Seventh Amendment To The Exclusive Ragnarok Online License and Distribution Agreement

Exhibit 4.47

Seventh Amendment

To The Exclusive Ragnarok Online License and Distribution Agreement

This AMENDMENT (“this Amendment”) is made and entered into on this 1^st day of January, 2013 by and between Gravity Co., Ltd (hereinafter referred to as “Licensor”) and Gravity Interactive, Inc. (hereinafter referred to as “Licensee”).

RECITALS:

WHEREAS, Licensor and Licensee (“Parties” collectively) entered into the Exclusive Ragnarok Online License and Distribution Agreement (“the Agreement”), dated January 1^st, 2006.

WHEREAS, both Parties to the Agreement now desire to amend the Agreement as set forth below;

AGREEMENT

NOW; THEREFORE, in consideration of the mutual promises and covenants contained herein, Licensor and Licensee agree as follows:

1. Term Extension of the Agreement

Parties agreed to extend the Agreement for Two (2) years (“Fourth Renewed Term”) from the expiration date with conditions stated below in this Amendment. The newly extended term of the Agreement shall be from January 1^st, 2013 to December 31^st, 2014.

2. Continuing Effectiveness of the Agreement

Except as expressly set forth herein, this Amendment shall not by implication or otherwise alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants, agreements or previous amendments contained in the Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

IN WITNESS WHEREOF, the Parties have executed this Amendment on the day and year first above-written.

GRAVITY CO., LTD.						Gravity Interactive Inc.
By:						By:
Name:		Hyun Xxxx Xxxx				Name:		Kitamura Yoshinori
Title:		CEO				Title:		CEO
Date:						Date:

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