Document:

EX-4.46 AGREEMENT DATED OCTOBER 9, 2006

 

Exhibit 4.46

Agreement on Changes of the Global Publishing Contract

GRAVITY Co., Ltd. (hereinafter “Buyer”) and Ndoors Corporation (hereinafter “Supplier”) hereby
agree to the changes of the contract in the regard to ‘the Global Publishing Contract’ (hereinafter
“Original Contract”) previously agreed on 9th November 2005 by applying the contract
retroactive to the date of the “Original Contract” agreement as below.

2. Others, except for the described below, shall follow “Original Contract” and this Agreement
shall be prior when there are conflicts between this Agreement and “Original Contract.”

The following are the terms of the changes:

Article 4 [Content the Rights Regarding the Agreement]

	 	1.	 	Regarding the subject Game, “Supplier” shall have and hold all the intellectual
property (excluding the trademark right of the subject Game that “Buyer” shall have and
hold during the contract period) including the right of program development.
	 
	 	2.	 	Regarding the subject Game, “Buyer” shall have the worldwide exclusive right,
including the Republic of Korea, of distribution, game management and game services, and
shall also have and hold the whole exclusive and general rights of the business (including
the re-licensing right) hereto.
	 
	 	3.	 	“Buyer” shall give prior notice to “Supplier” and shall file trademark applications
of the subject Game in Korea and foreign countries at “Buyer’s” expenses (regarding the
subject Game, “Supplier” shall assigned its trademarks under applications to “Buyer”
within fourteen days from the date of this Agreement), and shall have the right for the
trademarks when they are granted and registered. However, “Buyer” shall assign the
trademarks to “Supplier” with the amount of the prime acquisition cost (meaning costs and
fess for trademark applications and registration including agents’ commissions, official
fees and other miscellaneous costs) and “Supplier” shall be assigned with the same.
	 
	 	4.	 	“Buyer” shall have and hold the worldwide exclusive licenses and rights (including
rights of copy, distribution, transmission, selling, and service of the works related to
the subject Game such as mobile contents, animation, and characters, and the right of
re-licensing the subject rights) including the Republic of Korea about the business using
the contents in the game such as trademarks and characters and derived mobile business
(including mobile game business) from the subject Game, animation business,
commercialization business, and all other derivative business.
	 
	 	5.	 	For royalty settlement of accounts occurred by commercialization business described
in the

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	 	 	 	former paragraph, “Buyer” shall make certificate stamps and distribute the same to
enterprises that sell the products that commercialization is allowed and shall notify
status of certificate stamps production and distribution to “Supplier” on each and every
quarter. Except for certificate stamps production and notice of distribution status,
“Buyer” shall perform tasks with its judgment and decision for all the works (including
selection of enterprises and approval works related to marketing activities) related to
enterprises of commercialization, and shall discuss with “Supplier” when it is necessary.
	 
	 	6.	 	Results developed by “Buyer” (Applications including processed graphics and sound
data), the corresponding rights and ownership (including ownership of intellectual
property) shall belong to “Buyer.”
	 
	 	7.	 	“Buyer” shall have the right of first refusal upon publish of games that “Supplier”
shall develop.
	 
	 	8.	 	“Buyer” must send a notice to “Supplier”, discuss and agree when “Buyer” contracts
with a third party regarding the subject “Game”.
	 
	 	9.	 	All the rights and the duties in this Agreement shall not be assigned or transferred
to any third party without prior discussion and agreement by both parties in writing.

Article 8 [Division of Profits]

1. Division of Overseas Sales

	 	1)	 	Division of ‘Overseas Contract Money’
	 
	 	 	 	Shall divide and distribute the amount that “Buyer” actually receives, except ‘miscellaneous
costs’, among ‘Overseas Contract Money’ with the rate of 60% to “Buyer” and 40% to
“Supplier”
	 
	 	2)	 	Division of Overseas Running Royalty
	 
	 	 	 	Shall divide and distribute the amount remitted to “Buyer” among overseas ‘net sales’ with
the rate of 50% to “Buyer” and 50% to “Supplier”

2. Division of Domestic Sales

	 	1)	 	Shall divide and distribute the amount remitted to “Buyer” among domestic ‘net sales’
with the rate of 50% to “Buyer” and 50% to “Supplier”. (Excluding sales from PC-Bang)
	 
	 	2)	 	Shall divide and distribute the amount among the total sales of PC-Bang, except VAT,
billing commissions and PC-Bang sole-sales commissions, with the rate of 50% to “Buyer”
and 50% to “Supplier”.

3. Division of Additional Sales

	 	1)	 	Sales amount gained by mobile business (In case that game items are sold through mobile,
the amount after deducting commissions of telecommunication companies and their agencies
shall be divided and distributed with the rate of 80% to “Buyer” and 20% to “Supplier”) and
commercialization business (including commercialization of the characters, guide books,
cartoons, and game music business) shall be divided and distributed with the rate of 50% to
“Buyer” and

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	 	 	 	50% to “Supplier”.
	 
	 	2)	 	In the cases of animation and animation business, separate contracts shall be made.

4. The amount of this paragraph is the one excluding Value Added Tax (VAT), and the recipient shall
pay the transaction fee in cases of foreign currency.
 

5. In case that billing and/or security solution is provided from the outside, the corresponding
expenses shall be paid with the rate of 50% from each side of “Buyer” and “Supplier.”

IN WITNESS WHEREOF, the parties hereto have caused this contract to be duly executed and delivered
in two copies and both parties of Buyer and Seller shall keep one copy each.

October 9, 2006

	 	 	 
	“Buyer”

	 	“Supplier”
	GRAVITY Co., Ltd.

	 	Ndoors Corporation
	14th Floor, Meritz Tower

	 	14th Floor, East-Wing
	825-2 Yeoksam-Dong, Gangnam-Gu

	 	IT Venture Tower
	Seoul, Korea

	 	78 Garak-Bon-Dong, Songpa-Gu
	 

	 	Seoul, Korea
	/s/  Il Young Ryu          	 	/s/  Sung-Won Cho          
	Representative: Il Young Ryu

	 	Representative: Sung-Won Cho

3EX-4.47 DISTRIBUTION AGREEMENT

 

Exhibit 4.47

Amendment To

The Exclusive Ragnarok Online License and Distribution

Agreement

THIS FIFTH AMENDMENT (this “Amendment”) is made and entered into on this 22rd day
of October, 2006 by and between Gravity Corporation (“Licensor”) and Soft-World International
Corporation (“Licensee”).

RECITALS

WHEREAS, Licensor and Licensee (“Parties” collectively) entered into an Exclusive Ragnarok
Online License and Distribution Agreement (“Agreement”), dated May 20th, 2002.

WHEREAS, Parties to the Agreement now desire to amend the Agreement as specified below.

NOW, THEREFORE, the parties agree as follows:

	 	1.	 	Extend the Term of the Agreement
	 
	 	 	 	Parties agreed to extend the Agreement for one (1) year (“Renewed Term”) from the expiration
date with the conditions stated in the Agreement. The newly extended term of the Agreement
shall be from October 22nd, 2006 to October 22nd , 2007 only.
	 
	 	2.	 	License Fee And Minimum Guarantee Payments Against Royalties
	 
	 	 	 	Parties agreed to extend the Agreement without License fee (“LF”) and minimum guarantee
payment against royalties (“MG”) for this extension only. Parties shall negotiate and decide
on LF and MG for the extension agreements and/or amendments subsequent to this Agreement.
	 
	 	3.	 	Technical Support Personnel
	 
	 	 	 	Licensor agrees to send two (2) technical support personnel to perform maintenance service
in Licensee’s office. Licensor and Licensee equally split the payment of the annual Salary
of Forty-eight Thousand United States Dollars (US$48,000) for two dispatched Technical
Support Personnel, which is monthly salary of Two Thousand United States Dollars (U$2,000)
per person. The payment shall be made upon Licensor’s written monthly invoice..
	 
	 	 	 	Licensee is allowed to withhold as such tax up twenty percent(20%) of the any respective
payment amount. Licensee shall furnish Licensor with official written evidence of such tax
payments made on Licensor’s behalf, and give Licensor full assistance including the
execution of documents required by Licensor to reduce or reclaim such tax payments.
Licensee shall hold Licensor harmless from all claims and liability arising from Licensee’s
failure to report or pay any such taxes, duties, assessments, fees and other governmental
charges of any kind.

 

 

	 	 	 	Licensee shall pay for the living expenses and the allowances for both Technical Support
Personnel dispatched to the Territory when the Technical Support Personnel provides Licensee
receipts 50% of amount of the expenses and the allowances to be reimbursed after the end of
each and every month for the term of this Agreement. Licensor is responsible for dispatched
Technical Support Personnel not to disclose the fact that their living expenses and the
allowances are being reimbursed by Licensee to other employees working at Licensee’s office.
	 
	 	 	 	Licensee may request the change of Technical Support Personnel with reasonable cause.
	 
	 	4.	 	Official English Orthography of the Company Name Change of Licensor
	 
	 	 	 	Licensor’s official English orthography of the company name has changed from Gravity
Corporation to Gravity Co., Ltd.
	 
	 	5.	 	Business Address Change of Licensor
	 
	 	 	 	Licensor’s official business address has changed from 620-2 SinguBD gangnam-gu Seoul Korea
to 14th Floor Meritz Tower, 825-2, Yeoksam-Dong, Kangnam-Gu, Seoul, Korea.
	 
	 	6.	 	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 the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	Gravity Corporation,	 	 	 	SOFT-WORLD International Corp.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Il Young Ryu	 	 	 	By:	 	/s/ Chin–Po Wang	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Name: Il Young Ryu	 	 	 	Name: Chin–Po Wang	 	 
	Title: Chairman	 	 	 	Title: Chairman	 	 

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