Document:

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                                                                   Exhibit 10.12

                            INDEMNIFICATION AGREEMENT

     This Indemnification Agreement (the "Agreement") shall be effective as of
February 9, 2006 between GMarket Inc., a Korean corporation (the "Company"), and
____________________________ (the "Indemnitee").

     WHEREAS, it is essential that the Company attract and maintain responsible,
qualified directors and corporate officers;

     WHEREAS, the Indemnitee is a director or corporate officer of the Company;

     WHEREAS, both the Company and the Indemnitee recognize the risk of
litigation and other claims that may be asserted against directors and corporate
officers of public companies, as well as the possibility that in certain
situations a threat of litigation may be employed to deter them from exercising
their judgment in the best interests of the Company, and the consequent need to
allocate the risk of personal liability through indemnification and insurance;
and

     WHEREAS, in recognition of the Indemnitee's need for substantial protection
against personal liability, the Company wishes to provide in this Agreement for
the indemnification of and the advancement of expenses to the Indemnitee to the
fullest extent permitted by law and as set forth in this Agreement and for the
continued coverage of the Indemnitee under the Company's directors and officers
liability insurance policies.

     NOW, THEREFORE, in consideration of the premises and of the Indemnitee
continuing to serve the Company directly or, at its request, another enterprise,
and intending to be legally bound hereby, the parties hereto do hereby covenant
and agree as follows:

                                    ARTICLE I

                            Rights of Indemnification

     Section 1.1 Indemnification. The Company shall, to the fullest extent
permitted by applicable law as it presently exists or may hereafter be amended,
indemnify and hold harmless the Indemnitee against all liability and loss
suffered, and advance expenses (including attorneys' fees) in connection with
any actual or threatened action, suit, claim, inquiry or proceeding, whether
civil, criminal, administrative or investigative (including an action by or in
the right of the Company) and whether formal or informal (a "Proceeding") and by
reason of the fact that he, or a person for whom he is the legal representative,
is or was a director or officer of the

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Company or, while a director or officer of the Company, is or was serving at the
request of the Company as a director, officer, employee, trustee or agent of
another corporation or of a partnership, joint venture, trust, nonprofit entity
or other entity, including service with respect to employee benefit plans.
Notwithstanding the preceding sentence, the Company shall be required to
indemnify or advance expenses to an Indemnitee in connection with a Proceeding
(or part thereof) commenced by such Indemnitee (and not by way of defense) only
if the commencement of such Proceeding (or part thereof) by the Indemnitee (i)
was authorized in the specific case by the board of directors of the Company or
(ii) was brought to establish or enforce a right to indemnification under this
Agreement, the Company's bylaws, the Articles of Incorporation ("AOI"), any
other agreement, any applicable law or otherwise. If the Company does not pay in
full within 30 days of the Indemnitee's presentation of a claim for
indemnification (following the final disposition of such action, suit or
proceeding) or advancement of expenses under this Agreement, the Indemnitee may
file suit against the Company to recover the unpaid amount of such claim and, if
successful in whole or in part, shall be entitled to recover the expense of
prosecuting such claim. Notwithstanding anything to the contrary contained in
this Agreement, the Company shall not have any obligation to indemnify the
Indemnitee from and against any loss that may be asserted against or suffered or
incurred by the Indemnitee or advance any expenses (i) if the Company is
prohibited under applicable law from indemnifying the Indemnitee for such loss
(ii) upon a finding, in the form of a final and binding judgment rendered by a
court of competent jurisdiction, that the Indemnitee has breached a fiduciary or
other duty owed to the Company or (iii) if the then constituted board of
directors of the Company, based on legal advice of counsel, clearly believes
that the Indemnitee has breached a fiduciary or other duty owed to the Company.

     Section 1.2 Applicability of Indemnification. The Company's obligations
under Section 1.1 shall apply with respect to any Proceeding which relates to
acts or omissions occurring or allegedly occurring prior to the execution of
this Agreement.

     Section 1.3 Nonexclusivity of Rights. The rights conferred on the
Indemnitee by this Agreement shall not be exclusive of any other rights or
remedies which the Indemnitee may have or hereafter acquire under any statute,
the bylaws of the Company, the AOI or any other agreement, vote of stockholders
or disinterested directors or otherwise.

     Section 1.4 Other Sources. The Company's obligation, if any, to indemnify
or to advance expenses to any Indemnitee who was or is serving at its request as
a director, officer, employee or agent of another Company, partnership, joint
venture, trust, enterprise or nonprofit entity shall be reduced to the extent
such Indemnitee has otherwise actually received payment (under any insurance
policy or otherwise) of the amounts otherwise payable by the Company.

                                   ARTICLE II

                                     General

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     Section 2.1 Burden of Proof. In connection with any determination as to
whether the Indemnitee is entitled to be indemnified under this Agreement, the
person or persons or entity or body making such determination shall presume that
the Indemnitee is entitled to indemnification under this Agreement and the
burden of overcoming such presumption shall be on the Company. The termination
of any claim, action, suit or proceeding by judgment, order, settlement (whether
with or without court approval) or conviction, or upon a plea of nolo
contendere, or its equivalent, shall not create a presumption that the
Indemnitee's activities were at the time taken known or believed by him to be
clearly in conflict with the best interests of the Company, or that a court has
determined that indemnification is not permitted. The knowledge and/or actions,
or failure to act, of any director, officer, agent, fiduciary or employee of the
Company shall not be imputed to the Indemnitee for purposes of determining the
right to indemnification under this Agreement.

     Section 2.2 Contribution. In the event the indemnification provided for in
Article 1 of this Agreement is unavailable to the Indemnitee in connection with
any Proceeding, the Company, in lieu of indemnifying the Indemnitee, shall
contribute to the expenses actually and reasonably incurred by the Indemnitee in
such proportion as deemed fair and reasonable, in light of all the circumstances
of the Proceeding giving rise to such expenses, in order to reflect (i) the
relative benefits received by the Company and the Indemnitee as a result of the
event(s) and/or transaction(s) giving rise to such Proceeding, and (ii) the
relative fault of each.

     Section 2.3 Notice of Proceedings; Defense of Claim. The Indemnitee agrees
promptly to notify the Company in writing upon being served with any summons,
citation, subpoena, complaint, indictment, information or other document
relating to any Proceeding or matter which may be subject to indemnification or
advancement of expenses covered hereunder. Notwithstanding any other provision
of this Agreement, with respect to any such Proceeding of which the Indemnitee
notifies the Company, (a) the Company shall be entitled to participate therein
at its own expense; (b) except as provided in this Section, to the extent that
it may wish, the Company, jointly with any other indemnifying party similarly
notified, shall be entitled to assume the defense thereof, with counsel
reasonably satisfactory to the Indemnitee. After notice from the Company to the
Indemnitee of its election so to assume the defense thereof, the Company shall
not be liable to the Indemnitee under this Agreement for any expenses of counsel
subsequently incurred by the Indemnitee in connection with the defense thereof
except as otherwise provided below. The Indemnitee shall have the right to
employ the Indemnitee's own counsel in such Proceeding, but the fees and
expenses of such counsel incurred after notice from the Company of its
assumption of the defense thereof shall be at the expense of the Indemnitee
unless: (i) the employment of counsel by the Indemnitee has been authorized by
the Company, (ii) the Indemnitee shall have reasonably concluded that there may
be a conflict of interest between the Company and the Indemnitee in the conduct
of the defense of such Proceeding or (iii) the Company shall not have employed
counsel to assume the defense of the Proceeding within 30 calendar days of
receipt of notice from the Indemnitee, in each of which cases, the fees and
expenses of the Indemnitee's counsel shall be at the expense of the Company. The
Company shall not be entitled to assume

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the defense of any Proceeding brought by or on behalf of the Company or as to
which the Indemnitee shall have made the conclusion provided for in (ii) above;
and (c) if the Company has assumed the defense of a Proceeding, the Company
shall not be liable to indemnify the Indemnitee under this Agreement for any
amounts paid in settlement of any Proceeding effected without the Company's
written consent. The Company shall not settle any Proceeding in any manner that
would involve an admission of guilt or wrongful conduct by the Indemnitee, or
impose any penalty, prohibition, restriction or limitation on, or disclosure
obligation with respect to, the Indemnitee without the Indemnitee's prior
written consent. Neither the Company nor the Indemnitee will unreasonably
withhold its consent to any proposed settlement.

     Section 2.4 Liability Insurance. The Company shall maintain an insurance
policy or policies providing directors' and officers' liability insurance and
shall ensure that the Indemnitee shall be covered by such policy or policies, in
accordance with its or their terms, to the maximum extent of the coverage
available for any other director or officer of the Company.

     Section 2.5 Binding Effect; Survival. This Agreement shall be binding upon
and inure to the benefit of and be enforceable by the parties hereto and their
respective successors, assigns (including any direct or indirect successor by
purchase, merger or consolidation or otherwise to all or substantially all of
the business and/or assets of the Company), spouses, heirs, executors and
personal and legal representatives. This Agreement shall continue in effect
regardless of whether Indemnitee continues to serve as a director or corporate
officer of the Company. In the event of his demise, this Agreement shall be
enforceable by the Indemnitee's legal representatives.

     Section 2.6 Amendments. This Agreement may not be amended, added to,
altered or repealed except by written instrument signed by each of the parties
hereto.

     Section 2.7 Severability. If any term, provision or covenant of this
Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable in any jurisdiction, then such term, provision or covenant
shall, as to such jurisdiction, be modified or restricted to the extent
necessary to make such provision valid, binding and enforceable, or, if such
provision cannot be modified or restricted, then such provision shall, as to
such jurisdiction, be deemed to be excised from this Agreement and any such
invalidity, illegality or unenforceability with respect to such provision shall
not invalidate or render unenforceable such provision in any other jurisdiction,
and the remainder of the provisions hereof shall remain in full force and effect
and shall in no way be affected, impaired or invalidated.

     Section 2.8 Notices. All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given (i) upon delivery if delivered by hand and receipted for by the party
to whom said notice or other communication shall have been directed, or (ii) on
the third business day after mailing if mailed by certified or registered mail
with postage prepaid, and addressed as follows: If to the Indemnitee, as shown
after the

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Indemnitee's signature below; and if to the Company, to the Company's corporate
headquarters, or such other address as may have been furnished in writing to the
Indemnitee by the Company or to the Company by the Indemnitee, as the case may
be.

     Section 2.9 Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the Republic of Korea.

     Section 2.10 Counterparts. This Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.

     Section 2.11 No Waiver. The failure of a party to insist upon strict
adherence to any term of this Agreement on any occasion shall not be considered
a waiver of such party's rights or deprive such party of the right thereafter to
insist upon strict adherence to that term or any other term of this Agreement.

     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
February ____, 2006.

GMarket Inc.                            Indemnitee

-------------------------------------   ----------------------------------------

By:                                     By:
    ---------------------------------       ------------------------------------
Date:                                   Date:
      -------------------------------         ----------------------------------
Address:                                Address:
         ----------------------------            -------------------------------

-------------------------------------   ----------------------------------------

-------------------------------------   ----------------------------------------
Chief Executive Officer

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                                                                   Exhibit 10.13

English Translation

CONFIDENTIAL TREATMENT REQUESTED BY GMARKET INC. CONFIDENTIAL PORTIONS OF THIS
DOCUMENT HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION.

         NAVER KNOWLEDGE SHOPPING - SHOP OPENING AND OPERATING CONTRACT

NHN Corp. ("NHN") and the following shop operator ("Gmarket") enter into this
Contract in order to sell Gmarket's products and services by making use of Naver
(www.naver.com), NHN's online site and in order to witness hereof, two copies of
this Contract are executed and both parties sign and affix their seals hereto
and respectively keep each one copy hereof.

<TABLE>
<S>                             <C>
NAME OF THE CONTRACT            Naver Knowledge Shopping - Shop Opening and
                                Operating Contract

SHOP OPERATOR                   GMARKET Inc.

TERM                            From April 1, 2006 to March 31, 2007 (12 months)

TYPE OF SHOP OPERATION          Naver Knowledge Shopping - Best Partner

SHOP OPENING & OPERATING COST   [****] KRW per month - VAT not inclusive
(ADVERTISEMENT COST)
                                Adjusted to sales: [****] of net sales (VAT not
                                inclusive) (Sales Commissions)

                                DB connection (without separate charge)

                                Others (without separate charge)

GUARANTEED MATTERS              -

SPECIAL TERMS                   No sales commissions shall be charged for
                                click-through service on the main page of Naver.
</TABLE>

Any other details of this Contract shall be in accordance with the general terms
of shopping transactions on the following pages.

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

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                                  April 1, 2006

NHN Corp.                                GMARKET Inc.
Venture Town Branch                      6th Fl., Nam Seoul Bldg., 1304-3
25-1, Jung-ja-dong                       Seocho-Dong
Bundang-Gu, Sungham-Shi                  Seocho-Gu, Seoul
Kangnam-Gu, Seoul                        Young Bae Ku, Representative Director
Huiyoung Choi, Representative Director

Person in charge: Eunjong Kim            Person in charge: JaeDon Kim

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                       GENERAL TERMS OF SHOPPING CONTRACT

Unless other conditions are specified on the signing page of this Contract, NHN
and Gmarket shall comply with the following conditions:

ARTICLE 1 (DEFINITIONS)

     1.   Naver Knowledge Shopping Service ("Service") means service allowing
          users' easy access to Gmarket's online shopping mall by NHN's
          advertising of Gmarket's shopping mall through URL linkage of text,
          banners, product DB, etc. (in a form of DB created and altered by
          Gmarket at its own server) of Gmarket through main screen or sub
          screen of NHN's website Naver (www.naver.com).

     2.   "Shop Operator" means parties to this contract using Service.

     3.   "Users" means individuals making orders for goods and services at
          Gmarket's shopping mall through the Service.

     4.   "Shop Opening and Operating Cost" means an amount payable to NHN in
          the name of commissions such as fixed fee, sales based fee and product
          DB linkage fee, etc. in using the Service.

     5.   "Net Sales" means the gross sales of goods and services ordered by
          users at Gmarket's shopping mall through the Service less discount,
          value added tax, delivery cost and sales cancellation cost for return
          and of orders.

ARTICLE 2 (NHN'S OBLIGATIONS)

     1.   NHN shall not misrepresent any information provided by Gmarket and if
          any disputes arise between Gmarket and a third part or any others due
          to breach hereof, NHN shall indemnify and defend Gmarket from the
          disputes and shall resolve the disputes at NHN's cost and
          responsibility.

     2.   NHN shall not use any information created and provided by Gmarket for
          any other purposes except for operation of the Service.

     3.   In case the Service is extended or altered, NHN may add or alter URL
          Linkage to text, banners and product DB of shopping mall operated by
          Gmarket. Provided, however, in this case, NHN and Gmarket shall
          consult each other in advance on location of Link URL, number of
          banners and product DB and the shop operating cost.

     4.   NHN shall provide Gmarket with the Service, together with linking
          function to annexed services of NHN to the reasonable extent.

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ARTICLE 3 (GMARKET'S OBLIGATIONS)

     1.   Gmarket shall be liable to comply with any and all legal requirements
          including the followings with respect to the products and services
          registered or linked to Service or any data posted.

          (1)  The relevant laws, regulations and standards relating to
               descriptions of the relevant products or services;

          (2)  Protection of others' intellectual property and business and
               marketing rights.

     2.   Gmarket shall be liable for any and all acts including each of the
          followings arising in the course of operating its shopping mall:

          (1)  Gmarket shall be liable to protect any and all users' information
               including credit card information obtained in the course of
               operating the shopping mall and in connection herewith shall be
               liable for any damage incurred to users due to reasons
               attributable to Gmarket.

          (2)  Gmarket shall not apply users' information obtained in the course
               of using the Service to any other use than for performance of
               users' orders at Gmarket's shopping mall. Provided, however, this
               shall not apply in case Gmarket obtained the information directly
               from users through the Service.

          (3)  Gmarket shall be liable to faithfully carry out the orders for
               goods and services made through the Service and shall be liable
               to compensate users for damage incurred in connection herewith.

          (4)  Gmarket shall be liable for after sales service with respect to
               goods and services sold pursuant to the quality assurance
               provision of the relevant laws and decrees.

          (5)  Gmarket agrees not to distribute e-mails without demand by users
               or not to engage in any improper marketing activities.

     3.   Gmarket shall post on the initial page of its shopping mall all the
          contact points available in accordance with the relevant laws and
          decrees and agree to maintain the most recent information with
          reflecting any change thereof real time.

     4.   Gmarket shall provide its product DB in a standardized form as
          prescribed by NHN in order to utilize NHN's product search engine in
          selling goods and services through NHN. Provided, however, that NHN
          and Gmarket shall consult each other on technical works, in advance.

     5.   With respect to disputes arising with a third party or any others due
          to reasons

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          attributable to Gmarket, Gmarket shall indemnify and defend NHN from
          the disputes and shall resolve the disputes at Gmarket's cost and
          responsibility.

ARTICLE 4 (SCOPE OF COMPENSATION)

NHN and Gmarket shall undertake to perform mutual obligations in good faith, may
demand correction of any default (inability of performance, delay in performance
or incomplete performance) under the Contract and the party upon receipt of such
demand shall be liable to correct such default. In case the party upon receipt
of the demand fails to correct the default without a justifiable reason, the
other party may claim for compensation of damage.

ARTICLE 5 (PAYMENT)

     1.   NHN shall settle the accounts of Gmarket's normal shop operating cost
          and commissions once per month. The shop operating cost shall be
          calculated on a pro rata daily basis from the commencement date of
          shop operation.

     2.   NHN shall issue a tax account as of the 1st date of the relevant month
          in respect of the shop operating cost for the relevant month, and
          Gmarket shall pay the cost in cash by the 5th date.

     3.   The record amount which is commissions adjusted to sales, shall be
          from the 26th date of the preceding month to the 25th date of the
          relevant month, and the data on sales shall be submitted by the 30th
          date of the relevant month.

     4.   NHN shall issue a tax account with respect to commissions adjusted to
          sales and ensure delivery of the tax accounts to Gmarket by the last
          date of the relevant month. Gmarket shall pay the commissions to NHN
          by the 15th date of the next following month.

ARTICLE 6 (TERMINATION AND EXTENSION)

     1.   In case a party breaches its material obligations under the Contract,
          the other party may demand a letter for correction of the breaches and
          then if the breaching party fails to correct, the other party may
          immediately terminate this Contract.

     2.   In case either party falls under each of the followings, the other
          party may immediately terminate this Contract:

          (1)  In case a party falls under circumstances where continuation of
               the Service

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               becomes impossible and 30 days have passed from the date when the
               party notifies the other party thereof.

          (2)  In case a party cannot conduct normal business activities by
               reason of application for bankruptcy, commencement of corporate
               reorganization procedures or composition, etc.

     3.   Unless either or both parties express otherwise by 15 days prior to
          the expiration of the Contract, this Contract shall automatically
          extend for 5 months. In this case the terms and conditions of the
          contract shall be the same as those of this Contract unless otherwise
          agreed upon.

     4.   In the event that Gmarket delays in any payment or a part thereof for
          one month or more, NHN may immediately suspend provision of the
          Service to Gmarket and if such delay continues for two months or more,
          NHN may immediately terminate this Contract.

ARTICLE 7 (NO AGENCY OR NO GUARANTEE)

     1.   NHN has no power to act for Gmarket when Gmarket sells goods and
          services through NHN, and any acts of NHN shall not be deemed
          vicarious acts on behalf of Gmarket.

     2.   NHN shall not guarantee the existence, safety and legality, etc. of
          goods and services Gmarket sells through NHN and any and all
          responsibilities arising therefrom shall be borne by Gmarket.

ARTICLE 8 (CONFIDENTIALITY)

NHN and Gmarket shall not disclose any business secret or contract terms,
obtained in the course of executing and performing this Contract, to a third
party nor apply to any other purposes during the term as well as after
termination without a prior written approval from the other party. In the event
either party discloses the terms of this Contract, the other party may terminate
this Contract.

ARTICLE 9 (OBLIGATION TO NOTIFY AND TRANSFER OF RIGHTS)

Any and all rights and obligations under this Contract shall not be transferred
to a third party without a written approval from the other party.

ARTICLE 10 (FORCE MAJEURE)

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With respect to delay or default caused directly or indirectly by force majeure
and reasons beyond control by either party, no party shall be held liable to the
other party.

ARTICLE 11 (SUPPLEMENTATION AND COMPETENT COURT)

     1.   Matters not provided under this Contract shall be resolved upon mutual
          agreement or in accordance with the commercial practices.

     2.   Any and all disputes arising between NHN and Gmarket in connection
          with this Contract shall be submitted to the Seoul Central Court.

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