Exhibit 10.3
English translation
EMPLOYMENT AGREEMENT (ANNUAL SALARY BASE)
Gmarket Inc. ("G-Market") and Young Bae Ku ("YBK") agree on YBK's annual salary
as follows, covenant to faithfully comply with the agreed matters and enter into
this Employment Agreement.
1. Personal Data
Department Executive Resident I.D. No. 000000-0000000 Name Young Bae Ku
2. Annual Salary
Section Details Remarks
------- ------- -------
Annual Salary 100,000,000 Korean Won
Term of the Agreement From January 1, 2005 through December 31, 2005
Payment Method An amount of 1/12 of the annual salary to be
paid on the 25th day of every month.
3. Other Allowances: The foregoing amount includes overtime work/holiday
work/night time work allowances, meal cost and owner-driver's allowance, etc.,
which shall not be additionally payable. Any relevant matters shall be in
accordance with the regulations including the Employment Regulations of
G-Market.
4. Severance Allowance: Severance allowance shall be in principle paid to
employees and officers who have worked for G-Market continuously for at least
one year and the details shall be in accordance with the Severance Payment
Regulations of G-Market.
5. Termination: Even during the term of this Agreement, this Agreement may be
terminated due to YBK's gross negligence and in accordance with the punitive
regulations.
7. YBK agrees to G-Market's annual salary system and shall not disclose his own
annual salary as fixed under this Agreement to others and shall not do any acts
to be informed of any others' annual salary.
8. In case YBK violates this Agreement, YBK shall not raise any objection to any
and all disadvantages arising there from.
9. Any other matters, which are not provided by this Agreement, shall be in
accordance with the regulations of G-Market.
January 1, 2005
GMARKET Inc. Young Bae Ku
Young Bae Ku, Representative Director Executive
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