A. On November 2014, the Plaintiff concluded a contract with the Defendant to purchase a vessel listed in the separate sheet (hereinafter “instant vessel”) and paid a total of KRW 12.5 million on several occasions from December 12, 2014 to December 15, 2014. On December 28, 2014, the Defendant and the instant vessel were purchased at KRW 150 million; the down payment is KRW 10 million; the down payment is KRW 50 million; the remainder is KRW 50 million; and the remainder is KRW 50 million each month from May 2015 to KRW 10 million (hereinafter “instant sales contract”).

B. The Plaintiff and the Defendant agreed as follows at the time of the instant sales contract.

Article 3 (Delivery of Ship) The defendant shall deliver to the plaintiff the down payment together with the down payment.

Article 4 (Transfer of Ship Ownership) According to the instant sales contract, the Defendant shall deliver all the documents necessary for the transfer of ownership to the Plaintiff by May 2016, to the Plaintiff, and the Plaintiff shall complete the transfer of ownership with the documents delivered by the Defendant.

Article 5 (Creation of Collateral Security) (1) With respect to KRW 100 million that the Plaintiff paid to the Defendant at the initial time according to the instant sales contract, the right to collateral security for the initial delivery amount shall be set up until the year the ownership transfer registration of the instant vessel is completed.

Article 7 (Special Agreement) (1) In the event of nonperformance of the purchase price of the ship of this case, the plaintiff shall return the ship of this case to the defendant without any justifiable reason, and may not claim a refund

It is impossible to make a claim for refund of the existing price paid by the Plaintiff, because the Defendant delivered the instant vessel in advance prior to the registration of transfer of ownership, including the amount of profit that the Plaintiff may take by the operation of the instant vessel, pursuant to the agreement between the Defendant and the Plaintiff.

C. On December 12, 2014, the Defendant: (a) on the instant vessel, the maximum debt amount is 100 million won.