Document:

EX-4.1

 Exhibit 4.1 

Agreement between the Korea Deposit Insurance Corporation and Woori Financial Group Inc. 

This agreement (this “Agreement” hereafter), effective as of December 16, 2016 (the “Effective Date”), is made and
entered into by and between the Korea Deposit Insurance Corporation (the “KDIC”) and Woori Financial Group Inc. (“WOORI”). 

The parties agree as follows: 
 Article 1
(Purpose) 
 The purpose of this Agreement is to clearly set forth the matters agreed with WOORI that are necessary to diligently fulfill the
KDIC’s obligations under the duty of care as an agency managing public funds, including matters that have a significant impact on the value of the WOORI shares held by the KDIC. 

Article 2 (Appointment of a Non-standing Director) 

 

	 	2.1	 So long as the KDIC either (x) owns 10% or more of WOORI’s total issued shares with voting rights or
(y) owns more than 4% but less than 10% of WOORI’s total issued shares with voting rights and remains WOORI’s largest shareholder (other than the National Pension Service of Korea), WOORI shall use its best efforts under applicable
laws and regulations to cause an employee of the KDIC nominated by the KDIC to be appointed as a non-standing director of WOORI; provided that a non-standing director
appointed with the KDIC’s nomination at a time the KDIC maintained its status in accordance with (x) or (y) above shall remain in his/her office of non-standing director until the expiration of the
relevant term so long as the KDIC owns holds 4% or more of WOORI’s total issued shares with voting rights. 

  

	 	2.2	 So long as the KDIC owns 10% or more of WOORI’s total issued shares with voting rights, WOORI shall use
its best efforts under applicable laws and regulations to cause the non-standing director appointed with the KDIC’s nomination pursuant to Article 2.1 above to be appointed as a member of the compensation
committee under WOORI’s board of directors. Therefore, if the KDIC holds less than 10% of Woori’s total issued shares with voting rights, it is hereby confirmed that WOORI need not fulfill the obligations under this Article 2.2.

  

	 	2.3	 Upon vacancy of a non-standing director appointed with the KDIC’s
nomination due to death, disability, retirement or resignation, WOORI shall use its best efforts to cause a succeeding non-standing director nominated by the KDIC to be appointed at the general meetings of
shareholders first convened following the occurrence of the cause above, and, if requested by the KDIC, shall use its best efforts to enable a person designated by the KDIC to attend board of directors’ meetings and state his/her opinions until
a succeeding non-standing director is appointed. 

  

	 	2.4	 The employee of the KDIC serving as a non-standing director of WOORI or
Woori Bank prior to the execution of this Agreement shall be deemed the non-standing director to which this Article 2 applies; Woori Bank’s appointment of a
non-standing director shall follow the appointment conditions presented in this Article 2 while WOORI shall use its best efforts to appoint KDIC’s nominee as Woori Bank’s non-standing director. 

 Article 3 (Provision of Management Information) 

So long as the KDIC owns 4% or more of WOORI’s total issued shares with voting rights, WOORI shall provide the management information
listed in the Attachment according to the same Attachment to the KDIC; provided that this Article 3 shall not apply to information subject to confidentiality by WOORI pursuant to applicable laws and regulations. 

Article 4 (Effectiveness) 
  

	 	4.1	 This Agreement follows the purport of “Agreement between the Korea Deposit Insurance Corporation and Woori
in Connection with the Sale of Woori Bank Shares,” signed on December 16, 2016 and became void by the establishment of the financial holding company, and shall take effect upon execution. 

	 	4.2	 This Agreement shall be automatically terminated upon the KDIC’s ownership of less than 4% of Woori’s
total issued shares with voting rights; provided that Article 6 shall survive after termination of this Agreement. 

  

	 	4.3	 This Agreement may be amended by the mutual written agreement between the KDIC and WOORI.

  

	 	4.4	 In the case of a request made by the Public Fund Oversight Committee, this Agreement may be amended by the
mutual agreement between the KDIC and WOORI. 

 Article 5 (Obligation of Good Faith) 

WOORI shall fulfill its obligations to the KDIC as prescribed by this Agreement in good faith. 

Article 6 (Jurisdiction) 
 All disputes arising
out of or relating to the interpretation and performance of this Agreement shall be subject to the exclusive jurisdiction of the Seoul Central District Court as the court in the first instance. 

IN WITNESS WHEREOF, the parties hereto are to execute this Agreement in two original copies by their duly authorized representatives as of the
Effective Date, with one original being kept by each party. 
  

			
	Korea Deposit Insurance Corporation	  	Woori Financial Group
	Authorized Representative	  	Authorized Representative
	President: Seongbak Wi (signature)	  	President: Tae-Seung Son (signature)

 <Attachment> 

Management Information to Be Provided to the KDIC by WOORI 
  

			
	 Details of Submission
	  	 Schedule*

	 •  Agenda for the board of directors’ meeting and the meeting
minutes
	  	 1   week prior to the board of directors’ meeting/immediately following
preparation of the meeting minutes

	 •  Matters that may have a significant impact on the remaining WOORI shares
owned by the KDIC:
  

•  Increased paid-in capital, capital reduction, change in
governance structure, change of business type of a subsidiary, and matters equivalent to the disposal or acquisition of assets deemed to be significant agreements under the regulations of the board of directors of WOORI;

 
 •  Materials relating to the
size of profit available for dividends
	  	 2   weeks prior to the board of directors’ meeting

		
	 •  Materials required to be submitted to the government and the National
Assembly relating to the status checks of public fund management, etc.
	  	When necessary

  

	*	 Notwithstanding the above, adjustments may be made between the parties based on circumstances at the time.Exhibit 4.5

DESCRIPTION OF REGISTRANT’S
SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

The following description
of our capital stock is intended as a summary only and therefore is not a complete description of our capital stock. This description
is based upon, and is qualified by reference to, our amended and restated certificate of incorporation (the “Amended Certificate”),
our amended and restated bylaws (the “Amended Bylaws”) and applicable provisions of Delaware corporate law. You should
read our Amended Certificate and Amended Bylaws, which are filed as exhibits to our Annual Report on Form 10-K, to which
this exhibit is also appended.

Our authorized capital
stock consists of 40,000,000 shares of common stock, par value $0.00001 per share, and 10,000,000 shares of preferred stock, par
value $0.00001 per share.

Our common stock
is the only class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”).

Common
Stock

Voting
Rights

The
holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders,
including the election of directors, and do not have cumulative voting rights.

Dividends

Subject
to limitations under Delaware law and preferences that may be applicable to any then outstanding preferred stock, holders of common
stock are entitled to receive ratably those dividends, if any, as may be declared by our board of directors out of legally available
funds.

Liquidation

In
the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of our common stock
will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of or
provision for all of our debts and other liabilities, subject to the prior rights of any preferred stock then outstanding.

Rights
and Preferences

Holders
of common stock have no preemptive or conversion rights or other subscription rights and there are no redemption or sinking funds
provisions applicable to the common stock.

Fully
Paid and Non-assessable

All
outstanding shares of common stock are duly authorized, validly issued, fully paid and non-assessable.

Preferred
Stock

Under
the terms of our Amended Certificate our board of directors is authorized to direct us to issue shares of preferred stock in one
or more series without stockholder approval. Our board of directors has the discretion to determine the rights, preferences, privileges
and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences,
of each series of preferred stock.

 

    

     

    

 

The
purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate
delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing flexibility in
connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more
difficult for a third party to acquire, or could discourage a third party from seeking to acquire, a majority of our outstanding
voting stock.

Warrant
to Purchase Common Stock

We have issued and outstanding
three series of common stock warrants in connection with prior preferred stock financings: (i) Series A Warrants, as amended, to
purchase 187,704 shares of common stock, (ii) Series A-1 Warrants, as amended, to purchase 350,000 shares of common
stock, and (iii) Series A-2 Warrants, as amended, to purchase 218,225 shares of common stock, (collectively, the “Warrants”).
Upon, exercise, the holders of the Warrants can purchase shares of common stock at a price equal to $16.00 per share.

 

Each Warrant expires on
the earlier of (a) the third (3rd) anniversary of June 29, 2018, (b) the fifth (5th) anniversary of
the applicable Warrant issue date, or (c) the occurrence of a deemed liquidation of the Company. The Warrants allow for cashless
exercise only in the event that the underlying shares are not registered or qualified for resale. The Company may force the holders
to exercise their Warrant or the Company may redeem each Warrant for a nominal price if, at any time following the one-year anniversary
of the issuance of such Warrant, (i) the Company has been listed on a national securities exchange, (ii) the common stock underlying
the warrants have been registered or qualified for resale or the holders otherwise have the ability to trade the underlying common
shares without restriction following a cash exercise, (iii) the 30-day volume-weighted daily average price of the Company’s
common stock exceeds 200% of the exercise price of the Warrants, as equitably adjusted for any stock splits, dividends or transactions
having a similar effect, and (iv) the average daily trading volume is at least 200,000 shares of common stock during the 30-day period
prior to the forced exercise or redemption.

 

In connection with our
IPO, we issued to Roth Capital Partners, LLC, as the representative of the underwriters, a warrant initially exercisable for up
to 281,750 shares of common stock. The warrant is exercisable at a per share price equal to $19.20. The warrant is exercisable
at any time, and from time to time, in whole or in part, until the fifth anniversary of our IPO, in compliance with FINRA Rule
5110(f)(2)(G)(i). The warrant and the shares of common stock underlying the warrant have been deemed compensation by FINRA and
were therefore subject to a 180 day lock-up. Roth Capital Partners, LLC (or its permitted assignees) were not permitted to sell,
transfer, assign, pledge or hypothecate the warrant or the securities underlying the warrant, nor engage in any hedging, short
sale, derivative, put, or call transaction that would result in the effective economic disposition of the warrant or the underlying
securities for the period ending on, and including, December 23, 2018. The exercise price and number of shares of common stock
issuable upon exercise of the warrant will be adjusted in certain circumstances, including in the event of a stock dividend, cash
dividend or our recapitalization, reorganization, merger or consolidation.

 

Anti-Takeover Effects of Delaware Law and
Our Amended Certificate and Amended Bylaws

 

Certain
provisions of Delaware law, our Amended Certificate of incorporation and our Amended Bylaws contain provisions that could make
the following transactions more difficult: an acquisition of us by means of a tender offer; a proxy contest; or the removal of
our incumbent officers and directors. It is possible that these provisions could make it more difficult to accomplish or could
deter transactions that stockholders may otherwise consider to be in their best interest or in our best interest, including transactions
which provide for payment of a premium over the market price for our shares.

These
provisions, summarized below, are intended to discourage coercive takeover practices and inadequate takeover bids. These provisions
are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe
that the benefits of the increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited
proposal to acquire or restructure us outweigh the disadvantages of discouraging these proposals because negotiation of these proposals
could result in an improvement of their terms.

 

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Authorized
but Unissued Shares

Our
authorized but unissued shares of common stock and preferred stock are available for future issuance without stockholder approval.
These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional
capital and corporate acquisitions. The existence of authorized but unissued shares of common stock and preferred stock could render
more difficult or discourage an attempt to obtain control of a majority of our common stock by means of a proxy contest, tender
offer, merger or otherwise.

Appointment
and Removal of Directors

Our
Amended Certificate and our Amended Bylaws provide that any vacancies resulting from death, resignation, disqualification, removal
or other causes and newly created directorships resulting from any increase in the number of directors shall be filled only by
the affirmative vote of a majority vote of the directors then in office, unless the board of directors determines such vacancy
shall be filled by stockholders. This provision restricting the filling of vacancies will prevent a stockholder from increasing
the size of our board of directors and gaining control of our board of directors by filling the resulting vacancies with its own
nominees. In addition, Amended Certificate and our Amended Bylaws provide that a member of our board of directors may be removed
with or without cause by the vote of the holders of a majority of the voting power of all then-outstanding shares of capital
stock of the Company entitled to vote generally at an election of directors.

Advance
Notice Procedures

Our
Amended Certificate and our Amended Bylaws establish an advance notice procedure for stockholder proposals to be brought before
an annual meeting of our stockholders, including proposed nominations of persons for election to the board of directors. Stockholders
at an annual meeting will only be able to consider proposals or nominations specified in the notice of meeting or brought before
the meeting by or at the direction of the board of directors or by a stockholder who was a stockholder of record on the record
date for the meeting, who is entitled to vote at the meeting and who has given our Secretary timely written notice, in proper form,
of the stockholder’s intention to bring that business before the meeting. Although our Amended Bylaws do not give the board
of directors the power to approve or disapprove stockholder nominations of candidates or proposals regarding other business to
be conducted at a special or annual meeting, our Amended Bylaws may have the effect of precluding the conduct of certain business
at a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation
of proxies to elect its own slate of directors or otherwise attempting to obtain control of the Company.

Delaware
Anti-Takeover Statute

We
are subject to Section 203 of the Delaware General Corporation Law (“DGCL”), which prohibits persons deemed to be “interested
stockholders” from engaging in a “business combination” with a publicly held Delaware corporation for three years
following the date these persons become interested stockholders unless the business combination is, or the transaction in which
the person became an interested stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally,
an “interested stockholder” is a person who, together with affiliates and associates, owns, or within three years prior
to the determination of interested stockholder status did own, 15% or more of a corporation’s voting stock. Generally, a
“business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit
to the interested stockholder. The existence of this provision may have an anti-takeover effect with respect to transactions
not approved in advance by the board of directors. A Delaware corporation may “opt out” of these provisions with an
express provision in its original certificate of incorporation or an express provision in its certificate of incorporation or bylaws
resulting from a stockholders’ amendment approved by at least a majority of the outstanding voting shares. We have not opted
out of these provisions. As a result, mergers or other takeover or change in control attempts of us may be discouraged or prevented.

 

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Limitation
on Director’s Liability

Our
Amended Certificate and our Amended Bylaws require us to indemnify our directors to the fullest extent permitted by the DGCL. The
DGCL permits a corporation to limit or eliminate a director’s personal liability to the corporation or the holders of its
capital stock for breach of duty. This limitation is generally unavailable for acts or omissions by a director which (i) were in
bad faith, (ii) were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated or
(iii) involved a financial profit or other advantage to which such director was not legally entitled. The DGCL also prohibits limitations
on director liability for acts or omissions which result in a violation of a statute prohibiting certain dividend declarations,
certain payments to stockholders after dissolution and particular types of loans. We adopted these limitations on our directors’
personal liability to the Company and our stockholders to the maximum extent permitted under Delaware law. The effect of these
provisions is to eliminate the rights of our Company and our stockholders (through stockholders’ derivative suits on behalf
of our Company) to recover monetary damages against a director for breach of fiduciary duty as a director (including breaches resulting
from grossly negligent behavior), except in the situations described above. These provisions do not limit the liability of directors
under the federal securities laws of the United States.

Transfer
Agent and Registrar

The
transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC.

National Securities Exchange Listing

Our
common stock listed on Nasdaq under the symbol “LOVE.”

 

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