Document:

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                                                                    Exhibit 10.8

English translation

                             STOCK OPTION AGREEMENT

Gmarket Inc. (the "Company") and (the "Grantee") enter into this Agreement for
the grant of stock option (the "Stock Option") as follows. This Agreement is
made to compensate and motivate employees and officers or directors of the
Company who have contributed, or will likely contribute, to the Company's
management operations, and thus, both parties shall make best efforts to achieve
the purposes of this Agreement.

ARTICLE 1. PRICE AND METHOD OF GRANT

1    The price for exercise of the stock option ("Exercise Price") shall be
     [_______] Korean Won per share (based on KRW 5,000 face value, but if the
     face value resulting from a stock split is KRW 100, the Exercise Price
     shall be KRW 4,000 per share).

2    The stocks shall be granted by way of new share subscription.

ARTICLE 2. NUMBER OF SHARES GRANTED

[_______] common stocks shall be granted.

ARTICLE 3. EXERCISE PERIOD

1    The Stock Option granted shall be subject to four year vesting to the
     extent permitted by applicable laws and regulations as follows: 50% of the
     Stock Options may be exercised after two years from the date of the
     resolution and the remaining 50% of the Stock Options granted may be
     exercised monthly thereafter over the next two years in cumulative
     increments of 1/24 of the remaining Stock Options (the month in which the
     Grantee resigns or retires before the day of the 2nd stock option
     resolution anniversary shall not be counted in the Grantee's period of
     service, and any fractional share shall be disregarded). The Stock Options
     may be exercised according to the stock option agreement until seven (7)
     years have elapsed since the date when such Stock Options become
     exercisable, provided that in the event the Grantee resigns or retires
     after 2 years of service, the Grantee must exercise all remaining Stock
     Options that the Grantee could have exercised on the day of resignation or
     retirement, as applicable, within 3 months from resignation or retirement,
     as applicable, and any Stock Option not exercised by expiry of such 3-month
     exercise period shall be cancelled, regardless of the then exercisability
     of the Stock Option.

2    To exercise the Stock Option, the Grantee must be in service by the Company
     for at least two continuous years from the day of the Stock Option
     resolution is passed, provided that, in the event of death, retirement due
     to age, or retirement for other reasons beyond the Grantee's control, the
     Stock Option may be exercised during the exercise period.

ARTICLE 4. MANNER OF EXERCISE

1    The Grantee wishing to exercise the Stock Option shall apply to the Company
     in writing as required by the Company.

2    The date of application shall be the date when the application is accepted
     by the Company ("Date of Application").

3    The application form must state the day of Stock Option exercise, the
     number of shares to be subscribed for and other rights relating to the
     exercise of the Stock Option.

4    The Grantee shall make full payment for the shares within 7 days of the
     Date of Application. The Company shall issue the new shares within 14 days
     of the Date of Application and deliver the new shares to the Grantee.

ARTICLE 5. ADJUSTMENTS

The Exercise Price and number of stocks granted may be adjusted in the event of
dilution or excessive distribution through new share issue, bonus issue, stock
dividend, issuance of convertible bonds or bonds with warrant, stock split or
merger. If adjustment of Exercise Price or the number of shares granted is
necessary due to dilution, such adjustment shall be in the manner resolved by
the board of directors and in accordance with the formula below, provided, such
adjustment must be for the purpose of preventing dilution of share value and in
the course of adjustment, an amount less than 1 Korean Won and a share less than
1 share shall be disregarded:

1    New Share Issuance: If new shares are issued at a price lower than the
     Exercise Price, the Exercise Price shall be adjusted as follows:

     Adjusted Exercise Price = (total number of outstanding shares before the
     share issuance x Exercise Price before adjustment + the number of new
     shares issued x the issue price per share of the new shares issued) /
     (total number of outstanding shares before the new share issuance + the
     number of new shares issued)

2    Bonus Issue:

     Adjusted Exercise Price = Exercise Price before adjustment x [total number
     of outstanding shares before the bonus issue + (number of shares of bonus
     issue x face value per share / market value) / (total number of outstanding
     shares immediately before the bonus issue + total number of shares of bonus
     issue)]

     Adjusted number of shares granted = the number of shares initially granted
     under the Stock Option x [the number of outstanding shares immediately
     before the bonus issue + the number of shares of bonus issue] / the number
     of outstanding shares immediately before the bonus issue)

3    Stock Dividend:

     Stock dividend shall be regarded as new share issuance at face value and be
     subject to Paragraph 1 (New Share Issuance).

4    If the amount of pay-out ratio including stock dividend exceeds 50% and the
     dividend rate exceeds 20%, the Exercise Price is adjusted as follows:

     Adjusted Exercise Price = Exercise Price before adjustment x (total equity
     capital of the Company before dividend distribution - amount in excess of
     50% of the pay-out ratio) / total equity capital before dividend
     distribution.

5    Issuance of Convertible Bonds or Bonds with

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     Warrant: If the conversion price or exercise price for the warrant is lower
     than the Exercise Price, all such convertible bonds or bonds with warrants
     shall be deemed to be converted or exercised, and Paragraph 1 (New Share
     Issuance) shall apply.

6    Stock Split or Merger: In the event of stock split or stock merger of
     common stocks

     Adjusted Exercise Price = Exercise Price before the adjustment x the face
     value per share after the stock split or merger / the face value per share
     before the split or merger.

     Adjusted Number of Shares Granted = the number of shares granted before the
     adjustment x the face value per share before the stock split or merger /
     the face value per share after the stock split or merger.

7    Company Merger: In the event of the Company's merger with another company,
     the terms of the merger agreement shall govern. If the merger agreement is
     silent on adjustment and the Stock Option remains valid after the merger,
     adjustment shall be made according to the merger ratio.

8    If the adjustment pursuant to Paragraphs 1 through 7 results in the
     Exercise Price being lower than the face value, the Stock Option shall be
     exercised at face value.

ARTICLE 6. FREQUENCY OF EXERCISE

The Stock Option may be exercised all at once or in several installments at the
Grantee's discretion, subject to applicable laws and this Agreement, provided
that the Company may, under special circumstances, consult with the Grantee and
limit the exercise of Stock Options to 4 times or less per year.

ARTICLE 7. CHANGE OF THE RIGHTS

1    Transfer Restriction: The Stock Option may not be transferred to a third
     party, be provided as collateral, or be the object of attachment. In the
     event of any of the foregoing, the Stock Option shall be nullified.

2    Revocation of Stock Option: In the following cases, the Company may revoke
     the Stock Option by a resolution of its board of directors in accordance
     with the Articles of Incorporation. In such case, the Company shall give
     the Grantee prompt notice of the revocation.

     (i)  The Grantee's voluntary resignation or retirement within two years
          from the grant of the Stock Option;

     (ii) Material damage to the Company caused by the Grantee's intentional
          misconduct or gross negligence;

     (iii) Inability of the Company to respond to the exercise of Stock Option,
          due to bankruptcy or dissolution; or

     (iv) Occurrence of other causes for revocation of Stock Option set forth in
          this Agreement.

3    Succession of Rights: In the event of death, retirement due to age, and
     resignation due to advancement to officer level, the Stock Option may be
     exercised during the Exercise Period. In the event of the Grantee's death,
     the legal heir succeeds to the rights of the Grantee, provided that if the
     succession of rights occurs during the mandatory holding period, the Stock
     Option must be exercised within 1 year from the measuring date for the
     Exercise Period, and if the succession of rights occurs during the Exercise
     Period, the Stock Option must be exercised during the shorter period
     between (i) 1 year following the succession and (ii) the remaining Exercise
     Period.

ARTICLE 8. LEGAL COMPLIANCE

When selling the shares acquired through exercise of the Stock Option, the
Grantee shall comply with Article 188(2) (Prohibition on Using Undisclosed
Information) and Article 188(4) (Prohibition on Price Fixing and Other Unfair
Trade Practices) of the Securities and Exchange Act of Korea.

ARTICLE 9. GENERAL

Matters not specified in this Agreement shall be determined governed by
applicable laws, the Articles of Incorporation and the Stock Option Regulation,
to the extent available.

Date: ___________________

Company: Gmarket Inc.
         Representative Director
         Young Bae Ku (signature)

Grantee:
         Address: _________________________
         Country of Citizenship: __________
         Passport No.: ____________________
         Name: _________________ (signature)<PAGE>

                                                                    Exhibit 10.9

                                 (GMARKET LOGO)

                Namseoul B/D 6F, 1304-3, Seocho-Dong, Seocho-Gu,
                              Seoul, Korea 137-074
                            http://www.gmarket.co.kr

                                                                December 1, 2005

Mr. Massoud Entekhabi
29250 Wagon Road
Agoura, CA 91301
USA

Dear Mr. Entekhabi:

     We are delighted that you have agreed to serve as a member of the board of
directors (the "Board") of GMARKET Inc. (the "Company"). As agreed between
yourself and the Company, you will also serve as a member and chairman of the
Company's audit committee (the "Audit Committee"). This letter confirms our
understanding regarding the terms of your position as a director of the Board
and a member of the Audit Committee. We trust that you will dedicate such time
as is necessary or appropriate to the performance of your services to the
Company.

     1.   COMPENSATION

     (a) As a non-employee director of the Company, you will receive an annual
retainer of USD100,000 for your services as a member of the Board and the
chairman of the Audit Committee, to be paid on a monthly basis at the end of
each month (in equal portions), following the commencement of your service,
which is expected to commence immediately upon your appointment as a director by
the shareholders of the Company. For any periods which you have served in such
capacity that is less than a full month, the amount payable to you will be pro
rated in accordance with the actual number of days served in such month. The
Company will also reimburse you for all reasonable and customary expenses you
incur on behalf of or for the benefit of the Company, including traveling to and
from Board and Audit Committee meetings, upon receipt of a reimbursement request
from you supported by appropriate receipts and other relevant documentation.

     (b) In the event the Company successfully completes its initial public
offering (the "IPO") on Nasdaq or any other exchange outside of Korea, on the
date that is six months from the date of the closing of the IPO (the "First
Testing Date"), the Company shall calculate and pay to you an amount (the "First
Additional Payment") equal to A, which shall be due and payable within 5
business days of the First Testing Date, subject to the provisions of paragraph
2(d)(ii):

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          A = (US$1,500,000 - [(MP1 - EP) * O]) / 2

          Where A = the First Additional Payment amount to be paid;

          Where MP1 = simple average of the daily closing price of the Company's
          common shares for the period from the 30th day (inclusive) to the 1st
          (inclusive) day prior to the First Testing Date;

          Where EP = Exercise Price; and

          Where O = number of Options granted.

     (c) On the first anniversary of the First Testing Date (the "Second Testing
Date"), the Company shall calculate and pay to you an amount (the "Second
Additional Payment" and together with the First Additional Payment, the
"Additional Payments") equal to B, which shall be due and payable within 5
business days of the Second Testing Date, subject to the provisions of paragraph
2(d)(ii):

          B = A * (MP2 / MP1)

          Where B = the Second Additional Payment amount to be paid;

          Where A = the First Additional Payment amount;

          Where MP2 = simple average of the daily closing price of the Company's
          common shares for the period from the 30th day (inclusive) to the 1st
          (inclusive) day prior to the Second Testing Date;

          Where MP1 = simple average of the daily closing price of the Company's
          common shares for the period from the 30th day (inclusive) to the 1st
          (inclusive) day prior to the First Testing Date.

     (d) In the event your service as a director terminates at any time for any
reason, your right to receive the Additional Payments shall terminate and be
null and void. The right to receive Additional Payments may not be transferred
to a third party, be provided as collateral or be the object of attachment. In
the event of the occurrence of any of the foregoing, the right to receive
Additional Payments shall be cancelled and be null and void. In the following
cases, the Company may revoke the right to receive Additional Payments by a
resolution of its Board in accordance with the Articles of Incorporation of the
Company, in which case, the Company shall give you prompt notice of the
revocation:

          (i) Your voluntary resignation or retirement;

          (ii) Material damage to the Company caused by your intentional
misconduct or gross negligence;

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          (iii) Inability of the Company to comply with its obligation to make
payment due to bankruptcy or dissolution; or

          (iv) Occurrence of other causes for revocation of the right to receive
Additional Payments set forth in this Agreement.

     (e) If you voluntarily resign after the first annual general shareholders
meeting convened to elect members of the Board following the first anniversary
of commencement of your service as a member of the Board (such first
shareholders meeting, the "First Shareholders Meeting") but prior to the second
annual general shareholders meeting convened to elect members of the Board
following the first anniversary of commencement of your service as a member of
the Board (such second shareholders meeting, the "Second Shareholders Meeting"),
the Company will pay you USD100,000 on the date effective date of such
resignation.

     (f) In the event you are not elected to serve as a member of the Board by
the shareholders of the Company at the First Shareholders Meeting or you are
removed as a member of the Board or the Audit Committee (other than for cause)
prior to the second anniversary of the commencement of your service as a
director, the Company will pay you (in addition to the amounts set forth in
Paragraph 1(a), (b) and (c), in each case, as applicable), a severance payment
(the "Severance Payment") equal to X:

          X = (MPx - EP) * O/2

          Where X = the Severance Payment amount to be paid;

          Where MPx = simple average of the daily closing price of the Company's
          common shares for the period from the 30th day (inclusive) to the 1st
          (inclusive) day prior to the effective date of termination of your
          service;

          Where EP = Exercise Price; and

          Where O = number of Options granted.

     Provided however, in the event more than 15 daily closing prices of the
Company's common shares are not available to calculate the Severance Payment,
the Severance Payment shall equal USD200,000.

     (g) Notwithstanding anything contained herein to the contrary, if you are
removed as a member of the Board or the Audit Committee for cause as determined
by the Company or you voluntarily resign prior to the First Shareholders
Meeting, then no payments under this Paragraph 1 shall be payable to you,
effective as of the date of such removal.

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     2.   STOCK OPTION

     (a) In connection with your service, subject to Paragraph 2(d), you will be
granted options to purchase up to 2,000 shares of the Company's common stock
(the "Options"), which shall vest as follows:

          (i) 50% of the Options shall vest on the second anniversary of the
commencement of your service as a director, and

          (ii) the remaining 50% shall vest in 24 equal monthly installments
thereafter on the last date of each month.

     For the avoidance of doubt, upon termination of your service, all unvested
portions of your Options as of the date of such termination shall be immediately
cancelled and be null and void.

     (b) The exercise price per share of the Options shall be equal to
KRW200,000 per share, subject to adjustment for, including but not limited to, a
change made in the common stock of the Company without the receipt of
consideration by the Company through merger, consolidation, reorganization,
recapitalization, reincorporation, stock dividend, dividend in property other
than cash, stock split, liquidating distribution, combination of shares,
exchange of shares, change in corporate structure or other such similar
transaction not involving the receipt of consideration by the Company (as so
adjusted, the "Exercise Price").

     (c) Should you voluntarily resign as a member of the Board or as a member
of the Audit Committee prior to the second anniversary of commencement of your
service as a director, all Options shall be cancelled and be null and void. If
at any time, you are removed as a director of the Board or member of the Audit
Committee for cause as determined by the Company, then all Options shall be
cancelled and be null and void.

     (d) The Options will be subject to the terms and conditions of a stock
option plan to be adopted by the Company and the stock option agreement
evidencing the option (the "Plan"). Subject to all applicable laws, the Plan
will be registered with the United States Securities and Exchange Commission on
Form S-8 or such other equivalent form as may be in effect from time to time, no
later than 60 days following the completion of an initial public offering by the
Company.

     3.   CHANGE OF CONTROL

     (a) Notwithstanding Paragraph 1(b), (c) and 2(a), if the Company is subject
to a Change of Control, you may require, as applicable, the Acquiror (as
hereinafter defined) or the Successor (as hereinafter defined) to:

          (i) with respect to the Options which have not vested as of the date
of such Change of Control, pay to you an amount equal to (x) the number of
shares of the Company you would have received upon exercise of such unvested
Options on

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such date had you been able to exercise such unvested Options on such date
multiplied by (y) (1) the price at which the Acquiror or Successor, acquired the
Company's assets or shares of common stock, as applicable, less (2) the Exercise
Price; and

          (ii) with respect to the Additional Payments, if the IPO shall have
occurred prior to the date of the Change of Control, pay you such Additional
Payments on the date of such Change of Control as if such date is the First
Testing Date and/or the Second Testing Date, as applicable; and if the IPO shall
not have occurred prior to the date of the Change of Control, no Additional
Payments shall be payable until the IPO shall have occurred and thereafter,
pursuant to Paragraph 1(b) and (c).

     (b) Upon payment of the amounts set forth in Paragraph 3(a)(i) above, all
of the unvested Options with respect to which you elected to receive payment
pursuant to paragraph 3(a)(i) shall be cancelled and be null and void.

     (c) For purposes of this letter, a "Change in Control" means the occurrence
of either of the following:

          (i) The consummation of the sale or disposition by the Company of all
or substantially all of the Company's assets to another corporation, entity or
person (the "Acquiror"); or

          (ii) The Company combines or is consolidated with, or merges with or
into, any other corporation, entity or person (the "Successor") and the holders
of all of the total voting power represented by the outstanding voting
securities of the Company immediately prior to such transaction become in total
the beneficial owner or owners of less than fifty percent (50%) of the total
voting power represented by the outstanding voting securities of the Company or
the surviving entity or its parent immediately after such transaction, and a
majority of the Board immediately after such transaction consists of individuals
other than individuals who served as directors immediately prior to such
transaction.

     4.   DUTIES

     (a) You will be expected to participate in all meetings of the Board and
the Audit Committee, including all general and special meetings. It is our
expectation that you will participate in those meetings in person to the extent
possible. In addition, we would expect that you will make yourself available to
participate in various telephonic meetings from time to time, which we will give
you advance notice of.

     (b) Your service on the Board and its Audit Committee will be in accordance
with, and subject to, the Commercial Code of Korea, the Company's Articles of
Incorporation, as such may be amended from time to time and the Audit Committee
charter and directors' bylaws, if any, as may be in effect from time to time.

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     5.   TERM

     The agreement contained in this letter shall become effective upon your
election as a member of the Board and shall continue until the close of business
on the First Shareholders Meeting, unless earlier terminated by either party
upon 90 days' written notice to the other party. The initial term (and, if
applicable, any subsequent terms) may be extended for a subsequent one (1) year
term if the shareholders of the Company re-elect you to serve as a member of the
Board at the meeting of shareholders held following the end of each applicable
term. Notwithstanding the termination of any this letter, the obligations of the
Company to pay you any amounts set forth herein accrued prior to the termination
of this letter shall survive such termination.

     6.   INSURANCE

     The Company will provide you with a standard directors and officers
liability insurance policy coverage during the term of your service as a member
of the Board.

                                      * * *

     Please note that this letter is contingent upon your qualification as an
independent director and member of the Audit Committee under applicable NASDAQ
rules. Also, please note that this letter, any rights to purchase shares of the
Company's capital stock referenced in this letter and any all payments
referenced herein are contingent upon approval of the Board and the Company's
stockholders, and subject to applicable annual budgets for payments of salaries
and bonuses approved by shareholders, and all applicable laws governing payments
of salaries and other payments to directors and issuances of options and
exercises thereof.

     In accepting this letter, you are representing to us and agreeing to the
following: (i) that you do not know of any conflict that would restrict you from
becoming a director of the Company or serving as the chairman of the Audit
Committee and that you will promptly notify us of any such conflict if it arises
in the future; (ii) that you will, in your capacity as a member of the Board and
Audit Committee be receiving highly sensitive and confidential information about
the Company, its operations, financial condition, results of operations,
business operations, practices and processes and other know-how ("Confidential
Information") and you agree to keep all such Confidential Information strictly
confidential and shall not disclose to any third party such Confidential
Information, unless compelled to do so by a governmental agency or court and
further, shall only use such information on behalf of and benefit of the
Company; and (iii) you will not disclose to any other party either the contents
of this letter or the subject matter underlying this letter, except where such
disclosure is made to your advisor for the purpose of your discussion with such
advisor to evaluate the proposed terms and conditions set forth in this letter.

     If you are in agreement with the foregoing, please sign below and return
the executed letter to us. You should keep one copy of this letter for your own
records.

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This letter sets forth the terms of your service with the Company and supersedes
any prior representations or agreements, whether written or oral. This letter
may not be modified or amended except by a written agreement, signed by an
officer of the Company and by you.

     This letter agreement shall be governed and construed under the laws of the
Republic of Korea.

                                        Very truly yours,

                                        GMARKET INC.

                                        By: /s/ Young Bae Ku
                                            ------------------------------------
                                        Name: Young Bae Ku
                                        Title: Chief Executive Officer and
                                               Representative Director

Accepted and agreed
as of December [__], 2005:

/s/ Massound Entekhabi
-------------------------------------
Name: Massoud Entekhabi

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