Document:

Document

Exhibit 4.1

SIXTH AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT
THIS SIXTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of the 21st day of December, 2018, by and among Coupang, LLC, a Delaware limited liability company (the “Company”) and the investors listed on Schedule A hereto, each of which is herein referred to as an “Investor”.
RECITALS
WHEREAS, the Company and certain Investors are party to that certain Fifth Amended and Restated Registration Rights Agreement, dated as of December 22, 2017, as amended on February 23, 2018 (the “Previous Registration Rights Agreement”);
WHEREAS, the Company and SVF Investments (UK) Limited are parties to the Class J Preferred Units Purchase Agreement, dated as of November 14, 2018 (the “Class J Agreement”);
WHEREAS, in order to induce SVF Investments (UK) Limited to purchase Class J Preferred Units of the Company (the “Class J Units”) and invest funds in the Company pursuant to the Class J Agreement, the Company hereby agrees that this Agreement shall govern the rights of the Investors to cause the Company to register Registrable Securities (as defined below); and
WHEREAS, the Company and the Investors that are parties to the Previous Registration Rights Agreement (with such Investors, inclusive of Bom Kim, holding at least sixty-six and two-thirds percent (66 2/3%) of the Registrable Securities (as defined in the Previous Registration Rights Agreement)) wish to amend and restate the Previous Registration Rights Agreement as set forth herein and as permitted by Section 2.7 of the Previous Registration Rights Agreement.
NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:
1.Registration Rights. The Company covenants and agrees as follows:
1.1Definitions. For purposes of this Section 1:
(a)The term “1934 Act” means the Securities Exchange Act of 1934, as amended.
(b)The term “Act” means the Securities Act of 1933, as amended.
(c)The term “Equity Securities” means (a) the Preferred Units held by the Holders, (b) any warrants, options or other rights to subscribe for or to acquire, directly or indirectly (whether pursuant to any division or split of Units or other equity interests in the Company or in connection with a combination, exchange, reorganization, recapitalization, reclassification, merger, consolidation or other business combination transaction involving the Company or otherwise) any Units or other equity interests in the Company, (c) any Units or other equity interests in the Company or any bonds, notes, debentures or other securities convertible into or exchangeable for, directly or indirectly (whether pursuant to a split or division of Units or other equity interests in the Company or in connection with a combination, exchange, 
1

reorganization, recapitalization, reclassification, merger, consolidation or other business combination transaction involving the Company or otherwise) any Units or other equity interests in the Company, including pursuant to the transactions contemplated by Section 6.5 of the LLC Agreement, and (d) any interests in the foregoing, in each case outstanding at any time.
(d)The term “Form S-3” means such form under the Act as in effect on the date hereof or any registration form under the Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC.
(e)The term “Holder” means any person owning or having the right to acquire Registrable Securities or any assignee thereof in accordance with Section 1.11 hereof.
(f)The term “Initial Offering” means the Company’s first firm commitment underwritten public offering of its Equity Securities under the Act.
(g)The term “LLC Agreement” means the Ninth Amended and Restated Limited Liability Company Agreement of the Company, dated as of the date hereof, as the same may be amended from time to time.
(h)The term “Preferred Units” shall have the meaning set forth in the LLC Agreement.
(i)The terms “register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of such registration statement or document.
(j)The term “Registrable Securities” means, at any time, the following (in each case as adjusted for unit splits, recapitalizations and other similar events): (a) the Preferred Units issued and outstanding at such time; (b) Equity Securities issued or issuable upon the conversion, exercise or exchange of the Preferred Units, including pursuant to Section 6.5 of the LLC Agreement or upon the exercise of any preemptive rights pursuant to Section 2.6 of the LLC Agreement, (c) Equity Securities issued or issuable upon the conversion, exercise or exchange of any Equity Securities of the Company issued or issuable, directly or indirectly (whether pursuant to any division or split of Units or other equity interests in the Company or in connection with a combination, exchange, reorganization, recapitalization, reclassification, merger, consolidation or other business combination transaction involving the Company or otherwise, including, without limitation, as contemplated by Section 6.5 of the LLC Agreement), with respect to: (i) any of the securities issued in clauses (a) or (b) above or (ii) a conversion of a convertible promissory note issued by the Company and held by an Investor or its assignee; provided, however, that any and all Equity Securities described in clauses (a)-(c) above shall cease to be Registrable Securities upon (x) any sale of such Equity Securities pursuant to a registration statement filed with and declared effective by the SEC under the Act, (y) such Equity Securities being sold by a party in a transaction in which rights herein are not assigned in accordance with this Agreement, or (z) such Equity Securities being publicly distributed pursuant 
2

to an exemption from the registration requirements of the Act, including distributions to the public pursuant to Rule 144 or Regulation S of the Act.
(k)The amount of “Registrable Securities” outstanding shall be determined by the number of shares or units of common equity outstanding that are, and the number of shares or units of common equity issuable pursuant to then exercisable or convertible securities that are, Registrable Securities.
(l)The term “Rule 144” shall mean Rule 144 under the Act.
(m)The term “SEC” shall mean the Securities and Exchange Commission.
(n)The term “Units” shall have the meaning set forth in the LLC Agreement.
1.2Request for Registration.
(a)Subject to the conditions of this Section 1.2, if the Company shall receive at any time after six (6) months after the effective date of the Initial Offering, a written request from the Holders of at least 35% or more of the Registrable Securities then outstanding (for purposes of this Section 1.2, the “Initiating Holders”) that the Company file a registration statement under the Act covering the registration of Registrable Securities with an anticipated aggregate offering price of at least $10,000,000, then the Company shall, within twenty (20) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 1.2, use commercially reasonable efforts to effect, as soon as practicable, the registration under the Act of all Registrable Securities that the Holders request to be registered in a written request received by the Company within forty (40) days of the mailing of the Company’s notice pursuant to this Section 1.2(a).
(b)If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include such information in the written notice referred to in Section 1.2(a). In such event the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in such underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by a majority in interest of the Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). If any Holder disapproves of the terms of the underwriting, the Holder may elect to withdraw therefrom by written notice to the Company and the underwriter and the Registrable Securities and/or other securities so withdrawn shall also be withdrawn from registration; provided, however, that, if by the withdrawal of such Registrable Securities, a greater number of Registrable Securities held by others participating in the underwriting may be included in such registration, then the Company shall allocate such greater number of Registrable Securities to such parties in proportion, as nearly as practicable, to the respective amount of Registrable Securities held by such parties. Notwithstanding any other 
3

provision of this Section 1.2, if the underwriter advises the Company that marketing factors require a limitation on the number of securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of Equity Securities that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities pro rata based on the number of Registrable Securities held by all such Holders (including the Initiating Holders). In no event shall any Registrable Securities be excluded from such underwriting unless all other securities of the Company are first excluded. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. For purposes of this Section 1.2, a registration shall not be counted as effected if, as a result of an exercise of the underwriter’s cutback, fewer than 50% of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually included.
(c)Notwithstanding the foregoing, the Company shall not be required to effect a registration pursuant to this Section 1.2:
(i)in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act;
(ii)after the Company has effected two (2) registrations pursuant to this Section 1.2, and such registrations have been declared or ordered effective;
(iii)during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of and ending on a date one hundred eighty (180) days following the effective date of a Company-initiated registration subject to Section 1.3 below; provided that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective;
(iv)if the Initiating Holders propose to dispose of Registrable Securities that may be registered on Form S-3 pursuant to Section 1.4 hereof; or
(v)if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.2 a certificate signed by the Company’s Manager (or chief executive officer, if applicable) stating that in the good faith judgment of the Management Committee (or board of directors, if applicable) of the Company, it would be seriously detrimental to the Company and its members (or stockholders, if applicable) for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the Initiating Holders, provided that such right shall be exercised by the Company not more than once in any twelve (12)-month period; provided further that the Company shall not register any securities for the account of itself or any other member (or stockholder, if applicable) during such one hundred twenty (120) day period (other than a registration relating solely to the sale of securities of participants in a Company equity incentive plan, a registration relating to a corporate 
4

reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Equity Securities being registered are common equity issuable upon conversion of debt securities that are also being registered). In the event the Company makes the determination contemplated by this Section 1.2(c)(v), the Initiating Holders shall be entitled to withdraw their request for registration under this Section 1.2 without impairing their right to request registration thereafter.
1.3Company Registration.
(a)If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the Company for members (or stockholders, if applicable) other than the Holders) any of its membership units, stock or other securities under the Act in connection with the public offering of such securities (other than a registration relating solely to the sale of securities of participants in a Company equity incentive plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Equity Securities being registered are common equity issuable upon conversion of debt securities that are also being registered), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after personal, courier or email delivery of such notice by the Company in accordance with Section 2.5, the Company shall, subject to the provisions of Section 1.3(c), use all commercially reasonable efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder requests to be registered.
(b)Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 1.3 prior to the effectiveness of such registration whether or not any Holder has elected to include any of its securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 1.7 hereof.
(c)Underwriting Requirements. In connection with any offering involving an underwriting of the Company’s equity securities, the Company shall not be required under this Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by the Company (or by other persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with such underwriters, and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If a Holder disapproves of the terms of any such underwriting, the Holder may elect to withdraw therefrom by written notice to the Company and the underwriter and any securities excluded or withdrawn from such underwriting shall be withdrawn from such registration; provided, however, that if by the withdrawal of such Registrable Securities a greater number of Registrable Securities held by other Holders may be included in such registration (up to the maximum of any limitation imposed by the underwriters), then the Company shall offer to 
5

all Holders who have included Registrable Securities in the registration the right to include additional Registrable Securities in the same proportion used below in determining the underwriters’ limitation. If the total amount of securities, including Registrable Securities, requested by the Company’s equity holders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering. In no event shall any Registrable Securities be excluded from such offering unless all other members’ (or stockholders’, if applicable) securities have been first excluded. In the event that the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be apportioned pro rata among the selling Holders based on the number of Registrable Securities held by all selling Holders or in such other proportions as shall mutually be agreed to by all such selling Holders. Notwithstanding the foregoing, in no event shall the amount of securities of the selling Holders included in the offering be reduced below thirty percent (30%) of the total amount of securities included in such offering, unless such offering is the initial public offering of the Company’s securities, in which case the selling Holders may be excluded if the underwriters make the determination described above and no other member’s (or stockholder’s, if applicable) securities are included in such offering. For purposes of the preceding sentence concerning apportionment, for any selling equity holder that is a Holder of Registrable Securities and that is an institutional, private equity, hedge or venture capital investment fund, partnership or corporation, the affiliated institutional, private equity, hedge or venture capital investment funds, partners, retired partners and stockholders of such Holder, any fund which is controlled by or under common control with one or more general partners of such Holder, any fund that is managed and governed by the same management company as such Holder, any fund that controls such Holder or any fund that is controlled by, under common control with, managed or advised by the same management company or registered investment advisor that controls, is under common control with, manages or advises the fund that controls such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate amount of Registrable Securities owned by all such related entities and individuals.
1.4Form S-3 Registration. If the Company receives a written request from the Holders of at least 30% or more of the Registrable Securities then outstanding (for purposes of this Section 1.4, the “Initiating Holders”) that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company shall:
(a)promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders;
(b)use commercially reasonable efforts to effect, as soon as practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable 
6

Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4:
(i)if Form S-3 is not available for such offering by the Holders;
(ii)if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $100,000,000;
(iii)if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.4 a certificate signed by the Company’s Manager (or chief executive officer, if applicable) stating that in the good faith judgment of the Management Committee (or board of directors, if applicable) of the Company, it would be seriously detrimental to the Company and its members (or stockholders, if applicable) for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the Initiating Holders; provided that such right shall be exercised by the Company not more than once in any twelve (12)-month period; provided further that the Company shall not register any securities for the account of itself or any other member (or stockholder, if applicable) during such one hundred twenty (120) day period (other than a registration relating solely to the sale of securities of participants in a Company equity incentive plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Equity Securities being registered is common equity issuable upon conversion of debt securities that are also being registered);
(iv)if the Company has, within the twelve (12) month period preceding the date of such request, already effected two registrations on Form S-3 for the Holders pursuant to this Section 1.4; or
(v)in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance;
(c)if the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.4 and the Company shall include such information in the written notice referred to in Section 1.4(a). The provisions of Section 1.2(b) shall be applicable to such request (with the substitution of Section 1.4 for references to Section 1.2); and
7

(d)subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Initiating Holders. Registrations effected pursuant to this Section 1.4 shall not be counted as requests for registration effected pursuant to Section 1.2.
1.5Obligations of the Company. Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:
(a)prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the Registration Statement has been completed; provided, however, that such one hundred twenty (120) days period shall be extended for a period of time equal to the period a Holder refrains from selling any securities included in such registration at the request of the underwriter; and provided, further, that before filing a registration statement, the Company will furnish the Holders of Registrable Securities covered by such Registration Statement, the underwriters, if any, and any attorney, accountant or other agent retained by any such Holders of Registrable Securities or underwriters (i) copies of all such documents proposed to be filed, which documents will be subject to review and comment of such Holders, their counsel and underwriters, if any, and (ii) if requested, financial and other information required by the SEC to be included in such registration statement and all financial and other records, pertinent corporate documents and properties of the Company customarily reviewed in connection with an underwritten registration; and shall cause the officers, managers, directors and employees of the Company, counsel to the Company and independent certified public accountants to the Company, to respond to such inquiries and supply all information, as shall be reasonably necessary, in the opinion of respective counsel to such Holders and underwriters, to conduct a reasonable investigation within the meaning of the Act, and will not file any registration statement to which the Holders of at least a majority of the Registrable Securities covered by such registration statement or the underwriter, if any, shall, for reasonable reasons, object;
(b)prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement;
(c)furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, (including any amendments or supplements to the prospectus or preliminary prospectus and any issuer free writing prospectus) in conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them;
(d)use all commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of 
8

such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;
(e)in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such public offering;
(f)use all commercially reasonable efforts to cause all Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities of United States jurisdictions as may be necessary to enable the seller thereof to consummate the disposition of such Registrable Securities;
(g)comply with all applicable rules and regulations of the SEC and make available to its security holders an earnings statement satisfying the provisions of Section 11(a) of the Act and Rule 158 thereunder (or any similar rule promulgated under the Act) no later than forty-five (45) days after the end of any twelve (12) month period (or ninety (90) days after the end of any twelve (12) month period if such period is a fiscal year) (or in each case within such extended period of time as may be permitted by the SEC for filing the applicable report with the SEC) (i) commencing at the end of any fiscal quarter in which Registrable Securities are sold to underwriters in a firm commitment or best efforts underwritten offering or (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Company after the effective date of a registration statement, which earnings statements shall cover said twelve (12) moth period;
(h)permit any Holder which, in its reasonable judgment, might be deemed to be an underwriter or a controlling person of the Company, to participate in the preparation of such registration or comparable statement and to require the insertion therein of material, furnished to the Company in writing, which in the reasonable judgment of such Holder and its counsel should be included;
(i)cause the senior management of the Company to participate in the preparation of the registration statement and the sale process, including any “road show” presentations to investors in connection with such registration for such period of time as is reasonably requested by the underwriters or the Initiating Holders;
(j)notify each Holder of Registrable Securities covered by such registration statement at any time when (i) a prospectus relating thereto is required to be delivered under the Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, (ii) when the prospectus relating thereto or any supplement or post-effective amendment has been filed, and, with respect to such registration statement or any post-effective amendment, when the same has become effective, (iii) of any request by the SEC for amendments or supplements to the registration statement or the prospectus or for additional information, of the issuance by the SEC of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings for 
9

such purpose, or (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;
(k)cause all such Registrable Securities registered pursuant to this Section 1 to be listed on a national exchange or trading system and on each securities exchange and trading system on which similar securities issued by the Company are then listed;
(l)provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; and
(m)use all commercially reasonable efforts to furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this Section 1, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 1, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities and (ii) a letter, dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities (to the extent the then-applicable standards of professional conduct permit said letter to be addressed to the Holders).
(n)Notwithstanding the provisions of this Section 1, following the filing of any registration statement pursuant to this Section 1, the Company shall be entitled to postpone or suspend, for a reasonable period of time, the effectiveness or use of, or trading under, any registration statement if the Company shall determine based on events or circumstances that arise after the filing of such registration statement that the sale of any securities pursuant to such registration statement would in the good faith judgment of the Management Committee (or the board of directors, if applicable) of the Company require disclosure of material nonpublic information that, if disclosed at such time, would be materially harmful to the interests of the Company and its members (or stockholders, if applicable); provided, however, that during any such period all executive officers, manager and directors of the Company are also prohibited from selling securities of the Company (or any security of any of the Company’s subsidiaries or affiliates).
In the event of the suspension of effectiveness of any registration statement pursuant to this Section 1.5, the applicable time period during which such registration statement is to remain effective shall be extended by that number of days equal to the number of days the effectiveness of such registration statement was suspended.
1.6Information from Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1 with respect to the Registrable 
10

Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of such Holder’s Registrable Securities.
1.7Expenses of Registration. All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications pursuant to Sections 1.2, 1.3 and 1.4, including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling Holders (not to exceed $50,000) shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 or Section 1.4 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless, in the case of a registration requested under Section 1.2, the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.2; provided, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Sections 1.2 and 1.4.
1.8Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1.
1.9Indemnification. In the event any Registrable Securities are included in a registration statement under this Section 1:
(a)To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, officers, directors and stockholders of each Holder, legal counsel, accountants and investment advisors for each Holder, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement (or incorporated by reference therein), including any preliminary prospectus or final prospectus contained therein or any issuer free writing prospectus, offering circular or other document filed or made available in connection therewith or any amendments or supplements thereto, (ii) the omission or alleged omission to state in such registration statement, including any preliminary prospectus or final prospectus contained therein or any issuer free 
11

writing prospectus, offering circular or other document filed or made available in connection therewith or any amendments or supplements thereto, a material fact required to be stated therein, or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, and the Company will reimburse each such Holder, underwriter, controlling person or other aforementioned person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 1.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter, controlling person or other aforementioned person.
(b)To the extent permitted by law, each selling Holder will, severally and not jointly, indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Act, legal counsel and accountants for the Company, any underwriter, any other Holder selling securities in such registration statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any person intended to be indemnified pursuant to this Section 1.9(b) for any legal or other expenses reasonably incurred by such person in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 1.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), and provided that in no event shall any indemnity under this Section 1.9(b) exceed the net proceeds from the offering received by such Holder.
(c)Promptly after receipt by an indemnified party under this Section 1.9 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.9, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, 
12

that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of liability to the indemnified party under this Section 1.9 to the extent of such prejudice, but the omission to so deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.9.
(d)If the indemnification provided for in this Section 1.9 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations; provided, however, that no contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 1.9(b), shall exceed the net proceeds from the offering received by such Holder. The relative fault of the indemnifying party and the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The liability of each Holder to contribute as described herein shall be several and not joint. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
(e)Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.
(f)The obligations of the Company and Holders under this Section 1.9 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 1 and otherwise.
1.10Reports Under the 1934 Act. With a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit a 
13

Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees to use its commercially reasonable efforts to:
(a)make and keep adequate current public information available, as those terms are understood and defined in Rule 144, at all times after the effective date of the Initial Offering;
(b)file with the SEC in a timely manner all reports and other documents required of the Company under the Act and the 1934 Act; and
(c)furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company), the Act and the 1934 Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to avail any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form.
1.11Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such securities that (i) is a parent, subsidiary, affiliate, or affiliated institutional, private equity, hedge or venture capital fund or stockholder of such Holder, (ii) is a partner, member or other equity owner, or retired partner, retired member or other equity owner of such Holder, or an estate of any of its partners, members or other equity owners or retired partners, retired members or other equity owners, (iii) is a fund that is controlled by or under common control with one or more general partners of such Holder, a fund that is managed and governed by, or advised by, the same management company or investment advisor as such Holder, a fund that controls such Holder or any fund that is controlled by, under common control with, managed or advised by the same management company or investment advisor that controls, is under common control with, manages or advises the fund that controls such Holder, or (iv) is a Holder’s family member or trust for the benefit of an individual Holder or such Holder’s family members, provided: (a) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (b) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including, without limitation, the provisions of Section 1.13 below; and (c) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act.
1.12Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of at least a majority of the Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include any of such securities in any registration other than on a subordinate basis after all 
14

Holders have had the opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so include or (b) to demand registration of their securities.
1.13“Market Stand-Off” Agreement.
(a)Each Holder hereby agrees that it will not, without the prior written consent of the Company and the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s Initial Offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Equity Securities or any securities convertible into or exercisable or exchangeable for Equity Securities held immediately prior to the effectiveness of the Registration Statement for such offering, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Equity Securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Equity Securities or other securities, in cash or otherwise. The foregoing provisions of this Section 1.13 shall apply only to the Initial Offering, shall not apply to the sale of any equity securities to an underwriter pursuant to an underwriting agreement, shall not apply to equity securities purchased by the Holders in the Initial Offering or on the open market following the Initial Offering, shall not apply to a transfer to the Holder’s parent, subsidiary or affiliate, and shall only be applicable to the Holders if all officers, managers, directors and greater than one percent (1%) members or stockholders of the Company agree to and continue to be bound by the same terms. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company’s Initial Offering that are consistent with this Section 1.13 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply to all Holders subject to such agreements pro rata based on the number of equity securities subject to such agreements.
In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period.
(b)Each Holder agrees that a legend reading substantially as follows shall be placed on any and all certificates representing Registrable Securities of each Holder (and the shares or securities of every other person subject to the restriction contained in this Section 1.13):
THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SECURITIES.
15

1.14Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for in this Section 1 (i) after five (5) years following the consummation of a Qualified Public Offering (as defined in the LLC Agreement) or (ii) as to any Holder, such earlier time after the Initial Offering at which such Holder holds one percent (1%) or less of the Company’s outstanding Equity Securities and all Registrable Securities held by such Holder (together with any affiliate of the Holder with whom such Holder must aggregate its sales under Rule 144) can be sold in any three (3)-month period without registration in compliance with Rule 144 and without the requirement that the Company be in compliance with the current public information requirement under Rule 144(c)(1).
2.Miscellaneous.
2.1Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties (including transferees of any Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
2.2Governing Law. This Agreement shall be governed by and construed under the internal laws of the State of Delaware as applied to agreements among Delaware residents entered into and to be performed entirely within Delaware.
2.3Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
2.4Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.
2.5Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) if sent by international overnight courier, at the earlier of its receipt or 3 business days after deposit with an internationally recognized overnight courier, specifying next day delivery and written verification of receipt, or (iii) if sent by e-mail, upon its receipt by the information processing system that the recipient has designated or uses for the purpose of receiving e-mail; provided that, if sent by e-mail on any day other than a business day or after 5:00 p.m. (local time of recipient) on any business day, such e-mail shall be deemed effectively given the next business day. All communications shall be sent to the respective parties at the addresses or e-mail addresses set forth on the signature pages attached hereto (or at such other addresses or e-mail addresses as shall be specified by notice given in accordance with this Section 2.5).
2.6Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.
16

2.7Entire Agreement; Amendments and Waivers. This Agreement (including the Schedules hereto) constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the Holders of either (a) at least sixty-six and two-thirds percent (66 2/3%) of the Registrable Securities held by all Holders that are parties to this Agreement (provided that such approval includes the prior written consent or vote of Bom Kim) or (b) at least ninety percent (90%) of the Registrable Securities held by all Holders that are parties to this Agreement. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each Holder of any Registrable Securities, each future Holder of all such Registrable Securities, and the Company. Notwithstanding the foregoing, if an amendment or waiver alters or changes the rights or obligations of any Investor under this Agreement so as to affect such Investor materially and adversely, but does not so affect all Investors as a group, then such amendment or waiver shall not be binding on the adversely-affected Investor without its separate written consent.
2.8Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision(s) shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms.
2.9Third Party Beneficiaries. Any Holder of Registrable Securities who is not already a party to this Agreement shall have the same rights as if such Holder were an Investor hereunder and a party hereto as a third party beneficiary, subject to the terms and conditions of this Agreement; provided, however, that the Company may require such Holder to execute a counterpart signature page to this Agreement thereby agreeing to be bound to the terms and conditions of this Agreement, together with such any other acknowledgements or instruments as the Company may deem appropriate, as a condition precedent to such Holder exercising or enjoying the benefit of any such rights.
2.10Previous Registration Rights Agreement Superseded. The undersigned who are parties to the Previous Registration Rights Agreement hereby amend and restate the Previous Registration Rights Agreement to read in its entirety as set forth in this Agreement, such that the Previous Registration Rights Agreement is hereby terminated and entirely replaced and superseded by this Agreement.
[Remainder of Page Intentionally Left Blank]
17

												
	COUPANG, LLC
	
				
	By:
	/s/ Bom Kim
		
		Name: Bom Kim
		
		Title: Manager
		

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		BOM KIM

				
		By:
	/s/ Bom Kim
	
		Name:
	Bom Kim	

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class I Members

				
		GREENOAKS CAPITAL MS LP – CARMINE SERIES

				
		By:	Greenoaks Capital MS Management LLC – Carmine Series

		Its:	General Partner

				
		By:
	/s/ Neil Mehta
	
		Name:
	Neil Mehta
	
		Title:	Manager
	
				
		GREENOAKS CAPITAL OPPORTUNITIES FUND, L.P.

				
		By:	Greenoaks Capital, (MTGP), L.P.
	
		Its:	General Partner
	
				
		By:	Greenoaks Capital (TTGP), Ltd.
	
		Its:	General Partner
	
				
		By:
	/s/ Neil Mehta
	
		Name:
	Neil Mehta
	
		Title:	Manager
	
				
		Address:
535 Pacific Avenue, 4th Floor
San Francisco, CA 94133
Email Address: legal@greenoakscap.com

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class G Members

				
		TRICORNER HOLDINGS LLC

				
		By:	Tricorner MM LLC

		Its:	Manager

				
		By:
	/s/ Neil Mehta
	
		Name:
	Neil Mehta
	
		Title:	Manager
	
				
		MILLER HARBOR HOLDINGS LLC

				
		By:	Miller Harbor Holdings MM LLC
	
		Its:	Manager
	
				
		By:
	/s/ Neil Mehta
	
		Name:
	Neil Mehta
	
		Title:	Manager
	
				
		Address:
535 Pacific Avenue, 4th Floor
San Francisco, CA 94133
Email Address: legal@greenoakscap.com

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class B Member

				
		GREENOAKS CAPITAL MANAGEMENT LLC

				
		By:
	/s/ Nitin Mehta
	
		Name:
	Nitin Mehta
	
		Title:	Manager
	
				
		GREENOAKS CAPITAL MS LP – CLOCKTOWER SERIES

		By:	Greenoaks Capital MS Management LLC – Clocktower Series, its General Partner

				
		By:
	/s/ Neil Mehta
	
		Name:
	Neil Mehta
	
		Title:	Manager
	
				
		Class C, Class D and Class E Member

				
		GCM-CPG LLC

		By:	Greenoaks Capital Management LLC

		Its:	Manager

				
		By:
	/s/ Nitin Mehta
	
		Name:
	Nitin Mehta
	
		Title:	Manager
	
				
		Class E Member

				
		GCM-KRW LLC

		By:	Greenoaks Capital Management LLC

		Its:	Manager
	
				
		By:
	/s/ Nitin Mehta
	
		Name:
	Nitin Mehta
	
		Title:	Manager
	
				
		Address:
535 Pacific Avenue, 4th Floor
San Francisco, CA 94133
Email Address: legal@greenoakscap.com

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class F Member

				
		GREENOAKS OPPORTUNITY I LLC

		By:	Greenoaks Opportunity Partners LLC

		Its:	Manager

				
		By:
	/s/ Neil Mehta
	
		Name:
	Neil Mehta
	
		Title:	Manager
	
				
		Class A, Class C, Class D and Class E Member

				
		GREENOAKS OPPORTUNITY II LLC

		By:	Greenoaks Opportunity Partners LLC

		Its:	Manager
	
				
		By:
	/s/ Neil Mehta
	
		Name:
	Neil Mehta
	
		Title:	Manager
	
				
		Address:
535 Pacific Avenue, 4th Floor
San Francisco, CA 94133
Email Address: legal@greenoakscap.com

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class C and Class D Member

				
		GREENOAKS CAPITAL MS LP – APARO PARK II SERIES

		By:    Greenoaks Capital MS Management LLC – Aparo Park II Series, its General Partner

				
		By:
	/s/ Neil Mehta
	
		Name:
	Neil Mehta
	
		Title:	Manager
	
				
		Class E Member

		GREENOAKS CAPITAL MS LP – GRANT PARK SERIES

		By:    Grant Park Series, its General Partner

				
		By:
	/s/ Neil Mehta
	
		Name:
	Neil Mehta
	
		Title:	Manager
	
				
		Class F Member

				
		GREENOAKS CAPITAL MS LP – APARO PARK SERIES

		By:    Greenoaks Capital MS Management LLC – Aparo Park Series, its General Partner

				
		By:
	/s/ Neil Mehta
	
		Name:
	Neil Mehta
	
		Title:	Manager
	
				
		Address:
535 Pacific Avenue, 4th Floor
San Francisco, CA 94133
Email Address: legal@greenoakscap.com

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class B, Class C, Class D and Class E Member

				
		DISRUPTIVE INNOVATION FUND, L.P.

		By:	Disruptive Innovation GP, LLC

		Its:	General Partner

				
		By:
	/s/ Matthew Christensen
	
		Name:
	Matthew Christensen
	
		Title:	Managing Member
	
				
		Class F Member

				
		DIF COUPANG, L.P.

				
		By:	Disruptive Innovation GP, LLC

		Its:	General Partner
	
				
		By:
	/s/ Matthew Christensen
	
		Name:
	Matthew Christensen
	
		Title:	Managing Member
	
				
		Address:
				
		c/o Rose Park Advisors, LLC
200 State Street, 12th Floor
Boston, MA 02109
Email Address: mqc@roseparkadvisors.com

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class G Member

				
		DIF COUPANG II, L.P.

				
		By:	Disruptive Innovation GP, LLC

		Its:	General Partner

				
		By:
	/s/ Matthew Christensen
	
		Name:
	Matthew Christensen
	
		Title:	Managing Member
	
				
		Class B, Class C, Class D, and Class E Member

				
		DIF COUPANG III, L.P.

				
		By:	Disruptive Innovation GP, LLC

		Its:	General Partner
	
				
		By:
	/s/ Matthew Christensen
	
		Name:
	Matthew Christensen
	
		Title:	Managing Member
	
				
		Address:
				
		c/o Rose Park Advisors, LLC
200 State Street, 12th Floor
Boston, MA 02109
Email Address: mqc@roseparkadvisors.com

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class B and Class C Member

				
		LAUNCHTIME LLC

				
		By:
	/s/ Benjamin Sun
	
		Name:
	Benjamin Sun
	
		Title:	Manager
	
				
		Class C and Class D Member

				
		SUN BROTHERS LLC

				
		By:
	/s/ Benjamin Sun
	
		Name:
	Benjamin Sun
	
		Title:	Manager
	
				
		Class C Member

				
		SUN BROTHERS II LLC

				
		By:
	/s/ Benjamin Sun
	
		Name:
	Benjamin Sun
	
		Title:	Manager
	
				
		Class F Member

				
		LAUNCHTIME ALPHA ASSOCIATES LLC

				
		By:
	/s/ Benjamin Sun
	
		Name:
	Benjamin Sun
	
		Title:	Manager
	
				
		Address:
211 North End Avenue 17E
New York, NY 10282
Email Address: Ben@LaunchTime.com

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class B, Class C and Class D Members

				
		LAUNCHTIME LLC

				
		By:
	/s/ Benjamin Sun
	
		Name:
	Benjamin Sun
	
		Title:	Manager
	
				
		LAUNCHTIME IV LLC

				
		By:
	/s/ Benjamin Sun
	
		Name:
	Benjamin Sun
	
		Title:	Manager
	
				
		LAUNCHTIME V LLC

				
		By:
	/s/ Benjamin Sun
	
		Name:
	Benjamin Sun
	
		Title:	Manager
	
				
		Address:
211 North End Avenue 17E
New York, NY 10282
Email Address: Ben@LaunchTime.com

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class G Member

				
		LAUNCHTIME II LLC

				
		By:
	/s/ Benjamin Sun
	
		Name:
	Benjamin Sun
	
		Title:	Manager
	
				
		Address:
211 North End Avenue 17E
New York, NY 10282
Email Address: Ben@LaunchTime.com

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class D and Class E Members

				
		MAVERICK HOLDINGS C, L.P.

				
		By:	Maverick Capital, Ltd.

		Its:	Instrument Advisor

				
		By:
	/s/ Ginessa Avila
	
		Name:
	Ginessa Avila
	
		Title:	Authorized Signatory
	
				
		Address:
c/o Maverick Capital, Ltd.
300 Crescent Court, 18th Floor
Dallas, TX 75201

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class I Member

				
		BR PEP RAINFOREST COINVEST II, L.P.

				
		By: Portfolio Administration & Management Ltd., its General Partner

				
		By:
	/s/ Jay J. Park
	
		Name:
	Jay J. Park
	
		Title:	Vice President
	
				
		Address:
c/o BlackRock Investment Management, LLC
1 University Square – 5th Floor
Princeton, NJ 08540

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class E Member

				
		BR PEP RAINFOREST SECONDARY, L.P.

				
		By: Portfolio Administration & Management Ltd., its General Partner

				
		By:
	/s/ Jay J. Park
	
		Name:
	Jay J. Park
	
		Title:	Vice President
	
				
		Class D and Class E Member

				
		BR PEP RAINFOREST SECONDARY II, L.P.

				
		By: Portfolio Administration & Management Ltd., its General Partner

				
		By:
	/s/ Jay J. Park
	
		Name:
	Jay J. Park
	
		Title:	Vice President
	
				
		Class G Member

				
		BR PEP RAINFOREST COINVEST, L.P.

				
		By: Portfolio Administration & Management Ltd., its General Partner

				
		By:
	/s/ Jay J. Park
	
		Name:
	Jay J. Park
	
		Title:	Vice President
	
				
		Address:
c/o BlackRock Investment Management, LLC
1 University Square – 5th Floor
Princeton, NJ 08540

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class G Members

				
		EMERGING MARKETS ALPHA MASTER FUND LTD.

				
		By: BlackRock Institutional Trust Company, N.A., its Investment Manager

				
		By:
		
		Name:
		
		Title:		
				
		PAN ASIA OPPORTUNITIES MASTER FUND LTD.

				
		By: BlackRock Institutional Trust Company, N.A., its Investment Manager

				
		By:
	/s/ Jay J. Park
	
		Name:
	Jay J. Park
	
		Title:	Managing Director
	

						
	Address:
c/o BlackRock Advisers, LLC
Scientific Active Equity Group
400 Howard Street
San Francisco, CA 94105
Attn: Raffaele Savi, Ali Almufti
Email: raffaele.savi@blackrock.com,
ali.almufti@blackrock.com
	Any Schedule K-1 distributed pursuant to Section 4.4(c) shall also be distributed to:
c/o BlackRock, Inc.
40 East 52nd Street
New York, NY 10022
Attn: Joseph Ackerman, Director, Tax Product
Email: joseph.ackerman@blackrock.com

		
	With a copy (which shall not constitute notice) to:
c/o BlackRock, Inc.
Office of the General Counsel
40 East 52nd Street
New York, NY 10022
Attn: David Maryles and Vincent Taurassi
Email: legaltransactions@blackrock.com
	

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class F Members

				
		SCHF (M) P.V., L.P.

				
		By: SCHF (GPE), LLC, a Delaware limited liability company

		Its: General Partner

				
		By:
	/s/ Keith Johnson
	
		Name:
	Keith Johnson
	
		Title:	Managing Member
	
				
		SCHF CIF, LP/CIF 2014-A Series

				
		By: SCHF (GPE), LLC, a Delaware limited liability company

		Its: General Partner

				
		By:
	/s/ Keith Johnson
	
		Name:
	Keith Johnson
	
		Title:	Managing Member
	
				
		Address:
2800 Sand Hill Road, Suite 101
Menlo Park, CA 94025

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class F Member

				
		SCGE Fund, L.P.

				
		By: SCGE (LTGP), L.P., a Cayman Islands exempted limited partnership

		Its: General Partner

				
		By:
	/s/ Kimberly Summe
	
		Name:
	Kimberly Summe
	
		Title:	Chief Operating Officer and General Counsel

				
		Address:
2800 Sand Hill Road, Suite 101
Menlo Park, CA 94025

[Signature Page to Sixth A&R Registration Rights Agreement]

												
		Class H Member

				
		SVF INVESTMENTS (UK) LIMITED

				
		By:
	/s/ Amanda Sanchez-Barry
	
		Name:
	Amanda Sanchez-Barry
	
		Title:	Director

				
		Address:
69 Grosvenor Street
London WIK 3JP
United Kingdom

[Signature Page to Sixth A&R Registration Rights Agreement]

Schedule A
Investors
BR PEP Rainforest Coinvest, L.P.
BR PEP Rainforest Coinvest II, L.P.
BR PRP Rainforest Secondary, L.P.
BR PEP Rainforest Secondary II, L.P.
Greenoaks Opportunity II LLC
Greenoaks Capital MS LP – Aparo Park II Series
Greenoaks Capital MS LP – Aparo Park Series
Greenoaks Capital MS LP – Grant Park Series
Greenoaks Capital MS LP – Carmine Series
Greenoaks Capital Opportunities Fund, L.P.
Greenoaks Capital Management LLC
GCM-CPG LLC
GCM-KRW LLC
Greenoaks Opportunity I LLC
Greenoaks Capital MS LP – Clocktower Series
Tricorner Holdings LLC
Miller Harbor Holdings LLC
LaunchTime LLC
LaunchTime III LLC
LaunchTime IV LLC
LaunchTime V LLC
Sun Brothers LLC
Sun Brothers II LLC
LaunchTime Alpha Associates LLC
LaunchTime II LLC
Bom Kim
Hadley Harbor Master Investors (Cayman) L.P.
Maverick Holdings C, L.P.
Disruptive Innovation Fund, L.P.
DIF Coupang, L.P.
DIF Coupang II, L.P.
DIF Coupang III, L.P.
SCHF (M) P.V., L.P.
SCHF CIF, LP/CIF 2014-A Series
SCGE Fund, L.P.
SVF Investments (UK) Ltd.Document

Exhibit 10.1

LEASE AGREEMENT
Under the instruction of Hyundai Investment Co., Ltd. (hereinafter referred to as “Collective Investment Entity”, in the status of the collective investment entity of Hyundai Private Equity Real Estate Investment Trust No. 15), a going concern established under the laws of the Republic of Korea whose head office is located at 97 Uisadang-daero (Yeouido-dong), Yeongdeungpo-gu, Seoul, Republic of Korea, Hana Bank, Ltd. (hereinafter referred to as “Lessor”, in the status of the trust company of Hyundai Private Equity Real Estate Investment Trust No. 15), a going concern established under the laws of the Republic of Korea whose Head Office is located at 66 Eulji-ro (Euljiro 2-ga), Jung-gu, Seoul, Republic of Korea, hereby enters into the following Lease Agreement with Forward Ventures, Ltd. (hereinafter referred to as “Lessee”), a going concern established under the laws of the Republic of Korea whose Head Office is located at 501 Teheran-ro, Gangnam-gu, Seoul, on September 13, 2016: 
PREAMBLE
WHEREAS, as of the execution date of the Agreement, the Lessor plans to construct and own Tower 730 (hereinafter referred to as “Lease Building”), which is a business and commercial-purpose facility consisting of 27 aboveground floors and 4 underground floors with the total floor area of 80,660.63m2 located at the address of 141, 35-gil, Olympic-ro (Shincheon-dong 7-30), Songpa-gu, Seoul, Republic of Korea. 
WHEREAS, the Lessee intends to lease the Lease Property (defined below), which is a part of the Lease Building, in accordance with the terms and conditions of the Agreement, and the Lessor intends to lease the same under the instruction of the Collective Investment Entity.
NOW, THEREFORE, the parties hereby agree to the following:
Article 1  (Definitions)
The terms referred in the Agreement shall bear the definitions set forth below unless otherwise defined in the Agreement or otherwise interpreted as per the context herein. When a contract or document is referred in the Agreement, it shall refer to all revisions, corrections or supplements thereof. 
1.“Lease Start Date” shall mean the definition set forth in the Appendix.
2.“Interior Construction Period” shall mean the period prior to the Lease Start Date offered to the Lessee by the Lessor to enable installation of facilities in the Lease Property (defined in Appendix.) 
3.“Lessee’s Fixtures” shall mean partition walls, shades, other supplies or fixtures installed or to be installed by the Lessee in the Lease Property.
4.“Maintenance Fee” shall mean the expense paid by the Lessee to the Lessor in the manner described in Article 4 and the Appendix in exchange for Lessor’s provision of building management service.

5.“Management Service” shall mean labor cost, taxes, public dues, insurance premiums, electricity charges, water charges, air conditioning charges, security charges and other various services provided by the Lessor for operation, management and repair of the Lease Building.
6.“Normal Business Hours” shall mean the hours between 7:00AM to 7:00PM on Monday through Friday and the hours between 7:00AM to 1:00PM on Saturdays, excluding Sundays and all public holidays of the Republic of Korea.
7.“Permitted Use” shall mean the use permitted to the Lessee with regard to the Lease Property, which is described in the Appendix.
8.“Lease Property” shall mean the lease property subject to the Agreement, representing the property described in the Appendix.
9.“Rent” shall mean the rent paid by the Lessee in exchange for the lease on the Lease Property in the manner described in Article 3 and the Appendix.
10.“Lease Deposit” shall mean the lease deposit paid by the Lessee in the manner described in Article 3 and the Appendix. 
11.“Appendix” shall mean the list attached to the Agreement, which constitutes an integral part of the Agreement.
12.“Schedule of Lease Deposit” shall mean the timeline for payment of the Lease Deposit, representing the detailed schedule indicated in the Appendix.
13.“Management Regulation” shall mean the Management Regulation of the Lease Building (including updated versions thereof) provided to the Lessee. 
14.“Lease Period” shall mean the lease period defined in the Agreement, representing the period indicated in the Appendix.
15.“Business Day” shall mean days when banks engage in business operation in the Republic of Korea; however, excluding days when only some banks or some bank branches engage in business operation, Saturdays, Sundays and other public holidays.
Article 2  (Lease)
1.Lease. The Lessor leases the Lease Property in accordance with the terms & conditions and rules set forth in the Agreement under the instructions of the Collective Investment Entity, whereas the Lessee rents it from Lessee.
2.Lease Start Date. The Lessee shall occupy the Lease Property within one (1) month from the Lease Start Date.
3.Renewal. In the event the Lessee wishes to renew the Agreement, it shall notify the Lessor of the intent to renew the Agreement at least nine (9) months prior to the expiration of the Agreement period. The Agreement shall be deemed  not renewed in the event the aforesaid notice concerning the Agreement’s renewal is not made by the 

aforesaid due date or the Lessor and the Lessee fail to reach an accord concerning the Agreement’s renewal within one (1) from the aforesaid notice. 
Article 3  (Lease Deposit and Rent)
1.Lease Deposit.
(a)Payment of Lease Deposit. The Lessee shall pay non-interest bearing Lease Deposit to the Lessor in accordance with the Schedule of Lease Deposit. 
(b)Deductions from Lease Deposit. The Lessor shall receive and retain the Lease Deposit in order to ensure the Lessee’s appropriate satisfaction of/compliance with various terms and conditions of the Agreement and all liabilities for which the Lessor may bill the Lessee from time to time in connection with the Lease Property, and the Lessor may deduct any claims against the Lessee established under the Agreement from the Lease Deposit after an advance notice forwarded to the Lessee in accordance with the terms and conditions of the Agreement. (On the other hand, the Lessee may not demand deduction from the Lease Deposit in the above-described manner.) In the event the Lessor deducts any amount from the Lease Deposit under the Agreement, the Lessor shall notify the Lessee of the amount deducted from the Lease Deposit, in which case the Lessee shall replenish the deducted amount to bring the Lease Deposit to the original amount within thirty (30) days from receiving said notice. In the event the Agreement is extinguished (including termination; the same applies below) and the Lessee restores the original condition of the Lease Property and vacates it to the Lessor in accordance with Article 13, any of the Lessee’s liability to the Lessor under the Agreement that is still outstanding at that point in time may be deducted from the Lease Deposit by the Lessor to satisfy the Lessor’s claim. 
(c)Full Payment of the Lease Deposit. In the event the Lessee fails to pay the Lease Deposit in full in accordance with the Schedule of Lease Deposit (including when it fails to replenish the Lease Deposit after an amount has been deducted in accordance with Article 3, Paragraph 1, (b)), it shall add and pay late interest at the rate of 20% per annum on the unpaid amount for the period between the day after the initial agreed payment date and the actual payment date. However, in the event a part of the Lease Deposit is not paid for at least one (1) month from the agreed payment date set forth in the Schedule of Lease Deposit (including when an amount deducted from the Lease Deposit in accordance with Article 3, Paragraph 1, (b) is not replenished for at least two (2) months), the Lessor may terminate the Agreement after an advance notice. In the event the Agreement is terminated for the reason described above, Article 12, Paragraph 3, (a) shall apply mutatis mutandis. 
(d)Refund of the Lease Deposit. The Lessor’s refund of the Lease Deposit to the Lessee after extinguishment of the lease under the Agreement shall be occur within five (5) business days from the Lessee’s completion of the restoration of the original condition and vacating of the Lease Property to the Lessor.

Any delay in refund of the Lease Deposit shall result in addition and payment of interest at the rate of 20% per annum for the number of days in delay. 
(e)No Transfer/Pledge. The Lessee shall not transfer its refund claim on the Lease Deposit or provide it as a lien/pledge to a third party without the Lessor’s advance written consent.
2.Rent. The Lessee hereby agrees to pay rent as follows during the Lease Period:
(a)Payable in full without any deduction. (However, in the event the Lease Period starts on a day other than the first day of a month or ends on a day other than the last day of a month, the Rent and the Maintenance Fee described below in Article 4 shall be calculated on per diem basis.)
(b)Each month’s rent shall be paid on the tenth (10th) day of the month (however, if the payment date falls on a non-business day, the next banking day) during the Lease Period. However, the first rent payment shall occur on the Lease Start Date.
3.Rent Payment Obligation. The Lessee’s rent payment obligation is as follows: 
(a)Shall remain in force during the Lease Period regardless of the Lessee’s actual occupancy of the Lease Property.
(b)Shall not change for any reason.
4.Delinquency. In the event the Lessee fails to pay any amount due under the Agreement (including but not limited to the Rent and the Maintenance Fee) by the corresponding payment due date, it shall add and pay late interest calculated at the rate of 20% per annum on past due amount. In the event the Lessee fails to pay an amount due for at least seven (7) business days, the Lessor may deduct the amount due (including late interest) from the Lease Deposit after an advance written notice forwarded to the Lessee.
5.Settlement of Late Penalty. In the event the Lessee delays an amount due under the Agreement (including, but not limited to, the Rent and the Maintenance Fee) and pays after the due date but in an amount insufficient to pay off the total past due amount, the Lessor shall settle the amounts due in the order shown below:
(a)Late charge incurred as per Paragraph 4 of this Article
(b)Additional Maintenance Fee under Article 4, Paragraph 4
(c)Fixed Maintenance Fee under Article 4, Paragraph 2
(d)Monthly Rent under Article 3, Paragraph 2
(e)Lessor’s other receivables
Article 4  (Management Service and Maintenance Fee)
1.Management Service. The Lessor shall provide the Management Service on the Lease Building and the Lease Property.

2.Fixed Maintenance Fee. In exchange for provision of the Management Service under Article 3, the Lessee shall pay each month’s Fixed Maintenance Fee (defined in the Appendix) along with the Rent on the tenth (10th) day of the month (however, if the payment date is not a business day, the next business day). The Lessee shall pay the Maintenance Fee even when it was not able to occupy the Lease Property on the Lease Start Date if the condition was caused by a reason ascribed to the Lessee. 
3.Adjustment. In the event of a significant change in the Maintenance Service charge ascribed to any one of the reasons listed below, the Lessor may adjust the Maintenance Fee after reaching a written accord with the Lessee under the instruction of the Collective Investment Entity to incorporate such a change. When an accord for an adjustment in the Maintenance Fee is reached, the Lessor shall notify the Lessee in writing, and the adjusted Maintenance Fee shall take effect from the first month following the notice.    
(a)Change, new enactment or abolition of taxes and various public dues assessed on the Lease Property
(b)Change in the maintenance fee charged by buildings of similar class as the Lease Building that are located in the same market under the Regulation Concerning Appraisal and Evaluation 
(c)Other material changes in economic conditions
Additional Maintenance Fee. On the twenty-fifth (25th) day of each month (if a non-business day, on the next business day), the Lessee shall pay the preceding month’s electricity charge, water charge and gas charge incurred for usage of additional facilities installed separately for the Lessee’s needs under the Lessor’s consent, additional air conditioning fees incurred based on the Lessee’s request and other relevant expenses as Additional Maintenance Fee, which shall be paid separately from the Fixed Maintenance Fee.
Article 5  (Value Added Tax)
The Lessee shall pay separate value added tax assessed on the Rent, the Maintenance Fee and all additional charges borne by the Lessee under the Agreement. However, the Lessor shall pay value added tax assessed on deemed rent incurred in connection with the Lease Deposit.
Article 6  (Changes and Lessee’s Fixtures)
1.Lease Property’s Facilities. In the event the Lessor permits the Interior Construction Period to the Lessee and the Lessee intends to complete installation of the Lessee’s Fixtures on the Lease Property and start utilization of the Lease Property prior to the Lease Start Date, the Lessee may use and occupy the Lease Property before the Lease Start Date after obtaining the Lessor’s advance written consent (the Lessor shall not 

decline its written consent without a valid reason.) The Lessee shall complete the following processes in order to install fixtures:
(a)The Lessee shall request the Lessor’s approval on the following matters in writing: 
(1)Installation of the Lessee’s Fixtures on the Lease Property
(2)Removal, modification or addition of the Lease Property, the Lease Building or the Lessee’s fixture
In addition, the Lessee shall submit drawings and specifications related to the Lessee’s Fixtures prior to starting the above-described tasks for the Lessor’s advance written approval.
(b)The Lessee shall observe the following in order to install the Lessee’s Fixtures prior to completion of construction of the Lease Building:
(1)Use of appropriate and skilled technique,
(2)Conduct work in a manner satisfactory to the Lessor or its consultant (contractor) under their supervision when sought by the Lessor within a reasonable scope.
(c)Upon the Lessor’s request, the Lessee shall submit a confirmation letter attesting completion of the tasks in compliance with the following to the Lessor upon completing installation of the Lessee’s Fixtures: 
(1)All relevant drawings and specifications
(2)All relevant bylaws and standards enforced by public agencies
(d)The Lessee shall bear all expenses including, but not limited to, the following expenses related to removal, installation, modification or addition on the Lease Property or the Lease Building conducted based on the location of the Lessee’s Fixture or the Lessee’s request: 
(1)Partition walls, curtains, supplies and fixtures
(2)Components of doors, windows, air ducts and other partition fixtures
(3)Modification or addition of the following items:
(i)Power lines, switches and telephone lines
(ii)Air conditioning equipment
(iii)Sprinkler devices, fire alarms or prevention facilities 

(e)In order for the Lessee to engage in any conduct that may destroy or damage the Lease Property or the Lease Building, it shall obtain the Lessor’s advance written consent and comply with the provisions set forth in this Article.
(f)The Lessee shall indemnify any damage in the Lease Building caused by its conduct under this Article at its expense and maintain/manage Lessee’s fixtures in good conditions.
2.No Repayment. The Lessee shall not seek the Lessor’s repayment of any expense related to any work conducted under this Article.
Article 7  (Use of Lease Property)
1.Permitted Use. The Lessee may use the Lease Property only for its permitted use.
2.Management Regulation. The Management Regulation constitute a part of the Agreement. The Lessee and its visitors shall be obligated to comply therewith. 
3.Establishment (Amendment) of the Management Regulation. Under the instruction of the Collective Investment Entity, the Lessor may establish or amend the Management Regulation concerning the Lease Building, parking lot, other facilities, etc. to ensure appropriate management of the Lease Property and/or the Lease building or preservation of the Lessor’s properties. However, the Management Regulation shall refer to those adopted in office buildings similar to the Lease Property and shall be established (amended) in consultation with the Lessee.
4.Unauthorized Conduct. The Lessee shall not engage or authorize the following conduct: 
(a)Unlawful transaction, business operation, occupancy, visit or other activities
(b)Conduct constituting the Lessee’s default of contract or tort that causes or may cause impairment, inconvenience, damages, etc. to users or the owner of the Lease Building or nearby land or buildings, or allowing a party who engages in such a conduct to remain in the Lease Building
(c)Installation of machinery that causes noise, odor, smoke or vibration that could be heard, smelled or sensed outside of the Lease Property 
(d)Tort involving the Lease Property
5.Prohibitions. In addition to other provisions set forth herein under Article 7, the Lessee shall not engage in the following conducts inside the Lease Property or the Lease Building without the Lessor’s advance written consent (the Lessor shall not withhold or decline its consent without a valid reason.):
(a)Installing or displaying an advertisement panel or signage that may cause damages or block access to the general public

(b)Bringing in, or storing hazardous items, such as flammable, ignitable material, etc., or other items that may cause physical or property damages in the Lease Property or the Lease Building
(c)Installing a vending machine (excluding those installed in a designated area in the Lease Property) or installing/using cooking apparatus inside the Lease Property 
(d)Using charcoal, coal, heating oil, LPG gas or other fuels that were not provided by the Lessor 
(e)Damaging, destroying or modifying a fixture, tool or facility installed by the Lessor without the Lessor’s permission
(f)Using or applying load on the floor, walls, ceiling or structural element of the Lease Property in a manner that causes pressure, damage or impediment to a structural element, load-bearing section, frame, roof, foundation, crossbeam and/or exterior wall of the Lease Property
(g)Engaging in a conduct that includes the Lease Property or involves the Lease Property, which affects an insurance certificate subscribed by the Lessor in a manner that voids the insurance certificate, provides a basis for revocation of the insurance certificate or raises the insurance premium rate thereunder or an insurance premium rate applicable to other areas of the Lease Building
(h)Keeping pets (excluding tropical fish) within the Lease Property
6.Lessor’s Access.
(a)In order to inspect the Lease Property’s condition or to show the Lease Property to a prospect lessee or buyer of the Lease Property, the Lessor may access the Lease Property together with a third party during the Normal Business Hours after forwarding an advance notice to the Lessee and obtaining the Lessee’s consent (the Lessee shall not delay or decline its consent without a valid reason.) 
(b)The Lessor may enter the Lease Property without a notice to the Lessee when needed for safety reasons or in case of an emergency, such as crime prevention, etc. 
7.Use After the Normal Business Hours.
(a)In the event the Lessor requests information related to the Lessee’s use of the Lease Property outside of the Normal Business Hours (excluding normal night shifts) in the scope considered reasonable for security needs, the Lessee shall cooperate. In the event the Lessee uses the Lease Property outside of the Normal Business Hours, the Lessor may assess water charges, electricity charges and public dues related to the items listed below under an accord with the Lessee:
(1)Air conditioning and management

(2)In the event the Lessor determines that additional staffing may be needed for the Lease Building’s security, the employee(s)’ overtime wage and additional expenses
(3)Expenses incurred for the Lessee’s access to the Lease Building and use of the Lease Property outside of the Normal Business Hours that are verified through objective data 
(b)The Lessor may bill the expenses related to (a) above to the Lessee, and the Lessee shall pay the amount together with the additional Maintenance Fee under Article 4, Paragraph 4.
8.24-Hour Access.
(a)The Lessee and parties authorized by the Lessee may access and use the Lease Property outside of the Normal business Hours for utilization of the Lease Property within the permitted use or for relevant purposes.
(b)The Lessee and parties authorized by the Lessee shall comply with the conditions set forth below when accessing the Lease Property outside of the Normal Business Hours. In addition, the Lessee hereby agrees and acknowledges that the operation of elevators and air conditioning facilities may be limited outside of the Normal Business Hours.
(1)Reasonable scope of verification of the identities of the persons accessing the Lease Building outside of the Normal Business Hours
(2)Reasonable scope of investigation of the items being brought into the Lease Building outside of the Normal Business Hours
9.Insurance. The Lessee shall subscribe to the various necessary insurance policies on the facilities and properties owned by the Lessee in the Lease Property, such as fire insurance on properties, commercial liability insurance, etc., under its name, its expense and its full responsibility. In the event Lessee uses ignitable material such as gas, etc. during its use of the Lease Property, it shall subscribe a gas liability insurance, etc. in accordance with applicable bylaws. The Lessor shall add the Lessee as an insured in the insurance policies subscribed by the Lessor or the Collective Investment Entity on the building in order to ensure that no subrogation right of the insurer can be established against the Lessee. 
Article 8  (Repair and Management)
1.Repair and Management
(a)The Lessee shall keep the Lease Property in satisfactory condition at its expense under the fiduciary duty of a manager in good faith.
(b)The Lessor hereby warrants that the Lease Property as of the Lease Start Date meets the physical requirements necessary for the Lessee’s intended purpose under the Agreement.

2.No Repayment. The Lessee shall not seek the Lessor’s repayment of the expenses pertinent to any task completed in accordance with this Article. In addition, the Lessee shall not demand the Lessor’s repayment of any necessary expense or beneficial expense incurred in connection with the Lease Property.
3.The Lessor’s Right to Repair.
(a)In the event of a condition described below, the Lessor may permit persons such as consultants (contractor), workers, etc. and materials to enter the Lease Property after notifying the Lessee in advance in a reasonable method (the notice may be omitted in case of an emergency):
(1)When needed to comply with a request, requirement, notification or order by a government authority (for which the Lessee is not liable under the Agreement)
(2)When repairing, renovating, managing, modifying or expanding the Lease Property or the Lease Building for a need or benefit after a due consultation between the Lessor and the Lessee (the Lessee shall not withhold or decline its consent without a valid reason). However, these actions shall not impair the Lessee’s use of the Lease Property.
(b)The Lessor shall make its best efforts to minimize the Lessee’s inconvenience when exercising its rights provided in this section.
Article 9  (Damage)
1.Injury or Damage by the Lessee. In the event the Lessee, its officers/employees or agent causes injury to the Lessor or another lessee of the Lease Building or damages a property of the Lessor or another lessee for a reason ascribed to the Lessee, its officers/employees or agent, the Lessee shall compensate and indemnify all damages/injuries. 
2.The Lessee’s Loss. In the event the Lessee suffers losses that are caused by another lessee or a third party in the Lease Building, the Lessor or the Collective Investment Entity shall not be liable to indemnify the Lessee’s loss.
However, this provision shall exclude losses caused by the negligence or intent of the Lessor or the Collective Investment Entity.
3.The Lessee’s Properties. The Lessee shall be responsible for the safety management on the properties in the Lease Property owned and managed by the Lessee. The Lessee shall be liable for any loss suffered by the Lessor, another lessee of the Lease Building or a third party for a reason ascribed to the Lessee. 
Article 10  (Exemption)
1.Unless otherwise defined in the Agreement, the Lessor and the Collective Investment Entity shall not be liable for any property damage caused by fire, theft, natural disaster, 

other conditions of force majeure or any other reason that was a direct result of the negligence or intent of the Lessor. 
2.Provided that the Lessor notifies in advance, the Lessor and the Collective Investment Entity shall not be liable for any damages resulting from temporary interruption in the provision of services or use of common areas inside the Lease Building ascribed to necessary repair, modification or renovation of the Lease Building. 
Article 11  (Prohibition of the Lessee’s Rights and Sub-Lease; Lessor’s Transfer to New Owner of the Lease Building)
1.Prohibition of the Lessee’s Transfer and Sub-Lease. In order to engage in the conducts described below, the Lessee shall obtain an advance written consent from the Lessor and the Collective Investment Entity. However, this provision shall not apply to the Lessee’s affiliated companies (meaning a subsidiary, parent company, grandparent company, grandchild company, subsidiary of a grandchild company, companies of the same parent or grandparent company, etc.; on the other hand, related companies and partner companies are not included.), and in such an event, the Lessee shall furnish information verifying the relationship with the sublessee in question to the Lessor and the Collective Investment. 
(a)Assignment, transfer, pledge, hypothecate, sublease or any other disposition of its rights pertinent to the Lease Property
(b)Assignment or division of the occupancy of the Lease Property or granting a permit that affects the Lease Property
(c)Attempting any of the above-described conduct through any action or certificate
2.Requirements Concerning Sublease. In the event the Lessee subleases a part of the Lease Property as per Paragraph 1, it shall uphold the basic rules described below:
(a)Sublease period shall not exceed the Lease Period.
(b)Sublessee shall not be permitted to re-sublease.
(c)A copy of the Sublease Agreement in question shall be furnished to the Lessor within three (3) business days from execution of the Sublease Agreement with the sublessee (however, information other than those pertinent to (a) and (b) above may be redacted.)
3.Lessor’s Transfer to the Lease Building’s New Owner. The Lessor may transfer all of its rights and obligations under the Agreement to a third party who becomes the new owner of the Lease Building, in which case the Lessee shall not object to such transfer and shall be deemed to have consented to the transfer (provided, however, that all rights and obligations of the Lessor under the Agreement are transferred to the new owner in their as-is form.) In the event all of the Lessor’s rights and obligations under the Agreement are transferred to the new owner in the aforesaid manner, the Lessee shall 

furnish a Lease Assumption Consent Letter concerning the transfer that stipulates assumption of the Lessee’s rights and obligations under the Agreement.  
Article 12  (Termination)
1.Lessor’s Termination. The Lessor may terminate the Agreement immediately with a written notice in the event of any one of the following conditions:
(a)When the Lessee, its claimholder or any other eligible party files a motion for the Lessee’s liquidation, dissolution, bankruptcy, rehabilitation or work-out; or, when the Lessee fails to repay a debt upon its maturity or discontinues repayment of a matured debt explicitly or implicitly
(b)When the Lessee’s past due rent reaches an amount equivalent to or greater than three (3) months’ Rent 
(c)When the Lessee’s past due fixed Maintenance Fee or additional Maintenance Fee reaches an amount equivalent to or greater than three (3) months’ Maintenance Fee
(d)When the Lessee defaults on its obligation under the Agreement (excluding delinquent Rent, Maintenance Fee or additional Maintenance Fee) and fails to rectify the condition within thirty (30) business days from receiving a notice for rectification
2.Lessee’s Termination. The Lessee may terminate the Agreement immediately with a written notice to the Lessor indicating the basis for termination in the event of any one of the following conditions:
(a)When the Lessor, its claimholder or any other eligible party files a motion for the Lessor’s liquidation, dissolution, bankruptcy, rehabilitation or work-out; or, when the Lessor fails to repay a debt upon its maturity or discontinues repayment of a matured debt explicitly or implicitly
(b)When the Lessee’s use of the Lease Property according to the purpose of use provided in the Agreement is disabled due to damage or loss of a part or the entirety of the Lease Property that is not ascribed to the Lessee 
(c)When the Lessor defaults on its obligation under the Agreement and fails to rectify the condition within thirty (30) business days from receiving a notice for rectification
3.Penalty.
(a)In the event the Agreement is terminated by the Lessor for a reason ascribed to the Lessee, the Lessee shall pay a penalty in the amount equivalent to the Lease Deposit to the Lessor. In addition, loss suffered by the Lessor from the termination, if any, shall be indemnified by the Lessee. The Lessor may deduct the abovementioned penalty, indemnity, etc. from the Lease Deposit.

(b)In the event the Agreement is terminated by the Lessor for a reason ascribed to the Lessor, the Lessor shall pay a penalty in the amount equivalent to the Lease Deposit to the Lessee. In addition, loss suffered by the Lessee from the termination, if any, shall be indemnified by the Lessor. 
Article 13  (Vacating and Restoration of the Original Condition)
1.Vacating of the Lease Property. The Lessee shall comply with the following upon the end of the Agreement:
(a)Upon the end of the Agreement, the Lessee shall remove all of its items and properties from the Lease Property, return the key(s) and the Lessor’s other properties and loaned goods to the Lessor and vacate the entirety of the Lease Property by the last day of the Agreement.
(b)By the last day of the Agreement, the Lessee shall, at its expense, remove all facilities, partition walls, structural modifications, etc. that had been installed by the Lessee, complete restoration of the original condition according to the final as-built drawing of the Lease Property, and obtain the Lessor’s approval on the outcome of the restoration in attendance of the Lessor’s employee or an expert if needed. All expenses incurred for inspection, etc. of the outcome of the restoration shall be paid by the Lessee. However, the Lessor may complete the task on behalf of the Lessee at the Lessee’s expense upon the Lessee’s request. 
(c)The Lessee shall continue to pay the Maintenance Fee and the Rent at the normal rate until the day it obtains the Lessor’s written approval on the restoration of the original condition of the Lease Property. However, the Lessor may deduct the aforesaid Maintenance Fee and the Rent from the Lease Deposit refundable to the Lessee and refund only the net balance. The Lessor’s approval shall not be withheld or delayed without a valid reason.
2.Post-Extinguishment Actions.
(a)In the event the Lessee fails to remove its items and properties from the Lease Property or to restore the original condition of the Lease Property by the last day of the Agreement for a reason ascribed to the Lessee, the Lessee shall pay the Lessor in the amount equivalent to 1.5 times the monthly Rent and Maintenance Fee calculated on per diem basis for the period between the last day of the Agreement and the day of the approval of the restoration of the original condition. However, in the event the Lessor suffers any other loss as a result of the delay in the Lessee’s restoration of the original condition and vacating, the Lessee shall indemnify the Lessor for the damages additionally.
(b)In the event the Lessee fails to complete the restoration of the original condition and vacating and continues to use/occupy the Lease Property beyond the end of the Agreement, the Lessor may take actions such as discontinuing supply of power and/or water, closing of entry doors, etc., as well as all actions necessary to 

restore the original condition. In such a case, all losses, expenses and damages incurred in the process shall be the Lessee’s liability.
Article 14  (Lessor’s Disposition Right)
1.In the event the Lessee fails to notify its intent concerning disposition and management of its properties and items within one hundred twenty (120) days from the end of the Agreement, the Lessor may arbitrarily occupy the Lease Property and sell the Lessee’s properties and items in a method deemed appropriate by the Lessor.
2.In the event of the sale described in the previous Paragraph, the Lessor shall have the first right to receive all of the Lessee’s outstanding payables, including the Rent, the Maintenance Fee, transporting and storage cost, expenses related to the sale, etc., from the proceeds of the sale of the Lessee’s properties and items. 
3.The Lessee shall indemnify the Lessor in the amount equivalent to all losses, expenses, damages or liabilities incurred by the Lessee or paid by the Lessor in connection with this Article. The Lessor may deduct amounts equivalent to said losses, expenses, damages or liabilities from the Lease Deposit.
Article 15  (Miscellaneous Provisions)
1.Security on the Lease Deposit. The Lessor shall provide the Lessee with the security in the following terms and conditions to ensure refund of the Lease Deposit to the Lessee:
(a)Immediately upon receiving the Lease Deposit from the Lessee, the Lessor shall deposit the amount to a separate account under the Lessor’s name and establish a depositary lien naming the Lessee as the lienholder. However, upon the completion of the Lease Building’s construction, the Lessor may replace the aforesaid depositary lien with the Lessee’s leasehold and fixed collateral right on the Lease Building (after registering the establishment of the fixed collateral right on behalf of the Lessor’s lender of the senior mortgage loan, the aforesaid leasehold and the fixed collateral right shall be established in the first-available order among the 
Lessor’s lessees of the Lease Building, and the maximum claim of the fixed collateral right shall be equivalent to 120% of the Lease Deposit. In such a case, the senior mortgage loan shall have the limit equivalent to 60% of LTV based on the Lease Building’s collateral value appraisal. In the event the maximum claims of the senior mortgage loan’s lender and the Lessee sum up to an amount exceeding the aforesaid rate, the portion corresponding to the excess rate shall be offered to the Lessee in the form of a depositary lien.) In such a case, the Lessee shall complete the processes necessitated by the Lessor in connection therewith (including, but not limited, to a consent to cancel depositary lien, preparation of a contract for establishment of fixed mortgage and application for registration of collateral right). 

(b)The Lessee shall be responsible for expenses related to establishment, cancellation, application for registration and deletion (including all rectifications, amendments and corrections relevant thereto) of collateral rights (including leasehold) related to the Lease Deposit.
2.Use of Parking Lot. In exchange for payment of the Rent, the Lessee may park the prescribed number of automobiles in the underground parking lot of the Lease Building as defined in the Appendix. With regard to theft, accident or damage of automobiles in the Lease Building’s parking lot, [sic] shall not be in any way liable unless ascribed to the intent or negligence of the Lessor, the Collective Investment Entity, the Lessor and the parking manager of the Lessor’s designation. 
3.Building Manager. The Lessor may appoint a manager at its expense to ensure efficient management of the Lease Property and the Lease Building. In the event a notice to the Lessee from the Lessor or the Collective Investment Entity contains information different from that contained in a notice from the building manager, the notice from the Lessor or the Collective Investment Entity shall prevail. 
4.Governing Law. All disputes from or related to the Agreement shall be ruled, interpreted and executed in accordance with the laws of the Republic of Korea. 
5.Jurisdiction. Seoul Central District Court shall be the court of the preliminary jurisdiction for any dispute related to the Agreement.
6.Force Majeure. Default or delay in satisfaction of an obligation set forth in the Agreement caused by natural disaster, riot, war and other causes beyond the parties’ control (hereinafter referred to as “force majeure”) shall not be considered a violation of the Agreement. However, the party affected by force majeure shall continue to pursue all remedies to ensure full compliance of the Agreement. Unless not permitted under given circumstances, a party affected by force majeure shall notify the counterpart within fourteen (14) days from occurrence of the force majeure and make best efforts to eliminate or rectify the cause of the force majeure. 
7.Divisibility. In the event a provision in the Agreement is deemed void, unlawful or unenforceable under administrative, legislative, judicial rules, etc., the force of the remaining provisions in the Agreement shall not be affected. The parties shall replace the provision deemed void, unlawful or inexecutable with another valid, lawful or executable provision that meets the intended purpose of the provision in question.  
8.Amendment. The Agreement may be amended, corrected or supplemented only with a document signed by the parties to the Agreement and not by any business conventions or processes. The parties shall be bound by written amendment or correction of the Agreement even if there were no consideration thereto.
9.Waiver. A party’s satisfaction of the Agreement’s obligations shall be waived only with a written waiver form signed by the counterpart, and such a waiver shall apply solely to the specific obligation indicated in the waiver form. Even when a party hereto waives the 

counterpart’s liability for violation of a provision in the Agreement, it shall not constitute subsequent waiver of the same or different provision of the Agreement. 
10.Expense. In the event (i) Amendment or correction of the Agreement; (ii) Termination, renewal or transfer of the Agreement; or, (iii) Addition, Supplementary Agreement or any other document related to the Agreement is requested, all legal fees and expenses related thereto shall be paid by the liable party.
11.Copy. The Agreement shall be executed in multiple copies, and each copy shall be deemed the original copy constituting single, identical document.
12.Confidentiality, etc. The Lessor and the Lessee hereby acknowledge that the content of the Agreement and relevant documents constitute confidential information. The Lessor and the Lessee shall request strict confidentiality of the information to their employees and advisors and to request non-disclosure of the information to individuals or organizations other than said employees and advisors. (Even when disclosed to employees and advisors, it shall be limited to the cases reasonably considered necessary for benefit and exercise of the rights under the Agreement.) The Lessor and the Lessee shall not use or represent the counterpart’s signs, such as trademark, tradename, etc., without the counterpart’s written consent regardless of their performance of the Agreement.
13.Appendix. In the event of a conflict between a provision in the Agreement and information indicated in the Appendix, the information in the Appendix shall prevail.
14.Warranty. The Lessor is lawfully entitled to lease the Lease Property to the Lessee.
15.Lessor’s Responsibilities and Liabilities. The Lessee hereby agrees and acknowledges that all responsibilities and liabilities of the Lessor and the Collective Investment Entity under the Agreement are limited to the collective investment assets of Hyundai Private Equity Real Estate Investment Trust No. 15, a collective investment instrument under the Financial Investment Services and Capital markets Act.

IN WITNESS WHEREOF, the parties have caused their respective duly assigned representatives to execute the Agreement on the date indicated in the first paragraph of the Agreement. 
Lessor
Hana Bank, Ltd.
(In the status of the trust company of Hyundai Private Equity Real Estate Investment Trust No. 15)
66 Eulji-ro (Euljiro 2-ga), Jung-gu, Seoul
Representative Director Hahm Yeong-Ju 
Yang Woo-Cheon, Trustee Marketing Div., as the Manager of the Above (Seal) Seal of the Divisional Manager of the Trustee Marketing Division
Collective Investment Entity
Hyundai Investment Co., Ltd.
(In the status of the collective investment entity of Hyundai Private Equity Real Estate Investment Trust No. 15)
97 Uisadang-daero (Yeouido-dong), Yeongdeungpo-gu, Seoul
Representative Director Kim Seok-Joong (Seal) Representative Director, Hyundai Investment Co., Ltd.
Lessee
Forward Ventures, Ltd. 
501 Teheran-ro, Gangnam-gu, Seoul, 17th Floor (Samseong-dong)
Representative Director Kim Beom-Seok (Seal) Representative Director, Forward Ventures, Ltd.

APPENDIX
1.Lease Property:
(a)Address of the Lease Property: 141, Olympic-ro 35-gil (Shincheon-dong 7-30), Songpa-gu, Seoul 
(b)Leased Area Total 56,164.72 m2 (However, the leased area shall be finalized through public register documents after the construction’s completion. The ratio of the exclusive area to be notified in writing after the construction’s completion.)
						
	Floor No. of the Leased Area	Leased Area
	8th Floor ~ 26th Floor (19 floors)
	56,164.72 m2

- Area per floor is indicated in “Attachment 1. Leased Area Table.”
(c)In the event of any discrepancy between the Leased Areas indicated on the Appendix/ Attachment 1 and the same on the public register documents, the Lease Deposit, the Rent, the Maintenance Fee, etc. shall be adjusted and settled between the parties.
2.Completion of Construction, Lease Period and Interior: 
(a)Lease Period shall begin on June 1, 2017 (hereinafter referred to as “Lease Start Date”) and the Lease Period shall last until the day that marks five (5) years from the Lease Start Date (May 31, 2022).
(b)In the event the completion of the Lease Building’s construction by the construction company occurs beyond February 28, 2017, the Lessor shall pay a late penalty to the Lessee in the amount corresponding to the construction company’s late penalty rate (112,483,000 won per day in delay; however, with the maximum limit of 11,248,300,000 won). 
(c)The parties shall observe the provisions set forth in Article 2, Paragraph 3 of the Agreement with regard to the renewal of the Lease Period, provided that a renewal period shall be agreed between the Lessor and the Lessee within the maximum duration of five (5) years.
(d)The Interior Construction Period shall be from the start day of interior construction agreed to by the Lessor (provided that the aforesaid start day shall not be beyond January 1, 2017 assuming full payoff of the remaining balance of the Lease Deposit) until May 31, 2017. However, in the event the interior construction is completed during the Interior Construction Period, the Lessee may use the Lease Property without paying separate Rent, provided that the use is approved by the Lessor in writing (the Lessor shall not decline the written approval without a valid reason.)
(e)After execution of the Agreement (including the period before the Lease Start Date), the Lessee may not arbitrarily terminate the Agreement before the 

expiration of the Lease Period (if renewed, including the renewal period). In the event the Lessee intends to arbitrarily terminate the Agreement early, the Lessee shall pay a penalty to the Lessor in the amount equivalent to the Lease Deposit, as well as indemnification of the damages suffered by the Lessor, if any.
(f)After execution of the Agreement (including the period before the Lease Start Date), the Lessor may not arbitrarily terminate the Agreement before the expiration of the Lease Period (if renewed, including the renewal period). In the event the Lessor intends to arbitrarily terminate the Agreement early, the Lessor shall pay a penalty to the Lessee in the amount equivalent to the Lease Deposit, as well as indemnification of the damages suffered by the Lessee, if any
3.Rent: 
1,359,186,224 won per month (VAT not included), (80,000 won/month per 3.3058m2)
However, the Rent shall not be assessed during the Interior Construction Period and the free rental period provided under Paragraph 10, (a) of the Appendix.
- Rent per floor is indicated in “Attachment 1. Leased Area Table.”
4.Lease Deposit:
(a)Lease Deposit: 11,892,879,460 won (700,000 won/month per 3.3058m2)
(b)Schedule of the Lease Deposit:
												
	Category	Date	Amount	Ratio
	Contract Deposit, Interim Deposit	September 21, 2016	7,135,727,676 won	60%
	Balance	Lessee’s Interior Construction Start Date	4,757,151,784 won	40%
	Total	11,892,879,460 won	100%

–Lease Deposit per floor is indicated in “Attachment 1. Leased Area Table.”
–Notwithstanding the Agreement’s other provisions, in the event the Lessee violates the Schedule of the Lease Deposit and delays and fails to pay the contract deposit/interim deposit and the balance of the Lease Deposit by at least nine (9) days and thirty (30) days, respectively, the Lessee shall indemnify the Lessor’s damages. (To be specific, the Lessee cannot start its interior construction before full payoff of the balance.) However, in the event the aforesaid periods lapse and the Lessor terminates the Agreement based on the Lessee’s violation of its obligation to pay the Lease Deposit, the Lessee shall pay a penalty to the Lessor in the amount equivalent to the Lease Deposit.
–Immediately upon receiving the contract deposit/interim deposit of the Lease Deposit from the Lessee, the Lessor shall deposit the amount to an account 

under the Lessor’s name and establish a depositary lien naming the Lessee as the lienholder. 
–Prior to receiving the contract deposit/interim deposit, the Lessor shall submit documents necessary for the Lessee’s “Business Registration”.
5.Maintenance Fee:
(a)Fixed Maintenance Fee: 509,694,834 won (VAT not included), (30,000 won/month per 3.3058m2) 
(b)Additional Maintenance Fee: Actual expense to be billed (VAT not included)
–Maintenance Fee per floor is indicated in “Attachment 1. Leased Area Table.”
–Notwithstanding the Agreement’s other provisions, Fixed Maintenance Fee and Additional Maintenance Fee shall be assessed during the Interior Construction Period and the free rental period under Paragraph 10 of the Appendix. (However, in the event the Lessee does not use the Lease Property for the purpose set forth in the Agreement during the Lease Construction Period, the Fixed Maintenance Fee shall be assessed at the rate of 1⁄2 of the regular rate. In the event the Lessee uses the Lease Property, even if partially, for the purpose defined in the Agreement, the Fixed Maintenance Fee shall be assessed in the full amount.)
–Air conditioning in the Lease Property shall be supplied in the hours between 7:00AM to 7:00PM during weekdays and 7:00AM to 1:00PM on Saturdays. However, upon the Lessee’s request, air conditioning shall be provided for two (2) additional hours during summer (between June and September) and winter (between November and February of the next year) free of charge, in the hours between 7:00PM and 9:00PM on weekdays and 1:00PM and 3:00PM on Saturdays.
6.Account for Remittance:
(a)All of the Lessee’s monetary payment obligations to the Lessee, including the Rent and the Maintenance fee (excluding the Lease Deposit) shall be remitted to the following account: 
									
	Bank	Accountholder	Payee Account
	Hana Bank	Investment Trust Division of Hana Bank
Hyundai Private Equity Real Estate Investment Trust No. 15
	035-910010-07505

(b)The Lease Deposit paid by the Lessee to the Lessor shall be remitted to the following account:
									
	Bank	Accountholder	Payee Account
	Hana Bank	Trustee Marketing Division of Hana Bank
Hyundai Private Equity No. 15 Lease Deposit
	035-910013-82605

7.Adjustment of the Lease Deposit, the Rent and the Maintenance Fee:
(a)Lease Deposit shall not change throughout the Lease Period.
(b)Rent shall not change in the first two (2) years. In the subsequent years, 3% increase from the previous year’s level shall apply every year. 
(c)Fixed Maintenance Fee shall increase 3% from the previous year’s level every year after reaching one (1) year from the Lease Start Date. 
8.Permitted Use: 
The Lease Property shall be used for the purpose of an office, educational facility, retail facility or other business purpose of the Lessee (however, excluding when the zoning needs to be revised, the Lessee may change the use when needed to install/operate a cafeteria, in which case the Lessee shall change the aforesaid revised use to a business facility upon the end of the Agreement.) Use in any other purpose shall require the Lessor’s advance written consent. 
9.Free Parking:
The Lessee shall receive free parking for 170 automobiles.
10.Free Rental Period and Waiver of the Rent:
(a)The Lessor shall offer the following free rental period to the Lessee:
–Offer four (4) months every year (total of twenty (20) months over the five-year Lease Period)
–Free Rental Period 
									
	Category	Description	Remarks
	Year 1	February 1, 2018 ~ May 31, 2018	4 months
	Year 2	February 1, 2019 ~ May 31, 2019	4 months
	Year 3	February 1, 2020 ~ May 31, 2020	4 months
	Year 4	February 1, 2021 ~ May 31, 2021	4 months
	Year 5	February 1, 2022 ~ May 31, 2022	4 months

11.Signage:
(a)There shall be two (2) locations on the top section (parapet) of the Lease Building where signs can be installed. The Lessee may install the Lessee’s signage (text or flat panel) on the location remaining after excluding the location of the Lessor’s designation (one location). However, any permits/licenses related to installation of signage issued by the relevant agencies and expenses related thereto shall be the Lessee’s responsibility and expense.

(b)The Lessor shall cooperate proactively in the event the Lessee needs any document for submission to the relevant agencies in connection with installation of signage described above.
(c)The Lessee may install signage within the Lease Building at its expense.
(d)Upon the end of the Agreement, the Lessee shall remove the signage installed in accordance with (a) and (c) at its responsibility and expense. In the event of any damage on the inner/exterior walls, the Lessee shall restore the original condition of the walls.
12.Elevator
The Lessor shall ensure that six (6) adjacent elevators are offered for the Lessee’s use for access to the Lease Property. Within the scope compliant with applicable laws, the Lessor shall make efforts to designate another elevator in the direction toward the front desk for the Lessee’s use in addition to the aforesaid six (6) elevators. 
13.Preferred Right to Negotiate Lease
In the event of any vacancy in other sections of the Lease Building containing the Lease Property, the Lessor shall grant the preferred right to negotiate lease agreement (expansion agreement) to the Lessee, and such preferred negotiation period shall be one (1) month from the day the Lessee received the Lessor’s written notice. However, this provision shall not be construed as the Lessee’s obligation to execute the expansion agreement with the Lessor regardless of the conditions.

Attachment 1. Leased Area Table
Certificate of All Matters in Corporate Registration (Current Effective Matters) For Submission
Certificate of Partial Matters in Corporate Registration (Current Effective Matters)

Warehouse User Agreement
This Warehouse User Agreement (hereinafter referred to as “the Agreement”) is executed on September 13, 2016 between the following parties:
1.CBRE Korea, Ltd. (Hereinafter referred to as “A”)
2.Forward Ventures, Ltd. (Hereinafter referred to as “B”)
PREAMBLE
WHEREAS, “A” intends to allow “B” to use the property indicated below in the terms and conditions set forth in the Agreement and “B” intends to use the property.
NOW AND THEREFORE, the parties hereby agree to the following:
Article 1  (Details of the Property)
The details of the property subject to the Agreement are as follows:
1.Address: Basement Floor 2, Tower 730 (hereinafter referred to as “the Entire Building”), 141, Olympic-ro 35-gil (Shincheon-dong 7-30), Songpa-gu, Seoul 
2.Location: As shown in Exhibit
3.Area: 300 pyeong
4.Use: Warehouse
Article 2  (Usage Period)
1.“B”’s usage period of the Property shall be the same as the Lease Period set forth in the Lease Agreement (hereinafter referred to as “the Lease Agreement”) executed between “B”, Hana Bank, Ltd. (the trust company of Hyundai Private Equity Real Estate Investment Trust No. 15) and Hyundai Investment Co., Ltd. (the Collective Investment Entity of Hyundai Private Equity Real Estate Investment Trust No. 15) with regard to the 8th ~ 26th floors of the Entire Building. However, once the Entire Building’s construction is complete, “B” may, under its accord with “A”, begin use of the Property before the aforesaid usage start date. 
2.In the event the agreement period of “the Lease Agreement” is renewed, the usage period under the Agreement shall be extended accordingly. 
3.Notwithstanding other provisions in the Agreement, in the event the Lease Agreement is extinguished for a basis set forth therein, the Agreement shall become void without a separate notice.
Article 3  (Security Deposit)
There shall be no security deposit.

Article 4  (Usage Charge)
1.Usage charge for the Property shall be 3,000,000 won per month (value added tax not included). Each month’s usage charge shall be remitted on the tenth (10th) day (if a non-business day, the next business day) of the month to the bank account of “A”’s designation. However, the initial usage charge shall be paid on the actual usage start date.
2.In the event “B”’s usage starts on a day other than the first day of a month or ends on a day other than the last day of a month, the month’s usage charge shall be calculated and settled on per diem basis.
3.Usage charge shall not be raised for the period of two (2) years from the actual usage start date. Thereafter, the charge shall be raised every year by 3% of the previous year’s level.
4.In the event “B” delays satisfaction of a monetary payment obligation under the Agreement, it shall add and pay late interest at the rate of 5% per annum.
5.“A” shall not demand monetary payment of any pretext from “B” except for those set forth in this Article. However, this prohibition shall exclude monetary claim established under “the Lease Agreement.” 
Article 5  (Compliance)
“B” shall comply with the following:
1.“B” may not use the Property for any purpose other than those set forth in Article 1.
2.“B” shall be responsible for management (including insurance subscription and pest control) of items in the Property, and “A” shall not be liable for any loss, damage, deterioration, etc. of items stored in the Property. However, this shall not apply when the condition is ascribed to “A”.
3.In the event “B” installs any facility not supplied by “A” in the Property, it shall be responsible for various expenses incurred in connection with the installation, usage and removal of the facility and utilities.
4.“B” shall not bring in or store ignitable materials, hazardous items or any item that could potentially cause hazard, offensiveness or damages to others.
Article 6  (Termination)
1.In the event a party to the Agreement violates its obligations hereunder, the counterpart shall request rectification by designating a grace period of thirty (30) days. If no rectification is made within said period, the Agreement may be terminated.
2.Notwithstanding Paragraph 1, “A” may immediately terminate the Agreement in the event “B” delays payment of the usage fee equivalent to at least three (3) months’ usage fee. 

Article 7  (Indemnity)
Regardless of whether the Agreement has been terminated, in the event a party suffers damages due to the counterpart’s default or unlawful conduct, the counterpart shall indemnify the damages. 
Article 8  (Vacating and Restoration of the Original Condition)
1.Upon the end of the Agreement, “B” shall immediately remove all of its items in the Property at its own responsibility and expense, as well as its facilities, partition walls and other structural modifications it had installed to restore the original condition of the Property.
2.Restoration of the original condition described in Paragraph 1 shall observe the Property’s final as-built drawing attached hereto.
3.“B” shall pay the normal usage charge on the Property until the completion of the restoration of the original condition approved by “A”. In the event the “B” fails to remove its properties or to restore the original condition of the Property by the last day of the Agreement for a reason ascribed to “B”, it shall pay the amount equivalent to 1.5 times the monthly usage charge calculated on per diem basis for the period until the day of the approval of the restoration of the original condition and full vacating of the Property.
Article 9  (Other)
1.The Agreement may be corrected or amended only with a written agreement between the parties.
2.Issues not defined in the Agreement shall be governed by the relevant laws and commercial conventions.
3.The Agreement shall be governed by and interpreted according to the laws of the Republic of Korea, and Seoul Central District Court shall be the court of preliminary jurisdiction over all disputes related to the Agreement.
(Remaining page left blank for signatures/seal provisions on the next page)

IN WITNESS WHEREOF, the parties have caused the Agreement to be executed in duplicates for each party to sign/seal and keep a set.
“A”
CBRE Korea, Ltd.
21st Floor, Standard Chartered Bank Building, 47 Jongro (Gongpyeong-dong), Jongro-gu, Seoul
Representative Director KRAKOWIAK DARREN PAUL (Seal) Representative Director of CBRE Korea, Ltd.
“B” 
Forward Ventures, Ltd.
17th Floor, 501 Teheran-ro (Samseong-dong), Gangnam-gu, Seoul
Representative Director Kim Beom-Seok (Seal) Representative Director of Forward Ventures, Ltd.

Exhibit. Drawing Indicating the Lease Property

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]