and comply with any and all provisions and procedures provided
by the By-laws of the Company.

Termination of Employment: This Employment Agreement may be terminated by either
party due to any reason with one month's advance notice. However, if the Company
seeks to terminate this Employment Agreement for unjust reason prior to the IPO,
the Company shall pay the Guaranteed Bonus in addition to the prescribed
severance payment to you.

Applicable Laws: This Agreement shall be governed by Korean law.

If you accept and agree to the foregoing terms and conditions, please sign below
and return one copy to the Company.

(Signature/Date) June 2, 2005

/s/ Young Bae Ku
-------------------------------------
Gmarket Inc.

I have read and understood this Letter and accept and agree on the foregoing
conditions.

Name: Duckjun Lee (signature)
Date: June 2, 2005

                                       2<PAGE>

                                                                    Exhibit 10.5

                                                             English Translation

                        KIDC CO-LOCATION SERVICE CONTRACT

                                     BETWEEN

                                  GMARKET Inc.

                                       AND

                           Korea Internet Data Center

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                          CO-LOCATION SERVICE CONTRACT

GMARKET Inc. ("Gmarket") and Korea Internet Data Center ("KIDC") enter into this
Co-Location Service Contract in compliance with the principle of mutual fidelity
and faithfulness.

The parties agree and declare as follows

ARTICLE 1 (PURPOSE)

The purpose of this Contract is to provide for rights and obligations of both
parties between Gmarket and KIDC. Further, KIDC shall provide Gmarket with
co-location service (defined below).

ARTICLE 2 (DEFINITION)

     A.   "Co-Location Service" means services provided by a professional data
          center company to customers such as provision of computer room and the
          related facilities and provision of service relating to network use
          for normal operation of Internet servers under a contract.

     B.   "Service Charge" means any and all costs incurred to KIDC as required
          in performing this Contract including regular costs such as floor
          service charge and network access charge, etc. and irregular costs
          incurred at a reasonable basis for additional services to be conducted
          upon mutual consent even if such services are not provided otherwise
          by a contract.

ARTICLE 3 (SCOPE OF SERVICES AND KIDC'S OBLIGATIONS)

     A.   In accordance with this Contract, KIDC shall provide Gmarket with each
          of the following computer facilities and the related facilities.

          1.   USP (Uninterrupted Power Supply)

          2.   Access-Flow

          3.   Power facilities

          4.   Emergency generator

          5.   Interior cooler

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          6.   Interior self power generator

          7.   Interior fire alert receiving board (DMAX 3000)

          8.   Computer floor

          9.   Thermo-hygrostat

          10.  QDF terminal box (installation cost to be separately imposed)

          11.  Fire fighting facilities (NAF III)

     B.   KIDC shall provide Gmarket with the best optimum installation
          circumstances to allow the computer facilities to be installed with
          respect to paragraph A.

     C.   KIDC shall be liable to maintain and repair networks and any and all
          facilities provided to Gmarket in accordance with this Article.

     D.   KIDC shall install networks of the computer room to be utilized by
          Gmarket in accordance with this Contract and allow Gmarket's access to
          Internet backbone nets.

     E.   KIDC shall bear each of the following obligations in relation to the
          network system to be provided to Gmarket in accordance with this
          Contract.

          1.   To check up the status of normal operation from time to time
               (Visual checkup).

          2.   To supervise network hindrances and status continuously for 24
               hours per day and 365 days a year through NMS.

          3.   To check up normality of the whole network backbone, implement
               ordinary operation checkup between 05:00 a.m. and 07:00 a.m.,
               Tuesday, every week and notify Gmarket of the details in advance.

          4.   To implement irregular checkup of operation in order to raise the
               efficiency of the whole network backbone or solve Gmarket's
               internal network problems or in case network malfunctions due to
               uncertain causes.

          5.   To conduct administrative duties and works separately agreed by
               Gmarket under this Contract.

ARTICLE 4 (TERM OF THE CONTRACT)

The term of this Contract shall be one year from July 1, 2005 through June 30,
2006. Provided, however, that unless Gmarket expresses an intention to terminate
the Contract by 30 days prior to the expiration of this Contract, this Contract
shall be deemed extended automatically for another one year from the expiration
of this Contract under

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the same terms and conditions.

ARTICLE 5 (OPENING OF SERVICES AND INSTALLATION WORKS)

     A.   Gmarket and KIDC shall prepare for system installation in advance, in
          accordance with mutual agreement for installation schedule. KIDC shall
          have an obligation to inform Gmarket of the size and power consumption
          of installed equipment in advance. KIDC shall check up functioning
          status of the final network and then notify Gmarket thereof and when
          Gmarket confirms the notification, the service opening shall be
          completed.

     B.   KIDC shall do works for computer facilities, network facilities and
          any and all related facilities specified under Article 3 of this
          Contract.

     C.   Works for Gmarket's Internet network (Ethernet/optic cable) to be
          installed within the computer room and cable protecting pipes shall be
          conducted directly by Gmarket at its cost.

ARTICLE 6 (NETWORK SERVICE)

     A.   In case general exclusive line is installed within the computer room
          when necessary for Gmarket, optic communication equipment and
          facilities of line carriers (Dacom/KT/ThroughNet/Hanaro) installed
          within KIDC's building may be utilized. Provided, however, that works
          for internal line and separate line terminal box shall be conducted by
          KIDC, who can separately bill Gmarket for the installation costs.

     B.   The exclusive line inlet to KIDC may be utilized for service and
          installation only in case exclusive line service is applied for
          through KIDC. Provided, however, that telephone line level line shall
          be separately agreed upon.

ARTICLE 7 (POWER)

KIDC shall bear each of the following obligations in connection with power when
KIDC provides Gmarket with Co-Location service in accordance with this Contract:

     A.   To secure 2 sets of power receiving equipment to back up power supply
          at the time of stoppage of power supply and to back up power per bank
          of transformers.

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     B.   To supply emergency power per bank through gas turbine generator which
          is much reliable

     C.   To maintain spare system by parallel operation of 2 sets of UPS.

     D.   To secure spare power source with one hour's battery back-up time.

     E.   To supply steady electric pressure by ensuring that there is no
          facility consuming excessive power around.

ARTICLE 8 (PAYMENT OF SERVICE CHARGE)

     A.   Service charge shall be either monthly regular service charge or
          irregular service charge, as listed in Exhibit 1.

     B.   Monthly regular service charge for less than a month shall be
          calculated as "((monthly regular service charge / number of days in a
          month) x number of days for service use)." Provided, the service
          charge according to additional demand by Gmarket beyond the scope of
          Co-Location service under this Contract, may be conducted through
          executing a separate contract.

     C.   Monthly regular service charge and any other irregular service charge
          provided by this Contract shall be billed by KIDC by the 15th date of
          the following month all at once, and Gmarket shall pay in principle
          such billed service charge in cash by the 27th date of the billing
          month.

     D.   In case service charge is billed to Gmarket excessively or too little,
          Gmarket may demand adjustment of the charge of KIDC. KIDC shall review
          such adjustment demand and then notify Gmarket of the result. The part
          of charge confirmed excessive or too little shall be settled through
          separate agreement.

ARTICLE 9 (NOTIFICATION OF CHANGES )

Gmarket and KIDC shall notify each other of any changes in each of the following
matters with 5 days' prior written notice thereof:

          1.   Change of company name and representative

          2.   Change of address

          3.   Change of service charge payment method and account number

          4.   Change of contact points and responsible persons

          5.   Change of floor service

          6.   Change of network line capacity

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          7.   Addition of equipment (additional allotment of IP address is
               needed)

          8.   Any other matters agreed between the parties of which changes are
               to be informed by KIDC to Gmarket or by Gmarket to KIDC.

ARTICLE 10 (TERMINATION)

     A.   In case the other party breaches this Contract, non-breaching party
          shall demand the other party to correct its breaches for a period of
          at least thirty days, and if the other party fails to correct its
          breaches within the period, non-breaching party may terminate this
          Contract.

     B.   Notwithstanding the preceding provision, if each of the following
          cases takes place to the other party, non-breaching party may
          immediately terminate this Contract without giving any notice or
          demand.

          1.   Disposition of suspension of payment or suspension of bank
               transaction; application for commencement of bankruptcy,
               corporate reorganization and composition procedures; commencement
               of special liquidation or any other similar actions under the
               applicable laws.

          2.   Order of preservative measures such as provisional attachment and
               injunction; decision on attachment or commencement of auction, or
               similar disposition or order which can materially affect
               operation of Company or performance of this Contract.

          3.   Resolution or order of dissolution.

     C.   Either Gmarket or KIDC is subject to the foregoing circumstances and
          the relevant affected party intends to terminate this Contract, the
          party shall pay the other party 50% of an amount (remaining term of
          contract x average monthly service charge for the recent three months)
          as penalty.

ARTICLE 11 (COMPENSATION FOR DAMAGE)

     A.   In case either Gmarket or KIDC fails to perform its respective
          responsibilities and duties during the term of this Contract and as a
          result causes damage to the other party, the party in default shall be
          liable to compensate the other party for such damage commensurate with
          the scope of its responsibility.

     B.   Claim for damage shall be made in writing with stating the reasons and
          amount

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          of claim and basis of such calculation.

     C.   Claim right for damage shall become null unless being exercised within
          three months from the date the reasons for claim are recognized. This
          is the same in case six months have passed from the date reasons for
          claim took place.

ARTICLE 12 (INDEMNIFICATION)

In case Gmarket's damage is incurred by each of the following subparagraphs,
KIDC shall not be liable to compensate for such damage:

     A.   Act of god, war and any other force majeure

     B.   Gmarket's intention or negligence

     C.   Hindrance in telecommunication service provided by other communication
          operators other than KIDC

     D.   Suspension of service due to national emergency accident or nationwide
          network hindrance

     E.   Unavoidable reasons in the character of telecommunication service,
          which cannot be anticipated by KIDC in normal cases.

ARTICLE 13 (TRANSFER OF RIGHTS AND OBLIGATIONS)

Gmarket and KIDC shall be prohibited from transferring or providing as security
its rights or obligations under this Contract to a third party without a prior
written consent of the other party.

ARTICLE 14 (CONFIDENTIALITY)

     A.   KIDC shall not apply any and all information (business secret,
          know-how, financial, business and technical information, etc.) or
          confidential matters of Gmarket, which came to knowledge of KIDC in
          connection with this Contract, to uses other than the purpose of
          carrying out this Contract and shall not disclose to a third party
          without a prior written approval by Gmarket before as well as after
          performance of this Contract.

     B.   KIDC shall be responsible for the personnel having access to the
          places where Gmarket's facility is installed and shall not make use of
          or supply to a third party any information relating to Gmarket
          acquired in the course of doing

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          maintenance jobs.

ARTICLE 15 (DISPUTES RESOLUTION)

In case any disputes arise between Gmarket and KIDC relating to this Contract,
both parties shall do their best to resolve the disputes in the principle of
good faith and, if any legal proceeding is to be brought, such proceeding shall
be subject to the jurisdiction of the Seoul Central District Court.

Gmarket and KIDC covenant to perform this Contract faithfully.

IN WITNESSETH WHEREOF, both parties execute two copies of this Contract to which
both parties sign and affix their seals and then keep respectively each copy
hereof.

Date of the Contract: August 11, 2005

Gmarket                           KIDC

GMARKET Inc.                      Korea Internet Data Center
6th Fl., NamSeoul Bldg., 1304-3   261-1 Nonhyun-Dong, Kangnam-Ku, Seoul
Seocho-Dong, Seocho-Ku, Seoul
Young Bae Koo                     Young Woo Nam
Representative Director (seal)    Representative Director (seal)

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<PAGE>

<Exhibit 1> Details of the Service Charges

          1.   Monthly Regular Service Charges

<TABLE>
<CAPTION>
Details                    Unit Price (KRW)          Kind/Capacity            Sum (KRW/VAT not inclusive)
-------                    ----------------          -------------            ---------------------------
<S>                        <C>                <C>                             <C>
Floor service charge           4,455,000      Cage Gold/4                                      17,820,000
Network service charge-1      19,000,000      Giga/3                                           57,000,000
Network service charge-2         900,000      Imposed per 50M/Undetermined.    Imposed flexibly according
                                                                               to used capacity
</TABLE>

*    Network Service Charge Calculation Manner

1) Network service charge-1: Monthly fixed billing for use of not more than 3G

2) Network service charge-2: To be billed per 50M with respect to use exceeding
3G, separately from paragraph 1)

          2.   Irregular Service Charge

Actual cost incurred for additional services conducted upon mutual agreement
such as internal line opening service, construction, installation costs, etc.
(or one time)

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