8th AMENDMENT TO THE 2nd RENEWAL OF RAGNAROK LICENSE AND DISTRIBUTION AGREEMENT
Exhibit 4.58
8th AMENDMENT
TO THE 2nd RENEWAL OF RAGNAROK LICENSE AND DISTRIBUTION
AGREEMENT
THIS AMENDMENT (“Amendment”) is made and entered into on this 29th day September, 2015(“Effective Date”) by and between Gravity Co., Ltd., a corporation duly organized and existing under the laws of the Republic of Korea (hereinafter referred to as “Korea”) and having its principle office at 00X Xxxxxxxx Xxxxxx R&D Tower, Worldcup Bukro 000, Xxxx-Xx, Xxxxx, 000-000, Xxxxx (“Licensor”) and GungHo Online Entertainment, Inc., a corporation duly organized and existing under the laws of Japan and having its principal office at Sumitomo Fudousan Marunouchi Xxxx 0-0-0 Xxxxxxxxxx, Xxxxxxx-xx, Xxxxx, 000-0000 Xxxxx (“Licensee”).
WHEREAS, Licensor and Licensee (“Parties”) entered into the 2nd Renewal of Ragnarok License and Distribution Agreement dated September 29, 2006 (“Original Agreement”).
WHEREAS, the Parties entered into the several Amendments (“Prior Amendments”) listed in the table below. Each amendment shall be hereinafter referred to such name as defined in the Note of the table below.
| Title | Signed Date | Note | ||
| Amendment to the 2nd Renewal of Ragnarok License and Distribution Agreement | Dec. 17, 2007 |
1st AMENDMENT | ||
| Amendment to the 2nd Renewal of Ragnarok License and Distribution Agreement | Sep. 9, 2008 |
2nd AMENDMENT | ||
| Amendment to the 2nd Renewal of Ragnarok License and Distribution Agreement | Sep. 29, 2009 | 3rd AMENDMENT | ||
| Amendment to the 2nd Renewal of Ragnarok License and Distribution Agreement | Nov. 1, 2009 | 4th AMENDMENT | ||
| 2nd Amendment to the 2nd Renewal of Ragnarok License and Distribution Agreement | May. 31, 2010 | 5th AMENDMENT | ||
| Amendment to the 2nd Renewal of Ragnarok License and Distribution Agreement | Aug. 23, 2011 | 6th AMENDMENT | ||
| 7th AMENDMENT TO THE 2nd RENEWAL OF RAGNAROK LICENSE AND DISTRIBUTION AGREEMENT | Sep 29, 2012 | 7th AMENDMENT |
WHEREAS, the Parties hereto desires to amend the Original Agreement amended by Prior Amendments(hereinafter referred to as “The Agreement”) as specified below.
NOW, THEREFORE, in consideration of the mutual premises and covenants contained herein, Licensor and Licensee agree as follows:
| 1. | Renewal Term |
The Parties agree to extend the term of The Agreement for two (2) years (“Renewed Term”) from September 29, 2015 with conditions stated below in this Amendment.
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The newly extended term of The Agreement shall be from September 29, 2015 to September 28, 2017 without any License Fee.
| 2. | Renewal Condition |
| 2.1 | Royalty Payment |
Licensee shall pay to Licensor as Royalty Payments Forty percent (40%) of the Net Revenue during the Renewed Term. All other Royalty Payment and Report conditions shall remain the same as set out in The Agreement.
| 3. Continuing | Effectiveness of the Original 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 or agreements contained in The Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect.
| 4. Effective | Date |
All the Articles of The Agreement amended by this Amendment shall be effective and applicable on and from Effective Date of this Amendment as said above.
IN WITNESS WHEREOF, the Parties have caused their respective representatives to execute this Amendment in duplicate and each party retains one copy.
| GungHo Online Entertainment, Inc. | ||||||||
| By: |
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By: |
| |||||
| Name: | Hyun Xxxx Xxxx |
Name: | Xxxxxx Xxxxxxxxx | |||||
| Title: | CEO |
Title: | President & CEO | |||||
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