Document:

EX-4.53 EXCLUSIVE REQUIEM ONLINE LICENSE

Exhibit 4.53

EXCLUSIVE REQUIEM ONLINE

LICENSE AND DISTRIBUTION AGREEMENT

THIS EXCLUSIVE REQUIEM ONLINE LICENSE AND DISTRIBUTION AGREEMENT (hereinafter referred to as
“Agreement”) is made and entered into on this 1st day of December, 2007 (hereinafter
referred to as “Effective Date”), by and between Gravity Co.,Ltd (hereinafter referred to as
“Licensor”) a corporation duly organised and existing under the laws of the Republic of Korea
(hereinafter referred to as “Korea”) and having its offices at 14th Meritz Tower, 825-2
Yeoksam-Dong, Kangnam-Gu, Seoul, Korea (hereinafter to as “Korea”)and Gravity CIS, Inc., a
corporation having its principal place of business at 127549, Altuf’evskoe shosse build. 64,
Moscow, Russia (hereinafter called “Licensee”). (Licensor and Licensee being sometimes hereinafter
referred to collectively as the “Parties”)

RECITALS:

WHEREAS, Licensor has developed and owns all rights in computer programs of online game “Requiem
Online” (“Game”);

WHEREAS, Licensee desires to enter into an exclusive license agreement with Licensor under the
mutual terms and conditions specified herein pursuant to which Licensee will make the Game
available to End Users in the Territory specified below; and

WHEREAS, Licensor desires to grant such license to Licensee under the mutual terms and conditions
herein below specified.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and other
good and valuable consideration, the parties hereto agree as follows:

Article 1

Definitions

The terms defined in this Article shall have the meaning ascribed to them herein whenever they are
used in this Agreement, unless otherwise clearly indicated by the context.

	1.1	 	“Agreement” shall have the meanings set forth in the introductory section of this agreement,
and all annexes, amendments and supplements hereto.
	 
	1.2	 	“Licensor” shall mean Gravity Co.,Ltd.
	 
	1.3	 	“Licensee” shall mean Gravity CIS, Inc.
	 
	1.4	 	“Confidential Information” shall mean all materials, know-how, software or other similar
types of information including, but not limited to, proprietary information and

 

 

	 	 	materials regarding a Party’s technology, products, business information or objectives,
including the software for the Game and Technical Information as defined in this Agreement, as
well as all information which is designated as confidential in writing by the providing Party
or which is the type that is customarily considered to be confidential information by persons
engaged in similar activities.
	 
	1.5	 	“End Users” shall mean the users of the Game through a network game service system
established and operated by Licensee with individually assigned ID Numbers for each End User.
	 
	1.6	 	“Game” shall have the meaning stipulated in the recitals above, including any modified or
advanced version of the Game distributed by Licensor for error correcting, updating or
debugging purpose, under the same title. Any subtitled version, series or sequel to the Game
which may be developed or distributed by Licensor after the execution of this Agreement shall
be clearly excluded from the scope of this Agreement.
	 
	1.7	 	“ID Number” shall mean an identification number assigned to each End User, with which such
End User can access and use the network game service system established and operated by
Licensee.
	 
	1.8	 	“Intellectual Property” shall mean all patents, designs, utility models, copyrights,
know-how, trade secrets, trademarks, service mark, trade dress and any other intellectual
property rights in or related to the Game or Technical Information.
	 
	1.9	 	“Local Language” shall mean the Russian as used in the Territory
	 
	1.10	 	“Local Version” shall mean the Game provided in the Local Language.
	 
	1.11	 	“Parties” and “Party” shall mean Licensor and Licensee, collectively, individually, and
respectively.
	 
	1.12	 	“Servers” shall mean the servers established, installed and operated by Licensee within the
Territory only for the service of Game to End Users in the Territory.
	 
	1.13	 	“Net Profit” shall mean the total value of Licensee including Prepaid Cards that are
purchased and registered by End Users, as calculated by use of the Billing System of the Game
with the deduction of the value added tax with the maximum rate of 18% of amount paid by End
Users and the Wholesaler-Discounts granted under this Agreement.
	 
	1.14	 	“Prepaid Cards” shall mean the tangible or intangible cards containing a unique code or
other unique identifying information purchased by End Users to access the Game, as generated
by Licensee in its sole and exclusive discretion.
	 
	1.15	 	“Wholesaler-Discounts” shall mean the discounts which are allowed by Licensee to wholesalers
in the Game market; provided, however, that (i) if the payment by End Users is made by way of
off-line prepaid card through a conventional sales channel, including but not limited to
computer game rooms, computer stores, convenient stores, Wholesaler-Discounts granted to any
wholesaler shall not exceed thirty percent (30%) of the face value of such off-line prepaid
card, (ii) if the payment by End Users is made by way of on-line prepaid card through an
online sales channel, including but not limited to internet home shopping malls,
Wholesaler-Discounts granted to any

 

 

	 	 	wholesaler shall not exceed fifteen percent (15%) of the face value of such on-line prepaid
card, and (iii) if the payment by End Users is made through mobile billing service, Licensor
allows Licensee to apply actual Wholesaler-Discounts of the Service Company (iv) if Licensee
manufactures CD or DVD to sell Game client, Licensor allows Licensee to apply actual
Wholesaler-Discounts of the Service Company (v) if the payment by End Users is made through
neither a conventional sales channel nor an online sales channel, the rate of
Wholesaler-Discounts shall be determined by mutual agreement between Licensor and Licensee.
	 
	1.16	 	“Billing System” shall mean the calculation computer program to be installed in necessary
units of computers of the Licensee in order to calculate the Gross Sales Amount.
	 
	1.17	 	“Technical Information” shall mean the software, know-how, data, test result, layouts,
artwork, processes, scripts, concepts and other technical information on or in relation to the
Game and the installation, operation, maintenance, service and use thereof.
	 
	1.18	 	“Daily Average Concurrent User” shall mean the average number between highest number and
lowest number of the users logged simultaneously in the Game daily in the Territory.
	 
	1.19	 	“Territory” shall mean the territory of Former Soviet Republics : Armenia, Azerbaijan,
Belorussia, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Russia,
Tajikistan, Turkmenistan, Ukraine and Uzbekistan.
	 
	1.20	 	“Game Point” shall mean cyber points upon Prepaid cards or accounts of End Users.
	 
	1.21	 	“Closed Beta Test” shall mean the the secured and non-public testing of the beta version of
the localized Game by a select group of the End Users prior to the Open Beta test, which is to
be performed by Licensee in the Territory.
	 
	1.22	 	“Open Beta Test” shall mean the secured testing of the beta version of the localized Game by
offering the Game to the general public for free trial for a limited period of time prior to
the Commercial Launch Date of the Online Game, which is to be performed by Licensee in the
Territory.

Article 2

Grant of License

	2.1	 	The Licensor hereby grants to the Licensee, and the Licensee hereby accepts from the
Licensor, under the terms and conditions set forth in this Agreement, a non-transferable,
exclusive and royalty-bearing license within the Territory which shall be irrevocable during
the period of this Agreement so long as Licensee maintains in substantial compliance with the
material terms hereof, to do any or all of the following:

	 	(1)	 	To maintain and operate the Game within the Territory, and to grant
Subscriptions to Subscribers to access the Game within the Territory;
	 
	 	(2)	 	To reproduce, in object code form only, and to market, distribute and sell
to

 

 

	 	 	 	Subscribers or potential Subscribers, the Client Software in CD-ROM or DVD-ROM
medium format or through the Internet; and
	 
	 	(3)	 	To generate, market, promote, sell and distribute Prepaid Cards in
accordance with market demands.

	2.2	 	The Licensee acknowledges and agrees that it has no rights or claims of any type to the Game
except such rights granted by this Agreement, and the Licensee irrevocably waives and releases
any claim to title and ownership rights (including trade secret and copyright ownership) in
the Game.
	 
	2.3	 	Unless explicitly approved in writing by the Licensor, the Licensee shall have no right to
sublicense the rights granted under Article 2
	 
	2.4	 	Licensee is permitted to appoint sub-distributors to market, promote, sell and distribute the
client software in CD-ROM or DVD-ROM medium and the Prepaid Cards for the Locals Service,
provided that Licensee agrees to be responsible for each sub-distributor’s compliance with all
of the terms and conditions contained herein applicable to Licensee. Licensee will not
knowingly appoint the sub-distributors who intend or are likely to resell them outside
the Territory.
	 
	2.5	 	Any service, use, promotion, distribution and marketing of the Game outside the Territory and
any use of the Technical Information for any purpose other than the purpose contemplated in
this Agreement are strictly prohibited and result in breach to this Agreement.
	 
	2.6	 	Licensee shall provide Game services only by way of the PC on-line method (excluding mobile
access) using the Servers. However, in consideration of the current level of development of
information technology in the Territory, which primarily operates on a narrow-band basis,
Licensee shall be allowed to make Game services available by use of its own available
equipment. Licensor shall provide Licensee detailed technical specifications for the hardware,
software, and network connections required for the Game. Both Parties shall use commercially
reasonable efforts to modify and upgrade the foregoing technical specifications so as to
optimize the performance of the Game within the Territory.
	 
	2.7	 	The Game shall be serviced, promoted, distributed and marketed under the titles, trademark,
character names and other names of the Game (“Title”) as originally created and used by
Licensor, and/or as modified herein pursuant to the terms of Article 2.7. Notwithstanding the
foregoing, if a change to any of the foregoing Titles is required as a result of any special
lingual or social circumstance of the Territory, the Parties shall decide and use a new Title
(“New Title”) for the Game. All of the rights in or to the Title and New Title shall be
exclusively owned by Licensor and Licensee shall not use any such Title or New Title in a
manner that falls outside the scope of this Agreement without the prior written approval of
Licensor.
	 
	2.8	 	All of the rights in or to the Game, except as granted under this Agreement, including but
not limited to the rights to the character business of the Game, shall remain exclusively with
Licensor. However, Licensor will grant to Licensee the right of first

 

 

	 	 	negotiation for a period of sixty (60) days from Licensor’s decision to do so, for the right
to produce and/or sell and distribute in the Territory merchandise relating to the Game,
including, but not limited to, character dolls, reproductions of the characters in
collaterals, and other similar types of toys, gifts, collectibles, and other types of durable
merchandise, as well as such other accessories, under a separate merchandising agreement. Such
right of first negotiation shall include the right of Licensee to match any reasonable and
bona fide offer received by Licensor from any third party.

Article 3

Delivery of Game and Localization

	3.1	 	Subject to the terms and conditions of this Agreement, Licensor shall provide Licensee with
its reasonable assistance and cooperation, including technical assistance, in order to enable
a launch of the beta service and commercial service of the Game in the Territory.
	 
	3.2	 	Licensor shall deliver to Licensee all localization materials, including game texts, scripts,
manual texts, documentation, marketing materials and/or image (the “Localization Materials”)
for the Game in English language as needed for Licensee to localize the Game into Local
Language for the exploitation of the Game within the Territory.
	 
	3.3	 	Upon receipt of the Localization Materials, Licensee shall, at its own expense, perform
translation and/or recordings of the Localization Materials into the Local Language to the
reasonable satisfaction of Licensor (“Translations”). The Translations shall be made
faithfully and accurately, shall be of good quality and shall consist of the whole of the
textual, graphical and audio material provided in the Localization Materials, without
alteration, abridgment, or supplement, unless Licensee has received the express written
consent of Licensor approving such modification.
	 
	3.4	 	In case the Translations or contents of the Game requires modification because it may contain
false, misleading, fraudulent, libelous or obscene matter or other matter which is unlawful or
which will give rise to a criminal or civil cause of action and/or will otherwise be
considered obscene, inappropriate, or offensive to the sensibilities of the subscribers
located in the Territory due to cultural morals and norms, Licensee shall inform Licensor of
such required modifications and the reasons therefore and Licensor shall consent to such
modifications so long as such modifications do not materially change the original work and/or
concept.
	 
	3.5	 	Approval: Licensor reserves the right to approve the Translations before integration
pursuant to Article 3.7 below. Licensee will submit the Translations to Licensor for review.
Licensor shall then provide, within a reasonable amount of time, its acceptance or comments
detailing modifications to the Translations, and Licensee shall effect any modifications
directed by Licensor and, as soon as reasonably practicable, shall re-submit the new
Translations for approval by the Licensor and the above approval procedure shall be repeated
until such items are approved by the Licensor.
	 
	3.6	 	Expenses: All costs and expenses arising from the performance of Licensee’s
obligations in this Article 3 shall be borne by Licensee, including the costs of compensating
all translators. Licensee agrees to obtain from all translators proper

 

 

	 	 	written grants of all rights to their works.
	 
	3.7	 	Schedule to service: Licensor and Licensee install Local Version at its servers in
Territory for a test of operation, not later than (30) days from the date of execution of this
Agreement. The close beta test of the Game shall commence not later than (60) days from the
date of signed execution of this Agreement. Licensee shall launch the open beta test of the
Game in the territory within (60) days from the date of launch of the close beta test of the
Game, and the commercial service of the Game in the Territory within (90) days from the date
of launch of the open beta test of the Game. The Parties agree to cooperate with each other
and exert their best efforts to launch the services of the Game in accordance with the above
schedule in this Article Section 3.7. The above target dates for launching the services of the
Game may be changed by mutual agreement between the Parties.
	 
	3.8	 	The Game shall be serviced in the Territory only in the manners permitted by Licensor under
this Agreement. Licensee shall be strictly prohibited from any modification, amendment or
revision of any part of the Game including the title of the Game and the name of the
characters in the Game, without the prior written approval of Licensor.
	 
	3.9	 	 Billing System: Licensee’s Billing System must be tested, analyzed and approved by
Licensor prior to being used in the Game. If the Licensee’s Billing System is considered
suitable for the Game by Licensor, such Billing System shall be applied to the Game. If
Licensee’s Billing System has unavoidable or other serious technical conflicts against the
Game and may cause serious problem for the Game service, Licensee shall agree to use a Billing
System recommended by Licensor for the purpose to mutually manage the local billing
transparently. Upon Licensee’s request, Licensor shall send its billing account manager to
synchronize Billing System with the Game and incurring expense for this procedure shall be
borne by Licensor. Licensee shall approve the real-time access of Licensor to the Billing
System under this Agreement.

Article 4

Installation and Technical Support

	4.1	 	Technical Support: During the term of this Agreement, Licensor shall provide
Licensee with the installation and maintenance assistance and support as needed and requested
by Licensee, sufficient enough to enable the Licensee to provide and maintain high-quality
service for the Game. This assistance shall include, but not limited to, software installation
and set-up, maintenance support, patches and updates used by the Game software, reasonable and
appropriate support and assistance for the localization of the Game into the Local Version,
training Licensee’s personnel in respect of the maintenance and operation of the software for
the Game provided that, any and all expenses actually incurred by any engineers dispatched by
Licensor to perform the above installation and maintenance assistance in this Section 4.1,
including, without limitation, lodging, and other general living expenses incurred during
their stay at Licensee’s premises, shall be borne by Licensee.
	 
	4.2	 	During the term of this Agreement, Licensor shall receive Licensee’s personnel in its office
in Korea for training with respect to the installation and service of the software for the
Game and the installation, maintenance and operation of the Servers upon

 

 

	 	 	Licensee’s request. The number of the trainees from Licensee shall not exceed three (3)
persons at one time and the total period of training shall not exceed seven (7) man-days
(based on eight (8) hours of training per trainee per day) per person sent, unless otherwise
agreed in writing by Licensor. All of the expenses for travel, lodging, food and other general
living expenses incurred by such sent personnel of Licensee shall be borne by Licensee.
Engineers sent by Licensor to Licensee shall provide training to any local staff if necessary.
	 
	4.3	 	Any further assistance may be rendered by Licensor upon mutual agreement of the Parties
lasted until the end of commercial service of the Game.

Article 5

Payment and Taxes

	5.1	 	License Fee
	 
	 	 	Licensee shall pay to Licensor a non-recoupable and non-refundable license fee (“License Fee”)
in the amount of One Hundred Thousand United States Dollars (US$100,000) in accordance with
the following schedule and subject to the terms of this Agreement:

	 	 	 	Within Fourteen (14) calendar days of the Effective Date and Licensee’s receipt of a
written invoice in such amount from Licensor, the sum of Twenty Thousand US$ (US$20,000).
	 
	 	 	 	Within Fourteen (14) calendar days after the commencement of the Open Beta Test and
Licensee’s receipt of a written invoice in such amount from Licensor, the sum of Twenty
Thousand US$ (US$20,000).
	 
	 	 	 	Within Fourteen (14) calendar days after the commencement of the commercialization service
of the Game and Licensee’s receipt of a written invoice in such amount from Licensor, the
sum of Thirty Thousand US$ (US$30,000).
	 
	 	 	 	Within Ninety (90) calendar days after the commencement of the commercialization service
of the Game and Licensee’s receipt of a written invoice in such amount from Licensor, the
sum of Thirty Thousand US$(US$30,000).

	5.2	 	Royalty Payment and Report
	 
	 	 	Upon Licensee’s receipt of Licensor’s written invoice, Licensee shall pay to Licensor as Royalty
Payments Twenty Five percent (25%) of the Net Profit paid by End Users during the commercial
period of this Agreement. Subject to Article 5.2, the Royalty Payment shall be paid by
Licensee on a monthly basis within Twenty (20) days after the end of the applicable month. The
Royalty Payment shall be deemed made upon presentation by Licensee of remittance confirmation
or notice to Licensor of payment. Unless Licensor actually receives the remitted amount, the
Royalty Payment shall not be deemed to have

 

 

	 	 	been paid. Licensee may not set-off the Royalty Payment against any claims Licensee may have
against the Licensor. Licensee shall also provide Licensor with a report (“Royalty Report”) on
a monthly basis within Fifteen (15) days after the end of the applicable month. Each Royalty
Report shall contain detailed information concerning the calculation of Gross-Sales Amount for
the applicable month.
	 
	5.3	 	Manner of Payment: Any and all payments under this Agreement by Licensee to Licensor
shall be made in US Dollars (USD) and by wire transfer to any bank account designated by
Licensor.
	 
	5.4	 	Interest: In the event any payment is not made by Licensee within the due date
described in this Agreement, a default interest at the rate of eighteen percent (18%) per
annum of the actual amount of the delayed payment shall be applied. For the avoidance of
doubt, Licensor’s entitlement to such Default Interest pursuant to this Section 5.4 shall not
affect any of the other rights of Licensor under this Agreement.
	 
	5.5	 	Taxes: Any and all taxes including the sales tax, income tax on any payment to
Licensor under this Agreement shall be borne by Licensee. However, Licensee is allowed to
deduct 18% of value added tax imposed onto any remittance amount to Licensor and provided if
any government in the Territory requires Licensee to withhold the income or other tax on the
payment to Licensor, Licensee is allowed to withhold such tax up to five percent(5%) from such
payments only if Licensor is entitled to receive such payments as a tax credit under the
relevant laws of Korea or any existing tax treaty between the respective countries of
operation of Licensor and Licensee. In the event that any amount is withheld for the tax
payment under this Section 5.5, Licensee shall promptly inform Licensor of such payment and
provide Licensor with a certification issued by the relevant tax authorities with respect to
the relevant payment. Any withholding tax in excess of the aforesaid limit shall be borne by
Licensee, and shall not be deducted from the actual payment amount.
	 
	5.6	 	If Licensee shall be prevented by order or regulation of the government of the Territory from
transmitting any payment due hereunder then Licensor shall nominate in writing an alternative
method of collecting such payment which shall not be restricted by such order or regulation
and such alternative method shall be binding on Licensee until such order or regulation shall
be withdrawn.

Article 6

Report & Audit

	6.1	 	Licensee shall provide Licensor with all relevant and non-privileged information pertaining
to on the development of its business in relation to the Game. Without limiting the generality
of the foregoing, Licensee shall inform Licensor promptly in the event of its launch of the
beta service or the commercial service of the Game.
	 
	6.2	 	Licensee shall provide Licensor with a monthly report (the “Monthly Report”) within fifteen
(15) days after the end of the applicable month in writing on its business activities in
relation to the Game, including, but not limited to, the number of End User, the fees charged
by Licensee, the total service amounts for the pertinent month, advertising activities and the
expenses therefore, complaints received from End Users and market trends in the Territory.

 

 

	6.3	 	Licensee shall keep all of their records, including all contractual, accounting documents,
company related documents in relation to its business and other activities related to this
Agreement in its principal offices during the term of this Agreement and for not less than
five (5) years after the expiration or termination of this Agreement.
	 
	6.4	 	During the term of this Agreement and for five (5) years after the expiration or termination
hereof, Licensor may by itself or through an accountant designated by Licensor investigate and
audit the accounting documents of Licensee with respect to its Game business upon fourteen
(14) days prior written notice to Licensee. For this purpose, Licensor may request Licensee to
produce relevant documents, and may visit Licensee’s office and make copies of Licensee’s
documents. Licensee shall provide all assistance and co-operation required by Licensor for
such investigation and audit.
	 
	6.5	 	All expenses incurred for such investigation and audit shall be borne by Licensor.
	 
	6.6	 	If such investigation and audit reveals underpayment by greater than five percent (5%) of the
annual Royalty Payment amount, Licensee shall bear all expenses for such investigation and
audit and shall immediately pay to Licensor the unpaid amount together with a per annum
default interest thereon equivalent to 18% percent thereof. In the event of Licensee’s
understatement of the Royalty Payment amount without any justifiable reasons, Licensor shall
be entitled to terminate this Agreement pursuant to Section 13.3(b) below.

Article 7

Advertising & Promotion

	7.1	 	Licensee shall exert its best efforts to advertise, promote and perform marketing activities
for the Game in the Territory.
	 
	7.2	 	For the advertising and promotion of the Game in the Territory, Licensee agrees to spend Ten
percent (10%) of gross revenues for each twelve-month period from the date of commercial
service. Such amount shall include funds spent directly by Licensee or by third parties with
which Licensee has marketing or distribution agreements. Licensee shall provide Licensor with
detailed information on Licensee’s advertising activities every month in the Monthly Reports
as stipulated in Article 6.2 In addition, Licensee shall provide Licensor with a separate
marketing activity report on June 30 and December 31 of each year covering the preceding six
(6) months’ period. Such report shall be made within thirty (30) days after the end of the
last month of half year period.
	 
	7.3	 	Licensor shall provide Licensee with samples of the marketing and promotional materials for
the Game that have been or will be produced or on behalf of Licensor during the term of this
Agreement. Licensee shall pattern all of its advertising, marketing and promotional
materials for the Game in the Territory after the samples furnished to Licensee by Licensor,
and Licensee shall provide Licensor with samples of the advertising, marketing and promotional
materials for the Game produced by Licensee no later than seven (7) days before
launching of each campaign. Within seven (7) days after the receipt of samples of Licensee’s
advertising, marketing and promotional materials, Licensor shall notify Licensee in writing
of Licensor’s

 

 

	 	 	approval or disapproval thereof, or of any changes that Licensor may require Licensee to make
thereto. Licensor’s
failure to respond within the said period of seven (7) days after
receipt of
such samples of advertising material shall be deemed as approval of such
advertising materials.
	 
	7.4	 	Except as otherwise provided herein, the ownership of and the copyright in the marketing and
advertising materials produced or used by Licensee on the Game (“Advertising Materials”) shall
remain exclusively with Licensor, and Licensee shall not use the Advertising Materials for any
purpose other than promotion, distribution, marketing and advertising of the Game pursuant to
the terms and conditions of this Agreement.
	 
	7.5	 	Licensee may provide End Users with free points and free accounts as may be reasonably
necessary, at Licensee’s sole discretion, for the purposes of the promotion, operation and
advertisement of the Game only with prior written approval from Licensor. The detailed
information on the free points and accounts provided by Licensee to End Users shall be
provided to Licensor on a monthly basis in the Monthly Report as stipulated in Article 6.2.

Article 8

Other Obligations of Licensee

	8.1	 	Licensee shall exert its best efforts to supply, distribute and promote the Game in the
Territory.
	 
	8.2	 	Licensee shall be solely responsible for service, use, promotion, distribution and marketing
of the Game in the Territory, and Licensor shall not be responsible for or obligated to
provide any of the foregoing above and beyond the obligations stipulated in this Agreement.
	 
	8.3	 	Licensee shall provide full and comprehensive installation and maintenance support to End
Users to assist them in their use of the Game, including but not limited to Licensee’s
maintaining 24-hour installation and maintenance contact window, on-line customer services,
sufficient outbound bandwidth and circuits for operating business under this Agreement, and
game servers required for on-line game operation.
	 
	8.4	 	Licensee shall provide its best efforts to protect the Intellectual Property rights of
Licensor and shall assist Licensor to procure appropriate legal and administrative measures
against any and all activities by third parties infringing the Game or any of the Intellectual
Property rights of Licensor on or in relation to the Game, including without limitation to,
manufacture or sales of counterfeiting CDs, manuals, workbooks or other products.
	 
	8.5	 	Licensee shall abide by all laws and regulations of the Territory in its service, use,
promotion, distribution and marketing of the Game in the Territory.
	 
	8.6	 	Licensee shall provide a prior written notice to Licensor in the event Licensee intends to
change its marketing strategies, including advertising, marketing, promotional materials,
product packaging and price policies relating to the Game, and other important policies.

 

 

	8.7	 	Licensee shall indemnify and hold harmless Licensor and its officers and employees from any
kind of losses, costs, expenses or liabilities, including reasonable attorneys’ fees resulting
from any claim by a third party on or in relation to Licensee’s service, use, promotion,
distribution and marketing of the Game.
	 
	8.8	 	Upon Licensor’s request, Licensee shall provide Licensor with suitable office space and
office supplies in Licensee’s office for the auditing activities of Licensor. Access to such
office space shall be limited only to persons designated by Licensor. All expenses incurred by
Licensor’s employees and auditor dispatched to Licensee’s offices for transportation, postage,
telecommunications, lodging, food and other general living expenses, and the salaries for such
employees and cost for auditors during their stay at such offices shall be borne and paid by
Licensor.
	 
	8.9	 	Licensee shall not (1) copy, modify, display or distribute to any person all or any part of
the Game, except as provided for herein; (2) disassemble, decompile or reverse engineer the
Game, or any part thereof; (3) use, distribute or provide the Game to any third parties,
except as authorized in this agreement; (4) distribute or make the Game, or any executables
derived or produced therefrom; (5) knowingly distribute, make available or disclose the Game
to any third party except as authorized herein; (6) license, sublicense, distribute or make
available the Game to any third party, except as provided in this Agreement; (7) assist any
other person or entity in doing any of the foregoing. Licensee shall use commercially
reasonable efforts to prevent any third party from doing all or any of the foregoing without
the permission of Licensor. Licensee shall be responsible for all matters arising out of any
payment relating to sub-distributor.

Article 9

Technical Information and Intellectual Property

	9.1	 	Technical Information and Intellectual Property shall be exclusively owned by Licensor, and
this Agreement shall not grant Licensee or permit Licensee to exercise any right or license in
or to the Technical Information and Intellectual Property except for the License granted under
this Agreement. Licensee shall not obtain or try to obtain any registered industrial property
or copyright in or over any of the Technical Information and Intellectual Property of Licensor
regardless of the Territory and exploitation area.
	 
	9.2	 	Licensor hereby represents and warrants that Licensor is the legal owner of the Technical
Information and Intellectual Property; that it has a legal and valid right to grant the rights
and License under this Agreement to Licensee, and that the Game and Technical Information do
not violate or infringe any patent, copyright and trademark of any third party in Korea.
	 
	9.3	 	Licensor further guarantees and warrants to Licensee that the Game and the corresponding
Technical Information and accompanying Intellectual Property:

	 	a)	 	shall not violate any Intellectual Property rights of any third party or any
rights of publicity or privacy in Korea;
	 
	 	b)	 	shall not violate any law, statute, ordinance or regulation (including without

 

 

	 	 	 	limitation the laws and regulations governing export control, unfair competition,
anti-discrimination or false advertising) of Korea or any other country; and
	 
	 	c)	 	shall not contain any obscene, child pornographic or indecent contents.

	9.4	 	Licensor agrees to indemnify and hold harmless Licensee from any kind of losses, costs,
expenses or liabilities, including reasonable attorneys’ fees and costs of settlement,
resulting from the breach by Licensor of its express warranties given herein provided that
Licensee (a) promptly notifies Licensor of such claim; (b) allows Licensor to control the
defense of such claim and/or any related settlement negotiations; and (c) provides any
reasonable assistance requested by Licensor in connection with such claim.
	 
	9.5	 	For the purpose to prevent and/or halt any threatened or actual infringement or violation of
Intellectual Property rights by third parties in the Territory, Licensee shall take all
reasonable action, legal or otherwise to prevent and/or halt any threatened or actual
infringement or violation of Intellectual Property rights by third parties in the Territory,
or to address and answer any third party claims or demands in respect of the Intellectual
Property rights at Licensee’s own cost.

Article 10

Limitation of Liability

	10.1	 	Except as may be otherwise provided for herein, Licensor makes no warranties, express or
implied, concerning the Game including but not limited to its merchantability or salability in
the Territory.
	 
	10.2	 	In no event will either party be liable to the other for any indirect, consequential,
incidental, punitive or special damages, whether based on breach of contract, tort (including
negligence) or otherwise, and whether or not such party has been advised of the possibility of
such damage.
	 
	10.3	 	The aggregate liability of either Party under or relating to this Agreement whether in
contract, tort (including without limitation negligence) or otherwise, shall be limited to an
amount equal to the total amount of the payments made by Licensee during the period of
six(6) months preceding the first date in which either Party demands damages in
writing against the other Party.
	 
	10.4	 	Licensee shall solely be responsible for any and all obligations to End Users imposed by the
government of the Territory and Licensee shall indemnify and protect Licensor against any and
all claims by End Users due to faults attributable to Licensee in the event that Licensee
terminates the service of Game to End Users for any reason whatsoever and/or this Agreement
for any reason whatsoever.

Article 11

Confidentiality

 

 

	11.1	 	All Confidential Information disclosed by either Party under this Agreement shall be
maintained in confidence by the receiving Party and shall not be used for any purpose other
than explicitly granted under this Agreement. Each Party agrees that it shall provide
Confidential Information received from the other Party only to its officers, employees,
consultants and advisors who need to know for the performance of this Agreement. The receiving
Party shall be responsible for any breach of this Article by its officers, employees,
consultants and advisors.
	 
	11.2	 	In the event that any Confidential Information, including but not limited to the source codes
of the Game, Technical Information and financial information, is disclosed or divulged to any
third party who is not authorized to have access to or obtain such Confidential Information
under this Agreement, the Parties shall cooperate with each other and exert their best efforts
to protect or restore such Confidential Information from such unauthorized disclosure or
divulgement. If such disclosure or divulgement of the Confidential Information was made due to
the receiving Party’s gross negligence or bad faith, the receiving Party shall be responsible
for all of the damages incurred by the disclosing Party, including but not limited to any
attorneys’ fees incurred by the disclosing Party in order to protect its rights under this
Article 11.
	 
	11.3	 	The confidential obligation shall not apply, in the event that it can be shown by competent
documents that the Confidential Information;

	 	(a)	 	becomes published or generally known to the public before or after the
execution of this Agreement without any breach of this Agreement by any Party;
	 
	 	(b)	 	was known by the receiving Party prior to the date of disclosure to the
receiving Party;
	 
	 	(c)	 	either before or after the date of disclosure is lawfully disclosed to the
receiving Party by a third party who is not under any confidentiality obligation to the
disclosing Party for such information;
	 
	 	(d)	 	is independently developed by or for the receiving Party without reference to
or reliance upon the Confidential Information; or
	 
	 	(e)	 	is required to be disclosed by the receiving Party in accordance with the
applicable laws and orders from the government or court; provided that, in this case,
the receiving Party shall provide prior written notice of such disclosure to the
disclosing Party and takes reasonable and lawful actions to avoid and/or minimize the
degree of such disclosure.

Article 12

Term

	12.1	 	This Agreement shall become effective on the Effective Date of this Agreement and shall
remain in effect for a period of Three (3) years counted from the commercial service date,
unless sooner terminated in accordance herewith.

 

 

	12.2	 	No later than Three (3) months prior to the expiration of this Agreement, Licensor shall
allow Licensee an automatic extension of this Agreement for one year. (The First Renewal).
Licensee agrees that the Royalty Payments (as described in Article 5.2) shall be increased from
Twenty Five percent (25%) to Twenty Eight percent (28%), however there shall be no license
extension fee, be imposed on or payable by the Licensee.
	 
	12.3	 	No later than Three (3) months prior to the expiration of the First Renewal, Licensor shall
give Licensee the first right of negotiation for a period of Ninety (90) days for
re-execution of a License Agreement for an additional term of one (1) year (the “Second
Renewal”) for the Game. The Second Renewal shall be made based on the concurrent users and
revenues of the Game during the time of the negotiation. If no agreement in writing is made
between the Parties for renewal or re-execution of a license agreement during such period,
this Agreement shall expire without any further extension or renewal.

Article 13

Termination

	13.1	 	This Agreement may be terminated upon the mutual agreement of the Parties.
	 
	13.2	 	Each Party shall have the right to immediately terminate this Agreement:

	 	(a)	 	upon written notice to the other Party in the event of the other Party’s
material breach of this Agreement and such breach shall continue for a period of thirty
(30) days after the breaching Party’s receipt of written notice setting forth the
nature of the breach or its failure to perform and the manner in which it may be
remedied;
	 
	 	(b)	 	if the other Party or its creditors or any other eligible party files for its
liquidation, bankruptcy, reorganization, composition or dissolution, or if the other
Party is unable to pay any kind of debts as they become due, or the creditors of the
other Party have taken over its management; or
	 
	 	(c)	 	in accordance with Section 13.3 below.

	13.3	 	Notwithstanding Section 13.2 above, Licensor may immediately terminate this Agreement upon a
written notice to Licensee:

	 	(a)	 	if Licensee fails to pay any due payments including License fee or Royalty
Payments, for any given month as set forth in Article 5.1 and 5.2, within twenty (20)
days after receiving written notice from Licensor for late payment;
	 
	 	(b)	 	in the event of a willful, gross understatement by Licensee of the payments due
Licensor without any justifiable reasons, as defined in Article 6.6 above;
	 
	 	(c)	 	if the Close Beta Test and/or Open Beta Test of the Game is not launched in the

 

 

	 	 	 	Territory within the period set forth in Article 3.7, unless such failure has been
caused by Licensor or is due to force majeure event as set forth in Article 14;
	 
	 	(d)	 	if the commercial service of the Game is not launched in the Territory within
the period set forth in Article 3.7, unless such failure has been caused by Licensor or
is due to force majeure event as set forth in Article 14; or
	 
	 	(e)	 	if the service of the Game in the Territory is stopped, suspended, discontinued
or disrupted for more than fifteen (15) consecutive days during the term of this
Agreement due to causes attributable to Licensee.;
	 
	 	(f)	 	if the Game in the Territory is provided upon free or unreasonably low
price, compared to fair market value, by Licensee without prior written approval from
Licensor except as otherwise specified in by Article 7.5

	13.4	 	Upon termination, all rights granted to Licensee hereunder shall immediately cease
and shall revert to Licensor, and Licensee shall immediately cease servicing of the
Game and return to Licensor any and all software, technical documents and other
materials or information provided by Licensor to Licensee under this Agreement, and
shall destroy any and all copies of such software, technical documents, materials or
information. Furthermore, Licensee shall provide and deliver to Licensor any and all
such information and documents related to the Game, including but not limited to
database related to the Game and information and/or data source about the Game
users, as may be requested by Licensor.
	 
	13.5	 	No termination of this Agreement shall affect the Parties’ rights or obligations that were
incurred prior to the termination. The expiration or termination of this Agreement shall not
affect the effectiveness of Articles 6, 9, 10, 11, and 13.4, which shall survive the
expiration or termination of this Agreement.
	 
	13.6.	 	Licensor shall have no liability to Licensee for damages of any kind, including
indirect, incidental or consequential damages, on account of the termination or
expiration of this Agreement in accordance with its terms.
	 
	13.7	 	Upon termination or expiration of this Agreement, Licensee shall shut down and
terminate the service of Game provided by Licensee. Licensor shall have the right to
assume the service of the Game one (1) month prior to such termination. Licensor
may elect to purchase any equipment purchased by Licensee for the service of the
Game at the fair market value of such equipment on the date Licensor elects to
assume the service of the Game as determined by an independent third party expert
appointed by mutual consent of the Parties.

Article 14

Force Majeure

	14.1	 	Notwithstanding anything in this Agreement to the contrary, no default, delay or failure to
perform on the part of either Party shall be considered a breach of this Agreement if such
default, delay or failure to perform is shown to be due entirely to causes occurring

 

 

	 	 	without the fault of or beyond the reasonable control of the Party charged with such default,
delay or failure, including, without limitation, causes such as strikes, lockouts or other
labour disputes, riots, civil disturbances, actions or inactions of governmental authorities
or suppliers, electrical power supply outage, a failure or breakdown in the services of
internet service providers, epidemics, war, embargoes, severe weather, fire, earthquake and
other natural calamities or, acts of God or the public enemy. Force majeure shall include
actions taken by the government of Korea or agencies thereof, which restrict the ability of
Licensee to remit payments to Licensor under this agreement, or failure of the government of
Korea or agencies thereof to approve such payments.
	 
	14.2	 	If the default, delay or failure to perform as set forth above in Article 14.1 exceeds one
hundred eighty (180) days from the initial occurrence, a Party who is not affected by such
force majeure event shall have the right to terminate this Agreement with a written notice to
the other Party.

Article 15

General Provisions

	15.1	 	Licensee may not assign, delegate or otherwise transfer in any manner any of its rights,
obligations and responsibilities under this Agreement, without prior written consent of
Licensor. Licensor may, with prior written notice to Licensee, assign, delegate or otherwise
transfer all or part of its rights, obligations and responsibilities under this Agreement to a
third party designated by Licensor.
	 
	15.2	 	It is understood and agreed by the Parties that this Agreement does not create a fiduciary
relationship between them, that Licensee shall be an independent contractor, and that nothing
in this Agreement is intended to constitute either Party an agent, legal representative,
subsidiary, joint venture, employee or servant of the other for any purpose whatsoever.
	 
	15.3	 	If any kind of notices, consents, approvals, or waivers are to be given hereunder, such
notices, consents, approvals or waivers shall be in writing, shall be properly addressed to
the Party to whom such notice, consent, approval or waiver is directed, and shall be either
hand delivered to such Party or sent by certified mail, return receipt requested, or sent by
FedEx, DHL or comparable international courier service, or by telephone, facsimile or
electronic mail (in either case with written confirmation in any of the other accepted forms
of notice) to the following addresses or such addresses as may be furnished by the respective
Parties from time to time:

If to Licensor.

Attention: Mr. Charles Baik

825-2 Yeoksam-Dong, Meritz Tower 14F, Kangnam-Gu, Seoul, Korea

Tel: +82-2-2019-6000

Fax: +82-2-2019-6064

If to Licensee

Attention: Chul Seung, Lim

119021, L’va Tolstogo str. Build. 18B, 4 th floor, Moscow, Russia

 

 

Tel: +7-495-780-8806

Fax: +7-495-780-8807

	15.4	 	No course of dealing or delay by a Party in exercising any right, power, or remedy under this
Agreement shall operate as a waiver of any such right, power or remedy except as expressly
manifested in writing by the Party waiving such right, power or remedy, nor shall the waiver
by a Party of any breach by the other Party of any covenant, agreement or provision contained
in this Agreement be construed as a waiver of the covenant, agreement or provision itself or
any subsequent breach by the other Party of that or any other covenant, agreement or provision
contained in this Agreement.
	 
	15.5	 	This Agreement, including all exhibits, addenda and schedules referenced herein and attached
hereto, constitutes the entire agreement between the Parties hereto pertaining to the subject
matter hereof, and supersedes all negotiations, preliminary agreements, and all prior and
contemporaneous discussions and understandings of the Parties in connection with the subject
matter hereof.
	 
	15.6	 	This Agreement shall be written in English and all disputes on the meaning of this Agreement
shall be resolved in accordance with English version of this Agreement.
	 
	15.7	 	This Agreement may be amended only upon the execution of a written agreement between Licensor
and Licensee that makes specific reference to this Agreement.
	 
	15.8	 	This Agreement shall be governed by and construed in accordance with the laws of Korea.
	 
	15.9	 	All disputes, controversies, or differences which may arise between the Parties, out of or in
relation to or in connection with this Agreement, or for the breach thereof, shall be finally
settled by arbitration in Seoul, Korea, in accordance with Arbitration Rules of the Korean
Commercial Arbitration Board and under the laws of Korea. The award rendered by the arbitrator
shall be final and binding upon both Parties concerned.
	 
	15.10	 	If any article, sub-article or other provision of this Agreement or the application of such
article, sub-article or provision, is held invalid, then the remainder of the Agreement and
the application of such article, sub-article or provision to persons or circumstances other
than those with respect to which it is held invalid shall not be affected thereby.
	 
	15.11	 	Headings in this Agreement have been inserted for purpose of convenience only and are not
to be used in construing or interpreting this Agreement.

IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first above-written.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gravity Co., Ltd	 	 	 	Gravity CIS, Inc	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Il Young, Ryu
	 	 	 	 	 	Name:
	 	Chul Seung, Lim	 	 
	 

	 	Title:
	 	Chairman & CEO
	 	 	 	 	 	Title:
	 	CEO	 	 
	 

	 	Date:
	 	 	 	 	 	 	 	Date:EX-4.54 LEASE AGREEMENT

Exhibit 4.54

Nuritkum Square Office Lease Agreement

Lessor: Korea SW Industry Promotion Agency

Lessee: Gravity Co., Ltd.

1

 

Lease Agreement (General Conditions)

This Lease Agreement is made and entered into this 30th day of November, 2007, by and
between Korea SW Industry Promotion Agency, with its address at 79-2, Garakbon-dong, Songpa-gu,
Seoul, Korea(hereinafter referred to as “Lessor”), and Gravity Co., Ltd., with its address at 14
Fl., Meritz Tower, 825-2, Yeoksam-dong, Gangnam-gu, Seoul, Korea(hereinafter referred to as
“Lessee”) with respect to the leasing of the premises in Nuriggum Square Building(hereinafter
referred to as “premises”).

NOW, THEREFORE, for and in full consideration of the purpose and contents of this agreement, the
parties hereto agree as follows;

Article 1 Description of Premises

	(1)	 	 The Lessor leases the premises below to the Lessee and the Lessee leases the premises below from
the Lessor;

Description of Premises

Nuriggum Square (Business and R&D) Center, C5 Lot, DMC Land, Sangam-dong, Mapo-gu, Seoul
Metropolitan City (Area indicated on the attached Ground Plan)

	 	 	 	 	 	 	 
	Office:

	 	15th floor above the ground for Business Center
	 	2,858.30m 2	(incl. Public Area)
	 

	 	14th floor above the ground for R&D Center
	 	2,591.98m 2	(incl. Public Area)
	 

	 	15th
floor above the ground for R&D
Center
	 	4,820.26m 2	(incl. Public Area)
	 

	 	Total
	 	10,270.54m 2	(incl. Public Area)

	 	 	 	 	 	 	 
	Warehouse:

	 	15th floor above the ground for Business Center
	 	11.52m 2	(incl. Public Area)
	 

	 	14th floor above the ground for R&D Center
	 	11.92m 2	(incl. Public Area)
	 

	 	15th
floor above the ground for R&D Center
	 	21.15m 2	(incl. Public Area)
	 

	 	Total
	 	44.59m 2	(incl. Public Area)

	(2)	 	 The Lessee shall not have any other right than the right to use the premises pursuant to
provisions of this Agreement.

2

 

	(3)	 	The Lessee leases from the Lessor the premises described in the foregoing paragraph for the
purpose of making use of the premises as the Lessee’s office and shall not be allowed to make
use of the premises for other purposes without the written consent of the Lessor.

Article 2 Term

	(1)	 	 This agreement shall be valid and in force from January 1st, 2008 to December
31st, 2012. This agreement will go into effect from the beginning of interior work.
	 
	(2)	 	 In the event that Lessee still does not begin to use the premises even after 30 days from the
effective date of this agreement or the Lessee fails to pay to Lessor the security deposit
until the due date stated in Article 4.1, the Lessor may terminate this agreement one-sidedly.

Article 3 Renewal of Agreement

	(1)	 	 In the event that the Lessee notify the Lessor of the intention to renew this agreement during
the period from one(1) to six(6) months prior to the expiration of this agreement, the Lessor shall
not refuse the Lessee’s request without any reasonable cause. However, in the event that the Lessee
falls under any of the following subparagraphs, the Lessor allows the exception:

	 	1.	 	The Lessee consecutively defaults in the payment of rent three(3) times;
	 
	 	2.	 	The Lessee leases the premises by any deceit or other unjustifiable means;
	 
	 	3.	 	The Lessor offers the Lessee a considerable compensation by mutual consent;
	 
	 	4.	 	The Lessee subleases all or any part of the said premises without the consent of the
Lessor;
	 
	 	5.	 	The Lessee destroys or damages all or any part of the said premises by intention or
material negligence;
	 
	 	6.	 	The purpose of lease is not fulfilled due to destruction of all or any part of the
said premises;
	 
	 	7.	 	The Lessor wants to recover the possession of the said premises for demolition or
reconstruction of any or almost all of the said premises; or
	 
	 	8.	 	The Lessee significantly breaches the Lessee’s obligations or the Lessee is unable to
maintain this agreement due to any serious reason.

	(2)	 	The Lessee may exercise his/her right to renew this agreement only within total term of lease not
exceeding five(5) years including the initial term of lease.
	 
	(3)	 	The renewed lease shall be deemed to be offered again on the same terms and conditions of the
last lease.
	 
	(4)	 	 In the event that the Lessor fails to notify the Lessee of a refusal to renew this agreement or
fails to notify the Lessee of the intention to change the terms and conditions of this agreement within the period stated in the foregoing (1), the said lease shall be deemed to be offered again

3

 

	 	 	on the same terms and conditions as before at the time of such expiration. If the term of lease is
not stipulated with regard to this, the term of the renewal lease shall be automatically extended
for another one (1) year upon the expiration of the agreement.

	(5)
	 	The Lessee may, at any time, give the notice of termination the Lessor in accordance with the
foregoing (4). The termination of this agreement shall come into three (3) months after the Lessor’s
receipt of the notice.

Article 4 Security Deposit

	(1)
	 	The Lessee shall determine the security deposit for the premises described above as follows and
deposit the security deposit KRW1, 171,283,000 without any interest during the period of lease:

	 	 	 	 	 	 	 	 	 
	Classification	 	Amount(W)	 	Percentage (%)	 	Remarks
	Down Payment

	 	W117,128,300-
	 	 	10	%	 	Upon the conclusion of agreement
	Intermediate Payment

	 	W468,513,200-
	 	 	40	%	 	Upon the beginning of interior work
	Balance

	 	W585,641,500-
	 	 	50	%	 	The day before occupation
	Total

	 	W1,171,283,000-
	 	 	100	%	 	 

	(2) 	 	In the event this agreement is terminated in accordance with Article 2.2, 10% of the total
security deposit stated above shall be reverted to the Lessor as damages for breach of this
agreement. In this case, the Lessor shall deduct the above amount from the total amount paid by the
Lessee and immediately refund to the Lessee the balance without interest.

	 
	(3) 	 	The Lessee shall not assign the claim for refund of security deposit or offer it to any third
party to establish the right of pledge or offer it as security.

Article 5 Rent

	(1) 	 	The rent shall be paid by calculating from the date when the Lessee actually moves into the
premises regardless of the effective date of this agreement stated in Article 2.1. (2) The Lessee
shall pay the monthly rent of KRW95, 910,410(excluding VAT) in cash through the bank designated by
the Lessor on the 15th day of each month (if the 15th day falls on holidays,
on the next business day). The Lessee also shall separately pay the monthly warehouse fee of
KRW231,330(excluding VAT) in cash through the bank designated by the Lessor on the 15th
day of each month(if the 15th day falls on holidays, on the next business day).
	 
	(3)	 	In the event the term of lease does commence on the first day of a month or does not terminate on
the last day of the month, the rent for the month when the said term of lease

4

 

commences or terminates, shall be calculated on a daily basis.

     Rent on a daily basis = (Monthly rent ÷ Days of the said month) x Days of use

	(4)	 	In the event that the Lessee are unable to use the premises until 28th of February,
2008 due to any reason attributable to the Lessor, the Lessee shall pay the rent by reckoning from
the date of actual use.

Article 6 Maintenance Charge

	(1)	 	The Lessee shall pay the monthly maintenance charge of KRW56,549,590(excluding VAT) in cash
through the bank designated by the Lessor on the 15th day of each month(if the
15th day falls on holidays, on the next business day).
	 
	(2)	 	Article 5.1, 5.2 and 5.4 shall apply to the method of the payment of maintenance charge.
	 
	(3)	 	In addition to the monthly rent stated in the foregoing paragraph (1), if the Lessee uses other
services, including but not limited to, signboard installed by the Lessee, power for computer room,
thermo-hygrostat, overtime power, air conditioner and other services designated and offered
separately by the Lesser, they shall be classified as additional maintenance charge and the Lessee
shall pay the additional maintenance charge by adding the additional maintenance charge to the next
month’s maintenance charge.

Article 7 Adjustment of Security Deposit, Rent and Maintenance Charge

	(1)	 	The security deposit and rent may be adjusted annually from the time when two (2) years pass from
the effective date of this agreement. If the terms and conditions of the increase are set forth in
special conditions, the special conditions shall apply to this. The maintenance charge shall be
adjusted annually (when one (1) year expires beginning from the effective date of this agreement).
Adjustment shall be based on the consumer price index announced by the Korea National Statistics
Office (vv.nso.go.kr). However, in the event that the security deposit and rent receives any
discount, the increase shall be based on the amount before the discount is applied and the amount
converted into rent with conversation rate of 12%. (In the event that future adjustment is
inevitable, the conversion rate shall be adjusted by mutual consent.)

Amount converted into rent = (Monthly rent ÷ Conversation rate(12%) x 12 months) +

Security deposit

Security deposit = Monthly rent x 11 months

	(2)	 	The consumer price index shall apply the change rate compared to the year-on-year against

5

 

	 	 	the consumer price index 2 months before the anniversary of the lease agreement.

	(3)	 	Regardless of the foregoing paragraph (1), if any of the following events occurs, the Lessor
may adjust the security deposit, rent and maintenance charge by giving a month prior notice to
the Lessee:

	 	1.	 	There is any increase in taxes or utility bills for the premises or any change in
commodity prices or other economic circumstance;
	 
	 	2.	 	There is any increase in expenses required for normal maintenance of the
premises(electricity charges, water charges, air conditioning, cleaning charges, labor
costs and other maintenance charges for building); or
	 
	 	3.	 	There is any price increase or any change in economic situation.

	(4)	 	The Lessee shall pay to the Lessor the adjusted amount within the due date of the rent falling on
the anniversary dat.

Article 8 Late Charges

	(1)	 	In the event that the Lessee fails to pay the security deposit, rent, maintenance charge or other
expenses payable to the Lessee in connection with this agreement within the due date, the Lessee
shall pay to the Lessor an overdue charge at an annual interest rate of 18% of overdue amount
calculated from the date of delay to the date of payment, together with the amount that would be
due.
	 
	(2)	 	 In the event that this agreement is terminated, the Lessor may deduct from the security deposit,
all the expenses, including but not limited to, rent, maintenance charge and the late charge.

Article 9 Insurance

	(1)	 	In the event that the insurance premium is increased due to the Lessee’s act or facilities, the
Lessee shall pay to the Lessor the increased amount.
	 
	(2)	 	The Lessee shall sign up for movables comprehensive insurance to insure facilities, fixtures and
supplies owned by the Lessee against disaster to prevent any discrepancy in interests, including
protection of and liability for properties, occurring in connection with other Lessor or Lessee out
of this agreement.
	 
	(3)	 	The Lessor shall insure the relevant premises against fire at his/her own expenses and The Lessee
shall insure the Lessee’s movables against fire and put under the Lessee’s management.
	 
	(4)	 	In the event that the Lessee suffers any damages or losses resulting from breaching the foregoing
paragraph (2), the Lessor shall not be liable for the damages of losses.

Article 10 Taxes and Utility Bills

6

 

	(1)	 	The Lessee shall pay to the Lessor the value added taxes levied on variety of user fees including
the rent and maintenance charge.
	 
	(2)	 	 As for all the expenses, taxes and bills levied on operational facilities newly installed or
attached by the necessity of the Lessee, the Lessee shall be liable for the payment regardless of
name.

Article 11 Construction and New Installation of Facilities inside the Premises

	(1)	 	 In the event any act of the Lessee falls under each of the following paragraphs, the Lessee shall
have the prior written assent of the Lessor. When the Lessee any of the following acts, the Lessee
shall pay the expenses. However, with regard to this, the Lessor may exercise the right to direct
and supervise the construction work to ensure that the unity and stability are guaranteed in terms
of building management:

	 	1.	 	New installation of or change in interior decoration, construction, partition,
windows and doors;
	 
	 	2.	 	New installation or movement of lights or power, new installation, extension,
movement and change of telephones, supply and drainage of water, and other facilities;
	 
	 	3.	 	Entrance and fixation of safe and other heavy weight equipment; or
	 
	 	4.	 	Installation and attachment of signboard or advertisement.

	(2)	 	The Lessee shall not charge the Lessor for all the expenses such as beneficial expense, nützliche
Verwendung, necessary expenses and premium on the ground that the Lessee has his/her share in the
expenses for the premises. When the Lessee vacates the premises, he/she shall restore to the
original at the Lessee’s expenses without fail.
	 
	(3)	 	In the event that the Lessee fails to perform his/her obligations stated in the foregoing
paragraph or the premises are not restored to the extent acceptable to the Lessor, the Lessor may
deduct the expenses required for remedy from the security deposit.
	 
	(4)	 	 In the event that the Lessee carries out the construction work stated in the foregoing paragraph
(1), the Lessee shall carry out all the works by entering into separate contract by mutual consent
between the Lessee and manager in accordance with the terms of building maintenance stated in
Article 30.

Article 12 Repairing Expenses

	(1)	 	 The Lessor shall pay for the repairing expenses for wall, ceiling and floor that had been
naturally worn or discolored provided that the Lessee pays for the repairing expenses incurred by
the Lessee’s negligence or necessity.
	 
	(2)	 	In the event the Lessee finds out any place required for repair, the Lessee shall immediately
notify the Lessor of the finding. In the event that the Lessee carries out the said repairs, the

7

 

	 	 	Lessee shall also consult with the Lessor prior to repair.

	(3)	 	 In the event that any damage or loss resulting from neglecting the Lessee’s notification
obligations stated in the foregoing paragraph (2) occurs, the Lessee shall be liable for the damage
or loss.

Article 13 Due Diligence and Liability

	(1)	 	The Lessor shall offer the Lessee every convenience in connection with the use of rented premises
and the Lessee shall have the duty of care as a bona fide caretaker.
	 
	(2)	 	In the event that the Lessee or his/her employee or customer damages or destroys the premises or
facilities owned by the Lessor either by intent or negligence, the Lessee shall immediately notify
the Lessor of the event in writing and shall compensate the Lessor for loss at a reasonable market
price at the time of compensation calculated by mutual consent between the Lessor and the Lessee.
However, the loss that was not notified to the Lessor shall be deemed to the loss caused by the
Lessee.

Article 14 Prohibition on Transfer of Right and Sub-lease

	(1)	 	The Lessee shall not transfer the rights or obligations under this agreement or sublease all or
any part of the premises to any third party without the consent of the Lessor.
	 
	(2)	 	In the event that the Lessee violates the obligations stated in the foregoing paragraph, the
Lessor may terminate this agreement one-sidedly.

Article 15 Restrictions on the Use of the Premises

	(1)	 	The Lessee shall not allow any third party to use the rented premises, or to place any third
party’s name inside the premises, or install telephone, fax or telex under any third party’s name
without the prior written consent of the Lessor.
	 
	(2)	 	The Lessee shall not take up his/her abode in the premises regardless of any pretext whatsoever
provided that the Lessee may designate a night watchman on a swift basis by the prior written
consent of the Lessor.
	 
	(3)	 	The Lessor shall make it a rule to suspend the use of the building and the operation of all
facilities on legal holidays and Sundays. When it is necessary for the management and the safety
supervision including repair and check, the Lessor may restrict either the use of the building or
the operation of facilities even on weekdays by giving the prior notice to the Lessee.
	 
	(4)	 	In the event the Lessor operate facilities at the Lessee’s request during the suspension of use
stated in the foregoing paragraph (3), the Lessee shall pay the additional maintenance charge
calculated by the Lessor. In the event that the Lessee wants to receive the additional operation or
services, the Lessee shall apply for such operation or services and get the approval from the

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	 	 	Lessor.

Article 16 Protection of Property

	(1)	 	The Lessor may deploy guards to safeguard lobbies, corridors and other public facilities in the
building.
	 
	(2)	 	The Lessee has the sole responsibility to safeguard his/her property. If the Lessee fails to
prove that any damage or loss is attributable to the Lessor, the Lessor shall not be liable for
such damage or loss at all.

Article 17 Obligations of the Lessee

	(1)	 	In the event that the Lessee is incapable of carrying out business for more than three(3) months
due to cancellation or suspension of business permit or approval resulting from the Lessee’s or
his/her employee’s violation of conditions of the authorities concerned, the Lessor may terminate
this agreement.
	 
	(2)	 	The Lessee shall comply with all applicable laws, administrative instructions of the authorities
concerned and management rules set forth by the Lessor in carrying out commercial activities.
	 
	(3)	 	The Lessor shall have the right to enter the premises for the purpose of confirming and
supervising if the Lessee comply with the rules and regulations stated in the foregoing paragraph
in carrying out his/her business.
	 
	(4)	 	The Lessee shall, to the maximum extent possible, perform his/her duties to take measures for
sanitation and fire prevention.

Article 18 Prohibited Acts of the Lessee

In the premises and its attached facilities, the Lessee and his/her employees shall not:

	 	1.	 	install, place or leave signs or advertisements that will annoy the public or
obstruct corridors or other public facilities;
	 
	 	2.	 	bring in or keep on the premises or other places any items of a flammable, explosive
or dangerous character or other materials that may be harmful and give an unpleasant
feeling to the human body or be in danger of destroying the promises;
	 
	 	3.	 	bring in and use any air conditioner other than the one that was supplied or approved
by the Lessor;
	 
	 	4.	 	make noise, use musical instrument, or keep animals except fishbowl, or commit
indiscreet acts giving unpleasant feeling or hatred to other Lessees;
	 
	 	5.	 	destroy or damage structure, equipment or facilities furnished by the Lessor or
change structures, advertisements or signs without the written consent of the Lessor; or

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	 	6.	 	manufacture, promote or sell materials contrary to the law.

Article 19 Change in the Premises and the Right to Entry

	(1)	 	In the event that the maintenance of the premises is required, the Lessor may move or change the
place of a heap of merchandises in the premises through consultation with the Lessee.

	 
	(2)	 	In the event that it is necessary for the Lessor to check the status of preservation, the Lessor
shall, at any time, have the right to enter the premises for the purpose of inspecting, repairing
and taking measures for sanitation, fire prevention, crime prevention or relief for general
management and security business by giving prior notice to the Lessee and the Lessee shall not
obstruct the Lessor’s entry to the premises without any reasonable cause. However, a matter of
emergency shall be an exception.

Article 20 Immunity

	(1)	 	The Lessor shall, internally or externally, not be liable for the damages or losses that the
Lessee or any third party suffered as a result of earthquake, storm, flood, war, riot, force
majeure or other reasons that are not attributable to the Lessor.
	 
	(2)	 	In the event that the deficiency of services or disruption in public use occurs when the Lessee
repair, remodel or rebuild the premises, the Lessor shall not be liable for it.

Article 21 Change in the Lessor

Even in the event that there is any change in title to, name, manager or operator of the premises
pursuant to Article 1, the lease agreement shall be valid and in force and a new Lessor or new
operator shall fully comply with all the provisions of this agreement. The Lessor shall also notify
the Lessee of these contents.

Article 22 Change in the Lessee

In the event that there is any important change in address, trade name, representative, or business
purposes on the commercial registration or business proprietor registration, the Lessee shall
notify the Lessor of such change in writing and all the responsibilities for the delay in such
notification shall be attributable to the Lessee.

Article 23 The Lessor’s Right to Dispose of Goods

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	(1)	 	The Lessee shall not be exempt from the responsibility of the performance of duties during the
lease agreement on the ground that the Lessee or his/her legal mandatory or enforcement officer is
absent. In the event that the agreement is expired during the Lessee’s absence, the Lessor may
recover the possessory right to the premises without trial procedures. In this case, the Lessor may
move and store the Lessee’s property in a proper warehouse. In the event that the Lessee fails to
settle the amount in arrears after one (1) month from the expiration of the agreement, it is deemed
that the Lessor established a right to pledge on the Lessee’s property and, thereafter, the Lessor
may sell the said property in accordance with legal auction procedures.

	(2)	 	With regard to sale pursuant to the auction described in the foregoing paragraph, the Lessor
shall have the right to recover the amount in arrears such as expenses for transportation and
storage first of all.

Article 24 Liability

	(1)	 	In the event that the Lessee or his/her employees or customers infringes, by intent or
negligence, any damage or loss to the Lessee’s or any third party’s property or body, the Lessee
shall immediately notify the Lessor of the incident in writing and be liable for such damage or
loss.
	 
	(2)	 	The amount of damages shall, principally, be calculated through consultation between the Lessee
and the sufferer. In the event that amicable agreement is not reached between two parties, the
amount of damages shall be adjusted according to the market price at the time of liability.

Article 25 Lessor’s Right to Terminate the Agreement

	(1)	 	 In the event that the Lessee falls under any of the following subparagraphs, the Lessor may
terminate this agreement and ask the Lessee to quit the premises even before the expiration of the
lease agreement with a written notice:

	 	1.	 	The Lessee consecutively defaults in the payment of monthly maintenance and other
expenses more than two(2) months from the due date;
	 
	 	2.	 	The Lessee enters into attachment, provisional attachment, or provisional
disposition, or files for auction or bankruptcy, or is unable to continue this agreement
the property, credit or marketing;
	 
	 	3.	 	The Lessor’s honor or credit is damaged as a result of the Lessee’s action; or
	 
	 	4.	 	The Lessee breaches the provisions of this agreement or other matters agreed upon

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	 	 	 	between the Lessor and Lessee with regard to this agreement.

	(2)	 	In case of any of the above subparagraphs, the Lessor may terminate this agreement and take
necessary legal proceedings so that the premises may be delivered.

Article 26 Termination of the Agreement during the Agreement Term

	(1)	 	In the event that either the Lessor or Lessee, for certain reasons, intends to terminate the
agreement during the lease agreement or in the middle of the extended period in accordance with
Article 2, either party may terminate this agreement by giving 3 months’ prior written notice to
the other party and, in this case, pay separately to the other party liquidated damages equivalent
to one (1) months of rent.
	 
	(2)	 	 The termination of the lease agreement shall not be applied to part of the premises for the
Lessee’s certain reason.

Article 27 Surrender of the Premises and Restoration

	(1)	 	Upon the expiration of the term hereof, the Lessee shall evacuate all his/her belongings and
properties, return keys and properties owned by the Lessor to the Lessor, and deliver the entire
premises to the Lessor.
	 
	(2)	 	Any equipment, partitions or other changed facilities which the Lessee installs in the premises
shall be dismantled and restored to the original state at the time of the conclusion of the
agreement at the Lessee’s own expenses until the expiration of the agreement. However, the Lessor,
instead of the Lessee, may carry out the said work at the Lessee’s own expenses and at the request
of the Lessee.
	 
	(3)	 	In the event that the Lessee fails to evacuate the Lessee’s belongings and properties or fails to
restore the premises to the original state or fails to deliver it to the Lessor owing to any reason
attributable to the Lessee, the Lessee shall pay to the Lessor liquidated damages equivalent to the
maintenance charge until the date when the actual delivery or restoration is performed reckoning
from the date of expiry of this agreement provided that the above period shall not exceed 30 days
from the date of expiry of the agreement.

Article 28 Refund of Security Deposit

	(1)	 	In the event that this agreement is terminated due to expiration or rescission of the lease
agreement or other reasons, the Lessor shall refund the security deposit to the Lessee within
ten(10) days after the delivery of the premises. However, in the event that there are charges or

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	 	 	debt outstanding, the Lessor deduct from the security deposit, all the charges and debt which the
Lessee is liable to pay to the Lessor, and refund the balance to the Lessor.

	(2)	 	In the event that the Lessor fails to refund to the Lessee the security deposit within 10 days
owing to a reason attributable to the Lessor, the Lessor shall pay the security deposit plus
arrears applying an annual interest of 18 % until the date of refund from the day overdue.

Article 29 Building Manager

	(1)	 	The Lessor may designate any third party who is a specialized caretaker company as a building
manager for the purpose of properly managing the premises.
	 
	(2)	 	The building manager described in the foregoing paragraph shall act as a managing agent for the
Lessor and have the same rights and obligations as those of the Lessor.

Article 30 Building Maintenance Rule

	(1)	 	The Lessor or managing agent may draw up, enforce, amend or abolish “Building Management Rule
(rules related to such facilities as parking and elevator)” and “Occupancy Guideline” and the
Lessee shall abide by the management rule and guideline for the purpose of facilitating the
maintenance of the premises and the Lessee’s business.
	 
	(2)	 	Any change in the maintenance rule or guideline to be drawn up and enforced by the Lessor shall
become enforceable by the parties with a month’s prior notice.

Article 31 Registration

Matters related to the lease hereunder may be indicated in the registration.

Article 32 Sale of Premises and The Lessor’s Obligations

In the event that the Lessor, for certain reason, sells the premises to any other person, the
Lessor shall have his/her obligation to ensure that the purchaser succeeds to the Lessor’s status
as stated in the terms and conditions of this agreement.

Article 33 Compromise before Filing Lawsuit

The Lessor and Lessee may draw up the Compromise Statement before Filing Suit after the execution
of this agreement according to a separate form. The parties shall jointly share the

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expenses required for this.

Article 34 Governing Law and Interpretation

Matters not stipulated in this agreement shall be decided upon by mutual consent between the Lessor
and the Lessee. Any matter for which an agreement is not reached between the parties that shall be
governed and interpreted by the Laws of Korea and the general practices of the lease.

Article 35 Jurisdiction

Any lawsuits which are filed in connection with this agreement may be brought in the courts sitting
in the Lessor’s address.

IN WITNESS WHEREOF, the parties hereto sign their names and affix seal, executed this agreement in
duplicate and each retaining one.

November 30, 2007

Lessor

Address: KIPA Bldg., 79-2, Garakbon-dong, Songpa-gu, Seoul

Name of Company: Korea SW Industry Promotion Agency

Representative: You, Young Min (seal)

Lessee:

Address: 14 Fl., Meritz Tower, 825-2, Yeoksam-dong, Gangnam-gu, Seoul

Name of Company: Gravity Co., Ltd.

Representative: Ryu, Il Young (seal)

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Lease Agreement (Special Conditions)

Article 1 Creation of Security on Security Deposit

Upon completion of the preservative registration of building ownership against the refundable debt
for the security deposit, the Lessor shall create a collateral security on the said premises and
the Lessee shall pay the expenses.

Article 2 Fee Parking

	(1)	 	The number of cars subject to free parking are 62 cars and addition shall not be allowed.
	 
	(2)	 	 The number of cars subject to paid parking are 44 cars. However, the number of additional cars
subject to paid parking may be adjusted through mutual consultation according to the Lessor’s
operational condition.
	 
	(3)	 	Matters related to parking shall comply with the regulations for parking control.

Article 3 Supplement to Agreement

Matters related to the use of the premises and subsidiary facilities shall be supplemented to this
agreement after the Building Maintenance Rule is drawn to because the Building Maintenance Rule is
not drawn up yet.

Article 4 Free Lease

	(1)	 	This agreement offers the Lessee six (6) months of free lease (excluding maintenance charge, rent
for warehouse).
	 
	(2)	 	with regard to the method of applying free lease, the Lessor shall discount one (1) month from
the occupation month of the first occupation year and one another month from December. From the
next year, one (1) month from December shall be discounted. In the event that there is remaining
discount, it shall be applied by discounting in reverse order from the month when the agreement
expires.
	 
	(3)	 	The rent and maintenance charge incurred during the period of interior work. In the event the
interior work is completed and the Lessee moves in the premises, the rent and maintenance charge
shall be paid beginning from the date of actual occupation.

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Article 5 Submission of Movement Plan and Compensation for Arrearage

	(1)	 	Upon confirmation of movement schedule, the Lessee shall set the final date to occupy the
premises through consultation with the Lessor. The movement plan including the period of interior
work shall be submitted 15 days prior to the initiation of interior work and the occupation shall
be completed no later than February 28, 2008.
	 
	(2)	 	Even in the event that the Lessor fails to occupy the premises within the period described in the
foregoing paragraph for any reason attributable to the Lessee, the Lessee shall pay the total
amount of security deposit until the due date stated in the foregoing paragraph and the monthly
rent and the maintenance charge shall be levied on the Lessee.
	 
	(3)	 	In the event that the Lessee fails to pay the security deposit, the Lessee shall pay arrears in
cash in accordance with Article 8.(1) (Late Charge) of “the Lease Agreement (General Conditions).”
	 
	(4)	 	The Lessor and the Lessee shall set signatures and seals, and keep it together with the agreement

Article 6 Adjustment of Rent

	(1)	 	10% discount shall be applied to the rent for two (2) years from the effective date of the
agreement
	 
	(2)	 	The increase rate of the monthly rent and monthly maintenance charge shall be maximum 6% from the
pre-increase amount.

Article 7 Penalty Resulting From Early Termination

	(1)	 	In the event that the agreement is terminated during the term of agreement at the Lessee’s
request, the Lessee shall pay to the Lessor the liquidated damages in accordance with Article
26.(1)(Termination of the Agreement During the Agreement Term) of “the Lease Agreement(General
Conditions).”
	 
	(2)	 	In the event that the Lessee terminates the agreement within two (2) years from the date of
occupation for the Lessee’s reason, the Lessee shall pay to the Lessor the discounted amount of the
rent already applied during the term of lease in accordance with Article 4 and 6 of the lease
agreement (Special Conditions) in addition to the liquidated damages stated in the foregoing
paragraph.

Article 8 Miscellaneous

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	(1)	 	The Lessor may ask the Lessee for change in the leased area in accordance with minor change in
public area at the time of building completion. If there is no conspicuous difference, the Lessee
shall accept the change by amending the terms of the agreement.
	 
	(2)	 	The Lessor notified the Lessee of the fact that aircrafts frequently fly over DMC area and the
Lessee acknowledges it and shall not file a complaint against the Lessor in connection with the
aircraft noise.

Article 9 Sublease

	(1)	 	The Lessee may sublease any part of the premises only to its subsidiary (it means the company
which the Lessee holds more than 50% of its share) that corresponds with the subject of inducement
for the premises
	 
	(2)	 	In the event that the Lessee enters into the Sublease Agreement with its subsidiary, the Lessee
shall acquire the prior consent of the Lessor and, when the subsidiary move in the premises, the
Lessee shall notify the Lessor of the movement.

17

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