Document:

<PAGE>
                                                                    Exhibit 10.2

     SECOND AMENDMENT AND RESTATEMENT DATED AS OF AUGUST 24, 2005 OF THE FIRST
AMENDMENT OF THE DIVESTITURE AGREEMENT DATED AS OF DECEMBER 24, 2004.

                                    RECITALS

     This SECOND AMENDMENT AND RESTATEMENT OF THE DIVESTITURE AGREEMENT (the
"Second Amendment") is entered into as of the 24th day of August 2005, by and
among WiderThan Co., Ltd., a Korean corporation ("WTC"), WiderThan Americas,
Inc., a Delaware corporation ("WTA"), i-Hatch Ventures, L.P., a Delaware limited
partnership ("i-Hatch"), General Atlantic Partners 64, L.P., a Delaware limited
partnership ("General Atlantic"), SK Telecom Co., Ltd., a Korean corporation
("SKT"), Tae Won Chey, a resident of Korea ("Mr. Chey"), and Nokia Venture
Partners II, L.P., a Delaware limited partnership ("Nokia").

     WHEREAS, in connection with the acquisition of WiderThan Americas, Inc.
(formerly known as Ztango) by WTC, the parties hereto previously entered into
that certain Agreement dated October 8, 2004, relating to the sale of shares of
common stock of WTC by Mr. Chey, which was subsequently amended on December 24,
2004 (the "First Amendment of the Divestiture Agreement"); and

     WHEREAS, the parties to the First Amendment of the Divestiture Agreement,
desire to amend and fully restate it as provided herein;

     NOW, THEREFORE, BE IT RESOLVED, that the First Amendment of the Divestiture
Agreement is amended and restated in its entirety as follows:

     SECTION 1. AGREEMENTS WITH RESPECT TO CHANGE OF CONTROL TRANSACTIONS.

     (a) WTC Agreements with respect to Change of Control Transactions.

     Except in the circumstances described in Section 2 below, WTC agrees that
it shall not take any action, waive any right or otherwise seek to complete or
directly facilitate a Change of Control Transaction (as defined below) without
providing SKT with the opportunity to exercise a right of first refusal with
respect to the proposed transaction in the manner set forth in Section 3 below.

     (b) Investor Agreements with respect to Change of Control Transactions.

<PAGE>

     Except in the circumstances described in Section 2 below, each Investor (as
defined below) agrees that it will not take any action (including the exercise
of any shareholder vote), waive any right or otherwise seek to complete or
directly facilitate a transaction which, singly or together with other than
anticipated concurrent or substantially concurrent transactions of WTC or the
other Investors, results in the occurence, when viewed in the aggregate, of a
Change of Control Transaction without providing (or as the case may be, voting
with WTC and the other Investors to provide) SKT with the opportunity to
exercise a right of first refusal with respect to the proposed transaction or
transactions in the manner set forth in Section 3 below.

     SECTION 2. EXEMPTIONS.

     (a) The agreements set forth in Section 1 above shall not apply to (i) any
transaction completed after December 31, 2007, or (ii) any transaction or
proposed transaction which is not within the control of WTC or the Investors, as
the case may be, or (iii) any transaction occurring after a Change of Control
(as defined below).

     (b) For the avoidance of doubt, the provisions of this Agreement shall not
modify, waive or otherwise affect the rights of the parties hereto arising under
the Investor Rights Agreement dated as of December 28, 2004, as amended,
including with respect to restrictions on transfers of designated common shares
of WTC acquired by the Investors in October 2004.

     (c) For the avoidance of doubt, the provisions of this Agreement are not
intended to restrict (i) the offer, issuance, sale or transfer of securities of
WTC or other persons or (ii) voting rights in respect of equity securities of
WTC, unless any such transaction (or series of concurrent or substantially
concurrent transactions) or shareholder vote (to the extent determined in the
affirmative) will result in a Change of Control.

     Section 3. Right of First Refusal Procedures.

     (a) SKT's Right of First Refusal.

     Prior to entering into any Change of Control Transaction, WTC shall deliver
an Intent Notice (as defined below) to SKT, with a copy to the Investors (the
"Sellers"). SKT shall have the right to elect (such election to be communicated
to the WTC in writing), within 20 business days after its receipt of an Intent
Notice, to purchase, or designate an affiliate of SKT to purchase, all (but not
less than all) of the Change of Control Consideration, upon the terms and
provisions of sale contained in the Intent Notice, by written notice to the WTC
(the "Control Transaction ROFR"). The closing shall then be held no later than
the later of: (i) [45] business days following the receipt by SKT of the
original Intent Notice; or (ii) [30] business days after a cash valuation has
been made pursuant to paragraph (b) below (if any part of such consideration is
other than cash, evidence of indebtedness or Liquid Securities).

<PAGE>

     (b) Valuation of Consideration.

     If the Change of Control Consideration as specified in the Intent Notice is
payable in property other than cash, cancellation of indebtedness or Liquid
Securities, SKT shall have the right to pay such purchase price in the form of
cash equal in amount to the present value of such property. If the Sellers and
SKT cannot agree on such cash value within 15 business days after the receipt of
the Intent Notice, the valuation shall be made by an appraiser of recognized
standing selected by the Sellers and SKT or, if they cannot agree on an
appraiser within 20 business days after the receipt of such Intent Notice, each
shall select an appraiser of recognized standing and the two appraisers shall
designate a third appraiser of recognized standing, whose appraisal shall be
determinative of such value. Upon the ultimate determination of the cash value
of such non-cash consideration, SKT shall have 5 business days to exercise its
right of first refusal pursuant to paragraph (a) above. Any costs incurred in
connection with the valuation of such non-cash consideration for the purposes of
this Section 3 shall be borne equally by WTC and SKT.

     For the avoidance of doubt, if the purchase price for the Change of Control
Consideration is payable in part or in whole in the form of Liquid Securities,
the number of business days specified in paragraph (a) above shall remain
unchanged notwithstanding any change in the value of the Liquid Securities after
the date of receipt of the Intent Notice and SKT shall only be required to pay
such purchase price in the form of cash equal in amount to the publicly quoted
value of such Liquid Securities on the date of receipt of the Intent Notice (or
if such date is not a business day, on the immediately preceding business day).

     (c) Effect of Failure to Exercise the Right of First Refusal.

     If SKT shall fail to exercise its right of first refusal as provided in
paragraph (a) above, then WTC or the Investors, as the case may be, may enter
into and complete the Change of Control Transaction at the price and on the
terms specified in the Intent Notice or at a higher price (and at an equivalent
or less favorable terms than were offered to SKT); provided, however, that (x)
issuances, sales or transfers pursuant to this paragraph (c) must be consummated
within [60] business days after the expiration of SKT's Control Transaction ROFR
and (y) any fluctuations in the value of the Liquid Securities from the date of
the Intent Notice (or if such date is not a business day, on the immediately
preceding business day) shall not be deemed to constitute changes to the terms
of the transaction.

     (d) Waiver.

     The Control Transaction ROFR may be waived in full or in part, in writing
at any time by SKT. WTC may provide notice to SKT of planned or present

<PAGE>

discussions with specific counterparty(s) in connection with a Change of Control
Transaction. Upon receipt of such notice, SKT may elect to waive its Control
Transaction ROFR with respect to the specific counterparty(s) for a specified
period.

     Section 4. Definitions.

     The following capitalized terms used herein shall have the meanings set
forth below:

     (a) "Asset" means any tangible or intangible property owned or controlled
by WTC, including, but not limited to, cash, securities, inventory, equipment,
real estate, trademarks, trade secrets, inventions, business contract or
business relationship of WTC.

     (b) "business day" means any day other than a Saturday, Sunday or a banking
holiday in Seoul, Korea or in New York, New York.

     (c) "Change of Control" means after the date hereof (i) any time at which
any person or group of affiliated persons (other than SKT and its affiliates)
shall directly or indirectly acquire more than a majority of the voting power of
the outstanding voting common equity securities of WTC or any successor entity,
or (ii) a sale, transfer, lease, assignment, conveyance, exchange or other
disposition of all or substantial parts of the consolidated Assets of WTC.

     (d) "Change of Control Consideration" shall consist of any securities,
assets, any other tangible or intangible property, or any other right or option
that is proposed to be issued, sold, granted or otherwise transferred by WTC
and/or the Investors, as the case may be, in connection with a Change of Control
Transaction.

     (e) "Change of Control Transaction" means any single transaction or series
of concurrent or substantially concurrent transactions resulting in or causing a
Change of Control by means of any of (i) a merger, amalgamation, share exchange
or consolidation, or (ii) the issuance, sale or transfer of securities.

     (f) "Investor" means the signatories hereto (other than WTC, WTA and SKT)
and their successors from time to time.

     (g) "Liquid Securities" means securities listed and traded on the New York
Stock Exchange, London Stock Exchange, Korea Stock Exchange, or quoted on The
NASDAQ Stock Market's National Market System, or on other similar exchanges
where such securities are listed and traded in each case with an average daily
trading volume of not less than US$500,000 (or the equivalent thereof).

     (h) "Intent Notice" means a written notice that includes a detailed
description of the proposed Change of Control Transaction, including without
limitation, the Change of Control Consideration, the general terms upon which

<PAGE>

WTC or the Investors propose to engage in a Change of Control Transaction and
name of each prospective transferee.

     Section 5. General.

     (a) Governing Law.

     This Agreement shall be governed by and construed in accordance with Korean
law.

     (b) Notices.

     Notices shall be delivered to the parties hereto by confirmed telefacsimile
or physical delivery, as the case may be, to the facsimile numbers and addresses
indicated on the signature pages hereto. Notices shall become effective upon
receipt.

     (c) Counterparts; Effectiveness.

     This Agreement may be signed in counterparts and shall take effect upon the
execution of all counterparts hereto.

<PAGE>

     In Witness Whereof, the parties hereto have duly authorized, executed and
delivered this Agreement as of the date first above written.

     IN WITNESS WHEREOF, the parties have executed this Second Amendment as of
the date first above written.

WIDERTHAN CO., LTD.                     MR. TAE WON CHEY

By /seal/ Sang Jun Park                 /s/ Tae Won Chey
   ----------------------------------   ----------------------------------------
   Sang Jun Park
   Representative Director

SK TELECOM CO., LTD.                    I-HATCH VENTURES, L.P.
                                        By: i-Hatch Ventures, LLC,
                                        its General Partner

By /seal/ Shin Bae Kim                  By /s/ Andrew Sutton
   ----------------------------------      -------------------------------------
Name: Shin Bae Kim                      Name: Andrew Sutton
Title: President                        Title: CFO

GENERAL ATLANTIC PARTNERS 64, L.P.      WIDERTHAN AMERICAS, INC. (FORMERLY KNOWN
                                        AS ZTANGO)

By: General Atlantic LLC,
    its General Partner

By /s/ Matthew Nimetz                   By /s/ Vernon Poyner
   ----------------------------------      -------------------------------------
Name: Matthew Nimetz                       Vernon C. Poyner
Title: Managing Director                   Chief Executive Officer

NOKIA VENTURE PARTNERS II, L.P.

By: /s/ David Jaques
    ---------------------------------
    David Jaques,
    CFO<PAGE>
                                                                    Exhibit 10.3

                          AGREEMENT ON COLORING ASP AND
                              BUSINESS COOPERATION

     SK Telecom Co., Ltd. ("SKT") and WiderThan.com Co., Ltd. ("WTC", and
together with "SKT", the "Parties") hereby enter into this agreement (this
"Agreement") whereby WTC shall provide SKT with the ASP service for the
provisioning of COLORing CP-interrelated function (the "ASP Service") utilizing
SKT's Wireless Network and WTC's CP-interrelated ASP service system (the "ASP
Service System") as follows:

                          CHAPTER 1. GENERAL PROVISIONS

ARTICLE 1. (PURPOSE)

     In connection with the provisioning by WTC to SKT of the ASP Service
utilizing SKT's Wireless Network and WTC's ASP Service System, this Agreement
aims to set forth the rights, obligations and division of labor and other
general provisions with respect to SKT and WTC, and the procedures and methods
for determining the fees payable for the ASP Service.

ARTICLE 2. (DEFINITIONS)

     1.   The terms used in this Agreement shall have the following meanings:

          (1)  "COLORing Service" means the service that enables SKT's mobile
               phone customer to search, download and transmit to another the
               calling tone data provided by a Content Provider for use as the
               calling tone of such customer's or another's mobile phone.

          (2)  "ASP service for the provisioning of COLORing CP-interrelated
               function", or "ASP Service", means the service whereby WTC
               operates a server that integrates the separate servers of the
               Content Providers for the COLORing Service and thereby stabilizes
               SKT's COLORing Service and enables SKT to receive real-time
               statistical data relating to the COLORing Service.

          (3)  "Wireless Network" means all the equipment operated by SKT in
               connection with wireless communication services.

          (4)  "Contents Provider", or "CP", means an individual or corporate
               person that provides various types of calling tone data necessary
               for the COLORing Service.

          (5)  "CP-interrelated ASP Service System", or "ASP Service System"
               means all the resources that are the subject of the operation of
               the ASP Service, including all hardware and software that are
               developed and installed by WTC.

<PAGE>

          (6)  "ASP Service Improvement and Expansion Planning" means all plans
               for improving the existing functions or adding new functions so
               that SKT receive a better ASP Service, and all actions taken to
               actualize such plans.

          (7)  "COLORing Service Subscriber" means those mobile phone customers
               of SKT that use and subscribe to the COLORing Service.

          (8)  "Individual Folder" means the storage space allotted to each
               COLORing Service Subscriber to store content.

          (9)  "Message" means the unit of data created to enable a COLORing
               Service Subscriber to send to another person the calling tone
               data stored in the ASP Service System.

          (10) "Communication Expenses" means all expenses related to the
               installation of the lines used exclusively for the ASP Service,
               monthly use charges and all other expenses related to
               communication lines.

          (11) "ASP Service Fee" means the monthly fee that SKT pays to WTC as
               the fee for the ASP Service provided by WTC to SKT using the ASP
               Service System. Such fee includes all expenses incurred by WTC in
               order to continue to provide the ASP Service, including the
               expenses incurred in connection with the ASP Service Improvement
               and Expansion Planning and the Applied ASP Service Program
               Maintenance.

          (12) "Fixed Charge" means the amount payable by SKT's mobile phone
               customer for subscribing to the COLORing Service.

          (13) "Applied ASP Service Program Development" means all activities
               related to developing additional programs for the ASP Service
               based on the existing ASP Service.

          (14) "Applied ASP Service Program Maintenance" means all of the
               following activities related to improving, operating, maintaining
               and monitoring the existing ASP for the purpose of its continued
               use and all related program activities.

               A.   Stable operation of the existing ASP Service;

               B.   Performance improvement and modification of the existing
                    programs for the ASP service;

<PAGE>

               C.   Improvement and additional expansion of the methods for
                    providing the ASP service;

               D.   Modification or addition of functionality as required by
                    applicable law or government order.

          (15) "ASP Service Standards" means the standards for judging the
               quality of the ASP Service in connection with its provision.

     2.   The definitions in clause 1 shall be applicable to this Agreement
          only, and any terms not defined herein shall be interpreted based on
          general customs.

ARTICLE 3. (CONTENT AND SCOPE OF THIS AGREEMENT)

     1.   SKT hereby commissions WTC to carry out all operations related to the
          ASP Service and the installation, improvement and operation of the ASP
          Service System and all operations related to the ASP Service
          Improvement and Expansion Planning as necessary to provide the ASP
          Service. In return therefor, SKT shall pay the amounts set forth in
          Article 12 ("Criteria for Determining the ASP Service Fee").

     2.   In order to satisfy SKT's requirements relating to the ASP Service,
          WTC shall develop, install and operate the ASP Service System and,
          upon SKT's request, improve, operate and provide technical support to
          the ASP Service System, in each case, at WTC's expense.

     3.   WTC shall, at its expense, provide information relating to the
          provisioning of the ASP as set forth in clause 9 of Article 7.

     4.   The content and scope of this Agreement may be amended or modified by
          a separate written agreement of the Parties.

                     CHAPTER 2. DEVELOPMENT AND OPERATION OF
             THE ASP SERVICE SYSTEM AND PROVISION OF THE ASP SERVICE

ARTICLE 4. (DEVELOPMENT AND OPERATION OF THE ASP SERVICE SYSTEM)

     1.   WTC shall be responsible for developing and installing the ASP Service
          System required for the ASP Service and the operation of the ASP
          Service System. WTC shall, at its expense, procure sufficient capacity
          and perform functional improvement for the ASP Service System required
          for the proper provisioning of the ASP Service.

<PAGE>

     2.   SKT shall provide to WTC specifications for its proprietary technology
          and all other technical support for proper interconnection between
          SKT's Wireless Networks and WTC's ASP Service System.

     3.   In the case of any significant external factors that cause the
          increase or decrease in WTC's expenses in connection with the
          provisioning of the ASP Service, the ASP Service Charge set forth in
          Article 12 may be modified by mutual written agreement of the Parties.
          Any changes so made shall take effect as of the date of the written
          agreement unless otherwise agreed upon by the Parties.

     4.   In the course of providing the ASP Service and in consideration of the
          competitive market environment, WTC shall provide the latest
          technology that would meet or exceed the ASP Service Standards and
          assist SKT to maintain its competitiveness in the market.

ARTICLE 5. (INSTALLATION OF THE ASP SERVICE SYSTEM)

     1.   WTC shall be responsible for installing the ASP Service System. The
          location of such installation shall be determined by mutual agreement
          of the Parties.

     2.   In connection with the installation of the ASP Service System, SKT
          shall provide all technical specifications, requirements and technical
          support necessary for the security of and interconnection with SKT's
          Wireless Network.

ARTICLE 6. (RIGHTS AND OBLIGATIONS OF SKT)

     1.   SKT shall establish the technical specifications and all other
          requirements necessary for providing the ASP Service and provide WTC
          with such specifications and requirements.

     2.   SKT shall designate a person to be in charge of the ASP Service and
          all related communications with WTC. The designated person may
          represent SKT and its assistants and shall supervise such assistants.

     3.   The right to select the ASP Service System

          (1)  During the term of this Agreement, WTC shall have the right to
               select the ASP Service System required for the ASP Service
               provided to SKT, provided that, if SKT requests a change in the
               specifications of or replacement of the ASP Service System for a
               reasonable cause, WTC shall take all necessary measures to do so
               in mutual agreement with SKT, absent a special reason cause not
               to.

<PAGE>

          (2)  If, for purposes of performing its obligations under this
               Agreement, WTC intends to use any facility and equipment owned by
               SKT or software to which WTC does not have a right to use, WTC
               shall obtain SKT's prior written consent.

     4.   SKT may independently advertise the COLORing Service to increase the
          use of the COLORing Service.

     5.   If a new agreement is made with a new Content Provider, SKT shall
          notify WTC to reflect any change in the ASP Service System.

     6.   SKT shall provide customer support required for the provision of
          COLORing Service through its or its agents' customer service centers.

     7.   SKT shall provide WTC with data transmission functionalities, such as
          connection to the Wireless Networks, as required for the ASP Service.
          SKT shall also make efforts to ensure normal and real-time
          transmission of the calling tone data to WTC's ASP Service System.

     8.   SKT shall be entitled to inspect or test, on its own or through a
          third-party inspector mutually agreed upon by the Parties, the
          following operational aspects of WTC. In such event, WTC shall provide
          the required support for the inspection or testing by SKT or the
          inspector, including allowing access to the ASP Service System or the
          facilities used for the ASP Service.

          (1)  Accuracy of billing data related to the ASP Service Charge as
               submitted by WTC;

          (2)  Accuracy of the ASP Service Standards as reported by WTC;

          (3)  Other matters that SKT determines are necessary in connection
               with the ASP Service provided to SKT.

     9.   If required for the stable provisioning of the COLORing Service, SKT
          shall have the right of first refusal with respect to the sale of all
          of the ASP Service System operated by WTC upon the termination or
          expiration of this Agreement. The purchase price in such event shall
          be the residual value of the ASP Service System after depreciation and
          amortization in accordance with SKT's accounting methods.

ARTICLE 7. (RIGHTS AND OBLIGATIONS OF WTC)

<PAGE>

     1.   WTC shall, at its expense, develop and install the ASP Service System
          required for the ASP Service and operate such system so that the ASP
          Service can be provided without interruption. If the ASP Service
          System needs to be expanded due to an increase in the number of the
          COLORing Service Subscribers or in the use of the COLORing Service,
          WTC shall make such expansion at its expense and in mutual agreement
          with SKT.

     2.   WTC may install, relocate or transfer the ASP Service System as
          necessary to meet the ASP Service Standards, provided that WTC will
          minimize the impact of such activity on the COLORing Service
          Subscribers and provided further that WTC shall obtain SKT's prior
          consent as to schedule and similar matters.

     3.   WTC shall continuously perform the ASP Service Improvement and
          Expansion Planning and determine whether to apply such plans to the
          ASP Service System, subject to SKT's consent.

     4.   Upon SKT's request, WTC shall provide all technical support necessary
          for the Content Provider to provide the calling tone data. Such
          support shall be provided equitably to all Content Providers
          contracting with SKT.

     5.   Upon SKT's instruction, WTC shall install and operate a website. In
          such event, SKT shall not make a separate payment for the service or
          invest separate cost for WTC's service or investment in connection
          with such website.

     6.   WTC's responsibilities for the installation and operation of the
          website are as follows:

          (1)  In mutual agreement with SKT, WTC shall develop, operate and
               manage a website targeting the potential subscribers of the
               COLORing Service.

          (2)  The operation of the website herein shall mean the inspection and
               deletion of the calling tone data uploaded by the COLORing
               Service Subscriber onto the ASP Service System, management of the
               COLORing Service Subscriber's content and responding to user
               inquiries relating to the use of the COLORing Service.

          (3)  WTC shall abide by each of the following in its management of the
               website.

               A.   WTC shall change the website upon SKT's instruction.

               B.   WTC shall promptly upgrade the instructions relating to the
                    COLORing Service and respond to user inquiries relating to
                    the COLORing Service.

<PAGE>

     7.   WTC shall provide on a real-time basis the calling tone data required
          for the COLORing Service.

     8.   WTC shall connect to SKT's Wireless Networks only for the purpose of
          providing the ASP Service. If SKT requests remedial measures in
          connection with the security of the Wireless Networks, WTC shall
          immediately take such measures.

     9.   WTC shall provide, on a monthly basis, the following information to
          SKT in connection with the ASP Service.

          (1)  WTC shall provide each of the following information to SKT in
               connection with planning for the improvement of the COLORing
               Service:

               A.   Statistical data relating to WAP/Web transactions (to be
                    prepared in a format requested by SKT);

               B.   System load (CPU, memory, disk IO, swap rate).

          (2)  WTC shall provide, on a quarterly basis, each of the following
               service or information to SKT:

               A.   Plans for improving the standards and quality of the
                    existing COLORing Service;

               B.   Proposal of new technology to be applied to SKT's business
                    activities related to the COLORing Service;

               C.   Proposal of new services related to the existing COLORing
                    Service;

               D.   Development of algorithms for improving the sound quality of
                    the calling tone under the EVRC environment; and

               E.   Various customer survey services related to the COLORing
                    Service.

     10.  If the ASP Service is not properly provided due to the failure of the
          ASP Service System, WTC shall notify SKT by facsimile as to the cause
          of such failure, expected time of restoration and the name of the
          person in charge of the restoration, and shall do its best to restore
          the system. If the system failure was caused by WTC's negligence or
          intentional act, the foregoing notice and other steps taken shall not
          serve to hold WTC harmless from its liability arising from the failure
          of the ASP Service System.

<PAGE>

     11.  WTC shall not be entitled to assert any intellectual property rights
          concerning the COLORing Service or any similar service against SKT and
          its Content Providers. In addition, WTC shall be liable for any and
          all legal liability relating to the intellectual property rights that
          WTC currently owns or will own in the future and shall hold SKT and
          its Content Providers harmless against any such legal liability.

ARTICLE 8. (ASP SERVICE IMPROVEMENT AND EXPANSION PLANNING )

     1.   Either Party may independently perform the ASP Service Improvement and
          Expansion Planning.

     2.   As to any functionalities proposed through the Planning For the
          proposed functions regarding the "ASP service improvement/supplement
          planning" business, SKT and WTC can decide, by mutual agreement,
          whether to apply these functions and set the standards for additional
          service charges and their computational methods.

     3.   In the event of material changes, including the expansion of the ASP
          Service System, which causes an increase in WTC's costs, the ASP
          Service Fees set forth in Article 12 may be adjusted by mutual written
          agreement of the Parties.

ARTICLE 9. (PUBLICITY)

     Subject to SKT's prior written consent, WTC can publicize its own corporate
     name and logo by means of SKT's COLORing Service website and all other
     mediums used for providing the COLORing Service.

ARTICLE 10. (DIVISION OF LABOR BETWEEN THE PARTIES)

     1.   Unless otherwise specified in this Agreement, the scope of the
          respective obligations of the Parties under this Agreement shall be as
          follows:

          (1)  Financial obligations

<PAGE>

<TABLE>
<CAPTION>
                                  Item                                  Responsibilities
                                  ----                                  ----------------
                                                                            SKT   WTC
                                                                            ---   ---
<S>                                                                     <C>       <C>
EQUIPMENT
   Purchase of a new server                                                        O
   Operation of the server                                                         O
   Maintenance, repair, and inspection                                             O
   Expansion of equipment                                                          O
   Procurement of equipment for testing the ASP Service System                     O
   Provisioning of the location and environment for the
      installation of the equipment                                                O

ASP SERVICE SYSTEM SOFTWARE
   New provisioning                                                                O
   Maintenance and repair                                                          O
   Upgrade                                                                         O

OTHERS
   Installation and operation of SKT's servers and their exclusive lines           O
   Payment of the charges for the use of the exclusive lines
      between SKT's servers and the ASP Service System                             O
   Maintenance of sufficient capacity for meeting the ASP
      Service Standards                                                            O
</TABLE>

          (2)  Operation of the ASP Service System

          (3)  System

<TABLE>
<CAPTION>
                                  Item                                  Responsibilities
                                  ----                                  ----------------
                                                                            SKT   WTC
                                                                            ---   ---
<S>                                                                     <C>       <C>
Hardware upgrade at SKT's request                                            O
Hardware upgrade at WTC's request                                                  O
</TABLE>

<PAGE>

<TABLE>
<S>                                                                     <C>       <C>
Software development and application at SKT's request                        O     O
Software development and application at WTC's request                        O     O
</TABLE>

(4)  Content Providers and COLORing Service Subscribers

<TABLE>
<CAPTION>
                                  Item                                  Responsibilities
                                  ----                                  ----------------
                                                                            SKT   WTC
                                                                            ---   ---
<S>                                                                     <C>       <C>
CONTENT PROVIDERS
   CP recruitment                                                            O
   CP management                                                             O
   CP agreement                                                              O
   CP monitoring                                                             O
   Sourcing new calling tone data                                            O
   CP technical support                                                      O

COLORING SERVICE SUBSCRIBERS                                                       O
   Service promotion                                                         O
   Subscriber recruitment                                                    O
   Service charge collection                                                 O
   Handling of subscriber demands                                                  O
   Handling of subscriber complaints (customer center)                       O
   Handling of subscriber complaints (Internet)                              O     O
</TABLE>

     2.   Expenses for any and all items marked as the sole responsibility of
          SKT or WTC shall be borne by such party.

     3.   WTC shall pay the expenses for items marked as the joint
          responsibility of the Parties, provided that SKT shall cooperate with
          WTC at WTC's request with respect to matters falling under SKT's
          business.

ARTICLE 11. (ASP SERVICE STANDARDS)

<PAGE>

     1.   In providing the ASP Service, WTC shall satisfy the ASP Service
          Standards requested by SKT with respect to the following items:

          (1)  Lag time in the searching or downloading of the calling tone data
               through mobile phones.

          (2)  Lag time in connecting to the website.

          (3)  Lag time in transmitting a Message.

          (4)  Downtime in the ASP Service due to the ASP Service System.

     2.   The specific numerical criteria relating to the items set forth in
          clause 1 shall be proposed by SKT and determined by the mutual
          agreement of the Parties.

     3.   If WTC fails to satisfy the ASP Service Standards set forth in clause
          1, SKT may request remedial measures. Within 15 days of receiving such
          request, WTC shall perform such measures absent a special reason and
          shall promptly give written notice to SKT as to the result of such
          measures. If the failure to satisfy the ASP Service Standards is due
          to WTC's negligence or intentional act, such notice by WTC shall not
          serve to hold WTC harmless from its liabilities.

      CHAPTER 3. FEES FOR COOPERATION IN THE COLORING BUSINESS AND THE USE
                               OF THE ASP SERVICE

ARTICLE 12. (Criteria for Determining the ASP Service Fee)

     1.   In consideration of WTC's providing the ASP Service to SKT by means of
          the ASP Service System, SKT shall pay the ASP Service Fee to WTC on a
          monthly basis, as set forth in clause 3.

     2.   The Parties shall not compute the ASP Service Fee until May 31, 2002.

     3.   Beginning in June 2002, the Parties shall compute and provide in
          writing the ASP Service Fee based on the criteria set forth in the
          following table.

<TABLE>
<CAPTION>
 Classification   ~ May 31, 2002              June 1, 2002 ~
 --------------   --------------              --------------
<S>               <C>              <C>
ASP Service Fee        Free        [__]% of the Fixed Charge collected
</TABLE>

[__] = MATERIAL OMITTED: CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

<PAGE>

     4.   WTC hereby acknowledges that the Fixed Charge, which serves as the
          basis for computing the Application Service Fee, is not based upon the
          amount SKT charges the COLORing Service Subscriber, but upon the
          amount SKT collects from the COLORing Service Subscriber. WTC further
          acknowledges that SKT will not include those COLORing Service
          Subscribers that do not pay the Fixed Charge in the computation of the
          ASP Service Fee. In the case of any difference in the amount of the
          ASP Service Fee as computed by each Party, the amount of the ASP
          Service Fee computed by SKT shall be controlling if the difference is
          less than 10%. If the difference is more than 10%, the amount of the
          ASP Service Fee shall be determined by mutual agreement of the
          Parties.

ARTICLE 13. (PAYMENT METHODS FOR THE ASP SERVICE FEE AND DISPUTE RESOLUTION)

     1.   SKT shall provide to WTC in each month data collected from SKT's
          billing system relating to the ASP Service Fee. By the tenth day of
          the following month, WTC shall submit to SKT an invoice for the
          Application Service Fee, together with its official opinion as to
          SKT's billing data and computation. The invoice shall be in a format
          mutual agreed by the Parties.

     2.   If there is no dispute as to the billing data, SKT shall, within 14
          days following the receipt of the invoice described in clause 1, pay
          the Application Service Fee to WTC.

     3.   If there is a dispute as to the billing data described in clause 1,
          SKT may, within 14 days following the receipt of the invoice, demand
          that WTC provide an explanation or data comparison. WTC shall, within
          15 days following the receipt of such notice, provide a written
          explanation or data comparison.

     4.   In the case of the preceding clause, SKT shall not be responsible for
          any liability arising from the delay in performing its payment
          obligation with respect to the Application Service Fee.

ARTICLE 14. (TRIAL COLORING SERVICE)

     Following mutual agreement with WTC, SKT may provide a trial COLORing
     Service for a limited time. The ASP Service Fee shall not be computed
     during this time period.

                    CHAPTER 4. TERM OF AGREEMENT; TERMINATION

ARTICLE 15. (TERM OF AGREEMENT; RENEWAL)

<PAGE>

     1.   This Agreement shall be effective for one (1) year from the date of
          its official signing by both parties.

     2.   Unless either Party gives notice of the termination or requests change
          in contractual conditions within thirty (30) days prior to the expiry
          of the Agreement, this Agreement shall be automatically renewed on the
          same conditions for one (1) year from the date following the expiry of
          the expiry of the Agreement.

ARTICLE 16. (TERMINATION)

     1.   If either Party breaches its obligations under this Agreement and does
          not remedy such breach without a special reason within fifteen (15)
          days of receiving demand for cure from the other Party, such other
          Party may terminate this Agreement.

     2.   Notwithstanding clause 1, a Party may terminate this Agreement
          effective immediately, in the case of any of the following:

          (1)  Either party becomes unable to properly perform its obligations
               hereunder due to a petition for such party's insolvency,
               liquidation, workout, composition, corporate restructuring or
               bankruptcy.

          (2)  Either party becomes unable to properly perform its obligations
               hereunder due to becoming subject to enforcement proceedings such
               as provisional seizure, seizure, provisional disposition or
               auction.

          (3)  Either party becomes unable to properly perform its obligations
               hereunder due to law, court order or governmental order.

     3.   Demand for cure or notice of termination to the other Party shall be
          made in writing.

ARTICLE 17. (POST-EFFECTIVE PERIOD)

               If this Agreement expires or terminates in accordance with
          Article 15 or clause 1 of Article 16, SKT is entitled to a
          post-effective period of six (6) months from the date of such expiry
          or termination and may renew the effective period for one time up to
          additional six (6) months. During the post-effective period, WTC must
          continue to provide the ASP Service, and computation of the ASP
          Service Fee as set forth in Article 12 shall continue to be effective.

                            CHAPTER 5. MISCELLANEOUS

ARTICLE 18. (INTELLECTUAL PROPERTY RIGHTS)

<PAGE>

     1.   The ownership rights, copyrights and the right to use relating to the
          intellectual property rights arising from the ASP Service System and
          derivative works developed by WTC in connection with the ASP Service
          herein shall belong to WTC.

     2.   The ownership rights, copyrights and the right to use relating to the
          intellectual property rights arising from the ideas provided by SKT in
          connection with the ASP Service herein shall belong to SKT. WTC may
          use such ideas only for the purpose of providing the ASP Service.

ARTICLE 19. (EXCULPATION OF SKT)

               WTC shall exculpate SKT from any claims arising in connection
          with the ASP Service provided by WTC for reasons including the
          infringement of third party intellectual property rights. If
          exculpation fails, WTC shall indemnify and hold SKT harmless from any
          damages suffered by SKT.

ARTICLE 20. (CONFIDENTIALITY)

               Neither Party shall disclose to a third party or make an
          unauthorized use of any confidential information relating to the
          business of the other Party, whether during the term of this Agreement
          or after the termination of this Agreement. Each Party shall strictly
          abide by confidentiality guidelines requested by the other Party.

ARTICLE 21. (INDEMNIFICATION)

               Any Party that breaches its obligations under this Agreement or
          causes harm to the other Party or a third party shall indemnify such
          other party for any damages therefrom.

ARTICLE 22. (AGREED JURISDICTION)

               Any disputes related to this Agreement shall be adjudicated at
          the Seoul District Court as the competent court for the initial trial.

ARTICLE 23. (NO ASSIGNMENT OF RIGHTS AND OBLIGATIONS)

               Absent prior written consent of the other Party, neither Party
          may assign or delegate to a third party or hypothecate all or a part
          of its capacity, rights or obligations under this Agreement

ARTICLE 24. (INTERPRETATION OF THE AGREEMENT)

<PAGE>

               Any matters not specified in this Agreement or any difference in
          opinion between the Parties as to the interpretation of this Agreement
          shall be decided in accordance with applicable laws or general
          business customs.

          Each Party hereby covenants that it will carry out the provisions of
     this Agreement in good faith. As evidence of the execution of this
     Agreement, each Party shall duly sign or seal two copies of this Agreement
     and shall keep one such executed copy of this Agreement.

                                                                    May __, 2002

SKT:                                     WTC:

SK Telecom Co., Ltd.                     WiderThan.com Co., Ltd.

99 Seonrin-dong                          Daebong B/D, 740-4 Yeoksam-dong,
Chongro-gu, Seoul                        Gangnam-gu, Seoul

Pyo, Moon Soo, Representative Director   So, Jin Woo, Representative Director
/seal/                                   /seal/

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