Document:

exv4w86

Exhibit 4.86

Second Amendment

To The Exclusive Requiem Online License and Distribution Agreement

This Amendment is made and entered into on this 1st day of March, 2010 by and
between Gravity Co., Ltd (hereinafter referred to as “Licensor”) and Gravity Interactive, Inc.
(hereinafter referred to as “Licensee”).

RECITALS:

WHEREAS, Licensor and Licensee (“Parties” collectively) entered into an Exclusive Requiem Online
License and Distribution Agreement (“the Agreement”) dated 21st day of February, 2008
and First Amendment to The Exclusive Requiem Online License and Distribution Agreement(“First
Amendment”) dated 1st day of December, 2009.

WHEREAS, both Parties to the Agreement now desire to amend the Agreement as set forth below;

AGREEMENT

NOW; THEREFORE, in consideration of the mutual promises and covenants contained herein, Licensor
and Licensee agree as follows:

1. Territory

The Article 1.20 of the Agreement shall be amended as the following language and this article
shall be effect from 1st December, 2009:

	 	1.20	 	“Territory” shall mean the territory of the following North American
countries, and European countries as follows:
	 
	 	•	 	North American countries: United States of America and Canada
	 
	 	•	 	European countries: Switzerland, Norway, Denmark, Ireland, Spain, Sweden,
United Kingdom, Iceland, Finland, France, Germany, Greece, Austria, Belgium, Bulgaria,
Cyprus, Czech Republic, Hungary, Italy, Luxembourg, Malta, Netherlands, Poland,
Portugal, Romania, Slovakia, Slovenia, Albania, Andorra, Bosnia and Herzegovina,
Liechtenstein, Monaco, Montenegro, San Marino, Serbia, Vatican City State, Croatia,
Former Yugoslav Republic of Macedonia, Turkey

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2. Continuing Effectiveness of the Agreement

Except as expressly set forth herein, this Amendment shall not by implication or otherwise
alter, modify, amend or in any way affect any of the terms, conditions, obligations,
covenants or agreements contained in the Agreement, all of which are ratified and affirmed in
all respects and shall continue in full force and effect.

IN WITNESS WHEREOF, the Parties have executed this Amendment on the day and year first
above-written.

	 	 	 	 	 	 	 	 	 

	Gravity Co., Ltd.	 	Gravity Interactive Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 
	 	By:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 	 	Name: Toshiro Ohno	 	 	 	Name: Yoshinori Kitamura	 	 
	 	 	Title:   President & CEO	 	 	 	Title:   CEO	 	 
	 	 	Date:   3/3/2010	 	 	 	Date:   3/4/2010	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	Name: Yoon Seok Kang	 	 	 	 	 	 
	 	 	Title:   CEO	 	 	 	 	 	 
	 	 	Date:   March 3rd 2010	 	 	 	 	 	 

2exv4w87

Exhibit 4.87

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 2nd day of March, 2010 (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 15F, Nuritkum Square Business Tower, 1605,
Sangam-Dong, Mapo-Gu, Seoul, Korea (hereinafter to as “Licensor”) and _GAME FLIER INTERNATIONAL
CORPORATION, a corporation having its principal place of business at 8F, No. 95 Sec. 2 Nan-Kang
Road, Nan-Kang District, Taipei, Taiwan, R.O.C. (hereinafter called “Licensee”).

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 pursuant to
which Licensee will make the Game available to players 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 Article of this agreement,
and all annexes, amendments and supplements hereto.
	 
	1.2	 	“Average Peak Concurrent User” shall mean the monthly average of daily maximum number of the
users logged simultaneously in the Game in the Territory.
	 
	1.3	 	“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.

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	1.4	 	“Business Days” shall mean any days other than Saturday, Sunday and any other day designated
as a legal holiday by Korea or Taiwan government.
	 
	1.5	 	“Closed Beta Test” shall mean the the secured and non-public testing of the beta version of
the Local Version by a select group of the End Users prior to the Open Beta Test, which is to
be performed by Licensee in the Territory.
	 
	1.6	 	“Commercial Launch Date” shall mean when commercially launch the Game and start charging
from the End Users directly or indirectly.
	 
	1.7	 	“Confidential Information” shall mean all materials, know-how, software or other 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 under this Agreement, which is designated as confidential in writing
by the disclosing Party or which is the type that is customarily considered to be confidential
information by persons engaged in similar activities. If Confidential Information is disclosed
orally, through demonstration or other intangible form, it shall be specifically designated by
the disclosing Party as Confidential Information at the time of disclosure and confirmed in
writing to be received by the receiving Party within thirty (30) days after the date of such
each disclosure or demonstration that such disclosed information shall include or consist of
the Confidential Information.
	 
	1.8	 	“End Users” shall mean the users of the Game through a network game service system
established and operated by Licensee with individually assigned identification numbers for
each user.
	 
	1.9	 	“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.
	 
	1.10	 	“Game Card” shall mean a tangible, intangible or virtual card containing a unique code (or
other unique mark) corresponding to a fixed amount of Game Points.
	 
	1.11	 	“Game Points” means any game point or other denotations of value contained in Game Card or
accessed through the means such as through automated teller machines, online credit card
transactions, and billing through fixed or mobile telephone service operator billing systems,
that can be used by End Users to purchase game item per Game Point.
	 
	1.12	 	“Game User Database” shall mean (i) all billing information of End Users, including, without
limitation, password of account, bank card and other billing information, address, telephone,
email address, and other usage or identification information of End Users collected by
Licensee (“User Database”); and (ii) End User data relating to the game-play
information, including, without limitation, account, character appearance (face/body) and
attributes (level/experience points/skills), item inventory and other statistics of all End
Users, including all such data and information collected in connection with the Local Version
(“Game Database”).

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	1.13	 	“Gross Sales Amount” shall mean the total revenues including the total value of Game Points
purchased by End Users, without deduction for any sales tax, value added tax, goods and
services tax, or other similar taxes or duties upon the sale of Game Points, in accordance
with generally accepted accounting principles (“GAAP”) of Taiwan, from the sale,
distribution and provision of the Local Version or other income-generating activities relating
to the Local Version. Gross Sales Amount shall not include revenues generated from online
advertisements placed on Licensee’s official website (http://www.gameflier.com) or
Licensee’s community website not related to the Game.
	 
	1.14	 	“Hacking” shall mean the intentional acts of any third party to gain illegal or unauthorized
access to the Local Version that result in affecting game play and the operation of the Local
Version, whether to the advantage of the third party responsible for the hacking or the
disadvantage of other users, including, but not limited to: (i) abnormal increases of a
character’s level; (ii) abnormal changes to various attributes of a character
(level/experience points/skills) and (iii) impediment of fair game plays.
	 
	1.15	 	“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.
	 
	1.16	 	“Local Language” shall mean the tradition Chinese as used in the Territory.
	 
	1.17	 	“Local Version” shall mean the Game provided in the Local Language.
	 
	1.18	 	“Newbie Pack” shall mean the packages included with installation CDs, operational manual,
free promotional Game Points and items
	 
	1.19	 	“Open Beta Test” shall mean the secured testing of the beta version of the Local Version 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.
	 
	1.20	 	“Parties” and “Party” shall mean Licensor and Licensee, collectively, individually, and
respectively.
	 
	1.21	 	“Peripheral Commodities” shall mean the products derived from the use of the Local Version
provided by Licensor. In other words, they are all works, including, but not limited to, any
characters, fancies, music sources, publications (hint books included), toys, stationeries,
mobile products and Taiwanese translations thereof.
	 
	1.22	 	“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.
	 
	1.23	 	“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.
	 
	1.24	 	“Territory” shall mean Taiwan, Hong Kong and Macao.

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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 for 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 medium format
or through the Internet; and
	 
	 	(3)	 	To generate, market, promote, sell and distribute Prepaid Cards in
accordance with market demands.
	 
	 	(4)	 	To produce, sell and distribute the Hint Book(s) of the Localized Game
within the Territory.

	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	 	The Licensee is permitted to appoint sub-distributors to market, promote, sell and distribute
the client software in CD-ROM medium, through the internet and/or any other form, Game card
and/or other method for the local service, provided that the Licensee agrees to be responsible
for each sub-distributor’s compliance with all of the terms and conditions contained herein
applicable to the Licensee.
	 
	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

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	 	 	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 Title 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 or Peripheral Commodities 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, the right
to produce and/or sell and distribute in the Territory merchandise or Peripheral Commodities
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 preparation of the Local Version and
providing 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, official website information, marketing materials and/or image
(the “Localization Materials”) for the Game in Korean language within thirty (30) days after
the Effective Date 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 cope
with 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

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	 	 	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	 	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	 	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	 	Korean version shall be provided no later than thirty (30) days from the date of the
Effective Date. The Closed Beta Test of the Game shall commence not later than ninety (90)
days from acceptance of the Final Reviewed Local Version of the Closed Beta Client CD.
Licensee shall commence the Open Beta Test not later than ninety (90) days from the date of
launch of the Closed Beta Test. Licensee shall launch the commercial service of the Game in
the Territory within sixty (60) days from the date of launch of the Open Beta Test of the Game
provided that Licensor shall use its best efforts to correct all defects and bugs detected in
the Game during the beta service. The Parties agree to cooperate with each other and exert
their best efforts to launch the services of the Game. 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 agreed by Parties 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	 	Licensee’s Billing System must be tested, analyzed and approved by Licensor prior to be 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.

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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 Article 4.1, including,
without limitation, lodging, and other general living expenses incurred during their stay at
Licensee’s premises upon the request by Licensee, shall be borne by Licensee. However, it is
understood that the expenses incurred from the initial setting before the Close Beta Test
shall be borne by Licensor.
	 
	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.
	 
	4.4	 	Licensor agrees that the Localization quality standards shall be high-quality and immersive.
Licensor agrees to follow the reasonable directives of Licensee’s operation team about
modifications of the Local Version(“Directives”) and apply Directives in the Local Version
after the mutual agreement. The Directives shall be reasonable and effective for Game services
in the Territory. If Directives issued by Licensee are irrational and ineffective or break the
balance of the Local Version, Licensor may not apply the Directives to the Local Version by
Licensor’s decision.
	 
	4.5	 	Licensor shall provide to Licensee any and all updates and upgrades provided to other
licensees of the Game. In addition, Licensor shall make an effort to provide updates at least
twice a month and upgrades at least three times a year following the Commercial Launch in any
event upon reasonable request of Licensee.
	 
	4.6	 	In the event that any Hacking occurs, Licensee shall immediately report the relevant Hacking
to Licensor as soon as Licensee recognizes it. Then Licensor shall promptly use its technical
efforts to test and confirm the reported Hacking and make the best effort to resolve the
Hacking with Licensee.

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Article 5

Payment and Taxes

	5.1	 	License Fee
	 
	 	 	Licensee shall pay to Licensor a non-refundable, non-recoupable sum of Three Hundred Thousand
United States Dollars (US$300,000) as a License Fee in three instalments as follows:

	 	(a)	 	One Hundred twenty Thousand United States Dollars (US$120,000): within
Seven (7) Business Days from the receipt of the invoice issued after the Effective
Date.
	 
	 	(b)	 	Ninety Thousand United States Dollars (US$90,000): within Seven (7)
Business Days from the receipt of the invoice issued after the commencement of the
Open Beta Test.
	 
	 	(c)	 	Ninety Thousand United States Dollars (US$90,000): within Seven (7)
Business Days from the receipt of the invoice issued after the Commercial Launch
Date.

	5.2	 	Minimum Guarantee Payment
	 
	 	 	Licensee shall pay to Licensor a non-refundable, non-recoupable sum of Three Hundred Thousand
United States Dollars (US$300,000) as a Minimum Guarantee Payment (the “MG Payment”) in three
instalments as follows:

	 	(a)	 	One Hundred Thousand United States Dollars (US$100,000): within Seven (7)
Business Days from the receipt of the invoice issued after the Commercial Launch
Date.
	 
	 	(b)	 	One Hundred Thousand United States Dollars (US$100,000): within Seven (7)
Business Days from the receipt of the invoice issued after the Thirteen (13) months
from the Commercial Launch Date.
	 
	 	(c)	 	One Hundred Thousand United States Dollars (US$100,000): within Seven (7)
Business Days from the receipt of the invoice issued after the Twenty Five (25)
months from the Commercial Launch Date.

	 	 	The Royalty Payment described in Article 5.3 shall be deemed as fully paid until the accumulated
Royalty Payment reaches the amount of the accumulated MG Payment paid to Licensor. For the
avoidance of doubt, Licensee shall only pay the balance between the accumulated Royalty Payment
and the accumulated MG Payment paid to Licensor if the accumulated Royalty Payment in a specific
quarter period goes beyond the accumulated Guarantee Payment paid to Licensor by then.

	5.3	 	Royalty Payment and Report

	 	 	In addition to the License Fee specified in Article 5.1 of this Agreement, Upon Licensee’s
receipt of Licensor’s written invoice, Licensee shall pay to Licensor as Royalty Payments

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	 	 	Twenty percent (20%) of the Gross Sales Amount paid by End Users during the commercial period of
this Agreement. Subject to Article 5.3 below, the Royalty Payment shall be paid on a monthly
basis within twenty (20) days from the end of the applicable month. The Royalty Payment shall be
deemed to be 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 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.

	5.4	 	Incentive Payment
	 
	 	 	When the Monthly number of Average Peak Concurrent User (“APCU”) exceed following number for
three-continuous month period within six months from the Commercial Launch Date, in
addition to the Royalty said above, Incentive Payment shall be paid by Licensee in the
following manner:

	 	 	 	 	 	 

	APCU
	 	Incentive Payment
	30,000
	 	USD 100,000
	40,000
	 	USD 150,000
	50,000
	 	USD 200,000
	60,000
	 	USD 250,000
	70,000
	 	USD 300,000

	 	 	Licensee has responsibility for the Inventive Payment to Licensor at the only one time in this
Agreement and the Parties agree and acknowledge that the total amount of License Fee and
Incentive Payment shall not exceed Six Hundred Thousand United States Dollars(US$600,000).
Licensee shall pay the Incentive Payment to Licensor within Fourteen (14) Business Days from
Licensee’s receipt of the invoice issued by Licensor after the Parties mutually ascertain to
make the achievement of the applicable number of APCU in Article 5.4.

	5.5	 	Newbie Pack

	 	 	The sales amount of any Newbie Pack with the price under 59 New Taiwan Dollars (NT$) shall not
be included in Gross Sales Amount. However the sales amount of any Newbie Pack sold at a price
higher than 59 NT$, shall be included in Gross Sales Amount.

	5.6	 	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.

	5.7	 	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

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	 	 	entitlement to such Default Interest pursuant to this Article 5.7 shall not affect any of the
other rights of Licensor under this Agreement.

	5.8	 	Taxes

	 	 	Any and all taxes including the sales tax, value added tax on any payment to Licensor under this
Agreement shall be borne by Licensee, provided, however, 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 no more than Twenty percent ( 20%) 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 Article 5.8,
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 Licensee shall
not deduct such withheld amount from the actual payment amount.

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	 	Both Parties 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 three (3) years after the expiration or termination of this Agreement.
	 
	6.4	 	During the term of this Agreement and for three (3) 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 at no cost to Licensee.
	 
	6.5	 	All expenses incurred for such investigation and audit shall be borne by Licensor.

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	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 Article 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 Five
Hundred Thousand United States Dollars (US$500,000) for each twelve-month period after the
Effective Date of this Agreement. 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	 	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 the promotion,
marketing and advertising of the Game permitted under this Agreement.
	 
	7.5	 	Licensee may provide End Users with free Game Points and free accounts as 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

11

 

	 	 	Licensor. The detailed information on the free Game 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 in the Territory.
	 
	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. Except as otherwise
provided herein, 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.

12

 

	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) or allow or
assist other to do any of the foregoing.

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

13

 

	 	 	violation of Intellectual Property rights by third parties in the Territory, Licensee shall
take all reasonable action, legal or otherwise, under the circumstances 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 preceding period
of six (6) months proceeding first date in which the other Party demands damages in writing
against either 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

14

 

	 	 	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 (36 months) 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 give
Licensee the first right of negotiation for a period of thirty (30) days for re-execution of a
license agreement for an additional term of one (1) year (“Renewed Term”) for the Game. 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:

15

 

	 	(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 Article 13.3 below.

	13.3	 	Notwithstanding Article 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, the MG
Payment, Royalty Payment or Incentive Payment, for any given month as set forth in
Article 5, 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 License Fee,
the MG Payment, Royalty Payment or Incentive Payment due Licensor without any
justifiable reasons, as defined in Article 6.6 above;
	 
	 	(c)	 	if the Closed 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 Licensee provide free or unreasonably low-priced, compared to market
value, accounts to End Users in the Territory except for Article 7.5 ;

	13.4	 	Upon the effective date of such 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 Game User Database, as may be
requested by Licensor. However such information shall specifically exclude User Database set
forth in Article 1.12 as well as any personal data which is not directly related to the End
User’s

16

 

	 	 	utilization of the Game and Game services. Both parties shall use its best efforts to
achieve a smooth data transfer to ensure non-interruption of the Game services during such a
transition.

	13.5	 	Provided that this Agreement is not earlier terminated pursuant to Article 13, there shall
be a phase out period of three (3) months following the expiration of the Term (the
“Phase-Out Period”), during which time Licensee shall wind-down the distribution and
operation of the Game. If this Agreement is terminated pursuant to Article 13, the terminating
Party shall determine whether there shall be a Phase-Out Period and the length of such
Phase-Out Period, provided that such period shall not exceed three months. During the
Phase-Out Period, Licensee shall (i) continue to make the Game available to End Users, (ii)
continue to pay the Royalty Payment pursuant to Article 5.3, and (iii) terminate its marketing
and sales activities relating to the Game (i.e., no longer permit End Users to transfer Game
Points to their account from Licensee to purchase virtual items for use in connection with
accessing the Game).
	 
	13.6	 	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.

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 the Republic 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 the Republic 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

17

 

	15.1	 	Licensor and 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 the other Party. 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. Changki Kim

15F, Nuritkum Square Business Tower, 1605, Sangam-Dong, Mapo-Gu, Seoul, Korea

Tel: +82-2-2132-7310

Fax: +82-2-2132-7000

If to Licensee

Attention: Alex Hung

Add: 8F, No. 95 Sec. 2 Nan-Kang Road, Nan-Kang District, Taipei, Taiwan, R.O.C.

Tel: +886 2 2786-3388 ext 899

Fax: + 886 2 2651-9779

	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.

18

 

	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 the Republic
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 the Republic 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.

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

	 	 	 	 	 	 	 	 	 	 	 	 	 

	Gravity Co., Ltd.	 	GAME FLIER INTERNATIONAL CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	OHNO Toshiro
	 	 	 	Name:
	 	Jung I Lin	 	 
	 

	 	Title:
	 	Persident & CEO
	 	 	 	Title:
	 	CEO	 	 
	 

	 	Date:
	 	Mar. 2, 2010 	
	 	 	Date:
	 		 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	
	 		 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Yoon Seok Kang
	 	 	 	
	 		 	 
	 

	 	Title:
	 	CEO
	 	 	 	
	 		 	 
	 

	 	Date:
	 	Mar. 2, 2010 	
	 	 	
	 		 	 

19

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