A. On December 4, 2017, the Defendant, the owner of the Gangwon-do land D (hereinafter “instant land”) located in the Jung-do Jong-gun (hereinafter “instant land”), entered into a contract with the Plaintiff Incorporated Agricultural Company A (hereinafter “Plaintiff Company”) with the following terms and conditions (hereinafter “instant contract”).

The address of the object of the site subject to sale and investment in kind shall be the land in this case and 1463 square meters.

The unit price of sale of a site shall be 250,000 won per square, and the total amount shall be 365,750,000 won, and the defendant shall submit to the plaintiff a written consent for land use simultaneously with the preparation of this contract.

182,875,00 won equivalent to 731.5 square meters, which is 50% of 365,750,000 won, shall be invested in kind in the Plaintiff Company A and 30% of the capital increase shall be allocated to the Plaintiff Company A, and 100 million won of the capital increase shall be allocated.

18,275,00 won which is 10% of the down payment of 182,750,000 won equivalent to 50% of the down payment shall be paid until December 11, 2017 after the completion of capital increase.

Any balance of KRW 164,475,00 shall be paid on January 31, 2018 immediately after the completion of factory authorization and permission, and at the time when the transfer tax can be minimized, the defendant shall transfer land registration to a corporation.

The defendant shall cooperate in order to ensure that vehicles for construction work can enter through a reception site after the completion of authorization and permission so that civil engineering works can be carried out.

This contract is null and void if it can not proceed according to the plan for the reason of third party, not for the reason of the plaintiff company and the defendant, such as approval and permission of factory, road construction.

B. On December 11, 2017, the Plaintiff Company paid KRW 18,275,000 to the Defendant respectively, and KRW 10,000,000 on March 20, 2018.

C. On January 25, 2018, the Plaintiff Company filed an application for technical evaluation (guarantee) with the Korea Technology Finance Corporation (hereinafter “Korea Technology Finance Corporation”) of 100% of the technology production technology of rice state water and the evaluation of financial support at the Gangnam Branch of the Korea Technology Finance Corporation (hereinafter “Korea Technology Finance Corporation”) with the amount of KRW 600 million operating, and KRW 4.4 billion in facilities. However, the Plaintiff Company failed to obtain the approval.

Plaintiff

The Company shall, on February 13, 2018, enter into force on February 13, 2018.