Document:

Exhibit
      10.52

     

    Voting
      Trust Agreement

    

    This
      Voting Trust Agreement (“Agreement”) dated as of the 4 day of June, 2008 between
      Rentar Logic, Inc., a Delaware corporation (“Corporation”), and Rentar
      Environmental Solutions, Inc., a Delaware corporation (“Rentar”) and NuState
      Energy Holdings, Inc., a Nevada corporation (“NuState”), referred to in this
      Agreement collectively as the “Shareholders”, and Rentar Environmental
      Solutions, Inc. referred to in this Agreement as the “Trustee.” The names and
      addresses of the Shareholders and the number of shares owned by each are as
      follows:

    

    
      	
              NAME
                OF SHAREHOLDER 

            	 	
              %
                OF STOCK 

            	 	
              NUMBER
                OF SHARES OF STOCK 

            	 	
              ADDRESS.

            
	 	 	 	 	 	 	 
	
              Rentar
                Environmental Solutions, Inc. 

            	 	
              51%
                

            	 	
              510
                

            	 	
              11586
                Pierson Road Wellington, FL 33414

            
	 	 	 	 	 	 	 
	
              NuState
                Energy Holdings, Inc. 

            	 	
              49%
                

            	 	
              490
                

            	 	
              c/o
                James M. Schneider, Esq. Schneider Weinberger & Beilly LLP 2200
                Corporate Blvd. NW, Ste 210 Boca Raton, FL 33431

            
	 	 	 	 	 	 	 
	
              TOTAL
                

            	 	
              100%
                

            	 	
              1,000

            	 	 

    

    

    RECITALS

     

    A.

    WHEREAS,
      each of the Shareholders represents that it is the owner of the number of shares
      of capital stock of Rentar Logic, Inc. (the “Corporation”) set forth opposite
      its name above.

    

    B.

    WHEREAS,
      in order to provide for the smooth and efficient operation of the Corporation,
      to prevent conflicts, and to avoid deadlocks, the Shareholders deem it to be
      in
      the best interest of the Corporation and of all the Shareholders that this
      Agreement be executed.

    

    C.

    WHEREAS,
      NuState Energy Holdings, Ltd. (“NuState”) and Rentar Environmental Solutions,
      Inc. (“Rentar”) entered into a certain April 10, 2008 Software Transaction
      Agreement, a certain June 4, 2008 Shareholder Agreement, and this June 4, 2008
      Voting Trust Agreement, which provide that the shares of the Corporation owned
      by NuState and the shares of the Corporation owned by Rentar will be voted
      as a
      block as determined by Rentar, among other matters.

    

    For
      the
      reasons stated above among others, the Shareholders, in consideration of their
      mutual promises, agree with each other and with the Trustee, and the Trustee
      agrees with the Shareholders, as follows:

    

    1.0
      Recitals
      part of this Agreement.

    The
      above
      recitals are true and correct and are incorporated into this
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    2.0
      Transfer
      of Stock to Trustee.

    Each
      Shareholder shall deposit the number of shares of capital stock set forth
      opposite its name above and the certificates for the stock, together with
      sufficient instruments duly executed for the transfer to the Trustee, and shall
      receive in exchange voting trust certificates. Upon deposit, all shares
      represented by the stock certificates deposited shall be transferred on the
      books of the Corporation to the names of the Trustee, who is authorized and
      empowered ( including by way of attorney in fact for each of NuState and of
      Rentar) to cause the transfers to be made, and also to cause any further
      transfers to be made that may become necessary due to a change in the identity
      of the Trustee as provided below.

    

    3.0
      Trustee's
      Control Over Stock.

    During
      the period this Agreement remains in force, the Trustee shall possess legal
      title to the shares deposited, and shall be entitled to exercise all rights,
      including the right to vote in person or by proxy, in respect of any and all
      deposited shares. However, each holder of a trust certificate issued by the
      Trustee shall be entitled to receive payments equal to any and all dividends
      collected by the Trustee with respect to shares of stock deposited by the
      respective trust certificate holder.

    

    4.0
      Voting
      Trust Certificate.

    On
      deposit by any Shareholder of a certificate or certificates for shares of stock
      under this Agreement, accompanied by instruments of transfer, the Trustee shall
      deliver or cause to be delivered to that Shareholder, a voting trust certificate
      or certificates for the same number of shares of stock as that represented
      by
      the certificate or certificates deposited. The voting trust certificates shall
      be in substantially the following form:

    

    VOTING
      TRUST CERTIFICATE

    Rentar
      Logic Inc. No. [Number
      of certificate].
      [Number
      of Shares] Shares

    

    This
      certifies that [name
      of shareholder] has
      deposited [number
      of shares] shares
      of
      the capital stock of Rentar Logic Inc. with the undersigned as Trustee under
      a
      voting Trust Agreement dated as of the ___ day of ________,
      2008
      between holders of capital stock of Rentar Logic, Inc., and Rentar Environmental
      Inc., as Trustee,
      and
      their
      successors, as trustee. This certificate and the interest represented is
      transferable only on the books of the Trustee on presentation and surrender.
      The
      holder of this certificate takes it subject to all the terms and conditions
      of
      the Voting Trust Agreement, and becomes a party to that agreement, and is
      entitled to the benefits of the agreement.

    

    Executed
      by the undersigned as Trustee on [date
      of execution].

    

    _________________________________

    Rentar
      Environmental Solutions, Inc., as Trustee

    [Address
      of Trustee]

    

    5.0
      Additional
      Stock.

    The
      Trustee may, from time to time, receive any additional fully paid shares of
      the
      capital stock of the Corporation on the same terms and conditions as are set
      forth in this Agreement, and in respect of all shares received, the Trustee
      shall issue and deliver certificates substantially of the form set out above,
      entitling the holder to all the rights specified above. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    6.0
      Dividends.

    All
      dividends that may accrue on the stock deposited under this Agreement shall
      be
      distributed pro rata among the holders of the voting trust certificates in
      the
      proportion to which they are entitled. 

    

    7.0
      Sale
      of Stock and Certificates by Shareholders.

    During
      the period of this Agreement, the Shareholders agree, and the Trustee accepts
      this voting trust only on the condition, that the Shareholders will not sell
      their respective shares. However, the voting trust certificates shall be freely
      transferable, and transfers of the certificates shall vest in the transferee
      all
      rights and interests of the transferor subject to any other agreements between
      the Corporation and the Shareholders in various capacities. On any such
      transfer, the Trustee will deliver or cause to be delivered to the transferee
      a
      voting trust certificate or certificates for the same number of shares of stock
      called for by the voting trust certificate transferred. Until the transfer,
      the
      Trustee shall treat the registered holder of a voting trust certificate as
      owner
      for all purposes. Every assignee or transferee of a voting trust certificate
      issued shall, by the acceptance of the certificate, become a party to this
      Agreement with like effect as though an original subscriber. The transfer of
      the
      Voting Trust Certificates shall be subject to that certain June 4, 2008
      Shareholder Agreement of the Corporation and the Shareholders.

    

    8.0
      Rights
      of Trustee.

    During
      the period this Agreement remains in effect, the Trustee shall possess and
      shall
      be entitled to exercise, in person or by proxy, all rights and powers of
      absolute owners in respect of all the stock of the corporation deposited with
      them, including the right to vote on, to take part in, and consent to, any
      corporate or shareholders' action of any kind, and to receive dividends and
      distributions on the stock. The Trustee’s right to vote shall include the right
      to vote for the election of directors and in favor of or in opposition to any
      resolution or proposed action of any character that may require the consent
      of
      Shareholders.

    

    9.0
      Election
      of Directors.

    For
      as
      long as this Agreement shall remain in effect, the Trustee shall vote the stock
      deposited to effect the election of and to continue in office a board of
      directors consisting of:

    Joel
      S.
      Ratner, Chairman

    Frank
      Reilly

    Richard
      Hersh

    Richard
      Warner

    Brian
      Gibbons

    

    10.0
      Termination
      of Voting Trust.

    Unless
      the Trustee exercises its right, which is expressly granted to it, to terminate
      this Agreement, the Trustee shall distribute the stock of the Corporation held
      by it to the holders of the voting trust certificates in proportion to their
      respective holdings on surrender of their certificates to the Trustee, as may
      be
      instructed by the Shareholders, and this Agreement shall then
      terminate.

    

    11.0
      Sale
      or Purchase of Stock or Certificate by Trustee.

    Nothing
      contained in this Agreement shall deprive the Trustee of the privilege to be
      enjoyed by all other depositors of selling or otherwise disposing of voting
      trust certificates as they see fit, or of purchasing additional certificates,
      or
      of purchasing additional stock and selling it.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    12.0
      Compensation
      of Trustee.

    The
      Trustee shall not be entitled to any compensation for its services as
      Trustee.

    

    13.0
      Resignation
      of Trustee.

    Trustee
      may resign at any time by delivering to the Shareholders a written resignation,
      to take effect no sooner than sixty days thereafter. Any vacancy, whether
      occurring by reason of death, resignation, or otherwise, shall be filled by
      appointment by the Shareholders, and the term Trustee as used here shall apply
      to successor Trustee appointed under this Agreement.

    

    14.0
      Trustee's
      Liability.

    In
      voting
      the shares of stock held by the Trustee or doing any other act with respect
      to
      the control or management of the Corporation as holders of the stock deposited
      under this Agreement, the Trustee shall exercise its best judgment in the
      interest of the Corporation, to the end that its affairs be properly managed.
      However, no Trustee shall be liable for any error of judgment or mistake of
      law
      or fact or for any error or omission except for the Trustee’s willful
      misconduct.

    

    15.0
      Amendment
      of Voting Trust.

    This
      Agreement may be amended or terminated at any time by an instrument in writing
      duly executed and acknowledged by the owners and holders of trust certificates
      representing a majority of the shares of stock deposited under this
      Agreement.

    

    16.0
      Acceptance
      of Trust by Trustee.

    The
      Trustee accepts this trust subject to all the terms and conditions of this
      Agreement, and agree that it will exercise its powers and perform their duties
      as set forth here. However, nothing contained in this Agreement shall be
      construed to prevent the Trustee from resigning and discharging itself from
      the
      Trust.

     

    Executed
      at Miami Dade County, Florida as of the date first listed above.

    

    

      
        	
                WITNESSES:

              	 	
                CORPORATION:

              
	 	 	
                Rentar
                  Logic, Inc.,

              
	
                /s/
                  Richard Hersh

              	 	
                By:
                  

              	
                /s/
                  Joel Ratner

              
	
                /s/
                  Richard Warner

              	 	 	
                Authorized
                  Representative

              
	 	 	 	 
	 	 	
                SHAREHOLDERS:

              
	
                /s/
                  Richard Hersh

              	 	
                By:
                  

              	
                /s/
                  Frank Reilly

              
	
                /s/
                  Richard Warner

              	 	
                Shareholder:
                  NuState Energy Holdings, Inc.

              
	 	 	
                By:

              	
                Frank
                  Reilly

              
	 	 	 	 
	
                /s/
                  Richard Hersh

              	 	
                By:
                  

              	
                /s/
                  Joel Ratner

              
	
                /s/
                  Richard Warner

              	 	
                Shareholder:
                  Rentar Environmental Solutions, Inc.

              
	 	 	
                By:
                  

              	
                Joel
                  Ratner

              
	 	 	 	 
	 	 	
                TRUSTEE:

              	 
	
                /s/
                  Richard Hersh

              	 	
                By:
                  

              	
                /s/
                  Joel Ratner

              
	
                /s/
                  Richard Warner

              	 	
                Trustee:
                  Rentar Environmental Solutions, Inc.

              
	 	 	
                By:
                  

              	
                Joel
                  Ratner, Authorized
                  RepresentativeEX-4.6 LEASE AGREEMENT, DATED MAY 9, 2007

Exhibit 4.6

English Translation

LEASE AGREEMENT

Lessor: LIG Insurance Co., Ltd.

Lessee: Gmarket Inc.

LEASE AGREEMENT

This Lease Agreement (this “Agreement”) is entered into on May 9, 2007 by and between LIG Insurance
Co., Ltd. (the “Lessor”) and Gmarket Inc. (the “Lessee”) under the following terms and conditions:

Article 1

(Description of Leased Premises)

	(1)	 	The Lessor intends to lease to the Lessee, and the Lessee intends to lease from the Lessor,
certain parts of the Building (the “Leased Premises”) the details of which are described
below:

Description of Leased Premises

	    	 	Location: LIG Insurance Co., Ltd. Bldg., 649-11 Yoksam-dong, Kangnam-gu, Seoul, Korea
	 
	    	 	9th Floor 1,427.24 m(2) 431.74 pyung (including the common area)

            Total: 1,427.24 m(2) (1,295.22 pyung)

(Attached Drawing)

	(2)	 	The Lessee shall use and occupy the Leased Premises for the purpose of office space. The
Lessee may not use the Premises for any other purposes.

Article 2

(Lease Term)

	(1)	 	The term of lease (the “Lease Term”) shall be a period of nine (9) months commencing on
March 25, 2007 and ending on February 29, 2008, provided however, this Agreement shall be
extended for a period of one (1) year unless either party in a written document notifies the
other of the objection to the extension until one month before the termination of the
Agreement.

	(2)	 	During the Lease Term, this Agreement may be terminated by giving a six (6) months’ prior
written notice of termination to the other party and by mutual agreement between the parties.
This Agreement shall be deemed as having terminated six (6) months after the date of such six
(6) months’ prior written notice.

 

 

Article 3

(Security Deposit)

	(1)	 	The Lessee shall deposit to the Lessor the security deposit (the “Security Deposit”) as
follows, and no interest shall accrue on the Security Deposit:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Classification	 	Amount	 	Percentage	 	Payment Due Date
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Security Deposit
	 	 	—	 	 	 	—	 	 	 	—	 
	Total
	 	 	—	 	 	 	—	 	 	 	—	 

	(2)	 	If the Lessee delays the payment of the Security Deposit, the Lessor may immediately
terminate this Agreement.

	(3)	 	The Lessee may not apply the Security Deposit to the payment of any monthly rent or
maintenance fee, nor may the Lessee assign, pledge or provide as security to a third party its
claim for refund of the Security Deposit.

	(4)	 	If the Lessee fails to perform any of its payment obligations set forth in this Agreement
within the prescribed time period, the Lessor may apply the Security Deposit toward the
payment of such unpaid amount without any procedure to take in advance. In the event that the
Lessor applies the Security Deposit toward the payment of an unpaid amount, the Lessor shall
give the Lessee a written notice of such application within seven (7) days, and the Lessee
shall, within seven (7) days from the receipt of such notice, make up the deduction from the
Security Deposit.

	(5)	 	If this Agreement terminates upon expiry of the Lease Term or termination hereof or
otherwise, the Lessor shall refund the Security Deposit to the Lessee immediately after the
surrender of the Leased Premises by the Lessee to the Lessor. Provided, however, that the
Lessor shall deduct any outstanding expenses or debts payable by the Lessee hereunder from the
Security Deposit to be returned to the Lessee.

Article 4

(Monthly Rent)

	(1)	 	The Lessee shall pay to the Lessor the sum of W30,366,883 by the fifteenth day of each month
(or the next following business day, if the last day falls on a statutory holiday).

	(2)	 	If the Lease Term begins during a calendar month, the monthly rent shall be prorated by days.
The same applies if the Lease Term expires during a calendar month.

	(3)	 	Even if the Lessee fails to move in on the commencement date of the Lease Term, the rent
shall be calculated from the commencement date of the Lease Term, provided however, if the
Lessor fails to surrender the Leased Premises to Lessee on the commencement date of the Lease
Term, the rent shall be calculated from the date of actual surrender of the Leased Premises by
the Lessor.

2

 

Article 5

(Maintenance Fee)

	(1)	 	The Lessee shall pay to the Lessor maintenance fee of W12,736,330 covering the electric
charge, water supply and sewage charge, sanitation charge and any and all expenses for
maintenance and management of the building on the fifteenth day of each month (or the next
following business day, if the last day falls on a statutory holiday), and the maintenance fee
shall be determined pursuant to the separate agreement prepared after the completion of the
calculation for maintenance fee by the Lessor. Provided however, even during the Lease Term as
set forth in Article 2(1) above, the Lessor may adjust the maintenance fee (VAT exclusive)on
first day of April of each year by giving one (1) month prior written notice.

	(2)	 	The Lessee shall separately pay charges for any special facilities additionally installed by
Lessee for its private needs and any taxes and public imposts thereon to the building
management company.

	(3)	 	If the Lease Term begins during a calendar month, the maintenance fee shall be prorated by
days. The same applies if the Lease Term expires during a calendar month. Provided however,
in the event an interior construction is conducted, the calculation for the maintenance fee
shall be commenced from the date agreed by the parties.

Article 6

(Default Interests)

	(1)	 	If the Lessee fails to pay the monthly rent, maintenance fee hereunder and the taxes and
public imposts set forth in Article 8 below, or to perform any of its payment obligations set
forth in this Agreement within the prescribed time period, the Lessee shall pay to the Lessor
default interests accrued thereon at the rate of 18% per year for the period of default until
the date of actual payment. In the event that Lessor applies the Security Deposit toward the
payment of an unpaid amount as set forth in Article 3(5) above, the payment shall be deemed to
be made on the date on which the Lessee actually makes up the deducted portion from the
Security Deposit.

	(2)	 	The amount paid under the Lessee’s payment obligation shall be applied in the following
order: default interests, parking fee, maintenance fee, monthly rent and the Security Deposit.

	(3)	 	If the Lessor fails to refund the Security Deposit or to perform any of its payment
obligations set forth herein within the prescribed time period, the Lessor shall pay to the
Lessee default interests accrued thereon at the rate of 18% per year for the period of default
until the date of actual payment or refund.

	(4)	 	The default interest set forth in this Agreement shall accrue on the Security Deposit, the
monthly rent, the maintenance fee, parking fee, damages for delay in vacation of the leased
premises, damages for early termination, or any other payment obligation, irrespective of
whether this Agreement is terminated under Article 17 herein or expired, until such unpaid
amount has been fully paid.

3

 

Article 7

(Adjustment of Security Deposit, Monthly Rent and Maintenance Fee) 

During the Lease Term as set forth in Article 2(1) above, if any of the following events occurs,
the Lessor may give one (1) month’s written notice to the Lessee to adjust the amount of the
Security Deposit, the monthly rent and the maintenance fee:

	(1)	 	In case adjustment is needed to improve or maintain the conditions of the Leased Premises, or
Changes in taxes or public charges on the Leased Premises.

	(2)	 	Changes in expenses required to maintain the Leased Premises in normal operation, including
heating & cooling charges, and labor costs for cleaning and security services;

	(3)	 	Changes in cost of living or other economic conditions;

	(4)	 	The maintenance fee may be adjusted on the first day of April of each year by giving one
(1) month prior written notice as set forth in Article 5 (1).

Article 8

(Use of Special Facilities and Communications)

	(1)	 	The Lessee shall give a written notice to the Lessor of the cars owned by it and shall have
free parking spaces for the number of cars designated by the Lessor according to the leased
area.

	(2)	 	If the number of the Lessee’s cars to be parked in the parking lot exceeds the number of cars
designated by the Lessor, the Lessor may charge parking fees for such exceeding number of cars
pursuant to separate provisions.

	(3)	 	The Lessee may install and operate communication facilities after obtaining the required
approval from the relevant authority, and after the installation of the communication
facilities, the Lessee shall give a notice of such installation to the Lessor. The Lessee
shall bear all costs of the operation and repair of the communication facilities.

Article 9

(Prohibition of Assignment of Rights or Sublease, etc.)

In any event, the Lessee may not transfer, or provide as collateral, its rights and obligations
hereunder to a third party or sublease or use all or any part of the Leased Premises for purposes
other than as set out herein without express consent of the Lessor.

Article 10

(Use of the Leased Premises)

	(1)	 	The Lessee shall not establish residence within the Leased Premises or use the Leased
Premises for any purposes other than the ones set forth in Article 1(2). However, the Lessee
may have a night watchman with the written consent of the Lessor.

4

 

	(2)	 	In the event that the Lessee desires to use some facilities within the Leased Premises, the
Lessee shall give the Lessor prior written notice thereof and pay all expenses therefor as the
Lessor requests.

Article 11

(Safe Management of Properties and Insurance)

	(1)	 	The Lessee shall be solely responsible for the safe management of its private properties
within the Leased Premises. The Lessor shall not be liable for any loss or damages sustained
by the Lessee due to fire, theft, or other accidents, unless the Lessee proves that the cause
for such damage was attributable to the Lessor.

	(2)	 	The Lessee shall, at its own expense, take out fire insurance for facilities installed by it;
provided, however, that the Lessor shall, at its own expense, take out fire insurance for the
leased building.

Article 12

Article 12 (Prohibited Acts)

The Lessee may not engage in any of the following acts:

	(1)	 	An act that is unpleasant to the public, unauthorized installation, posting, or keeping of
signboards, advertising or other materials;

	(2)	 	Bringing in any inflammables, dangerous goods, goods that may be harmful or offensive to the
human body or goods that may damage other property;

	(3)	 	Bringing in or using heating or cooling equipment without the Lessor’s prior approval or
consent;

	(4)	 	Destroying any structure, machinery or other facilities installed by the Lessor, or changing
any structure, advertisement materials or signboards without the Lessor’s prior written
consent;

	(5)	 	Manufacture or sale of illegal goods.

Article 13

(Installation of Facilities within the Leased Premises)

	(1)	 	In the event that the Lessee desires to engage in any of the following acts within the Leased
Premises at its own expense, the Lessee shall obtain prior written consent of the Lessor. In
such case, the Lessor may restrict or oversee such acts for the purpose of ensuring the
structural safety and unity of the Leased Premises.

	 	1)	 	Installing or remodeling fire walls, partitions, windows, doors, etc; or
	 
	 	2)	 	Installing, adding or remodeling facilities for electric lights, power supply,
communication, ventilation, gas, etc.

5

 

Article 14

(Repair)

In the event facilities installed within the Leased Premises by the Lessor as of the date of this
Agreement are worn out, faded or broke down, the Lessor shall bear the cost of repair thereof.

Article 15

(Compensation for Damage)

	(1)	 	The Lessee shall immediately report to the Lessor all damage, destruction or loss of the
Leased Premises or other facilities within the building arising out of any willful act or
negligence by the Lessee or its employee or its clients, and shall compensate therefor.

	(2)	 	If the Lessee fails to report to the Lessor for a substantial period any damage caused by any
third parties as set forth in Paragraph (1) above, such damage shall be deemed to be caused by
the Lessee.

	(3)	 	The amount of damage according to this Article shall be calculated by the Lessor based on the
price as of the time of compensation.

Article 16

(Restriction on Access)

The Lessor or its employees may access the Leased Premises with third parties during appropriate
hours for the purpose of maintenance inspection, sanitation, fire and crime prevention, rescue, or
showing the Leased Premises to prospective tenants before the end of the Lease Term with prior
notice to the Lessee.

Article 17

(Termination of Agreement)

	(1)	 	The Lessor may terminate this Agreement within ten (10) days after giving a written notice to
the Lessee in any of the following cases:

	 	1)	 	If the Lessee delays payment of the monthly rent, maintenance fee and any other
payables hereunder for two or more months;
	 
	 	2)	 	If a third party enforces provisional attachment, attachment, provisional
disposition, or any other compulsory execution on Lessee’s claim to the Security
Deposit, or the Lessee offers the claim as a pledge or collateral;
	 
	 	3)	 	If the Lessee enters into bankruptcy or insolvency, or an application for the
commencement of a corporate reorganization proceeding has been filed against the
Lessee;
	 
	 	4)	 	If the Lessee is in breach of any provisions hereof or any agreements between
the Lessee and the Lessor related to this Agreement;

6

 

	 	5)	 	If the Lessee delays occupation of the Leased Premises for more than two
months;
	 
	 	6)	 	If the Lessee vacates the Leased Premises for more than three months without
reasonable grounds; or
	 
	 	7)	 	If the Lessee is in breach of any other obligations hereof.

	(2)	 	The Lessee may terminate this Agreement within ten (10) days after giving a written notice to
the Lessor in any of the following cases:

	 	1)	 	If the Lessor fails to deliver the Leased Premises to the Lessee or delivers
only part of the Leased Premises not enough to achieve the purpose of the lease;
	 
	 	2)	 	If the Lessor fails to maintain the condition of the Leased Premises necessary
for the Lessee’s use of the Leased Premises in violation of Article 623 of the Civil
Law; or
	 
	 	3)	 	If there is material cause for termination, such as Lessor’s failure to
cooperate with the preservation of claims, or the Lessor is in breach of any of its
obligations hereof.

Article 18

(Expiration of Agreement)

This Agreement shall expire in any of the following cases:

	(1)	 	the Lease Term has expired; or

	(2)	 	this Agreement is terminated in accordance with the provisions hereof.

Article 19

(Vacation of the Leased Premises and Restoration)

	(1)	 	Upon expiry, prior to the date of expiration of the Lease Term, the Lessee shall remove its
belongings and property, return the keys and the Lessor’s property and vacate all of the
Leased Premises to the Lessor.

	(2)	 	If the Lessee fails to comply with the Lessor’s lawful request for vacation, the Lessor may
suspend electric power or water supply.

	(3)	 	In the event that Lessee fails to remove its belongings and property or restore the Leased
Premises to their original conditions due to a cause attributable to the Lessee, the Lessee
shall pay Lessor a penalty equal to twice the monthly rent and maintenance fee for the period
beginning from the expiration of the Lease Term and ending on the fulfillment of the
obligations to vacate and restore the Leased Premises.

7

 

Article 20

(Force Majeure)

	(1)	 	The Lessor shall not be liable for any and all damages and inconveniences suffered by the
Lessee or any third party related to it due to an act of God, war, riot, any other force
majeure event or any other cause beyond reasonable control of the Lessor.

	(2)	 	Any of the force majeure events stipulated in Paragraph (1) above shall not delay the payment
obligations that have already accrued hereunder.

	(3)	 	If any of the force majeure events stipulated in Paragraph (1) above prevents the Lessee from
using the Leased Premises, the Lessee shall be exempted from its obligation to pay the monthly
rent and maintenance fee for the period during which the Lessee can not use the Leased
Premises.

Article 21

(Modification)

If reasonable and necessary reasons exist, the Lessor and the Lessee may modify the terms and
conditions hereof by mutual agreement in writing prior to the expiry of the Lease Term.

Article 22

(Guarantor)

If the Lessor deems it necessary, the Lessor may, by agreement with the Lessee, allow a guarantor
to jointly guarantee the Lessee’s performance of obligations hereunder.

Article 23

(Application of General Laws and Others) 

Matters which are not specified in this Agreement, or any discrepancy in the provisions of this
Agreement shall be settled in accordance with the relevant laws and generally accepted lease
practices by mutual agreement of the Lessor and the Lessee.

Article 24

(Jurisdiction)

The competent court for any disputes related to this Agreement shall be the Seoul Civil District
Court.

Article 25

(Management Rules)

The Lessor may enact, enforce or alter management rules and by-laws for the preservation of the
Lessors’ property and management of the Lease Premises pursuant to this Agreement, and the Lessor
shall give a notice thereof to the Lessee and obtain express consent of the Lessee in order to give
such management rules and by-laws force equivalent to that of this Agreement.

8

 

IN WITNESS WHEREOF, this Agreement shall be made in two (2) copies and each of the copies duly
executed by both Parties shall be kept by Lessor and Lessee.

	 	 	 
	May 9, 2007
	 	 
	 
	 	 
	The Lessor
	 	 
	 
	 	 
	Address:

	 	LIG Insurance Co. LTD.,
	 

	 	LIG Tower 649-11
	 

	 	Yeoksam-dong, Gangnam-gu Seoul, Korea 135-912
	 

	 	Name: Representative Director, President Woo Jin KIM [seal]
	 
	 	 
	The Lessee
	 	 
	 
	 	 
	Address:

	 	GMARKET Inc.,
	 

	 	6-8th floor,
	 

	 	LIG Tower 649-11
	 

	 	Yeoksam-dong, Gangnam-gu Seoul, Korea 135-912
	 

	 	Name: Representative Director, Young Bae KU [seal]

9

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