Exclusive Ragnarok Online License and Distribution Agreement [Amendment] - Gravity Corporation and Asiasoft International Co. Ltd.
AMENDMENT TO
THE EXCLUSIVE RAGNAROK ONLINE LICENSE AND DISTRIBUTION AGREEMENT
THIS AMENDMENT ("Amendment") is made and entered into on this 27th day of
October, 2004 by and between Gravity Corporation ("Licensor") and Asiasoft
International Company Limited ("Licensee").
RECITALS
WHEREAS, Licensor and Licensee ("Parties" collectively) entered into an
Exclusive Ragnarok Online License and Distribution Agreement ("The Agreement"),
dated June 13th, 2002.
WHEREAS, Parties to the Agreement now desire to amend the Agreement as specified
below.
NOW, THEREFORE, the parties agree as follows:
1. EXTEND THE TERM OF THE AGREEMENT:
Parties agreed to extend the Agreement for Two(2) years ("Renewed
Term") from the expiration date with conditions stated below in this
Amendment. The newly extended term of the Agreement shall be from March
4th, 2005 to March 4th, 2007.
2. TERMS AND CONDITIONS:
(1) Licensee shall pay One Million United States Dollars
(US$1,000,000) to Licensor as License Extension Fees. The
License Extension Fees shall be paid in four(4) equal parts
according to the following schedule:
US$250,000 payable on December 1st, 2004
US$250,000 payable on March 1st, 2005
US$250,000 payable on June 1st, 2005
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US$250,000 payable on September 1st, 2005
In case the Agreement is extended beyond March 4th, 2007, it is
understood that License Extension Fee will be waived.
(2) Licensee agrees to increase the Royalty rate ("New Royalty")
from Thirty(30%) percent of the Service-Sales Amount (as
defined in Article 1.12 and Article 5.1 of the Agreement) to
Thirty-Five (35%) percent of the Service-Sales Amount. The New
Royalty will be effective from March 4th 2005 to March 4th,
2007.
In case the Agreement is extended beyond March 4th, 2007, it
is understood that Royalty rate, Thirty-Five (35%) percent of
the Service-Sales Amount, will not be changed.
(3) No later than three (3) months prior to the expiration of
Renewed Term specified on this Amendment, Licensor shall give
Licensee the first right of negotiation for a period of thirty
(30)days for an extension of Agreement for an additional term
("Extended Term") for the Game. The additional extension shall
be on the same terms and conditions as stated above (Article
2.1 and Article 2.2). If no agreement in writing is made
between the Parties for renewal or re-execution of a license
agreement after such negotiation period, this Agreement shall
expire without any further extension or renewal.
IN WITNESS WHEREOF, the Parties have executed this Amendment the day and year
first above-written.
GRAVITY CORPORATION, ASIASOFT INTERNATIONAL COMPANY LIMITED.
By:______________________________ By:____________________________________
Name: Jung-Ryool Kim Name: Sherman Tan
Title: Chairman Title: President
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