Document:

Exhibit 10.13

    

    YTB INTERNATIONAL,
INC.

    2007 SALES DIRECTOR BONUS
PLAN

     

    The
purpose of the YTB International, Inc. 2007 Sales
Director Bonus Plan (the “Plan”) is to provide
designated Sales Directors who perform services for YTB International, Inc. (the
“Company”) and
its YourTravelBiz.com, Inc. subsidiary and who reach certain performance
criteria with the opportunity to receive grants of nonqualified stock options.
The Company believes that the Plan will encourage the participants to contribute
materially to the growth of the Company, thereby benefitting the Company’s
shareholders, and will align the economic interests of the participants with
those of the shareholders.

    

    1.  Administration

     

    (a)  Committee. The
Plan shall be administered and interpreted by the Board of Directors of the
Company or by the compensation committee consisting of members of the Board,
which shall be appointed by the Board. The committee may delegate authority to
one or more subcommittees as it deems appropriate. To the extent that a
committee or subcommittee administers the Plan, references in the Plan to the
“Board” shall be deemed to refer to the committee or subcommittee.

     

    (b)  Board
Authority.
Consistent with the terms of the Plan, the Board shall have the sole authority
to (i) determine the individuals to whom grants shall be made under the Plan and
(ii) deal with any other matters arising under the Plan.

     

    (c)  Board
Determinations. The
Board shall administer and interpret the Plan consistent with the terms of the
Plan. The Board’s interpretations of the Plan and all determinations made by the
Board pursuant to the powers vested in it hereunder shall be conclusive and
binding on all persons having any interest in the Plan or in any awards granted
hereunder. All powers of the Board shall be executed in its sole discretion, in
the best interest of the Company, not as a fiduciary, and in keeping with the
objectives of the Plan and need not be uniform as to similarly situated
individuals.

     

    2.  Grants

     

    Awards
under the Plan shall consist of grants of nonqualified stock options as
described in Section 5 (“Options”). All
Options shall be subject to the terms and conditions set forth herein and to
such other terms and conditions consistent with this Plan as the Board deems
appropriate and as are specified in writing by the Board to the individual in a
grant instrument or an amendment to the grant instrument (the “Grant Instrument”).
All Grants shall be made conditional upon the Grantee’s acknowledgement, in
writing or by acceptance of the Grant, that all decisions and determination of
the Board shall be final and binding on the Grantee, his or her beneficiaries
and any other person having or claiming an interest under such Grant. The Board
shall approve the form and provisions of each Grant Instrument.

     

    
      
        
        

      

      
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    3.  Shares Subject to the
Plan

     

    (a)  Shares
Authorized. Following
the effective date of the Company’s proposed reclassification of its common
stock to be voted upon at the June 11, 2007 Annual Meeting of Stockholders (the
“Proposed
Reclassification”), the aggregate number of shares of Class A
common stock of the Company (“Company Stock”) that
may be issued or transferred under the Plan is 40,000,000 shares, subject to
adjustment as described below. The shares may be authorized but unissued shares
of Company Stock or reacquired shares of Company Stock, including shares
purchased by the Company on the open market for purposes of the Plan. If and to
the extent Options granted under the Plan terminate, expire, or are canceled,
forfeited, exchanged or surrendered without having been exercised, the shares
subject to such Grants shall again be available for purposes of the
Plan.

     

    (b)  Adjustments. If,
following the Proposed Reclassification, there is any change in the number
or kind of shares of Company Stock outstanding (i) by reason of a stock
dividend, spinoff, recapitalization, stock split, or combination or exchange of
shares, (ii) by reason of a merger, reorganization or consolidation, (iii) by
reason of a reclassification or change in par value, or (iv) by reason of any
other extraordinary or unusual event affecting the outstanding Company Stock as
a class without the Company’s receipt of consideration, or if the value of
outstanding shares of Company Stock is substantially reduced as a result of a
spinoff or the Company’s payment of an extraordinary dividend or distribution,
the maximum number of shares of Company Stock available for Grants, the maximum
number of shares of Company Stock that any individual participating in the Plan
may be granted in any year, the number of shares covered by outstanding Grants,
the kind of shares issued under the Plan, and the price per share of such Grants
may be appropriately adjusted by the Board to reflect any increase or decrease
in the number of, or change in the kind or value of, issued shares of Company
Stock to preclude, to the extent practicable, the enlargement or dilution of
rights and benefits under such Grants; provided, however, that any fractional
shares resulting from such adjustment shall be eliminated. Any adjustments
determined by the Board shall be final, binding and conclusive.

     

    4.  Eligibility for
Participation

     

    (a)  Eligible
Persons. All
Sales Directors who perform services for the Company or any of its parents or
subsidiaries shall be eligible to participate in the Plan. Sales Directors who
receive Grants under this Plan shall hereinafter be referred to as “Grantees.”

     

    (b)  Selection of
Grantees. Sales
Directors who as of June 30th or
December 31st of any
calendar year (or the business day preceding such date) (a “Measurement Date”)
meet the following conditions shall receive an Option grant as set forth in
Section 5:

     

    (i)  A Sales
Director needs to have the greater of 2,000 or the next level of number of
Referring Travel Agents (“RTAs”) in his
or her downline organization;

     

    (ii)  A Sales
Director must increase the absolute number of RTAs in his or her downline from
the number required for the achievement level at which the Sales Director
received his or her last prior award to the number required for the next
achievement level; 

     

    (iii)  A Sales
Director must satisfy the applicable balance level among his or her
downlines;

     

    (iv)  During
the prior twelve month period that includes the Measurement Date, a Sales
Director must have held no less than eight (8) RTA certification meetings and
attended all Sales Director meetings called by our senior management; and

     

    
      
        
        

      

      
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    (v)  A Sales
Director may not have become a representative for any other network marketing
company.

     

    
      Each
Sales Director may only receive Options for a
given achievement level one time under the Plan. A Sales Director who achieves
multiple achievement levels during the period between one Measurement Date and
the next will receive Options for each
level achieved since the prior Measurement Date. No Options will be
granted to a Sales Director based upon an increase to an achievement level for
which Options
were
previously granted to such Sales Director.

       

    

    5.  Granting of
Options

     

    (a)  Option
Grants. On the
fifteenth (15th) day
after the applicable Measurement Date, (January 15th or July
15th, or if
such date is not a business day, the next business day following such date) (the
“Grant Date”)
the Company shall grant Options to eligible Sales Directors. 

     

    (b)  Shares Underlying
Option.

     

    (i)  The
number of shares underlying each Option grant shall equal the Number of Units
assigned to the Sales Director based upon the criteria set forth in (ii) below
divided by fifty percent (50%) of the Fair Market Value (as defined below) of a
share of Company Stock on the Grant Date. 

     

    (ii)  The
Number of Units assigned to each Sales Director shall be based upon the
following:

    

    
      	
              Achievement
      Level

            	 	
              Total Number of
      RTAs

            	 	
              Number of
      Units

            
	
              Level
      1

            	 	
              500

            	 	
              0

            
	
              Level
      2

            	 	
              2,000

            	 	
              50,000

            
	
              Level
      3

            	 	
              5,000

            	 	
              100,000

            
	
              Level
      4

            	 	
              10,000

            	 	
              250,000

            
	
              Level
      5

            	 	
              25,000

            	 	
              1,000,000

            

    

    

    (c)  Type of Option and
Price.

     

    (i)  No
Options are intended to qualify as incentive stock options under Section 422 of
the Internal Revenue Code of 1986, as amended (the “Code”). All options
will be treated as nonqualified stock options. 

     

    (ii)  The
purchase price (the “Exercise Price”) of
Company Stock subject to an Option shall be equal to fifty percent (50%) of the
Fair Market Value (as defined below) of a share of Company Stock on the Grant
Date. 

     

    (iii)  If the
Company Stock is publicly traded, then the Fair Market Value per share shall be
determined as follows: (x) if the principal trading market for the Company Stock
is a national securities exchange or the Nasdaq National Market, the last
reported sale price thereof on the latest preceding date upon which a sale was
reported prior to the relevant date, or (y) if the Company Stock is not
principally traded on such exchange or market, the mean between the last
reported “bid” and “asked” prices of Company Stock on the latest preceding date
for which such information was reported prior to the relevant date, as reported
on Nasdaq or, if not so reported, as reported by the National Daily Quotation
Bureau, Inc. or as reported in a customary financial reporting service, as
applicable and as the Board determines. If the Company Stock is not publicly
traded or, if publicly traded, is not subject to reported transactions or “bid”
or “asked” quotations as set forth above, the Fair Market Value per share shall
be as determined by the Board.

     

    
      
        
        

      

      
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    (d)  Option
Term. The
term of any Option shall not exceed three (3) years from the Grant Date. All
options not otherwise exercised prior to the earlier of (i) the exercise dates
set forth in (e) below or (ii) the expiration of their term shall terminate as
of the end of the term. 

     

    (e)  Vesting and Exercisability
of Options. 

     

    (i)  All
Options shall be 100% vested upon the Grant Date. 

     

    (ii)  Except as
provided in (iii) below, Options may only be exercised on the following
dates:

     

    
      	
              Percentage of Option that Is
      Exercisable

            	 	
              Option Exercise
      Date

            
	
              33.34%

            	 	
              Any
      date during the calendar year of the Grant Date.

            
	
              33.33%

            	 	
              December
      15th of
      the calendar year following the Grant Date.

            
	
              33.33%

            	 	
              December
      15th of
      the second calendar year following the Grant
  Date.

            

    

    

    To the
extent that application of the percentages set forth in the above table would
lead to the issuance of fractional shares of Company Stock on any exercise date,
the percentage of the Option exercisable as of such exercise date and as of the
other two exercise dates shall be adjusted as minimally as possible (either up
or down) so as to allow for the issuance of the nearest whole number of shares
upon each such exercise date while preserving the total number of shares
issuable upon exercise of the Option as a whole. 

    

    (iii)  Notwithstanding
(ii) above, to the
extent that the Fair Market Value of the Company Stock exceeds the Exercise
Price upon the
earliest to
occur of the
following permissible exercise events (the “Exercise
Events”): (A)
the date of the Grantee’s Disability; (B) the date of the Grantee’s death; or
(C) a Change of Control, any
Option that is not otherwise exercisable will become exercisable and will be
deemed exercised on the occurrence of such Exercise Event. Any Option not
exercised pursuant to the preceding sentence shall be terminated as of the
occurrence of the Exercise Event.

     

    (iv)  Any
Option that is not exercised upon the occurrence of the exercise dates set forth
in (ii) above (and
an Exercise
Event
described in (iii)
above shall
not have occurred prior thereto) shall
immediately terminate. 

     

    (v)  In the
event the Grantee ceases to provide service to the Company on account of a
termination for Cause by the Company, any Option held by the Grantee shall
terminate as of the date the Grantee ceases to provide service to the Company.
In addition, notwithstanding any other provisions of this Section 5, if the
Board determines that the Grantee has engaged in conduct that constitutes Cause
at any time while the Grantee is providing service to the Company or after the
Grantee’s termination of service, any Option held by the Grantee shall
immediately terminate, and the Grantee shall automatically forfeit all shares
underlying any exercised portion of an Option for which the Company has not yet
delivered the share certificates, upon refund by the Company of the Exercise
Price paid by the Grantee for such shares. Upon any exercise of an Option, the
Company may withhold delivery of share certificates pending resolution of an
inquiry that could lead to a finding resulting in a forfeiture.

     

    
      
        
        

      

      
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    (vi)  For
purposes of this Section 5:

     

    (A)  “Provide service to the
Company” shall mean service as a Sale Director, unless the Board
determines otherwise.

     

    (B)  “Disability” shall
mean a Grantee’s becoming disabled within the meaning of section 22(e)(3) of the
Code, within the meaning of the Company’s long-term disability plan applicable
to the Grantee, or as otherwise determined by the Board.

     

    (C)  “Cause” shall mean,
except to the extent specified otherwise by the Board, a finding by the Board
that the Grantee (i) has breached his or her service agreement with the Company,
(ii) has engaged in disloyalty to the Company, including, without limitation,
fraud, embezzlement, theft, commission of a felony or proven dishonesty, (iii)
has disclosed trade secrets or confidential information of the Company to
persons not entitled to receive such information, (iv) has breached any written
noncompetition or nonsolicitation agreement between the Grantee and the Company
or (v) has engaged in such other behavior detrimental to the interests of the
Company as the Board determines.

     

    (D)  A “Change of Control”
shall be deemed to have occurred if: (i) Any “person” (as such term is used in
sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (other than persons who are shareholders on the effective date
of the Plan) becomes a “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company representing
more than 50% of the voting power of the then outstanding securities of the
Company; provided that a Change of Control shall not be deemed to occur as a
result of a change of ownership resulting from the death of a shareholder, and a
Change of Control shall not be deemed to occur as a result of a transaction in
which the Company becomes a subsidiary of another corporation and in which the
shareholders of the Company, immediately prior to the transaction, will
beneficially own, immediately after the transaction, shares entitling such
shareholders to more than 50% of all votes to which all shareholders of the
parent corporation would be entitled in the election of directors (without
consideration of the rights of any class of stock to elect directors by a
separate class vote); or (ii) the consummation of (i) a merger or consolidation
of the Company with another corporation where the shareholders of the Company,
immediately prior to the merger or consolidation, will not beneficially own,
immediately after the merger or consolidation, shares entitling such
shareholders to more than 50% of all votes to which all shareholders of the
surviving corporation would be entitled in the election of directors (without
consideration of the rights of any class of stock to elect directors by a
separate class vote), (ii) a sale or other disposition of all or substantially
all of the assets of the Company or (iii) a liquidation or dissolution of the
Company.

     

    (f)  Exercise of
Options. A
Grantee may exercise an Option that has become exercisable, in whole or in part,
by delivering a notice of exercise to the Company. The Grantee shall pay the
Exercise Price for an Option as specified by the Board (w) in cash, (x) with the
approval of the Board, by delivering shares of Company Stock owned by the
Grantee (including Company Stock acquired in connection with the exercise of an
Option, subject to such restrictions as the Board deems appropriate) and having
a Fair Market Value on the date of exercise equal to the Exercise Price or by
attestation (on a form prescribed by the Board) to ownership of shares of
Company Stock having a Fair Market Value on the date of exercise equal to the
Exercise Price, (y) payment through a broker in accordance with procedures
permitted by Regulation T of the Federal Reserve Board, or (z) by such other
method as the Board may approve. Shares of Company Stock used to exercise an
Option shall have been held by the Grantee for the requisite period of time to
avoid adverse accounting consequences to the Company with respect to the Option.
The Grantee shall pay the Exercise Price and the amount of any withholding tax
due (pursuant to Section 6) as specified by the Board.

     

    
      
        
        

      

      
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    6.  Withholding and
Reporting

     

    (a)  Required
Withholding. All
Grants under the Plan shall be subject to applicable federal, state and local
income and excise tax withholding and reporting requirements (including Section
409A of the Code). The Company may require that the Grantee or other person
receiving or exercising Grants pay to the Company the amount of any federal,
state or local taxes that the Company is required to withhold with respect to
such Grants, or the Company may deduct from other wages paid by the Company the
amount of any withholding taxes due with respect to such Grants. 

     

    (b)  Section 409A
Compliance. Because
the exercise price per share under the Options is less than the Fair Market
Value of the Company Stock on the Grant Date, the Options will be treated as
nonqualified deferred compensation under Section 409A of the Code. To avoid the
acceleration of income tax to the Grantee and the imposition of a 20% excise tax
as a result of the Option, the Options can only be exercised on the Exercise
Date. If an Option is exercised in a manner that fails to meet the requirements
of Section 409A of the Code, then the Grantee may have to recognize taxable
income and may be subject to a 20% excise tax prior to the exercise of the
Option. The Grantee will be liable for any adverse tax consequences under
Section 409A of the Code.

     

    (c)  Election to Withhold
Shares. If the
Board so permits, a Grantee may elect to satisfy the Company’s income or excise
tax withholding obligation, if any. with respect to a Grant by having shares
withheld up to an amount that does not exceed the Grantee’s minimum applicable
withholding tax rate for federal (including FICA), state and local tax
liabilities. The election must be in a form and manner prescribed by the Board
and may be subject to the prior approval of the Board.

     

    7.  Transferability of
Grants

     

    Except as
provided below, only the Grantee may exercise rights under a Grant during the
Grantee’s lifetime. A Grantee may not transfer those rights except (i) by will
or by the laws of descent and distribution or (ii) if permitted in any specific
case by the Board, pursuant to a domestic relations order or otherwise as
permitted by the Board. When a Grantee dies, the personal representative or
other person entitled to succeed to the rights of the Grantee may exercise such
rights. Any such successor must furnish proof satisfactory to the Company of his
or her right to receive the Grant under the Grantee’s will or under the
applicable laws of descent and distribution.

    

    8.  Requirements for Issuance or
Transfer of Shares

     

    (a)  Limitations on Issuance or
Transfer of Shares. No
Company Stock shall be issued or transferred in connection with any Grant
hereunder unless and until all legal requirements applicable to the issuance or
transfer of such Company Stock have been complied with to the satisfaction of
the Board. The Board shall have the right to condition any Grant made to any
Grantee hereunder on such Grantee’s undertaking in writing to comply with such
restrictions on his or her subsequent disposition of such shares of Company
Stock as the Board shall deem necessary or advisable, and certificates
representing such shares may be legended to reflect any such restrictions.
Certificates representing shares of Company Stock issued or transferred under
the Plan will be subject to such stop-transfer orders and other restrictions as
may be required by applicable laws, regulations and interpretations, including
any requirement that a legend be placed thereon.

     

    
      
        
        

      

      
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    (b)  Lock-Up
Period. If so
requested by the Company or any representative of the underwriters (the “Managing
Underwriter”) in connection with any underwritten offering of securities
of the Company under the Securities Act of 1933, as amended (the “Securities Act”), a
Grantee (including any successor or assigns) shall not sell or otherwise
transfer any shares or other securities of the Company during the 30-day period
preceding and the 180-day period following the effective date of a registration
statement of the Company filed under the Securities Act for such underwriting
(or such shorter period as may be requested by the Managing Underwriter and
agreed to by the Company) (the “Market Standoff
Period”). The Company may impose stop-transfer instructions with respect
to securities subject to the foregoing restrictions until the end of such Market
Standoff Period.

     

    9.  Amendment and Termination of
the Plan

     

    (a)  Amendment. The
Board may amend or terminate the Plan at any time; provided, however, that the
Board shall not amend the Plan without shareholder approval if such approval is
required in order to comply with the Code or other applicable laws, or to comply
with applicable stock exchange requirements.

     

    (b)  Termination of
Plan. The
Plan shall terminate on the day immediately preceding the tenth anniversary of
its effective date, unless the Plan is terminated earlier by the Board or is
extended by the Board with the approval of the shareholders.

     

    (c)  Termination and Amendment of
Outstanding Grants. A
termination or amendment of the Plan that occurs after a Grant is made shall not
materially impair the rights of a Grantee unless the Grantee consents or unless
the Board acts under Section 15(b). The termination of the Plan shall not impair
the power and authority of the Board with respect to an outstanding Grant.
Whether or not the Plan has terminated, an outstanding Grant may be terminated
or amended under Section 15(b) or may be amended by agreement of the Company and
the Grantee consistent with the Plan.

     

    (d)  Governing
Document. The
Plan shall be the controlling document. No other statements, representations,
explanatory materials or examples, oral or written, may amend the Plan in any
manner. The Plan shall be binding upon and enforceable against the Company and
its successors and assigns.

     

    10.  Funding of the
Plan

     

    This Plan
shall be unfunded. The Company shall not be required to establish any special or
separate fund or to make any other segregation of assets to assure the payment
of any Grants under this Plan. In no event shall interest be paid or accrued on
any Grant, including unpaid installments of Grants.

     

    11.  Rights of
Participants

     

    Nothing
in this Plan shall entitle any Sales Director or other person to any claim or
right to be granted a Grant under this Plan. Neither this Plan nor any action
taken hereunder shall be construed as giving any individual any rights to be
retained by the Company.

     

    
      
        
        

      

      
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    12.  No Fractional
Shares

     

    No
fractional shares of Company Stock shall be issued or delivered pursuant to the
Plan or any Grant. If, upon application of the formula described in Section
5(b)(i) hereof, the number of shares of Company Stock issuable upon exercise of
an Option grant would include a fractional share, the Board shall round such
number of shares of Company Stock (either up or down, in its sole discretion) to
the nearest whole number of shares.

     

    13.  Headings

     

    Section
headings are for reference only. In the event of a conflict between a title and
the content of a Section, the content of the Section shall control.

     

    14.  Effective Date of the
Plan.

     

    The Plan
shall be effective on the date on which it receives the approval of the
Company’s shareholders. 

     

    15.  Miscellaneous

     

    (a)  Grants in Connection with
Corporate Transactions and Otherwise. Nothing
contained in this Plan shall be construed to (i) limit the right of the Board to
make Grants under this Plan in connection with the acquisition, by purchase,
lease, merger, consolidation or otherwise, of the business or assets of any
corporation, firm or association, including Grants to employees thereof who
become employees, or for other proper corporate purposes, or (ii) limit the
right of the Company to grant stock options or make other awards outside of this
Plan. Without limiting the foregoing, the Board may make a Grant to an employee
of another corporation who becomes an employee by reason of a corporate merger,
consolidation, acquisition of stock or property, reorganization or liquidation
involving the Company, the Parent or any of their subsidiaries in substitution
for a stock option made by such corporation. The terms and conditions of the
substitute grants may vary from the terms and conditions required by the Plan
and from those of the substituted stock incentives. The Board shall prescribe
the provisions of the substitute grants.

     

    (b)  Compliance with
Law. The
Plan, the exercise of Options and the obligations of the Company to issue or
transfer shares of Company Stock under Grants shall be subject to all applicable
laws and to approvals by any governmental or regulatory agency as may be
required. With respect to persons subject to section 16 of the Exchange Act,
after a Public Offering it is the intent of the Company that the Plan and all
transactions under the Plan comply with all applicable provisions of Rule 16b-3
or its successors under the Exchange Act. In addition, it is the intent of the
Company that the Plan and applicable Grants under the Plan comply with Section
409A of the Code as to the Exercise Events. To the extent that any legal
requirement of section 16 of the Exchange Act or section 409A of the Code ceases
to be required under section 16 of the Exchange Act or section 409A of the Code,
that Plan provision shall cease to apply, including the limitations on the
exercise date of an Option set forth in Section 5(e). The Board may revoke any
Grant if it is contrary to law or modify a Grant to bring it into compliance
with any valid and mandatory government regulation. The Board may also adopt
rules regarding the withholding of taxes on payments to Grantees. The Board may,
in its sole discretion, agree to limit its authority under this
Section.

     

    (c)  Subject to Taxation Outside
the United States. With
respect to Grantees who are subject to taxation in countries other than the
United States, the Board may make Grants on such terms and conditions as the
Board deems appropriate to comply with the laws of the applicable countries, and
the Board may create such procedures, addenda and subplans and make such
modifications as may be necessary or advisable to comply with such
laws.

     

    (d)  Governing
Law. The
validity, construction, interpretation and effect of the Plan and Grant
Instruments issued under the Plan shall be governed and construed by and
determined in accordance with the laws of the State of Delaware, without giving
effect to the conflict of laws provisions thereof.

     

    
      
        
        

      

      
        8exv4w9

Exhibit 4.9

English Translation

LEASE AGREEMENT

Lessor: LIG Insurance Co., Ltd.

Lessee: Gmarket Inc.

LEASE AGREEMENT

This Lease Agreement (this “Agreement”) is entered into on March 4, 2009 by and between LIG
Insurance Co., Ltd. (the “Lessor”) and Gmarket Inc. (the “Lessee”) under the following terms and
conditions:

Article 1

(Description of Leased Premises)

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

Description of Leased Premises

	 	 	Location: LIG Insurance Co., Ltd. Bldg., 649-11 Yoksam-dong, Kangnam-gu, Seoul, Korea
	 
	 	 	9th Floor 1,427.25 m(2) (including the common area)

	 
	 	 	8th  Floor 1,427.25 m(2) (including the common area)
	 
	 	 	7th  Floor 1,427.25 m(2) (including the common area)
	 
	 	 	6th  Floor 1,427.25 m(2) (including the common area)
	 
	 	 	     Total: 5,709.00 m(2)

(Attached Drawing)

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

Article 2

(Lease Term)

	(1)	 	The term of lease (the “Lease Term”) shall be a period of twelve (12) months commencing on
March 1, 2009 and ending on February 28, 2010, provided however, this Agreement shall be
extended for a period of one (1) year unless either party in a written document notifies the
other of the objection to the extension until one month before the termination of the
Agreement.
	 
	(2)	 	During the Lease Term, this Agreement may be terminated by giving a three (3) months’ prior
written notice of termination to the other party and by mutual agreement between

 

 

	 	 	the parties. This Agreement shall be deemed as having terminated three (3) months after the
date of such three (3) months’ prior written notice.

Article 3

(Security Deposit)

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

	 	 	 	 	 	 	 
	Classification	 	Amount	 	Percentage	 	Payment Due Date
	 
	Security Deposit
	 	W1,561, 944, 000	 	82%	 	Replaced by existing Security Deposit
	Additional
Security Deposit
	 	W338,056,000	 	18%	 	Upon execution of contract 
	Total
	 	W1,900,000,000	 	100%	 	 

	(2)	 	If the Lessee delays the payment of the Security Deposit by the mutually agreed due date, the
Lessor may immediately terminate this Agreement.
	 
	(3)	 	The Lessee may not apply the Security Deposit to the payment of any monthly rent or
maintenance fee, nor may the Lessee assign, pledge or provide as security to a third party its
claim for refund of the Security Deposit.
	 
	(4)	 	If the Lessee fails to perform any of its payment obligations set forth in this Agreement
within the prescribed time period, the Lessor may apply the Security Deposit toward the
payment of such unpaid amount without any procedure to take in advance. In the event that the
Lessor applies the Security Deposit toward the payment of an unpaid amount, the Lessor shall
give the Lessee a written notice of such application within seven (7) days, and the Lessee
shall, within seven (7) days from the receipt of such notice, make up the deduction from the
Security Deposit.
	 
	(5)	 	If this Agreement terminates upon expiry of the Lease Term or termination hereof or
otherwise, the Lessor shall refund the Security Deposit to the Lessee immediately after the
surrender of the Leased Premises by the Lessee to the Lessor. Provided, however, that the
Lessor shall deduct any outstanding expenses or debts payable by the Lessee hereunder from the
Security Deposit to be returned to the Lessee.

Article 4

(Monthly Rent)

	(1)	 	The Lessee shall pay to the Lessor the sum of W120,000,000 by the fifteenth day of each month
(or the next following business day, if the last day falls on a statutory holiday) (VAT
excluded).
	 
	(2)	 	If the Lease Term begins during a calendar month, the monthly rent shall be prorated by days.
The same applies if the Lease Term expires during a calendar month.

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

Article 5

(Maintenance Fee)

	(1)	 	The Lessee shall pay to the Lessor maintenance fee of W53,535,760 covering the electric
charge, water supply and sewage charge, air conditioning and heating charge, sanitation charge
and any and all expenses for maintenance and management of the building on the fifteenth day
of each month (or the next following business day, if the last day falls on a statutory
holiday). Provided however, even during the Lease Term as set forth in Article 2(1) above, the
Lessor may adjust the maintenance fee (VAT exclusive) on first day of April of each year by
giving one (1) month prior written notice.
	 
	(2)	 	The Lessee shall separately pay charges for any special facilities additionally installed by
Lessee for its private needs and any taxes and public imposts thereon to the building
management company.
	 
	(3)	 	If the Lease Term begins during a calendar month, the maintenance fee shall be prorated by
days. The same applies if the Lease Term expires during a calendar month. Provided however,
in the event an interior construction is conducted, the calculation for the maintenance fee
shall be commenced from the date agreed by the parties.

Article 6

(Default Interests)

	(1)	 	If the Lessee fails to pay the monthly rent, maintenance fee hereunder and the taxes and
public imposts set forth in Article 8 below, or to perform any of its payment obligations set
forth in this Agreement within the prescribed time period, the Lessee shall pay to the Lessor
default interests accrued thereon at the general loan rate of insurance companies calculated
pro rata for the number of days from the due date to the actual payment date. In the event
that Lessor applies the Security Deposit toward the payment of an unpaid amount as set forth
in Article 3(5) above, the payment shall be deemed to be made on the date on which the Lessee
actually makes up the deducted portion from the Security Deposit.
	 
	(2)	 	The amount paid under the Lessee’s payment obligation shall be applied in the following
order: default interests, parking fee, maintenance fee, monthly rent and the Security Deposit.
	 
	(3)	 	When the Lessor is in arrears in its payment responsibility including return of rent deposit,
the Lessor shall pay to the Lessee the late payment interest at the general loan rate of
insurance companies calculated pro rata for the number of days from the due date to the actual
payment date.

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

Article 7

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

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

	(1)	 	In case adjustment is needed to improve or maintain the conditions of the Leased Premises, or
Changes in taxes or public charges on the Leased Premises.
	 
	(2)	 	Changes in expenses required to maintain the Leased Premises in normal operation, including
heating & cooling charges, and labor costs for cleaning and security services;
	 
	(3)	 	Changes in cost of living or other economic conditions;
	 
	(4)	 	The maintenance fee may be adjusted on the first day of April of each year by giving one (1)
month prior written notice as set forth in Article 5 (1).

Article 8

(Use of Special Facilities and Communications)

	(1)	 	The Lessee shall give a written notice to the Lessor of the cars owned by it and shall have
free parking spaces for the number of cars designated by the Lessor according to the leased
area.
	 
	(2)	 	If the number of the Lessee’s cars to be parked in the parking lot exceeds the number of cars
designated by the Lessor, the Lessor may charge parking fees for such exceeding number of cars
pursuant to separate provisions.
	 
	(3)	 	The Lessee may install and operate communication facilities after obtaining the required
approval from the relevant authority, and after the installation of the communication
facilities, the Lessee shall give a notice of such installation to the Lessor. The Lessee
shall bear all costs of the operation and repair of the communication facilities.

Article 9

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

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

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Article 10

(Use of the Leased Premises)

	(1)	 	The Lessee shall not establish residence within the Leased Premises or use the Leased
Premises for any purposes other than the ones set forth in Article 1(2). However, the Lessee
may have a night watchman with the written consent of the Lessor.
	 
	(2)	 	In the event that the Lessee desires to use some facilities within the Leased Premises, the
Lessee shall give the Lessor prior written notice thereof and pay all expenses therefor as the
Lessor requests.

Article 11

(Safe Management of Properties and Insurance)

	(1)	 	The Lessee shall be solely responsible for the safe management of its private properties
within the Leased Premises. The Lessor shall not be liable for any loss or damages sustained
by the Lessee due to fire, theft, or other accidents, unless the Lessee proves that the cause
for such damage was attributable to the Lessor.
	 
	(2)	 	The Lessee shall, at its own expense, take out fire insurance for facilities installed by it;
provided, however, that the Lessor shall, at its own expense, take out fire insurance for the
leased building.

Article 12

Article 12 (Prohibited Acts)

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

	(1)	 	An act that is unpleasant to the public, unauthorized installation, posting, or keeping of
signboards, advertising or other materials;
	 
	(2)	 	Bringing in any inflammables, dangerous goods, goods that may be harmful or offensive to the
human body or goods that may damage other property;
	 
	(3)	 	Bringing in or using heating or cooling equipment without the Lessor’s prior approval or
consent;
	 
	(4)	 	Destroying any structure, machinery or other facilities installed by the Lessor, or changing
any structure, advertisement materials or signboards without the Lessor’s prior written
consent;
	 
	(5)	 	Manufacture or sale of illegal goods.

Article 13

(Installation of Facilities within the Leased Premises)

	(1)	 	In the event that the Lessee desires to engage in any of the following acts within the Leased
Premises at its own expense, the Lessee shall obtain prior written consent of the

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	 	 	Lessor. In such case, the Lessor may restrict or oversee such acts for the purpose of
ensuring the structural safety and unity of the Leased Premises.

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

Article 14

(Repair)

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

Article 15

(Compensation for Damage)

	(1)	 	The Lessee shall immediately report to the Lessor all damage, destruction or loss of the
Leased Premises or other facilities within the building arising out of any willful act or
negligence by the Lessee or its employee or its clients, and shall compensate therefor.
	 
	(2)	 	If the Lessee fails to report to the Lessor for a substantial period any damage caused by any
third parties as set forth in Paragraph (1) above, such damage shall be deemed to be caused by
the Lessee.
	 
	(3)	 	The amount of damage according to this Article shall be calculated by the Lessor based on the
price as of the time of compensation.

Article 16

(Restriction on Access)

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

Article 17

(Termination of Agreement)

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

	 	1)	 	If the Lessee delays payment of the monthly rent, maintenance fee and any other
payables hereunder for two or more months;
	 
	 	2)	 	If a third party enforces provisional attachment, attachment, provisional
disposition, or any other compulsory execution on Lessee’s claim to the Security
Deposit, or the Lessee offers the claim as a pledge or collateral;

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	 	3)	 	If the Lessee enters into bankruptcy or insolvency, or an application for the
commencement of a corporate reorganization proceeding has been filed against the
Lessee;
	 
	 	4)	 	If the Lessee is in breach of any provisions hereof or any agreements between
the Lessee and the Lessor related to this Agreement;
	 
	 	5)	 	If the Lessee delays occupation of the Leased Premises for more than two
months;
	 
	 	6)	 	If the Lessee vacates the Leased Premises for more than three months without
reasonable grounds; or
	 
	 	7)	 	If the Lessee is in breach of any other obligations hereof.

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

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

Article 18

(Expiration of Agreement)

This Agreement shall expire in any of the following cases:

	(1)	 	the Lease Term has expired; or
	 
	(2)	 	this Agreement is terminated in accordance with the provisions hereof.

Article 19

(Vacation of the Leased Premises and Restoration)

	(1)	 	Upon expiry, prior to the date of expiration of the Lease Term, the Lessee shall remove its
belongings and property, return the keys and the Lessor’s property and vacate all of the
Leased Premises to the Lessor.
	 
	(2)	 	If the Lessee fails to comply with the Lessor’s lawful request for vacation, the Lessor may
suspend electric power or water supply.
	 
	(3)	 	In the event that Lessee fails to remove its belongings and property or restore the Leased
Premises to their original conditions due to a cause attributable to the Lessee, the Lessee

7

 

	 	 	shall pay Lessor a penalty equal to twice the monthly rent and maintenance fee for the
period beginning from the expiration of the Lease Term and ending on the fulfillment of the
obligations to vacate and restore the Leased Premises.

Article 20

(Force Majeure)

	(1)	 	The Lessor shall not be liable for any and all damages and inconveniences suffered by the
Lessee or any third party related to it due to an act of God, war, riot, any other force
majeure event or any other cause beyond reasonable control of the Lessor.
	 
	(2)	 	Any of the force majeure events stipulated in Paragraph (1) above shall not delay the payment
obligations that have already accrued hereunder.
	 
	(3)	 	If any of the force majeure events stipulated in Paragraph (1) above prevents the Lessee from
using the Leased Premises, the Lessee shall be exempted from its obligation to pay the monthly
rent and maintenance fee for the period during which the Lessee can not use the Leased
Premises.

Article 21

(Modification)

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

Article 22

(Guarantor)

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

Article 23

(Application of General Laws and Others) 

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

Article 24

(Jurisdiction)

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

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Article 25

(Management Rules)

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

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

Article 26

(Special Agreement)

The Lessor and the Lessee hereby enter into the following special agreement regarding Uninterrupted
Power Supply (UPS) of LIG Tower.

	(1)	 	Distribution of UPS Power
	 
	 	 	The Lessor and the Lessee shall agree to allow the Lessee to use part of power supply (10KW
on the average, 15KW maximum) from the UPS equipment owned by the Lessor within LIG Tower
for the purpose of server equipment and its accessories, and if amount used by the Lessee
exceeds the agreed volume or the use is for the purpose other than agreed herein, the use by
the Lessee of the UPS power supply shall be suspended.
	 
	(2)	 	Liability
	 
	 	 	The Lessee shall not seek liability or damages from the Lessor and/or the Building
Management Company on any and all problems occurring in the course of the Lessee using the
part of the building UPS power supply including, for example, temporary suspension of UPS
power within the Building,
	 
	(3)	 	Examination and Maintenance
	 
	 	 	The Building Maintenance Company may temporarily shut down the UPS Power for examination and
maintenance of all relevant UPS equipment, (during such period, however, the power supply
comes directly from the Kepco) and the examination and maintenance schedule shall be
notified to the Lessee prior to the planned maintenance.
	 
	(4)	 	Expiration of Usage Period
	 
	 	 	The use of UPS power supply owned by the Lessor of the Lessee shall be for the Lease Term
specified in Article 2 (1). If, in the future, the Lessor has a need to use the UPS power
supply currently used by the Lessee, the Lessor may request the Lessee to suspend the use of
the concerned UPS power supply with prior notice and at the request, the Lessee shall
suspend the use of the UPS power supply and restore the connecting devices

9

 

	 	 	to its original condition.

	(5)	 	Cost
	 
	 	 	All related cost from installing facilities and/or equipment required for the Lessee to use
the UPS power supply owned by the Lessor and the cost of restoration incurred due to the
reasons prescribed in the above (1), or (4) shall be borne by the Lessee.
	 
	(6)	 	Others
	 
	 	 	Any other item not specified in the Special Agreement regarding the use by the Lessee of the
UPS power supply owned by the Lessor shall be determined through mutual consultation between
the Lessor and the Lessee.

IN WITNESS WHEREOF both parties have prepared two (2) original copies of the Agreement signed by
their authorized representatives and the Lessor and the Lessee shall keep each copy.

March 4, 2009

The Lessor

	Address: 	 	LIG Insurance Co. LTD.,

LIG Tower 649-11

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

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

The Lessee

	Address: 	 	GMARKET Inc.,

6-8th floor,

LIG Tower 649-11

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

Name: Representative Director, Young Bae Ku [seal]

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