Document:

exv4w77

Exhibit 4.77

AMENDMENT

TO THE 2nd RENEWAL OF RAGNAROK LICENSE AND DISTRIBUTION

AGREEMENT

THIS AMENDMENT (this “Amendment”) is made and entered into on this 29th day September,
2009 by and between Gravity Co., Ltd. (“Licensor”) and GungHo Online Entertainment, Inc.
(“Licensee”).

RECITALS

WHEREAS,
Licensor and Licensee (“Parties”) entered into the
2nd Renewal of Ragnarok
License and Distribution Agreement dated September 29, 2006 (“Original Agreement”).

WHEREAS, the Parties to the Original Agreement now desire to amend the Original Agreement in
accordance with the Article 15.7 of the Original Agreement as specified below.

NOW, THEREFORE, the Parties agree as follows:

	1.	 	Definitions
	 
	1.1	 	“Existing Payment Gateways” shall refer to the payment gateway service preapproved by
Licensor for this Amendment which are credit cards (VISA, MASTER and JCB), BitCash, Edy,
WebMoney, G-Money, eBANK, Premo, PayCall, NetCASH, Mobile Edy, Mobile Suica GungHo Petit
Ticket and mobile phones (NTT DoCoMo) only.
	 
	1.2	 	“Net Revenue” shall mean Gross Sales Amount minus Seven percent (7%) of such Gross Sales
Amount as a total payment gateway fee for the Existing Payment Gateways.
	 
	1.3	 	“Additional Payment Gateway” shall refer to the payment gateway service provider(s) that
Licensee elects to contract in addition to Existing Payment Gateways.
	 
	1.4	 	“Additional Advertisement and Promotion Expenses” shall mean the expenses spent by Licensee
in addition to the minimum required spending specified in Advertisement and Promotion Section
of this Amendment.
	 
	1.5	 	“Marketing Support Fee” shall mean Fifty percent (50%) of the Additional Advertisement and
Promotion Expenses to promote the Game which Licensor

 

 

	 	 	pays to Licensee.
	 
	1.6	 	“Approved Marketing Expenses” shall mean only the expenses that have been booked officially
and legally in the annual financial report of Licensee which has been audited by the third
party certified accounting professionals.
	 
	1.7	 	Unless otherwise defined herein, all of the capitalized terms used herein shall have the same
meanings as defined in the Original Agreement.
	 
	2.	 	Extend the Term of the Agreement
	 
	 	 	The Parties agree to extend the term of the Original Agreement for three (3) years (“Renewed
Term”) from September, 29th, 2009 (“New Effective Date”) with conditions stated
under the Original Agreement unless otherwise intentionally omitted, modified and/or amended
under this Amendment.
	 
	3.	 	Payment and Taxes
	 
	3.1.	 	Renewal License Fee
	 
	 	 	Licensee shall pay to Licensor a non-recoupable and non-refundable
Renewal license fee (“3rd Renewal License Fee”) in the
amount of One Million Two Hundred United States Dollars
(US$1,200,000) within fifteen (15) calendar days of the New Effective
Date.
	 
	3.2	 	Royalty Payment and Report
In addition to the 3rd Renewal License Fee specified in
Section 3.1 of this Amendment, upon Licensee’s receipt of Licensor’s
written invoice, Licensee shall pay to Licensor as Royalty Payments
Forty percent (40% ) of the Net Revenue (as defined Section 1.2
above) during the Renewed Term. All other Royalty Payment and Report
conditions shall remain the same as specified within Section 5.3 of
the Original Agreement. For the avoidance of doubt, both Parties
understand that no MG Payment is required for this Amendment.
	 
	4.	 	Advertising & Promotion
	 
	4.1	 	For the advertisement and promotion of the Game in the Territory, Licensee shall make a
commercially reasonable effort to spend a minimum of Two Hundred Million Japanese Yen
(JPY200,000,000) for each twelve-month period after the New Effective Date of this Amendment.
	 
	4.2	 	Licensor shall pay Licensee Marketing Support Fee, which shall not exceed One

 

 

	 	 	Hundred Twenty Million Japanese Yen (JYP120,000,000) per each twelve-month period, within
Sixty (60) calendar days from the date of the invoice that has been settled between Licensor
and Licensee
	 
	5.	 	Additional Payment Gateway Fee Deduction
	 
	 	 	Licensor and Licensee shall agree to negotiate per case-by-case basis
in case Licensee elects to add a new payment gateway service provider
within the Renewed Term. For avoidance of confusion, Licensee is
restricted to add a new payment gateway service provider without
Licensor’s written approval.
	 
	6.	 	Both Parties understand that the following are the current addressees being effective as of
the New Effective Date:

If to Licensor.

Attention: Mr. Chanki Kim

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

Tel:+82-2-2132-7310

Fax: +82-2-2132-7330

If to Licensee

Attention: Mr. Masato Ochi

1-2-2 Yurakucho,Chiyoda-ku,Tokyo ,Japan

Tel:+ 81-3-5511-1404

Fax: + 81-3-5511-1405

	 	 	Such addressees as stipulated above may be revised by respective Party by furnishing a
written notice to the other Party from time to time.
	 
	7.	 	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 Original 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 caused their respective representatives to execute this
Amendment in duplicate and each party retains one copy.

	 	 	 	 	 	 	 	 	 

	GRAVITY Co., Ltd.	 	 	 	GungHo Online Entertainment, Inc.
	 
	 	 	 	 	 	 	 	 
	By:  

	 	 	 	 	 	By:  	 	 
	 

	 
Name: 	 

 Toshiro Ohno
	 	 
	 	 
	 
Name: 	 

Kazuki Morishita
	 

	Title: 	 President & CEO
	 	 	 	 	Title: 	President & CEO
	 
	 	 	 	 	 	 	 	 
	By:  
	 	 	 	 	 	 	 	 
	 

	 
Name: 	 

Yoon Seok Kang
	 	 
	 	 
	 	 
	 

	Title: 	 

CEOexv4w78

Exhibit 4.78

Fifth Amendment

To The Exclusive Ragnarok Online License and Distribution Agreement

This AMENDMENT (“this Amendment”) is made and entered into on this 1st day of October, 2009 by and
between Gravity Co., Ltd (hereinafter referred to as “Licensor”) and Gravity Interactive, Inc.
(hereinafter referred to as “Licensee”).

RECITALS:

WHEREAS, Licensor and Licensee (“Parties” collectively) entered into the Exclusive Ragnarok Online
License and Distribution Agreement (“the Agreement”), dated January 1st, 2006.

WHEREAS, Parties entered into the Fourth Amendment to the Exclusive Ragnarok Online License and
Distribution Agreement (“the Fourth Amendment”), dated September 1st, 2009.

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

AGREEMENT

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

1. The Article 6.1 in the Agreement shall be deleted in it entirely, and replaced with the
following language:

	 	6.1	 	In consideration of the License and technical assistance granted under this
Agreement, Licensee shall pay to Licensor as royalty payments twenty-five percent (25%)
of the Service-Sales Amount paid by End Users (“Royalty”). The Royalty shall be paid on
a quarterly basis within thirty (30) days after the end of the applicable quarter.
Licensee shall also provide Licensor with a report (“Royalty Report”) on a monthly
basis within twenty (20) days after the end of the applicable month. Each Royalty
report shall contain detailed information on the calculation of Service-Sales Amount
for the applicable month.

2. The Royalty for September 2009 shall be paid to Licensor along with the royalty payment for
fourth quarter of 2009 in January 2010.

3. 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.

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

	 	 	 	 	 	 	 	 	 

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

	 	 	 	 	 	By:  	 	 
	 

	 
Name:  	 

 Toshiro Ohno
	 	 
	 	 
	 
Name:  	 

 Yoshinori Kitamura
	 

	Title: 	 President & CEO
	 	 	 	 	Title: 	 CEO
	 

	Date: 	
	 	 	 	 	Date: 	 
	 
	 	 	 	 	 	 	 	 
	By:  
	 	 	 	 	 	 	 	 
	 

	 
Name:  	 

 Yoon Seok Kang
	 	 
	 	 
	 	 
	 

	Title:  	CEO	 	 	 	 	 	 
	 

	Date: 		 	 	 	 	 	 

2exv4w79

Exhibit
4.79

SECOND AMENDMENT TO

THE RAGNAROK ONLINE SOFTWARE AGREEMENT

THIS AMENDMENT was entered into on this 9th day of October, 2009 (“Effective
Date”), by Gravity Co. Ltd., a corporation duly organized and existing under the laws of the
Republic of Korea (“Korea”) and having its offices at 15F, Nuritkum Square Business Tower, 1605,
Sangam-Dong, Mapo-Gu, Seoul, Korea(“Licensor”), and Game Flier (Malaysis) SDN. BHD., a corporation
duly organized and existing under the laws of Malaysia (“Malaysia”) and having its
principle office at 3A-E, Jalan USJ 10/1A, Pusat Perniagaan USJ10, 47610 UEP Subang
Jaya, Selangor, Malaysia(“Licensee”) and Soft-World International Corporation, a corporation duly
organized and existing under the laws of Republic of China (Taiwan) and having its offices at F1.,
No 1-16 Kuo-Chien Road, Chien-Chen District, Kaohsiung 806, Taiwan, as the guarantor of financial
responsibilities to Licensor by Licensee.(“Guarantor”) Licensor and Licensee being sometimes
hereinafter referred to collectively as the “Parties”.

RECITALS

WHEREAS, the Parties has entered into EXCLUSIVE RAGNAROK ONLINE SOFTWARE LICENSE AGREEMENT on April
9th, 2006(“the Agreement”) and

WHEREAS, the Parties has entered into FIRST AMENDMENT TO THE RAGNAROK ONLINE SOFTWARE LICENSE
AGREEMENT on Oct 9th, 2007(“the Agreement”).

NOW, THEREFORE, the Parties agree as follows:

1. Extend the Term of the Agreement

The Parties agree to extend the term of the Agreement for Two (2) year (“Renewed Term”) from the
expiration date with conditions stated below in this Amendment. The Newly extended term of the
Agreement shall be from October 9th, 2009 to October 8th, 2011.

1

 

2. Royalty

The Article 5.1 in the Agreement shall be deleted in its entirety, and replaced with the following
language:

	 	 	 	2.1   Royalty and Report

  Licensee shall pay to Licensor as Royalty Payments thirty three percent (33%) of the
Service-Sales Amount paid by End Users (“Royalty”) during the commercial period of this
Agreement. The Royalty shall be paid by Licensee on a monthly basis within twenty (20) days
after the end of the applicable month. The Royalty Payment shall be deemed to be made upon
presentation by Licensee of remittance confirmation or notice to Licensor of payment. Unless
Licensor actually receives the remitted amount, the Royalty Payment shall not be deemed to have
been paid. Licensee may not set-off the Royalty Payment against any claims Licensee may have
against Licensor. Licensee shall also provide Licensor with a report (“Royalty Report”) on a
monthly basis within twenty (20) days after the end of the applicable month. Each Royalty
Report shall contain detailed information on the calculation of Gross-Sales Amount for the
applicable month.
	 
	 	2.2	 	Any and all payments under this Agreement by Licensee to Licensor shall be
made in US Dollars (USD) and by wire transfer to any bank account designated
by Licensor.
	 
	 	2.3	 	If any government in the Territory requires Licensee to withhold the withholding tax on
the payment to Licensor, Licensee is allowed to withhold such tax no more than (10) % from
such payments only if Licensor is entitled to receive such payments as a tax credit under
the relevant laws of Korea or any existing tax treaty between the respective countries of
operation of Licensor and Licensee. In the event that any amount is withheld for the tax
payment under this Article 2.3, Licensee shall promptly inform Licensor of such payment and
provide Licensor with a certification issued by the relevant tax authorities with respect to
the relevant payment. Any withholding tax in excess of the aforesaid limit shall be borne by
Licensee, and shall not be deducted from the actual payment amount.

2

 

3. Billing System and Relative obligations

Licensee shall approve Licensor’s the real-time access to Licensee’s Billing system and Game
Database only for the purpose of collecting the information necessary to calculate Royalty payment
and to analysis the number of End-Users, including, but not limited to, the maximum and average of
daily concurrent End-Users and the registered number of End-Users in the Territory.

4. Other Contents

Except as hereinabove expressly agreed and amended, all of the terms and conditions of the
Agreement shall continue in full force and effect.

IN WITNESS THEREOF, the Parties have caused and executed this Amendment on the date first
above-written in duplicate originals by their duly authorized representatives as of the day and
year first above written.

	 	 	 	 	 	 	 	 	 	 	 

	Gravity Co. Ltd	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By: 

	 	 	By: 	 
	 

	 	Name:
	 	Toshiro Ohno
	 	 	 	Name:
	 	Yoon Seok Kang
	 

	 	Title:
	 	President & CEO
	 	 	 	Title:
	 	CEO
	 

	 	Date:
	 	9th October, 2009
	 	 	 	Date:
	 	9th October, 2009

	 	 	 	 	 
	Game Flier SDN. BHD.

 	 	 
	By:  	 	 	 
	 	Name:  	Jung I Lin 	 	 
	 	Title:  	CEO	 	 
	 	Date: 	 9th October, 2009	   	
	 
	Soft-World International Corporation

 	 
	By:  	 	 	 
	 	Name:  	Chin-Po Wang 	 
	 	Title:  	Chairman	 	 
	 	Date: 	 9th October, 2009	   	
	 

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