Document:

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                                                                   Exhibit 10.10

                            VSO CASH RIGHT AGREEMENT

          This agreement (the "AGREEMENT") is entered into by and among
WiderThan Americas, Inc. (formerly known as "Ztango, Inc.") ("WTA") in its
capacity as the issuer of the VSOs, Melody Share Corporation, a Cayman Islands
company ("CAYCO"), WiderThan Co., Ltd. ("WT"), and [_____________] (the "VSO
HOLDER") and is effective as of August 11, 2005 (the "EFFECTIVE DATE").

                                    PREAMBLE

          WHEREAS the records of WTA indicate that the VSO Holder is the holder
of Virtual Stock Options granted pursuant to the Ztango, Inc. 2004 Virtual Stock
Option Plan (the "VSO PLAN"), as identified on Exhibit A attached hereto (the
"VSOS");

          WHEREAS, on August 11, 2005 (the "PURCHASE DATE"), Cayco purchased
from WT, and is now the holder of, a certain number of shares of Series C
Convertible, Redeemable Preferred Shares of WT (the "SERIES C PREFERRED
SHARES"), which shares are convertible into common shares of WT ("COMMON
SHARES") immediately prior to an IPO (as defined below);

          WHEREAS, the parties hereto understand that WT intends to undertake an
underwritten initial public offering of its Common Shares pursuant to the
effective registration statement filed with the U.S. Securities Exchange
Commission under the U.S. Securities Act of 1933, as amended (an "IPO"); and

          WHEREAS, in connection with the IPO, WTA and the VSO Holder desire
that all of the VSO Holder's outstanding VSOs be canceled in exchange for the
cash payments described below, which cash payments will, subject to the
provisions set forth below, arise from the sale of the number of American
Depository Shares that correspond with the number of Common Shares into which
the number of Series C Preferred Shares set forth on Exhibit B attached hereto
(and held by Cayco for the benefit of the VSO Holder) convert (the "ADSs"), [and
the grant of certain options to purchase common stock of WT pursuant to a
separate stock option agreement(1).]

          Pursuant to this Agreement, each party hereto agrees to the following:

     1. Cancellation of VSOs. Effective as of the Effective Date, all of the VSO
Holder's outstanding VSOs, whether vested or unvested, shall automatically be
canceled and any and all rights the VSO Holder may have had thereunder shall
terminate.

     2. Consideration for Cancellation of VSOs.

          (a) Amount of Cash Payment. In consideration for the VSO Holder's
agreement to the cancellation of all of the outstanding VSOs (whether vested or
unvested) held by the VSO Holder immediately prior to the date of this
Agreement, the VSO Holder will be entitled to receive from Cayco a lump sum cash
amount calculated in the manner set forth on Exhibit C attached hereto and
payable in accordance with the payment procedure set forth in Section 2(c)
below, subject to the sale by Cayco of the ADSs as described above; provided,
however, that the VSO Holder will only be entitled to receive the Tranche B VSO
Cash Payment (as such term is defined in Exhibit C) to the extent the VSO Holder
remains employed with WTA or WT through October 8, 2005 or, if WTA or WT, as
applicable, terminates the VSO Holder's employment other than for Cause prior to
such date. For purposes of this Agreement, "Cause" shall mean where the VSO
Holder: (i) has misappropriated, stolen or embezzled funds or property from WT
or WTA or an affiliate of WT or WTA or secured or attempted to secure

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

(1). To be included for employees migrating to WT (34 people total).
<PAGE>

personally any profit in connection with any transaction entered into on behalf
of WT or WTA or any affiliate of WT or WTA, (ii) has been convicted of a felony
or entered a plea of "nolo contendre" to a felony involving moral turpitude,
other than a felony predicated on the VSO Holder's vicarious liability based on
acts of WT or WTA for which the VSO Holder is charged solely as a result of his
offices with WT or WTA and in which he was not directly involved or did not have
prior knowledge of such acts, which in the reasonable opinion of WT or WTA
brings the VSO Holder into disrepute or is likely to cause material harm to WT's
or WTA's (or any affiliate of WT or WTA) business, customer or supplier
relations, financial condition or prospects, (iii) has, notwithstanding not less
than 30 days' prior written notice from WT or WTA, willfully and persistently
failed to perform his material duties for WT or WTA (unless such failure to
perform is due to (A) illness or temporary disability, regardless of whether
such temporary disability is or becomes a total disability, (B) vacation or
approved leave of absence, or (C) WT or WTA changing the VSO Holder's principal
place of work to a place more than 25 miles from the VSO Holder's principal
place of work as of the date hereof or otherwise requiring the VSO Holder to
move more than 25 miles from the VSO Holder's principal place of work as of the
date hereof in order to maintain his position with WT or WTA), (iv) has
willfully violated any confidentiality and/or insider information provisions to
which he is subject by virtue of other agreements between the VSO Holder and WT
or WTA, (v) has willfully violated or breached any provision of this Agreement
or any material law or regulation to the material detriment of WT or WTA or any
affiliates of WT or WTA or its business, or (vi) has willfully engaged in
conduct with the intent to cause material injury to the reputation of WT or WTA
or any affiliates of WT or WTA (the existence of such intent to be determined by
the Board in good faith and only upon thirty (30) days' written notice to the
VSO Holder during which period the VSO Holder may cure such grounds for
termination if curable) if the VSO Holder were to continue to be employed by WT
or WTA.

          (b) Interest. Within ten (10) business days following the IPO Closing
Date, Cayco shall deposit an amount equal to the Tranche A VSO Cash Payment, the
Tranche B VSO Cash Payment and the IPO Price Protection Shares Cash Payment, if
applicable, (as such terms are defined in Exhibit C hereto) (together, the
"TOTAL CASH PAYMENT") in a standard interest-bearing U.S. money market account
on behalf of the VSO Holder. The Total Cash Payment shall then accrue interest,
at such rate and at such time(s) as the terms of such money market account shall
provide, from the date on which the Total Cash Payment was deposited in such
account through the Payment Date (the total amount of all such interest earned,
the "INTEREST PAYMENT", together with the Total Cash Payment, the "TOTAL
PAYMENTS")).

          (c) Payment Date and Payment Procedure. Subject to Section 2(a) and 3
of this Agreement as set forth below, on June 30, 2006 (the "PAYMENT DATE"),
Cayco shall pay the amount of the Total Payments pursuant to the following
procedure: Cayco shall remit the Total Payments to the United States branch of
WT, which shall then remit the Total Payments to WTA, which shall then deliver
the amount of the Total Payments (net of any applicable withholding taxes
withheld pursuant to Section 9 of this Agreement) to the VSO Holder. Such Total
Payments amount shall be made to the VSO Holder whether or not the VSO Holder is
or has remained employed with WTA through such date; provided, however, that in
no event shall the VSO Holder be entitled to any portion of the Total Payments
if the VSO Holder's employment was, prior to such date, terminated by WT or WTA,
as applicable, for "Cause" (as such term is defined in the VSO Plan). In the
event that the VSO Holder is terminated for Cause, the VSO Holder shall send
written notice to Cayco of such event promptly after such termination.

     3. Expiration and Reissuance of VSOs.

          (a) Expiration and Delay of Expiration. Notwithstanding anything set
forth in this Agreement to the contrary, in the event that (i) the consummation
of an IPO (the "IPO CLOSING DATE") does not occur on or prior to December 15,
2005, (ii) the Administrator (as such term is defined in the Administration
Agreement (as hereinafter defined)) requests that WT redeem all of the Series C
Preferred

<PAGE>

Shares held by Cayco for the benefit of all VSO Holders pursuant to the
Administration Agreement (a "REDEMPTION"), (iii) all of the Series C Preferred
Shares are put by Silicon Valley Bank to any of WT Investor Corp., Nokia Venture
Partners II, L.P., i-Hatch WATCH Holdings, L.L.C., WTC Investment LLC and/or
SAIF Capital Limited (any of the foregoing, an "INVESTOR"), pursuant to the
applicable agreements governing such put right, or (iv) upon the passing of a
special resolution prior to an IPO by the members of Cayco for the winding up of
the Company (or the actual winding up of Cayco), then, as of the earlier of such
dates (the date of the first to occur of any of the foregoing, the "EXPIRATION
DATE"), Section 2 of this Agreement shall terminate on the Expiration Date
without, subject to Section 3(b), further obligation or liability of Cayco, WT
or WTA to the VSO Holder with respect to the matters referenced therein;
provided, however, that if the Expiration Date is expected to occur solely by
reason of clause (i) above, and Cayco is instructed under the Administration
Agreement to extend the effectiveness of this Agreement beyond December 15,
2005, then the effectiveness of this Agreement shall be extended through the
earlier to occur of (x) the date to which Cayco is instructed under the
Administration Agreement to extend the effectiveness of this Agreement and (y)
the effective date of a Redemption, in which case all references to "Expiration
Date" contained in this Agreement shall be deemed to refer to such later date.
For purposes of this Agreement, the term "Administration Agreement" shall mean
that certain Administration Agreement between Cayco and Maples Finance Jersey
Limited, as of the same date hereof.

          (b) Reissuance of VSOs. Upon any termination of Section 2 of this
Agreement as set forth in Section 3(a) above, as soon as practicable thereafter,
WTA shall be required to either (i) reinstate to the VSO Holder all VSOs
cancelled pursuant to Section 1 of this Agreement in a manner that will allow
them to continue to vest in accordance with their terms prior to their
cancellation or (ii) if such reinstatement is not reasonably practicable, grant
the VSO Holder new Virtual Stock Options pursuant to the VSO Plan on
substantially the same terms as the cancelled VSOs. In either such case, WTA
will reinstate the VSOs or grant new Virtual Stock Options in a manner necessary
to ensure that the economic benefits of such previously granted VSOs will be
substantially preserved, as determined by the Board of Directors of WTA in good
faith. In particular, to the extent the reinstatement of VSOs or new grant of
Virtual Stock Options results in the imposition of any income or penalty taxes
on the VSO Holder under The American Jobs Creation Act of 2004 or any other
United States tax law or regulation which, but for the cancellation and
subsequent reinstatement of VSOs or new grant of Virtual Stock Options, the VSO
Holder would not have been required to pay, WTA will make any and all such
payments necessary to ensure that the VSO Holder is made whole in respect of the
imposition of such taxes. (For the avoidance of doubt, the foregoing sentence is
not intended to cause WTA to pay income taxes the VSO Holder would have had to
pay if the VSO Holder had continued to hold his or her VSOs and receive proceeds
in respect thereof pursuant to the terms of the VSO Plan.) Also in either case,
if the VSO Holder's employment terminates prior to the Expiration Date (and no
IPO Closing Date has yet occurred, nor does it occur prior to the Expiration
Date), then the VSO Holder's rights to any such reinstated VSOs (or to any such
new Virtual Stock Options) shall be based on the rights, if any, that the VSO
Holder would have held with respect to the VSO Holder's outstanding VSOs in
accordance with the terms of the VSO Plan if the VSO Holder had held such VSOs
on the date of such a termination of employment. Finally, following such
reinstatement or new grant, as applicable, this Agreement shall terminate in its
entirety without further obligation or liability of any party hereto with
respect to all matters referenced in this Agreement.

     4. Sale Transaction. In the event that at any time prior to the IPO there
occurs a Sale Transaction, Section 2 and Section 3 of this Agreement shall
terminate on such date and instead the VSO Holder shall receive such
consideration (in cash, in kind or a combination thereof) in respect of the
number of Series C Preferred Shares that the VSO Holder would have been entitled
to have received if the VSO Holder were holding, immediately prior to the time
of the Sale Transaction, an option to purchase the number of the Series C
Preferred Shares referred to in paragraphs 1(a) and 2(a) (and, if applicable,

<PAGE>

paragraph 3) of Exhibit B, that had a per share exercise price equal to the US
dollar equivalent of Korean Won 9,520 on the Purchase Date, which option was
exercised immediately prior to the Sale Transaction using a "cashless exercise"
or "net exercise" mechanic (the "SALE TRANSACTION CONSIDERATION"). For purposes
of this Agreement, "Sale Transaction" shall have the same meaning as such term
is set forth in the VSO Plan. For the avoidance of doubt, upon the occurrence of
any IPO prior to the occurrence of any Sale Transaction, this Section 4 shall
cease to be of any further force and effect. The Sale Transaction Consideration
shall be paid in the same manner as the Total Payments would have been paid in
accordance with the payment procedure set forth in Section 2(c) above.

     5. Extraordinary Dividend. In the event that, at any time prior to the IPO
(or any Sale Transaction), an Extraordinary Dividend (as such term is defined in
the VSO Plan) is paid on outstanding Series C Preferred Shares and/or Common
Shares, there shall be added to the Total Cash Payment (or to the Sale
Transaction Consideration, as applicable) an amount equal to the same
consideration (in cash, in kind or a combination thereof), if any, with the same
rights, if any, received by Cayco in respect of the Extraordinary Dividend with
respect to the number of Series C Preferred Shares referred to in paragraphs
1(a) and 2(a) (and, if applicable, paragraph 3(a)) of Exhibit B. To the extent
such amount in respect of the Extraordinary Dividend is paid in cash, the
foregoing amount shall also accrue interest at the rate set forth in Section
2(b) from and after the date the relevant Extraordinary Dividend is paid through
the Payment Date (which, for the avoidance of doubt, could occur following the
occurrence of an IPO). To the extent such amount in respect of the Extraordinary
Dividend is paid in shares or other property, such shares or other property
shall be held by Cayco and shall accrue any earnings thereon (including
dividends) from and after the date the relevant Extraordinary Dividend is paid
through the Payment Date, at which time the VSO Holder shall receive such shares
or other property and any earnings thereon (including dividends) in accordance
with the payment procedure set forth in Section 2(c) above or in connection with
a Sale Transaction in accordance with Section 4 of this Agreement, as
applicable.

     6. No Right to Continued Employment. Neither this Agreement nor the VSO
Holder's entitlement to the Total Cash Payment or the Interest Payment set forth
herein constitutes an employment contract between any of WTA, WT, Cayco and the
VSO Holder. The VSO Holder hereby acknowledges he/she remains an employee
at-will of WTA or WT, as applicable, that WTA or WT, as applicable, may
terminate the VSO Holder's employment at any time with or without cause, and
that at no time shall the VSO Holder be considered, or otherwise become, an
employee of Cayco by virtue of the execution by Cayco of this Agreement.

     7. Governing Law. This Agreement shall be governed by the laws of the State
of New York (and, to the extent applicable, U.S. Federal law), without regard to
the conflict of laws provisions thereof (other than as to matters of U.S.
Federal law). In the event of any dispute involving the matters addressed in
this Agreement, each party hereto waives any right it may otherwise have to a
jury trial.

     8. Other Benefits. None of the Total Payments (nor any payments referenced
in Section 3(c) or Section 4 above) shall be taken into account in computing the
VSO Holder's salary or compensation for the purposes of determining any benefits
or compensation under (a) any pension, retirement, life insurance or other
benefit plan of WTA or its affiliates or (b) any agreement between WTA or its
affiliates and the VSO Holder.

     9. Taxes. WTA shall withhold from the Total Payments all amounts necessary
to satisfy any liability for any national or local income or other taxes
required by law to be withheld with respect to any payments made to the VSO
Holder hereunder, and any amounts withheld by WTA from the Total Payments in
respect of any such taxes shall be deemed paid to the VSO Holder for purposes of
satisfying the obligations under this Agreement relating to the payment of the
Total Payments to the VSO Holder.

<PAGE>

     10. Limited Recourse and Non-Petition to Cayco; Recourse to WT and WTA

          (a) The obligations of Cayco to the VSO Holder shall be limited to the
lesser of (a) the nominal amount of the claim of the VSO Holder determined in
accordance with the terms of this Agreement (other than this clause) (the
"CLAIM"); and (b) the product of (i) the Net Proceeds divided by the aggregate
gross amount of all limited recourse obligations of Cayco ranking pari passu
with and including the Claim and (ii) the nominal amount of the Claim, except in
the case of fraud, willful default and/or gross negligence on the part of Cayco,
in which case the VSO Holder shall have full rights to claim for any damages
(including attorneys' fees and expenses) incurred under this Agreement. In this
clause, "NET PROCEEDS" means the net proceeds of realisation of all the assets
of Cayco other than the ordinary share capital and the transaction fee charged
by Cayco after payment of, or provision for, all debts, costs, expenses and
other obligations of Cayco as determined by the directors of Cayco in their
absolute discretion, other than any limited recourse obligations ranking below
or pari passu with and including the Claim. If there are no Net Proceeds, no
debt shall be owed to the VSO Holder by Cayco and once the amount owed by Cayco
calculated in accordance with this clause has been paid, Cayco shall have no
further obligation in respect of the Claim, except in the case of fraud, willful
default and/or gross negligence on the part of Cayco, in which case the VSO
Holder shall have full rights to claim for any damages (including attorneys'
fees and expenses) incurred under this Agreement.

          (b) Except as expressly otherwise provided for in Section 10(a) above
and 10(d) below, the VSO Holder and Cayco each hereby acknowledges and agrees
that Cayco's obligations under this Agreement are solely the corporate
obligations of Cayco, and that the VSO Holder shall not have any recourse
against any of the directors, officers or employees of Cayco for any claims,
losses, damages, liabilities, indemnities or other obligations whatsoever in
connection with any transactions contemplated by this Agreement. Cayco also
hereby acknowledges and agrees that it shall have no recourse against WT or WTA
or any of their respective directors, officers or employees for any claims,
losses, damages, liabilities, indemnities or other obligations under this
Agreement for any amounts payable to the VSO Holder hereunder.

          (c) The VSO Holder shall not take any action or commence any
proceedings against Cayco to recover any amounts due and payable by Cayco under
this Agreement except as expressly permitted by the provisions of this Agreement
or in the case of fraud, willful default and/or gross negligence on the part of
Cayco, in which case the VSO Holder shall have full rights to claim for any
damages (including attorneys' fees and expenses) incurred under this Agreement.
The VSO Holder shall not take any action or commence any proceedings or petition
a court for the liquidation of Cayco, nor enter into any arrangement,
reorganization or insolvency proceedings in relation to Cayco whether under the
laws of the Cayman Islands or other applicable bankruptcy laws until after the
later to occur of the payment in respect of the Claim or the extinction of
Cayco's rights in respect of the Claim, except in the case of fraud, willful
default and/or gross negligence on the part of Cayco, in which case the VSO
Holder shall have full rights to claim for any damages (including attorneys'
fees and expenses) incurred under this Agreement.

          (d) The VSO Holder hereby acknowledges and agrees that it shall have
no recourse against WT or WTA or any of their respective directors, officers or
employees for any claims, losses, damages, liabilities, indemnities or other
obligations whatsoever in connection with any obligations of Cayco under this
Agreement. The VSO Holder also hereby acknowledges and agrees that (i) Exhibit A
accurately reflects the number of VSOs that, prior to the date of this Agreement
and the effectiveness of Section 1 hereof, the VSO Holder held pursuant to the
VSO Plan and (ii) Exhibit B accurately reflects the calculation of the number of
Tranche A Series C Preferred Shares and Tranche B Series C Preferred Shares
attributable to the VSO Holder's Tranche A VSOs and Tranche B VSOs,
respectively, that are being cancelled pursuant to Section 1 of this Agreement.
The VSO Holder further agrees he/she shall not

<PAGE>

take any action or commence any proceedings against WT or WTA to recover any
amounts due and payable by Cayco under this Agreement, nor take any action or
commence any proceedings against WT or WTA in connection with any action taken,
or any failure to take any action, by any of the Investors, WT or WTA in
connection with any of the subject matter identified herein; provided, however,
in all events the VSO Holder shall be entitled to take action or commence a
proceeding against (i) WT in respect of any failure by WT to issue Common Shares
to Cayco when obligated to do so under the terms of the Series C Preferred
Shares, (ii) WTA in respect of any failure by WTA to satisfy its obligations to
reinstate the VSOs or issue new Virtual Stock Options under Section 3(b) of this
Agreement, (iii) WT, solely after receipt from Cayco of the Total Payment
amounts, in respect of any failure by WT to remit the Total Payments to WTA
under Section 2(c) of this Agreement, and (iv) WTA, solely after receipt from WT
of the Total Payment amounts received by it from Cayco, for failure to pay the
Total Payments (net of applicable withholding for taxes, if any, as provided for
in Section 9 above), to the VSO Holder in accordance with the procedures set
forth in Section 2(c) of this Agreement, if and only if, in any such case, such
obligations arise by operation of the terms of this Agreement.

          (e) WTA will reimburse Cayco for any employment taxes and withholding
taxes (and any penalties, interest or other expenses with respect thereto) that
Cayco pays by reason of the payment of any of the Total Cash Payment, Interest
Payment, Sale Transaction Consideration or the amount payable in respect of any
Extraordinary Dividend pursuant to Section 5 above.

     11. Notices. Any notices which may be required or may be given under this
Agreement shall be in writing and shall be sufficiently delivered if provided in
writing, delivered personally, by certified or registered mail, return receipt
requested, by a nationally recognized international courier or via facsimile
confirmed in writing to the recipient, as follows:

If to Cayco:            P.O. Box 309GT, Queensgate House, South Church Street,
                        George Town, Grand Cayman, Cayman Islands,
                        Attention:___________

If to WT:               17F, K1 REIT Building, 463 3-ga, Chungjeong-ro,
                        Seodaemun-gu, Seoul 120-709, Korea, Attention: Don Rim,
                        VP Corporate Finance

If to WTA:              11 West 42nd Street, 11th Floor, New York, New York,
                        10036, U.S.A., Attention: Dan Nemo, VP Corporate
                        Development

If to the VSO Holder:   At the address set forth on the signature page hereto.

     12. Amendment and Modification; Counterparts. This Agreement may only be
amended by the mutual written agreement of all three parties hereto. This
Agreement may be executed in counterparts, each of which shall constitute an
original, but all of which taken together shall constitute one and the same
agreement.

                           [Signatures on next page.]

<PAGE>

     IN WITNESS WHEREOF, this Agreement is entered into as of the date first
above written.

                                        Melody Share Corporation

                                        ----------------------------------------
                                        Name: Colin Borman
                                        Title: Director

                                        WiderThan Americas Inc.

                                        ----------------------------------------
                                        Name: Sangjun Park
                                        Title: Chairman

                                        WiderThan Co., Ltd.

                                        ----------------------------------------
                                        Name: Sangjun Park
                                        Title: Representative Director

                                        VSO Holder

                                        ----------------------------------------
                                        [___________]

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

                                        ----------------------------------------
                                        [Address]

<PAGE>

                                    Exhibit A

<TABLE>
<CAPTION>
 Date of Grant               Tranche A/B VSO                  Exercise Price
---------------          ----------------------           ----------------------
<S>                      <C>                              <C>

</TABLE>

<PAGE>

EXHIBIT B

                    CALCULATIONS OF SERIES C PREFERRED SHARES

(1)  The amount of Series C Preferred Shares attributable to the VSO Holder in
     respect of such holder's Tranche A VSOs to be cancelled (the "Tranche A
     Series C Preferred Shares") is equal to the sum of (a) and (b), where

     (a) equals the product of (x) 1.62226640 and (y) the number of Tranche A
     VSOs held by the VSO holder as set forth on Exhibit A of this Agreement,
     which product equals [INSERT NUMBER OF CAYCO SERIES C SHARES (NOT INCLUDING
     ANY SERIES C SHARES ALLOCABLE TO U/W FEE IN RESPECT OF TRANCHE A VSOs)];
     and

     (b) equals the quotient of (i) the product of (x) $1.365 and (y) the number
     derived from (1)(a) above, divided by (ii) ((.93 x $19.50) less the
     equivalent amount of US Dollars equal to Korean Won 9,520), which quotient
     equals [INSERT NUMBER OF CAYCO SERIES C SHARES COVERING U/W FEE IN RESPECT
     OF TRANCHE A VSOs].

(2)  The amount of Series C Preferred Shares attributable to the VSO Holder in
     respect of such holder's Tranche B VSOs to be cancelled (the "Tranche B
     Series C Preferred Shares") is equal to the sum of (a) and (b), where

     (a) equals the product of (x) 1.49105368 and (y) (the product of (A) 1/3
     (one-third) and (B) the number of Tranche B VSOs held by the VSO Holder as
     set forth on Exhibit A of this Agreement, which product equals [INSERT
     NUMBER OF CAYCO SERIES C SHARES (NOT INCLUDING SERIES C SHARES ALLOCABLE TO
     U/W FEE IN RESPECT OF TRANCHE B VSOs)]; and

     (b) equals the quotient of (i) the product of (x) $1.365 and (y) the number
     derived from (2)(a) above, divided by (ii) ((.93 x $19.50) less than the
     equivalent amount of US Dollars equal to Korean Won 9,520), which quotient
     equals [INSERT NUMBER OF CAYCO SERIES C SHARES COVERING U/W FEE IN RESPECT
     OF TRANCHE B VSOs].

(3)  If applicable, the number of Series C Preferred Shares attributable to the
     IPO price protection mechanism referred to in Exhibit C (the "IPO Price
     Protection Series C Preferred Shares") shall be [INSERT NUMBER OF CAYCO
     SERIES C SHARES FOR IPO PRICE PROTECTION].

<PAGE>

                                    EXHIBIT C

                          CALCULATION OF CASH PAYMENTS

(1)  The amount payable in respect of Tranche A VSOs to be cancelled (the
     "Tranche A VSO Cash Payment") is equal to the result of the product of (a)
     and (b), where:

     (a) equals the excess of (x) the amount of proceeds per Series C Preferred
     Share received by Cayco upon its sale of the Series C Preferred Shares
     (less the per Series C Preferred Share allocation of underwriter fees
     payable and discounts taken in respect of the Series C Preferred Shares),
     over (y) the equivalent amount of US Dollars equal to Korean Won of 9,520
     on the Purchase Date; and

     (b) equals the total number of Tranche A Series C Preferred Shares.

(2)  The amount payable in respect of Tranche B VSOs to be cancelled (the
     "Tranche B VSO Cash Payment") is equal to the result of the product of (a)
     and (b), where:

     (a) equals the excess of (x) the amount of proceeds per Series C Preferred
     Share received by Cayco upon its sale of the Series C Preferred Shares
     (less the per Series C Preferred Share allocation of underwriter fees
     payable and discounts taken in respect of the Series C Preferred Shares),
     over (y) the equivalent amount of US Dollars equal to Korean Won of 9,520
     on the Purchase Date; and

     (b) equals the total number of Tranche B Series C Preferred Shares.

(3)  In the event that the price per share in the IPO is less than US$17.00,
     then an amount shall be payable in respect of the IPO Price Protection
     Series C Preferred Shares (the "IPO Price Protection Shares Cash Payment"),
     which amount shall equal the product of (a) and (b), where:

     (a) equals the excess of (x) the amount of proceeds per Series C Preferred
     Share received by Cayco upon its sale of the Series C Preferred Shares
     (less the per Series C Preferred Share allocation of underwriter fees
     payable and discounts taken in respect of the Series C Preferred Shares),
     over (y) the equivalent amount of US Dollars equal to Korean Won of 9,520
     on the Purchase Date; and

     (b) equals the total number of IPO Price Protection Series C Preferred
     Shares.

     For the avoidance of doubt, in the event that the price per share in the
     IPO is equal to or greater than US$17.00, then no IPO Price Protection
     Shares Cash Payment shall be payable.<PAGE>
                                                                   Exhibit 10.11

                        WIDERTHAN STOCK OPTION AGREEMENT

This Stock Option Agreement (this "Agreement") is entered into as of June 28,
2005, by and between WiderThan Co., Ltd. (the "Company") and [___________] (the
"Grantee").

                                    RECITALS

A.   On June 28, 2005, the shareholders of the Company adopted a special
     resolution authorizing the granting of the Option (as defined below) at the
     general meeting of the shareholders of the Company (the "Special
     Resolution") in accordance with Article 340-2 of the Commercial Code of
     Korea (the "Commercial Code").

B.   Pursuant to the Special Resolution, the Company has determined that the
     Grantee be granted an option, upon the terms and the conditions herein.

NOW, THEREFORE, the parties agree as follows.

                                    AGREEMENT

ARTICLE 1 (OPTION GRANT AND TYPES AND NUMBER OF OPTION SHARES)

Subject to the terms and conditions herein, the Company hereby grants to the
Grantee an option (the "Option") to purchase [_____] shares of the Company's
common stock in registered form (the "Option Shares") at the Exercise Price (as
defined in Article 4). The Option is granted to the Grantee to provide an
incentive and reward to the Grantee's services to the Company.

ARTICLE 2 (OPTION EXERCISE METHOD)

Subject to the terms and condition herein, upon exercise of the Option by the
Grantee, the Company shall issue to the Grantee the Option Shares in the form of
new shares of the Company's common stock, or transfer to the Grantee a number of
existing shares of the Company's common stock acquired by the Company equal to
the Option Shares, as determined by the resolution of the board of directors of
the Company.

ARTICLE 3 (GRANT DATE)

The Option is granted on June 28, 2005 (the "Grant Date").

ARTICLE 4 (EXERCISE PRICE)

Upon exercise of the Option, the Grantee shall pay the Company 8,560 Korean won
per share (the "Exercise Price").

ARTICLE 4B (EXERCISE METHOD AND PROCEDURES)

1.   No later than 90 days prior to the beginning of the Exercise Period, the
     Company shall:

     (1)  ensure that the Stock Option Regulations (as defined in Article 4B.5
          below)

                                                                               1

<PAGE>

          provide for up to date instructions on payment of the Exercise Price
          upon exercise of the Options, including the name of the Company's
          transfer agent and the payment procedure and method; and

     (2)  apply for central deposit of securities with the Korea Securities
          Depository (the "KSD"), if such application has not been made.

2.   In order to exercise all or part of the Option for all or part of the
     Option Shares, the Grantee shall send to the Company an exercise notice,
     substantially in the form attached hereto as Exhibit A (the "Exercise
     Notice"), and shall submit payment of the applicable Exercise Price amount
     in accordance with the method and procedure provided in the Stock Option
     Regulations.

3.   The Company shall use its best efforts to, as soon as reasonably
     practicable following the receipt of payment of the applicable Exercise
     Price amount from the Grantee:

     (1)  issue to the Grantee or cause the Company's transfer agent, to issue
          to the Grantee the Option Shares in the form of new shares of the
          Company's common stock, or transfer to the Grantee a number of
          existing shares of the Company's common stock acquired by the Company
          equal to the Option Shares, as determined by the resolution of the
          board of directors of the Company;

     (2)  register the Grantee as a shareholder in the Company's shareholder
          registry;

     (3)  provide to the Company's transfer agent, (i) written notice informing
          the detail of the issuance of the Option Shares pursuant to the
          exercise of the Option under this Agreement and the name of the
          Grantee, and (ii) a copy of the commercial registry extract of the
          Company recording the issuance of such Option Shares;

     (4)  deposit, or cause the Company's transfer agent, to deposit such Option
          Shares in the Grantee's securities account at a Korean brokerage firm
          either in physical or book-entry form; and

     (5)  request that the Company's transfer agent provide written confirmation
          back to the Grantee via fax or e-mail that such deposit of the Option
          Shares with the Korean brokerage firm has been made.

4.   If the Company has American Depositary Shares ("ADSs") or any other similar
     securities representing the Company's capital stock listed on NASDAQ, the
     NYSE or any other similar non-Korean public stock exchange (each, a
     "Non-Korean Stock Exchange"), at the time of the exercise of the Option,
     the Grantee shall then instruct his or her Korean brokerage firm to deposit
     the Option Shares with the KSD, as custodian for the ADS Depositary, using
     an instruction letter substantially in the form attached hereto as Exhibit
     B, in accordance with the applicable Korean law.

5.   Additional procedures for the exercise of the Option may be separately set
     forth in the Stock Option Regulations of the Company, as may be adopted and
     amended from time to time by the Company (the "Stock Option Regulations");
     provided, however, that should there be any discrepancy or difference
     between the provisions of this Agreement and the Stock Option Regulations,
     the terms of this Agreement shall prevail.

ARTICLE 5 (ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF OPTION SHARES)

1.   If any of the following events occur at any time after the Grant Date but
     before the

                                                                               2

<PAGE>

     full exercise of the Option, the number of the Option Shares and the
     Exercise Price shall be adjusted as follows:

     (1)  In the event of a capital increase for consideration (rights issue) or
          a conversion of reserves into capital (bonus issue), the Exercise
          Price shall be adjusted according to the following formula:

Adjusted = Exercise Price x (Total Number + (Number   x Issue Price))
Exercise   prior to         (of Issued      (of Newly   per Share  ))
  Price    Adjustment       (Outstanding    (Issued     -----------))
                            (Shares         (Shares          FMV   ))
                            -----------------------------------------
                                     New Fully Diluted Shares

               WHEREAS,

               "FMV" shall mean (i) in case that the shares of the Company are
               listed on the Stock Exchange, the closing price of the common
               stock of the Company on the day immediately preceding the date of
               occurrence of the relevant event as reported on the relevant
               Stock Exchange, provided, that if the shares of the Company are
               listed on both the Korea Stock Exchange (or the KOSDAQ) and the
               other Stock Exchange, the closing price available on the Korea
               Stock Exchange (or the KOSDAQ) shall prevail and be used as the
               FMV, or (ii) in case that the shares of the Company are not
               listed, the fair market value of the equity interest of the
               common stock of the Company determined, as at the date of
               occurrence of the relevant event, by the board of directors of
               the Company.

          "New Fully Diluted Shares" shall mean the sum of the total number of
          issued and outstanding shares immediately prior to adjustment, plus
          the number of newly issued shares in the case of a new share issuance
          or minus the number of redeemed, retired or cancelled shares in the
          case of redemption, retiring or cancellation of shares.

          For the purpose of the foregoing adjustment, stock dividends shall be
          deemed as a rights issue at par value. Notwithstanding the foregoing
          adjustment, the adjusted Exercise Price shall not be less than the par
          value and shall not exceed the Exercise Price prior to the adjustment.

     (2)  In the event of a bonus issue, including a conversion of reserves into
          capital and stock dividends, the number of the Option Shares shall be
          adjusted according to the following formula:

Adjusted Option =      Option Share   x   New Fully
     Shares            prior to           Diluted
                       Adjustment         Shares
                  --------------------------------------
                  Total Number of Issued and Outstanding
                  Shares immediately prior to Adjustment

     (3)  In the event of a stock split, the number of Option Shares shall be
          increased in proportion to such increase in the aggregate number of
          shares of the Company's common stock, and the Exercise Price per share
          shall be proportionately decreased so that the aggregate Exercise
          Price shall remain unchanged.

                                                                               3

<PAGE>

     (4)  In the event of a consolidation of shares, the number of Option Shares
          shall be decreased in proportion to such decrease in the aggregate
          number of shares of the Company's common stock, and the Exercise Price
          per share shall be proportionately increased so that the aggregate
          Exercise Price shall remain unchanged.

     (5)  If the total number of issued and outstanding shares of the Company
          decreases through a capital reduction from redemption, retirement or
          cancellation of shares, the number of the Option Shares shall be
          decreased in proportion to such decrease in the aggregate number of
          issued and outstanding shares of the Company, and the Exercise Price
          shall be adjusted according to the following formula:

Adjusted  = Exercise Price x (Total Number - (Number of  x Consideration))
Exercise    prior to         (of Issued      (Redeemed,    per Share    ))
Price       Adjustment       (Outstanding    (Retired or   -------------))
                             (Shares         (Cancelled         FMV     ))
                                             (Shares                    ))
                             ---------------------------------------------
                                        New Fully Diluted Shares

          Notwithstanding the foregoing adjustment, the adjusted Exercise Price
          pursuant to the foregoing formula shall be not less than the par value
          of the common stock of the Company.

     (6)  In the event of an issuance of convertible bonds or bonds with the
          warrants, if the conversion price of such convertible bonds or the
          exercise price of such warrants at the time of issuance of such
          convertible bonds or bonds with the warrants is less than the Exercise
          Price at the time of issuance of such convertible bonds or bonds with
          the warrants, as the case may be, the Exercise Price shall be adjusted
          according to the formula set forth in Article 5.1(1) above on the
          assumption that the convertible bonds or the warrants have been fully
          converted or exercised. Notwithstanding the foregoing adjustment, the
          adjusted Exercise Price shall not be less than the par value and shall
          not exceed the Exercise Price prior to the adjustment.

2.   If the propensity to dividend (as defined as a dividend amount divided by
     the net income) exceeds 50% and the dividend rate (as defined as a dividend
     amount per share divided by the par value per share) exceeds 20%, the
     Exercise Price shall be adjusted according to the following formula:

Adjusted = Exercise Price x         (Total Amount - Amount     )
Exercise   prior to                 (of Equity      Exceeding  )
Price      Adjustment               (Capital        the 50%    )
                                    (immediately    Propensity )
                                    (prior to       to Dividend)
                                    (Dividend                  )
                            ------------------------------------------
                            Total Amount of Equity Capital immediately
                                         prior to Dividend

     Provided, that the total amount of equity capital shall be used from the
     figures in the audited financial statements by a certified public
     accountant.

3.   In case of any consolidation or merger to which the Company is a party
     other than a merger or consolidation in which the Company is the continuing
     entity, or in case of any sale or conveyance to another entity of all or
     substantially all property of the Company, or in case of any statutory
     exchange of securities by the Company with

                                                                               4

<PAGE>

     another entity (including any exchange effected in connection with a merger
     of a third entity into the Company) or in case of any comprehensive stock
     swap or comprehensive stock transfer of the shares of the Company pursuant
     to the Commercial Code (any of the foregoing, a "Sale Transaction"):

     (1)  with respect to the portion of the Option that is unvested as of the
          date of the Company's shareholders approval on such Sale Transaction,
          the Company shall, to the extent permitted under Korean law, ensure
          that, as a condition of such Sale Transaction, the Grantee shall have
          the right thereafter to receive ("Right"), upon the exercise of the
          Right, the net value of securities or cash which the Grantee would
          have owned or have been entitled to receive upon the basis and upon
          the terms and conditions specified herein had such unvested Option
          been vested and exercised immediately prior to the date of the
          Company's shareholders approval on such Sale Transaction. In any such
          case, if necessary, appropriate adjustment shall be made in the
          application of the provisions set forth in this Article 5.3(1) with
          respect to the Right of the Grantee to the end that the provisions set
          forth in this Article 5.3(1) shall thereafter correspondingly be made
          applicable, as nearly as they may reasonably be, in relation to any
          shares of stock or other securities or property thereafter deliverable
          on the exercise of the Right. The Company shall require the issuer of
          any shares of stock or other securities or property thereafter
          deliverable on the exercise of the Right to be responsible for all of
          the agreements and obligations of the Company hereunder, including an
          obligation to deliver a new option agreement to the Grantee (upon
          surrender of this Agreement) with respect to the portion of the Option
          that is unvested as of the date of the Company's shareholders approval
          on the Sale Transaction. Such Right shall have the same basic other
          terms and conditions as the Option evidenced hereby; and

     (2)  with respect to the portion of the Option that is vested as of the
          date of the Company's shareholders approval on such Sale Transaction,
          the Company shall use best efforts to cause an acquiring company to
          fully assume the rights and obligations hereof with regard to such
          vested Option. In the event that such acquiring company refuses to
          assume the rights and obligations hereof, the Company shall notify the
          Grantee of such refusal and Grantee may (but not obliged to) exercise
          such vested Option at any time prior to the completion of such Sale
          Transaction. The Grantee hereby agrees and acknowledges that an
          unexercised portion of such vested Option prior to the completion of
          such Sale Transaction shall be forfeited.

4.   If there occurs any of the events in Articles 5.1, 5.2, and 5.3, the
     adjustment pursuant to Articles 5.1, 5.2, and 5.3 shall be made
     automatically without further action. Immediately upon any such adjustment,
     the Company shall notify the Grantee thereof.

ARTICLE 6 (VESTING AND EXERCISE PERIOD)

1.   Unless cancelled or terminated earlier as provided herein, the Option with
     respect to one hundred percent (100%) of the Option Shares shall vest on
     the 2nd anniversary of the Grant Date ("Ordinary Vesting"). Notwithstanding
     the foregoing, if the Company completes, within two (2) years from the
     Grant Date, its initial public offering of its stock at 22,000 Korean won
     or more for listing on Korea Stock Exchange (or the KOSDAQ) or at 22 United
     States dollars or more for listing on a Non-Korean Stock Exchange, the
     Option with respect to seventy-five percent (75%) of the Option Shares
     shall vest on the 2nd anniversary of the Grant Date, and the Option with
     respect to the remaining twenty-five percent (25%) of the Option Shares
     shall vest on the 3rd anniversary of the Grant Date ("IPO Vesting"). Unless
     otherwise provided herein, all portions of the Option that have vested
     shall be

                                                                               5

<PAGE>

     exercisable in whole or in part at any time and from time to time, during a
     period from the date of vesting until the 7th anniversary of the Grant Date
     (the "Exercise Period"); except that, in the event that the Grantee becomes
     no longer employed by the Company, such Grantee's vested Options shall
     remain exercisable only until the earlier of (a) the date that is 6 months
     following the date the employee becomes no longer employed by the Company
     and (b) the end of the Exercise Period.

2.   Except as otherwise provided in this Agreement, no portion of the Option
     shall be exercisable after the expiration of the Exercise Period.

3.   In the event that the Grantee's employment is terminated for any reason
     prior to the 2nd anniversary of the Grant Date, all Options shall terminate
     immediately upon such separation of employment in accordance with the
     applicable law.

4.   Notwithstanding the provision of Article 6.3, in the event that the
     Grantee's employment with the Company is terminated after the 1st
     anniversary of the Grant Date but prior to the 2nd anniversary of the Grant
     Date, by reason of the Grantee's death or attainment of mandatory
     retirement age, or by the Company without cause or for any reason other
     than the Grantee's fault

     (1)  in the case of the application of Ordinary Vesting, to the extent
          permitted by applicable Korean law, the number of the Option Shares
          shall be adjusted according to the following formula: Adjusted Number
          of the Option Shares = 100% of the Option Shares x (Number of Days of
          Grantee's Employment after the Grant Date) / 730); or

     (2)  in the case of the application of IPO Vesting, to the extent permitted
          by applicable Korean law, the number of the Option Shares shall be
          adjusted according to the following formula: Adjusted Number of the
          Option Shares = 75% of the Option Shares x (Number of Days of
          Grantee's Employment after the Grant Date / 730).

     In case of this Article 6.4, vested Options (as adjusted with respect to
     the Option Shares pursuant to the foregoing formula) shall only become be
     exercisable beginning from the 2nd anniversary of the Grant Date, and
     vested Options shall remain exercisable until the later of (a) the date
     that is 6 months following the date the employee becomes no longer employed
     by the Company and (b) the date that is one (1) month following the 2nd
     anniversary of the Grant Date.

5.   Notwithstanding the provision of Article 6.3, in the case of the
     application of IPO Vesting only, if the Grantee's employment with the
     Company is terminated after the 2nd anniversary of the Grant Date but prior
     to the 3rd anniversary of the Grant Date, by reason of the Grantee's death
     or attainment of mandatory retirement age, or by the Company without cause
     or for any reason other than the Grantee's fault, to the extent permitted
     by applicable Korean law, the number of the Option Shares shall be adjusted
     according to the following formula: Adjusted Number of the Option Shares =
     75% of the Option Shares + (25% of the Option Shares x {Number of Days of
     Grantee's Employment after the Grant Date - 730} / 365). In case of this
     Article 6.5, notwithstanding any provision to the contrary hereunder, the
     vesting of the Option (as adjusted with respect to the Option Shares
     pursuant to the foregoing formula) shall accelerate immediately following
     such date of termination of the employment, and vested Option shall be
     exercisable only within six (6) months from the date of termination of the
     employment.

                                                                               6

<PAGE>

ARTICLE 7 (METHOD OF AND PROCEDURES FOR EXERCISE)

1.   Subject to the terms and conditions herein, the Grantee may exercise any
     portion of the Option that has vested at any time during the Exercise
     Period; provided, however, that the total number of times that the Grantee
     can exercise the Option during any calendar year shall not exceed 6 times
     per year.

2.   Any other procedures for the exercise of the Option shall be separately set
     forth in the Stock Option Regulations of the Company, as may be adopted and
     amended from time to time by the Company (the "Stock Option Regulations");
     provided, however, that should there be any discrepancy or difference
     between the provisions of this Agreement and the Stock Option Regulations,
     the terms of this Agreement shall prevail.

ARTICLE 8 (EFFECT OF EXERCISE OF OPTION)

If the Option is exercised during the period in which the entry in the
shareholders registry is prohibited, the Option Shares issued or otherwise
obtained by such exercise shall not have the voting rights at the shareholders'
meeting during such prohibition period.

ARTICLE 9 (RESTRICTIONS ON TRANSFER AND ENCUMBRANCE)

The Grantee may not transfer any portion of the Option to any third party or
encumber any interest of the Option in favor of a third party; provided,
however, that, if the Grantee dies and has not fully exercised the Option, such
unexercised portion of the Option may be transferred to and exercisable by the
Grantee's heirs by inheritance.

ARTICLE 10 (CANCELLATION OF OPTION)

1.   The Company may cancel the Option at any time after the date hereof, to the
     extent not theretofore exercised or terminated, by a resolution of the
     board of directors of the Company in the event that the Grantee inflicts
     material damages or losses on the Company due to the willful misconduct or
     gross negligence of the Grantee. In addition, the Company may cancel the
     Option after the date hereof, to the extent not theretofore exercised or
     terminated, by a resolution of the board of directors of the Company,
     during any such time as any of the Grantee's virtual stock options issued
     pursuant to Ztango, Inc. 2004 Virtual Stock Option Plan are outstanding or
     have been reissued.

2.   The cancellation of the Option pursuant to Article 10.1 shall be made by a
     resolution of the board of directors of the Company. If the board of
     directors of the Company adopts a resolution for cancellation of the
     Option, the Company shall immediately notify the Grantee thereof.

3.   If the Grantee initiates a lawsuit disputing the occurrence of any case in
     Article 10.1 or the effect of cancellation of the Option by the board of
     directors of the Company and the court's decision is final in favor of the
     Grantee with no possibility of appeal ("Final Decision"), the resolution of
     cancellation adopted by the board of directors shall be invalidated
     retroactively from the date of such cancellation. Notwithstanding any
     provision to the contrary hereunder, if a Final Decision is made by the
     court in favor of the Grantee after 6 years and 11 months from the Grant
     Date, the Option shall be exercisable for one month from such Final
     Decision.

4.   If a lawsuit seeking the dismissal of the Grantee or disputing the effect
     of the

                                                                               7

<PAGE>

     resolution of the shareholders' meeting for the appointment of the Grantee
     as a director or the statutory auditor (in case that the Grantee is a
     director or the statutory auditor of the Company) is initiated, the Grantee
     may not exercise the Option until the court's final and irrevocable
     decision of such lawsuit. Upon the court's final and irrevocable decision
     affirming the dismissal of the Grantee, the Option shall be cancelled. Upon
     the court's final and irrevocable decision canceling the resolution of the
     shareholders' meeting for the appointment of the Grantee as a director or
     the statutory auditor (including the court decision of invalidation or
     non-existence), the Option shall be deemed to have not been granted and
     shall be of no effect. Notwithstanding any provision to the contrary
     hereunder, if a Final Decision is made by the court in favor of the Grantee
     after 6 years and 11 months from the Grant Date, the Option shall be
     exercisable for one month from such Final Decision.

ARTICLE 11 (MATTERS NOT SPECIFIED)

Matters not specifically provided herein shall be determined by the agreement
between the parties hereto in accordance with the relevant laws, the articles of
incorporation of the Company, and the Stock Option Regulations.

ARTICLE 12 (OTHER OBLIGATIONS OF THE COMPANY)

1.   In order to enable the Grantee to deposit the Option Shares to be received
     upon exercise of the Option under this Agreement into the unrestricted
     American depositary facility (the "ADS facility") maintained by the
     Company, the Company shall, at least ninety (90) days prior to the
     beginning of the Exercise Period (as defined herein), file a registration
     statement on Form S-8 registering the Option and the Option Shares to be
     issued pursuant to the exercise of the Option with the United States
     Securities and Exchange Commission and to use best efforts to have such
     registration be declared effective.

2.   Beginning from the date upon which the Company lists its capital stock (or
     ADSs or other similar securities) on a stock exchange and for the remaining
     duration of the Exercise Period, the Company shall make provision such that
     the ADS facility (or other similar facility created for the purpose of
     liquidity) is large enough and structured such that all of the Option
     Shares may be included therein, including, for example, the giving of
     consent to the depositary bank under the ADS facility to ensure that the
     Grantee's deposit of shares into such ADS facility is accepted by the
     depositary bank.

3.   The Company shall take reasonable actions to assist Grantee in exercising
     the Option and converting the Option Shares into the shares to be deposited
     into the ADS facility, including without limitation, opening Korean
     brokerage account and bank accounts in Korean won or US dollar currency;
     provided, that the Grantee provides the Company with all relevant documents
     and materials for the Company's assistance. For the avoidance of doubt, the
     Grantee shall bear any and all costs related to the foregoing, including
     without limitation, the issuance cost and maintenance fee of the shares to
     be deposited into the ADS facility.

ARTICLE 13 (AMENDMENT)

This Agreement may not be amended or modified, except by a written instrument
signed by both the Company and the Grantee. Notwithstanding the foregoing, the
Company may, by resolution of its shareholders or the board of directors, as
applicable and necessary, amend, modify or terminate this Agreement, without the
consent of the Grantee but upon notice to the Grantee, in order necessary to
comply with a change in Korean, U.S. or other applicable law;

                                                                               8

<PAGE>

provided, however, that no such amendment, modification or termination shall
adversely affect the economic benefits granted to the Grantee under this
Agreement unless a separate provision is made such that the economic benefits of
the Option hereunder are substantially preserved in a different fashion.

ARTICLE 14 (GOVERNING LAW AND JURISDICTION)

1.   This Agreement shall be governed by and interpreted in accordance with the
     laws of the Republic of Korea without reference to its conflicts of law
     principles. Each party hereby submits to the exclusive jurisdiction of the
     court having jurisdiction over the head office of the Company, and waives
     any right to claim that any such court is an inconvenient forum.

2.   In the event that any legal action arising from this Agreement shall be
     adjudicated in favor of the Grantee, the Company shall pay, or reimburse
     (as applicable), the reasonable expenses and fees, including reasonable
     attorney's fees, of Grantee incurred in connection with enforcement of the
     provisions of this Agreement.

ARTICLE 15 (LANGUAGE)

This Agreement shall be executed in the English language, and the English
version of this Agreement shall prevail over any other version in a different
language.

ARTICLE 16 (COUNTERPARTS)

This Agreement may be executed in two or more counterparts, each of which shall
be an original but all of which together shall represent one and the same
agreement.

IN WITNESS WHEREOF, this Agreement has been executed in behalf of the Company
and by the Grantee on the day and year first above written.

                                        Date:
                                              ----------------------------------

Signed:                                 Signed:
        ----------------------------            --------------------------------

Sangjun Park                            [_________]
Representative Director, WiderThan
Co., Ltd.
                                        Address:
                                                 -------------------------------

                                        Resident Registration No. or Passport
                                        Number (Country):
                                                          ----------------------

                                                                               9

<PAGE>

                                    EXHIBIT A

                               WIDERTHAN CO., LTD.
                          STOCK OPTION EXERCISE NOTICE

WiderThan Co., Ltd.
17F, K1 Reit Building
463 3-GA Chungjeong-Ro, Seodaemun-Gu
Seoul 120-709
Korea
Attn: [____________________________]

Dear Sir/Madam:

     1. Exercise of Option. Effective as of today, _________________, 200__, I
___________________________ ("Grantee"), hereby elect to exercise my option to
purchase ___________ shares of the Common Stock (the "Shares") of WiderThan Co.,
Ltd. (the "Company") under and pursuant to the WiderThan Stock Option Agreement
dated as of June 28, 2005 (the "Option Agreement").

     2. Delivery of Payment. Grantee herewith delivers to the Company cash
(which shall include payment by check, bank draft or money order payable to the
order of the Company) or has already sent a wire transfer to the bank account
set forth in Section _____ of the Option Agreement.

     3. Account for Deposit of Option Shares. I maintain my Korean brokerage
account with _________________________________[name of brokerage firm] and my
account number is __________________________ [account number] (my "Korean
Brokerage Account"). In accordance with Section 5.3 of the Option Agreement,
please deposit, or cause the transfer agent of the Company to transfer, the
Option Shares into my Korean Brokerage Account within 24 hours of having
received my payment for the Option Shares.

                                        Submitted by:

                                        GRANTEE:

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

                                        Printed Name:
                                                      --------------------------
                                        Address:

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

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

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

                                                                              10

<PAGE>

                                    EXHIBIT B

                               WIDERTHAN CO., LTD.

                      INSTRUCTIONS TO DEPOSIT OPTION SHARES
                                INTO ADS FACILITY

[Name of Grantee's Korean brokerage firm]
[Address of firm]
Seoul
Korea
Attn: [____________________________]

     Re: Account Number ____________________ (my "Korean Brokerage Account")

Dear Sir/Madam:

     1. Exercise of Option. Effective as of today, _________________, 200__, I
___________________________ ("Grantee"), elected to exercise my option to
purchase ___________ shares of the Common Stock (the "Shares") of WiderThan Co.,
Ltd. (the "Company") under and pursuant to the WiderThan Stock Option Agreement
dated as of June 28, 2005 (the "Option Agreement").

     2. Deposit of Shares. The Company has informed me that it has deposited the
Shares into my Korean Brokerage Account.

     3. Transfer of Shares to KSD. At this time, I now request that you transfer
the Shares to the Korean Depositary Bank to the account of JP Morgan Chase Bank,
as ADS Depositary (the "Depositary"). To do this, please fax this form to:

          KSD, International Equity-Linked Securities Team
          Attention: BK Go / Do Hyun Nam
          Tel: 822-3774-3125 / 822-3774-3457
          Fax: 822-3774-3433 / 822-3774-3434 / 822-3774-3435

     4. Supporting Documents. In support of this transfer request, I submit
herewith the following documents:

          (1)  Copy of completed Stock Option Exercise Notice

          (2)  Copy of my passport or Korean National ID (with name and
               passport/ID number clearly visible)

     5. Personal Trading Account in US. Please inform the Depositary to deposit
the ADSs representing the Shares into the following account:

          Name of Institution: _______________________

          DTC Number: _______________

          Account Name: _____________

          Account Number: ___________

                                                                              11

<PAGE>

                                        Submitted by:

                                        GRANTEE:

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

                                        Printed Name:
                                                      --------------------------
                                        Address:

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

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

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

                                                                              12

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