Document:

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                                                                     EXHIBIT 4.6

                                                           (ENGLISH TRANSLATION)

                           FORM OF SHARE SUBSCRIPTION AGREEMENT

THIS SHARE SUBSCRIPTION AGREEMENT (this "AGREEMENT") is made and entered into as
of January 17, 2007 by and between:

      (1)   Shinhan Financial Group, a company duly incorporated and existing
            under the laws of Korea having its principal office at 120
            Taepyung-ro 2 ga Jung-gu, Seoul, Korea (the "COMPANY"); and

      (2)   _____________, a company duly incorporated and existing under the
            laws of Korea having its principle office at [-] (the "SUBSCRIBER").

The Company and the Subscriber shall be referred to individually as the "Party"
and collectively as the "Parties."

                                    RECITALS

WHEREAS, the total number of issued shares of the Company is equal to the sum of
three hundred eighty one million five hundred sixty seven thousand six hundred
fourteen (381,567,614) common shares and thirty nine million seven hundred sixty
seven thousand one hundred sixty nine (39,767,169) Type 2 through Type 5, Type 7
or Type 8 redeemable preferred shares.

WHEREAS, as a means to procure funds necessary for the acquisition of LG Card,
Co., Ltd. ("LG CARD"), the Company wishes to issue twenty eight million nine
hundred ninety thousand (28,990,000) Series 10 redeemable preferred shares
("SERIES 10 RPS") and fourteen million seven hundred twenty one thousand
(14,721,000) Series 11 convertible redeemable preferred shares ("SERIES 11
CRPS") through a deemed public offering;

WHEREAS, the Subscriber wishes to subscribe for ___________ Series 10 redeemable
preferred shares (the "RPS") and ___________ Series 11 convertible redeemable
preferred shares ("CRPS", together with the "RPS", the "SUBSCRIPTION SHARES").

NOW, THEREFORE, the Parties hereto agree to settle and determine their
respective rights and obligations as follows:

ARTICLE 1. ISSUANCE OF SHARES AND SUBSCRIPTION

1.1   On the terms and subject to the conditions set forth in this Agreement,
      the Company

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      hereby agrees to issue the Subscription Shares to the Subscriber and the
      Subscriber agrees to subscribe for the Subscription Shares.

1.2   The issuance price and the subscription price per share of the RPS and the
      CRPS is one hundred thousand Korean Won (KRW100,000) and fifty seven
      thousand eight hundred six Korean Won (KRW57,806), respectively. The total
      subscription price of the RPS and the CRPS for the Subscriber shall be KRW
      _________ and KRW _________, respectively, amounting to KRW _________ in
      total.

1.3   In the event the Subscriber fails to pay the entire amount of the total
      subscription amount on the Payment Date (as defined in Article 3 below)
      and makes only partial payment thereof, the Company may at its discretion
      nullify the entire Subscription contemplated herein and terminate this
      Agreement. In such case, the Subscriber is liable for any and all damage
      caused by the shortage in the funds that are necessary for the acquisition
      of LG Card (including without limitation, all costs related to procuring
      additional funds (if any), all damage caused by the difference between the
      total Subscription and costs incurred in connection with the procurement
      of additional funds, and the amount of liability to the sellers of LG Card
      shares) including and in addition to any damage or loss directly caused by
      the termination of this Agreement.

ARTICLE 2 TERMS OF THE SUBSCRIPTION SHARES

2.1   Terms and conditions of Series 10 RPS are as attached hereto as Appendix
      I.

2.2   Terms and conditions of Series 11 CRPS are as attached hereto as Appendix
      II.

ARTICLE 3 PAYMENT OF SUBSCRIPTION AMOUNT AND ISSUANCE OF SHARE CERTIFICATES

3.1   The Subscriber shall deposit the total Subscription Price into the bank
      account set forth below on January 24, 2007 or on a date unanimously
      agreed upon by the parties to the Subscription Agreement (the "PAYMENT
      DATE")

      Name of the bank: Shinhan Bank
      Branch Name:      Investment and Finance Center
      Account holder:   Shinhan Financial Group
      Account number:   250-05-008142

3.2   In the event the Subscriber pays only part of the Subscription price and
      fails to specify how much of the amount shall apply towards the payment of
      the RPS or the CRPS, the Company at its discretion may determine the
      specific amount to be applied towards the payment for the RPS or the CRPS
      from the above partial Subscription amount and notify the Subscriber
      thereof.

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3.3   The Company shall issue a certificate of subscription immediately upon the
      payment pursuant to Article 1 of this Agreement and the Subscriber shall
      become a shareholder of the Company as of the date of the payment of the
      Subscription amount (the "ISSUANCE DATE"). After the Issuance Date, the
      Company shall promptly issue the Subscription Shares and distribute them
      by physical delivery or an account transaction without delay.

4. REPRESENTATION AND WARRANTIES OF THE COMPANY

As of the date of this Agreement and of the Payment Date, the Company hereby
represents and warrants to the Subscriber as follows:

4.1   The Company is a corporation duly incorporated and validly existing, and
      has all requisite corporate power and authority to enter into this
      Agreement and to perform its obligations contemplated hereunder.

4.2   The execution by the Company of this Agreement has been duly authorized by
      all requisite corporate actions of the Company. This Agreement constitutes
      a valid and binding obligation of the Company and is enforceable against
      the Company. The execution, delivery or performance of this Agreement by
      the Company does not violate or conflict with any of the binding internal
      regulations or by-laws (including the applicable laws, articles of
      incorporation, etc.) of the Company.

4.3   The Company has filed the registration statement with the Ministry of
      Financial Supervisory Commission in connection with the issuance of the
      Subscription Shares and is not required to acquire any other governmental
      approvals, permits or licenses for the execution of this Agreement and the
      performance of its obligations contemplated hereunder.

4.4   As of the date of this Agreement, the number of the Company shares
      authorized for issuance is 1,000,000,000 and the number of the total
      issued shares is 421,334,783. The issuance of the above shares is valid
      and enforceable under law. In the event the Subscriber's payment of the
      Subscription Price is made in a manner valid and enforceable under law,
      the issuance of the Subscription Shares by the Company (i) shall be made
      in a manner valid and enforceable under law; (ii) shall not conflict with
      or result in the breach of any provision of any agreement or instrument to
      which the Company is a party; and (iii) shall be made free and clear of
      any security interest granted to the Subscriber.

4.5   The financial statement of the Company audited as of December 31, 2005 has
      been prepared in accordance with the Korean Generally Accepted Accounting
      Principles and the registration statement filed with the Ministry of
      Financial Supervisory Commission in connection with the issuance of the
      Subscription Shares has not omitted facts or contains any erroneous facts
      which would result in any material adverse effect on the issuance of the
      Subscription Shares.

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5. REPRESENTATION OR WARRANTIES OF THE SUBSCRIBER

The Subscriber hereby represents and warrants to the Company as follows:

5.1   The Subscriber is a corporation duly incorporated and validly existing,
      and has all requisite corporate power and authority to enter into this
      Agreement and to perform its obligations contemplated hereunder.

5.2   The execution by the Subscriber of this Agreement has been duly authorized
      by all requisite corporate actions of the Subscriber. This Agreement
      constitutes a valid and binding obligation of the Subscriber and is
      enforceable against the Subscriber. The execution, delivery or performance
      of this Agreement by the Subscriber does not violate or conflict with any
      of the binding internal regulations or by-laws (including the applicable
      laws, articles of incorporation, etc.) of the Subscriber.

5.3   The Subscriber has taken all measures necessary to acquire the requite
      governmental approvals, permits and licenses and to file the requisite
      reports; it is not required to submit any other notices, report or to file
      other reports to any governmental or regulatory authority.

5.4   The Subscriber has the financial capacity to pay the total Subscription
      Price (possession of cash or the ability to pay the Subscription Price by
      securing investment commitment of financially competent investor(s)).

6.    LISTING OF THE SUBSCRIPTION SHARES

6.1   The Company shall not list the Subscription Shares on the Korea Exchanges
      at the time of their issuance.

6.2   In the event the shareholders of Series 10 RPS or Series 11 CRPS shares
      corresponding to 33% of the total issuance price of the said shares
      request in writing that the applicable shares be listed (based on the
      price of the shares duly and validly issued as of the date of request),
      the Company may decide to list the said shares pursuant to an agreement
      with the shareholders corresponding to 50% or more of the total issued
      price.

[ARTICLE 7 RESTRICTIONS ON THE SALE OF THE RPS

7.1   The Subscriber shall not sell the RPS for three (3) months after the
      issuance thereof.

7.2   For six (6) months after the date of issuance, the Subscriber (i) shall
      not issue, offer shares for public subscription or sell any equity shares
      such as the securities with the RPS as underlying assets and (ii) may
      engage in other types of transactions pursuant to an agreement with the
      Company.] [Applicable only to RPS]

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ARTICLE 8 RIGHT OF FIRST ACCEPTANCE WTTH RESPECT TO THE CRPS

8.1   If the Subscriber intends to sell, assign or dispose otherwise of any or
      all of the shares that have been converted into common stocks from the
      CRPS and receives a third party's offer to subscribe for such shares
      (including mass sales before or after a prescribed period, the
      "OVER-THE-COUNTER SALE"), or intends to sell the shares through the
      exchanges (excluding mass sales before or after a prescribed period, the
      "SALE-ON-EXCHANGES"), the Subscriber shall notify the Company immediately
      upon receipt of the third party's offer or before making an order through
      a security company. (the "NOTIFICATION OF OFFER").

8.2   The Company (i) shall, in the event of the Over-the-Counter Sale, be
      entitled to purchase or cause its designee to purchase the applicable
      shares on terms equal to or more advantageous than the terms offered to a
      third party within twenty (20) business days (hereinafter, the business
      days shall refer to the days on which the exchanges are open) after the
      date of Notification of Offer; and (ii) shall, in the event of the
      Sale-on-Exchanges and upon sending its reply in response to the
      notification of offer within three (3) business days, be entitled to the
      right of first purchase to buy the shares from a third party designated by
      the Company at a price corresponding to the weighted average of the final
      share price established on the exchanges for five (5) days starting from
      the day immediately preceding the last day of purchase.

      In the event the Company exercises the right of first purchase as set
      forth above, the last day of the purchase shall be set forth by the
      Parties pursuant to a separate agreement within seven (7) days after the
      day immediately following the first day on which the right of first
      purchase is exercised. Provided, for the On-Exchange sale, the last day of
      purchase shall be the seventh (7th) business day if the Parties cannot
      agree on a specific date.

8.3   In the event the Company does not respond within the specified period as
      set forth above, the right of first acceptance shall terminate. Provided,
      in the event the sale of the Subscriber's CRPS and/or common stocks are
      not consummated in accordance with the terms notified to the Company
      within 30 days after the termination of the first right of acceptance, the
      Company's right of first acceptance shall revive. In such case, the
      Subscriber shall notify the Company pursuant to Section 8.1 and 8.2 of
      this Agreement.

ARTICLE 9 SPECIAL COVENANTS ON THE SUBSCRIPTION RIGHT

9.1   SERIES 10 RPS

      The subscriber of Series 10 RPS shall not have any right to subscribe for
      new shares in the event the Company issues additional shares by way of
      increase in capital with consideration or increase in capital without
      consideration subsequent to the issuance of and subscription for the
      Subscription Shares under this Agreement. Further, the subscriber of
      Series 10 RPS shall not be entitled to receive any dividends other than
      the

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      cash distribution.

9.2   SERIES 11 CRPS

      (a)   The shareholders of Series 11 CRPS are not entitled to receive any
            dividend other than the cash distribution pursuant to Article 8.1 of
            Appendix II attached hereto.

      (b)   Following the issuance and subscription of the Series 11 CRPS, in
            the event the Company issues common stocks through an increase in
            capital with consideration, the Subscriber shall be entitled to
            subscribe for the new shares; in case of an increase in capital
            without consideration, the Company shall be entitled to the purchase
            shares identical in type to Series 11 CRPS. Provided, in the event
            the Company owns the RPS which the conversion period has expired,
            the Company shall not be entitled to such subscription right.

9.3   The Subscriber, in the event the ownership right transfers pursuant to the
      disposal of the Subscription Shares, shall disclose the special agreement
      pertaining to the subscription right as specified terms of the
      Subscription Shares so that its counterparty will engage in the
      transaction with full knowledge thereof.

ARTICLE 10 CONFIDENTIALITY

Except when the disclosure is required by law and regulations, a Party shall not
disclose this Agreement and the terms hereof to the media or any third party
without the prior written consent of the other Party. Provided, the
confidentiality obligation hereunder shall not apply if the disclosure of the
said information is required for the acquisition of permits, licenses, approvals
or any other required conditions from the relevant authority in connection with
the acquisition of shares in LG Card.

ARTICLE 11 NOTICE

All notices, requests notification and communications (either in person or via
certified mail) shall be made either in writing or via fax to the following
addresses of the Parties:

The Company

Address: 120 Taepyung-ro 2 ga Jung-gu, Seoul, Korea
Recipient: Shinhan Financial Group
CC: Finance Planning Team
Tel: 02-6360-3035
Fax: 02-777-1883

The Subscriber

Address:
Recipient:

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CC:
Tel:
Fax:

ARTICLE 12 MISCELLANEOUS

12.1  A Party shall not assign its respective status without proper written
      consent of the other Party.

12.2  All transactional costs incurred in connection with the Subscription shall
      be borne by the Party which has incurred such costs.

12.3  This Agreement shall enter into force upon execution date hereof. The
      provision hereunder may be amended pursuant to a written consent between
      the Company and the (Subscriber).

12.4  The illegality, invalidity and unenforceability of any provision of this
      Agreement shall not affect the validity, legality or enforceability of all
      other provisions in this Agreement.

12.5  The governing law for this Agreement shall be the law of the Republic of
      Korea.

12.6  The Parties agree to negotiate in good faith to resolve any dispute
      arising under or relating to this Agreement. Provided, if the negotiations
      do not resolve the dispute to the reasonable satisfaction of the Parties,
      then each Party shall submit the dispute to the non-exclusive jurisdiction
      of the Seoul Central District Court.

                           [INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the Parties to this Agreement have made this Agreement
or their authorized representatives lawfully signed or sealed this Agreement on
the date above written and each retains a copy thereof.

SHINHAN FINANCIAL GROUP

______________________________
Address:
Representative Director:

[SUBSCRIBER]

______________________________
Address:
Representative Director:

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                                   APPENDIX I

Terms and Conditions for Series 10 Redeemable Preferred Shares of Shinhan
Financial Group

As of January 25, 2007, Shinhan Financial Group shall issue twenty eight million
nine hundred ninety thousand (28,990,000) Series 10 redeemable preferred shares
corresponding to two trillion eight hundred ninety nine billion Korean Won
(KRW2,899,000,000,000) with KRW5,000 par value per share in accordance with the
following terms and conditions:

      1.    Issuer:
            Shinhan Financial Group

      2.    Issuer's Date of Establishment:
            September 1, 2001

      3.    Total number of authorized shares for issuance:
            1,000,000,000 shares

      4.    Par value per share:
            KRW5,000

      5.    Issue price per share:
            KRW100,000 per share

      6.    Issue Date:
            January 25, 2007 (the date immediately following the payment date).

      7.    Type of share:
            Series 10 redeemable preferred share, registered perpetual preferred
            share.

      8.    Conditions for distribution of dividend:

            (1)   Dividend rate (refer to [Schedule 1])

                  -     dividend rate for the year in which the shares are
                        issued (referred to as "1st Fiscal Year", each X year
                        following the 1st Fiscal Year shall be referred to as
                        "Xth Fiscal Year"): 7% of issue price x [365 - (number
                        of days passed from the beginning of 1st Fiscal Year to
                        the day immediately preceding the date of issuance)] /
                        365

                  -     dividend rate from the 2nd Fiscal Year to the 5th Fiscal
                        Year: 7% of the issue price

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                  -     dividend rate for the 6th Fiscal Year: [7% of the issue
                        rate x [number of days passed from the beginning of the
                        6th Fiscal Year to the day immediately preceding the
                        issuance of the 6th Fiscal Year]/ 365 + [(R) % of the
                        issue price x (number of days passed starting from the
                        issue date of the 6th Fiscal Year continuing to the last
                        day of the 6th Fiscal Year) / 365].

                        -     (R)%: the 5th treasury rate on the 5th anniversary
                              of the issuance date + Spread + 100bp ("R%").

                        -     Spread:7% - 5 year treasury rate of the date
                              immediately preceding the issuance date

                  -     dividend Rate of the 7th Fiscal Year and the following
                        fiscal year: (R)% of the issue price

            (2)   Right: the dividends are cumulative and non-participatory. The
                  accumulated and unpaid dividend accrued on the redeemable
                  preferred shares shall be paid before the dividends for common
                  shares are distributed.

            (3)   Preferred Right: The distribution of dividends for the
                  redeemable preferred shares shall precede the distribution of
                  dividends for common shares.

            (4)   Distribution of dividend: the dividend shall be distributed
                  once a year.

      9.    Voting Right

            There shall be no voting right attached to the redeemable preferred
            shares; provided, in the event no distribution of dividend is made
            with respect to redeemable preferred shares, the holder of the
            redeemable preferred shares shall be entitled to exercise one voting
            right per one (1) redeemable preferred share he/she owns for a
            period commencing from the fiscal year immediately following the
            general shareholders meeting during which a resolution not to
            distribute dividends is passed and ending in the next general
            shareholders meeting during which a decision to distribute dividend
            is reached.

      10.   Assignment

            The redeemable preferred shares are assignable (provided,
            restrictions may apply pursuant to the Subscription Agreement).

      11.   Redemption

            (1)   Redeemer: Issuer (determined by the board of directors of the
                  Issuer)

            (2)   Redemption fee: sum of 1, 2, and 3 (refer to [Schedule 1])

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            1.    Issue Price

            2.    Additional Amount (additional amount based on the date of
                  redemption)

                  -     in case of redemption on the issuance date of the 6th
                        Fiscal Year: 7% of issue price x (number of days
                        commencing from the first day of the 6th Fiscal Year to
                        the day immediately preceding the date of issuance in
                        the 6th Fiscal Year) /365

                  -     in case of redemption during a period commencing on the
                        day immediately following the issuance date of the 6th
                        Fiscal Year to the last day of the 6th Fiscal Year: [7%
                        of issue price x (number of days passed from the first
                        day of the 6th Fiscal Year to the day immediately
                        preceding the redemption date)/365] + [(R)% of issue
                        price x (number of days passed from the issue date of
                        the 6th Fiscal Year to the day immediately preceding the
                        redemption date) /365].

                  -     in case of redemption after the 7th Fiscal Year: (R)% of
                        issue price x (the number of days passed form the first
                        day of the year in which the redemption takes place to
                        the day Immediately preceding the redemption first day
                        of the 6th Fiscal year to the day immediately preceding
                        the day of redemption) / 365.

            3.    undistributed dividend (hereinafter, the undistributed
                  dividend): dividend that has not been distributed by the date
                  of conversion.

      (3)   Redemption Period: from the day marking the 5th anniversary of the
            issue date to the day marking the 20th anniversary of the issue
            date.

      (4)   Selective Redemption: the Issuer may at its discretion choose to
            redeem all or part of the redeemable preferred shares during the
            period set forth in Article 11(3) above. In the event the (Issuer
            does not exercise the right to redeem, the right shall be terminated
            upon maturity and the redeemable preferred shares will exist as
            permanent preferred shares.

      (5)   Financing: the amount shall be calculated based on the Korean
            Commercial Code and other relevant laws. The amount of profit
            available for distribution as dividends is decided by the
            shareholders' resolution at the shareholders meeting.

      (6)   Redemption Method: in the event the Issuer decides for the selective
            redemption, the Issuer shall notify the applicable shareholders at
            least one (1) month before the date of redemption with the following
            items:

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            1.    number of Series 10 redeemable preferred shares subject to
                  redemption ("Redeemable Series 10 RPS");

            2.    the date of redemption for the Redeemable Series 10 RPS; and

            3.    the location for submission of certificate for the redemption

            In order to receive the redemption amount, the shareholders shall
            submit their respective certificates at a location designated by the
            Issuer. The Issuer shall pay the redemption amount in Korean Won
            immediately upon receipt of the certificates. In the event the
            applicable shareholder fails to submit the certificates, the Issuer
            is entitled to defer the payment of the redemption amount until the
            submission of the certificates. No person or entity or any other
            party is entitled to impose interests on the deferred payment of the
            redemption amount. On and after the applicable date of redemption,
            the shareholders of the redeemable preferred shares subject to
            redemption are entitled only to their respective redemption amount
            and shares to be redeemed lose their efficacy upon their redemption
            date.

      (7)   Partial Redemption and Payment of Accumulated Dividend:

            In case of partial redemption or accumulated dividend payments for
            Series 10 redeemable preferred shares pursuant to Article 11 herein,
            the said redemption amount of accumulated dividend shall be
            distributed pro rata among the shareholders of the redeemable
            preferred shares (including the shareholders of other types of
            redeemable preferred shares) depending on the number of shares held.
            And the said prorating applies to the distribution of accumulated
            dividends on redeemable preferred shares that has not yet reached
            their maturity. The method by which the Issuer designates the RPS
            that are subject to partial redemption shall be notified to the
            shareholders or announced publicly at the time the Issuer intends
            such partial redemption. The Issuer may at its discretion, designate
            which RPS shall be subject to partial redemption or cause the
            applicable shareholders to submit certificates to the Issuer
            subsequent to which the Issuer redeems such shares by paying the sum
            of the prorated redemption amount and the accumulated dividends. The
            issue shall not redeem any odd lot of stocks resulting from certain
            distributions.

12.   Preferred Right to the Distributable Assets at Liquidation

      With respect to distribution of assets at liquidation of the (Issuer), the
      redeemable preferred shares shall (i) have preferred ranking above common
      stocks and preferred stocks that have no preferred right to the
      distributable assets; and (ii) rank on par with the preferred shares with
      preferred right to the distributable assets.

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13.   Exclusion of Subscription Rights

      Redeemable preferred shares are not entitled to receive dividend through
      the Issuer's increased capital with no consideration. After the issue of
      redeemable preferred shares through increase in paid in capital, the
      shareholder is not entitled to any subscription right to such shares

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                                   APPENDIX II

Terms and Conditions for Series 11 Convertible Redeemable Preferred Shares of
Shinhan Financial Group

As of January 25, 2007, Shinhan Financial Group shall issue fourteen million
seven hundred twenty one thousand (14,721,000) Series 11 convertible redeemable
preferred shares corresponding to eight hundred fifty billion nine hundred sixty
two million one hundred twenty six thousand Korean Won (KRW850,962,126,000) with
KRW5,000 par value per share in accordance with the following terms and
conditions:

      1.    Issuer:
            Shinhan Financial Group Co., Ltd

      2.    Issuer's Date of Establishment:
            September 1, 2001

      3.    Total number of shares authorized for issuance:
            1,000,000,000 shares

      4.    Par value per share:
            KRW5,000

      5.    Issue price per share:

            KRW57,806 per share. Provided, in case the number of Series 11 CRPS
            is changed due to stock mergence, stock split, increase in capital
            stock with no consideration, etc., prior to the expiry of the
            redemption period, the number shall be subject to change in
            accordance with Article 12 below.

      6.    Issue Date:
            January 25, 2007 (the date immediately following the payment date).

      7.    Type of shares:

            Series 11 convertible redeemable preferred share, registered
            perpetual preferred share

      8.    Conditions for the distribution of dividend

            (1)   Dividend rate (refer to [Schedule 1])

                  -     dividend rate for the year in which the shares are
                        issued (referred to as "1st Fiscal Year", each X year
                        following the 1st Fiscal Year shall be referred to

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                        as "Xth Fiscal Year"): 7% of issue price x [365 -
                        (number of days passed from the beginning of 1st Fiscal
                        Year to the day immediately preceding the date of
                        issuance)] / 365

                  -     Dividend rate from the 2nd Fiscal Year to the 5th Fiscal
                        Year: 3.25% of the issue price.

                  -     Dividend rate for the 6th Fiscal Year: [3.25% of the
                        issue rate x [number of days passed from the beginning
                        of the 6th Fiscal Year to the day immediately preceding
                        the issuance of the 6th Fiscal Year]/ 365 + [(R) % of
                        the issue price x (number of days passed starting from
                        the issue date of the 6th Fiscal Year continuing to the
                        last day of the 6th Fiscal Year) / 365].

                        -     (R)%: the 5th treasury rate on the 5th anniversary
                              of the issuance date + Spread + 100bp

                        -     Spread: 7% - 5 year treasury rate of the date
                              immediately preceding the issuance date

                  -     Dividend Rate of the 7th Fiscal Year and the following
                        fiscal year: (R)% of the issue price.

            (2)   Right: the dividends are cumulative, non participatory. The
                  accumulated and unpaid dividend accrued on the convertible
                  redeemable preferred shares shall be paid before the
                  distribution of dividends for common shares.

            (3)   Preferred Right: The distribution of dividends of the
                  convertible redeemable preferred shares shall precede that of
                  the common shares.

            (4)   Distribution of dividend: the dividend shall be distributed
                  once a year.

      9.    Voting Right

            There shall be no voting right attached to the convertible
            redeemable preferred shares; provided, in the event no distribution
            of dividend is made with respect to redeemable preferred shares, the
            holder of the convertible redeemable preferred shares shall be
            entitled to exercise one voting right per one (1) convertible
            redeemable preferred share he/she owns for a period commencing from
            the fiscal year immediately following the general shareholders
            meeting during which a decision not to distribute dividends is
            reached and ending in the next general shareholders meeting during
            which a decision to distribute dividend is reached.

      10.   Assignment

            The convertible redeemable preferred shares are assignable
            (provided, certain restrictions may apply pursuant to the
            Subscription Agreement).

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      11.   Redemption

            (1)   Redeemer: Issuer (determined by the board of directors of the
                  Issuer)

            (2)   Redemption fee: sum of 1, 2, and 3 (refer to [Schedule 1])

                  1.    Issue Price

                  2.    Additional Amount (additional amount based on the date
                        of redemption)

                        -     in case of redemption on the issuance date of the
                              6th Fiscal Year: 3.25% of issue price x (number of
                              days commencing from the first day of the 6th
                              Fiscal Year to the date immediately preceding the
                              date of issuance in the 6th Fiscal Year) /365

                        -     in case of redemption during a period commencing
                              on the day immediately following the issuance date
                              of the 6th Fiscal Year to the last day of the 6th
                              Fiscal Year: [3.25% of issue price x (number of
                              days passed from the = [(R)% of issue price x
                              (number of days passed from the issue date of the
                              6th Fiscal Year to the day immediately preceding
                              the redemption date) /365]

                        -     in case of redemption after the 7th Fiscal Year:
                              (R)% of issue price x (number of days passed form
                              the first day of the year in which the redemption
                              takes place to the day immediately preceding the
                              redemption first day of the 6th Fiscal year to the
                              day immediately preceding the day of redemption) /
                              365.

                  3.    undistributed dividend (hereinafter the undistributed
                        dividend): dividend that has not been distributed by the
                        date of conversion.

            (3)   Redemption Period: from the day marking the 5th anniversary of
                  the issue date to the day marking the 20th anniversary of the
                  issue date.

            (4)   Selective Redemption: the Issuer may at its discretion choose
                  to redeem all or part of the convertible redeemable preferred
                  shares during the period set forth in Article 11(3) above. In
                  the event the Issuer does not exercise the right to redeem,
                  the right shall be terminated upon maturity and the redeemable
                  preferred shares will exist as permanent preferred shares.

            (5)   Financing: the amount shall be calculated based on the Korean
                  Commercial Code and other relevant laws. Profits for
                  distribution of dividends are decided upon

                                       16
<PAGE>

                  the resolution of the shareholders at the shareholders
                  meeting.

            (6)   Redemption Method: in the event the Issuer decides for the
                  selective redemption, the Issuer shall notify the applicable
                  shareholders at least one (1) month before the date of
                  redemption with the following items:

                  1.    number of Series 11 convertible redeemable preferred
                        shares subject to redemption ("Series 11 CRPS");

                  2.    the date of redemption for the Redeemable Series 11
                        CRPS; and

                  the location for submission of certificate for the redemption.

                  In order to receive the redemption amount, the shareholders
                  shall submit their respective certificates at a location
                  designated by the Issuer. The Issuer shall pay the redemption
                  amount in Korean Won immediately upon receipt of the
                  certificates. In the event the applicable shareholder fails to
                  submit the certificates, the Issuer is entitled to defer the
                  payment of the redemption amount until the submission of the
                  certificates. No person or entity or any other party is
                  entitled to impose interests on the deferred payment of the
                  redemption amount. On and after the applicable date of
                  redemption, the shareholders of convertible redeemable
                  preferred shares subject to redemption are entitled only to
                  their respective redemption amount and shares to be redeemed
                  lose their efficacy upon their redemption date.

            (7)   Partial Redemption

                  In case of partial redemption or accumulated dividend payments
                  for Series 11 CRPS pursuant to Article 11 herein, the partial
                  redemption amount of accumulated dividend shall be distributed
                  pro rata among the redeemable preferred shareholders
                  (including the shareholders of other redeemable preferred
                  shares) depending on the number of shares held. And the said
                  prorating applies to the distribution of accumulated dividends
                  on redeemable preferred shares that has not yet reached
                  maturity. The method by which the Issuer designates which of
                  the RPSs are subject to partial redemption shall be notified
                  to the shareholders or announced publicly at the time the
                  Issuer intends such partial redemption. The Issuer may at its
                  discretion, designate the RPS that are subject to partial
                  redemption or cause the applicable shareholders to submit
                  certificates to the Issuer, subsequent to which the Issuer
                  redeems such shares by paying the sum of the prorated
                  redemption amount and the accumulated dividends. The Issue
                  shall not redeem any odd lot of stocks resulting from certain
                  distributions.

      12.   Adjustment of dividends and redemption amount for Series 11 CRPS

                                       17
<PAGE>

            In the event the number of shares of Series 11 CRPS is changed due
      to stock mergence, stock split, increase in capital without consideration,
      etc., the dividend and the redemption amount per share will be adjusted in
      order to ensure that: (1) the distribution of dividend and the payment of
      redemption amount be made in the same amount as the amount of dividend and
      redemption paid prior to the alternation in the number of shares; and (2)
      the distribution of dividend and the payment of redemption amount still
      take place after there is a change in the number of shares.

         Conversion

      (1)   Conversion right: the shareholders of Series 11 CRPS may convert all
            or part of the shares to common shares during the conversion period.

      (2)   Holder of the conversion right: shareholders of Series 11 CRPS

      (3)   Conversion period: from the day marking the 1st anniversary of the
            issuance date to the date marking the fifth anniversary of the
            issuance date.

      (4)   Conversion rate: 1 CRPS per 1 common share.

      (5)   Conversion Notice

            - the shareholders may exercise its conversion right by preparing
            the conversion notice in substantial form and content as attached
            hereto as [Schedule 3] (the "CONVERSION NOTICE") and submitting two
            (2) copies thereof to the Issuer. The conversion, once it is
            exercised, cannot be retrieved.

            - in the event the conversion notice is submitted to the Issuer by
            the expiry date of the conversion period, the conversion right is
            deemed to have terminated and the Issuer is no longer obligated to
            convert the Series 11 CRPS into convertible common stocks.

      (6)   Distribution of dividends: with respect to the payment of dividends,
            the convertible common shares issued to the shareholders who
            exercised their conversion right are deemed to have been issued
            during the fiscal year immediately preceding the fiscal year during
            which the shares have been converted to convertible common shares.

      (7)   Issuance of new shares through conversion

            - issuance of common shares through conversion is deemed to have
            taken place on the date on which the Issuer receives the conversion
            certificate (the "Conversion Date")

                                       18
<PAGE>

            - following the date of conversion, the Issuer shall cause its
            authorized agent to (i) distribute the certificate contain the names
            of the shareholder at a designated office of the authorized agent in
            Seoul, and (ii) list the names of the shareholders who exercised
            their respective conversion rights on the shareholders registry as
            promptly as possible, pursuant to the relevant laws.

      (8)   in the event the conversion right attached to Series 11 CRPS is
            exercised, any odd-lot of shares resulting from the conversion shall
            not be issued as common shares; the Issuer shall pay an amount
            corresponding to the value of such shares.

14.   Preferred Right to the Distributable Assets at Liquidation

            With respect to distribution of assets at liquidation of the Issuer,
            the redeemable preferred shares shall (i) have preferred ranking
            above common shares and preferred stocks with no preferred right to
            the distributable assets; and (ii) rank on par with the preferred
            shares with preferred right to the distributable assets.

15.   Exclusion of Subscription Rights

      (1)   Convertible redeemable preferred shares are not entitled to any
            dividends other than the distribution of cash pursuant to Article
            8(1) herein.

      (2)   Following the issuance of convertible redeemable preferred shares,
            (i) if the Issuer issues common stocks through an increase in
            capital with consideration, the shareholders of the convertible
            redeemable preferred shares shall be entitled to subscribe for
            common stocks, and (ii) if the Issuer issues common stocks through
            an increase in capital without consideration, the shareholders of
            the convertible redeemable preferred shares shall be entitled to
            subscribe for shares that are identical in type to such convertible
            redeemable preferred shares (subject to conditions of Article 12
            herein). Provided, in the event the shareholder owns redeemable
            shares, which the conversion right has expired, the shareholder's
            right of conversion shall be terminated.

                                       19EX-4.41 FOURTH AMENDMENT

 

Exhibit 4.41

FOURTH AMENDMENT TO THE EXCLUSIVE RAGNAROK LICENSE

AND DISTRIBUTION AGREEMENT

THIS AMENDMENT (this “Amendment”) is made and entered into on this 20th day April, 2005
by and between Gravity Corporation (“Licensor”) and Level Up! Inc. (“Licensee”).

RECITALS

WHEREAS, Licensor and Licensee (“Parties” collectively) entered into the EXCLUSIVE RAGNAORK LICENSE
AND DISTRIBUTION AGREEMENT (the “Agreement”) dated March 25, 2003.

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

NOW, THEREFORE, the Parties agree as follows:

1. The Article 12 (Term) of the Agreement shall be deleted in its entirety, and replaced with the
following language:

“Article 12”

“Term”

     “12.1 This Agreement shall become effective on the execution date of this Agreement and shall
remain in effect for a period of two (2) years counted from the Commercial Service Date, unless
sooner terminated in accordance herewith.

     “12.2 No later than four (4) months prior to the expiration of this Agreement, Licensor
hereby gives Licensee the unilateral right to require the Licensor to renew the license agreement
under the same terms and conditions, for an additional term of one year (1 year) (“First Renewed
Term”) for the Game. Such renewal shall be without any renewal fee or any other payment whatsoever,
other than royalty payments calculated and payable on the same terms and conditions as the
then-existing Agreement. Such renewal shall be effected by the Licensee giving the Licensor written
notice of its intention to renew the agreement, not later than four (4) months prior to the
expiration of this Agreement. The First Renewed Term herein has been effected by the execution of
the “Third Amendment To The Exclusive Ragnarok Online License and Distribution Agreement”, dated
February 18, 2005.

     “12.3 No later than four (4) months prior to the expiration of the First Renewed Term,
Licensor shall give Licensee an exclusive right of negotiation for a period of sixty (60) days for
re-execution of a license agreement for an additional term of two (2) years (“Second Renewed Term”)
for the Game; provided, however, that Licensor shall not

 

 

unreasonably or arbitrarily refuse to consent to Licensee’s proposed renewal conditions. During
the exclusive negotiation period, Licensor shall not negotiate with or accept contacts from any
third party in respect of any contract concerning the Game. If no agreement in writing is made
between the parties for the renewal or re-execution of a license agreement during such period, this
Agreement shall expire without any further extension or renewal.”

     “12.4 If Licensor and Licensee agree to a Second Renewed Term, then, no later than four (4)
months prior to the expiration of the Second Renewed Term, Licensor shall give Licensee an
exclusive right of negotiation for a period of sixty (60) days for re-execution of a license
agreement for an additional term of two (2) years (“Third Renewed Term”) for the Game;
provided, however, that Licensor shall not unreasonably or arbitrarily refuse to
consent to Licensee’s proposed renewal conditions. During the exclusive negotiation period,
Licensor shall not negotiate with or accept contacts from any third party in respect of any
contract concerning the Game. If no agreement in writing is made between the parties for the
renewal or re-execution of a license agreement during such period, this Agreement shall expire
without any further extension or renewal.”

2. This amendment shall be effective immediately as of the time it is executed by both parties.

NOW, THEREFORE, intending to be legally bound, the parties hereto execute this agreement by
signature or seal below.

	 	 	 	 	 	 	 
	GRAVITY CORPORATION

	 	 	 	LEVEL UP! INC.	 	 
	 
	 	 	 	 	 	 
	/s/  David Woong Jin Yoon

By : David Woong Jin Yoon

	 	 	 	/s/  Aloysius B. Colayco

By: Aloysius B. Colayco
	 	 
	Title : Chief Executive Officer

	 	 	 	Title : Director

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