1. The plaintiff's claim is dismissed.

2. The costs of lawsuit shall be borne by the Plaintiff.

1. Basic facts

A. Since the Plaintiff entered the Defendant Company as a career vice-director on January 2, 2006, the Plaintiff was appointed as a director on February 1, 2010, and served as the head of the Defendant’s Seoul Branch as a managing director, a managing director, and a vice-president. Since January 2, 2018, the Plaintiff served as a managing director in charge of business, and retired on October 31, 2018.

B. From January 2, 2006 to December 31, 2012, the Defendant paid to the Plaintiff KRW 4,113,310 of retirement allowances calculated based on the Plaintiff’s status as a worker with regard to the continuous service period from January 1, 2013 to October 31, 2018.

C. Meanwhile, the defendant's articles of incorporation stipulate that retirement allowances for retired officers shall be governed by the provisions on the payment of retirement allowances set by the general meeting of shareholders, and the defendant enacted the payment of retirement allowances for officers at the temporary general meeting of shareholders on March 24, 2003.

The articles of incorporation of the defendant and the provisions concerning payment of retirement allowances for executives are as follows:

Article 34 (Remuneration and Retirement Allowance) (1) The remuneration of an executive shall be determined by a resolution of the general meeting of shareholders.

(2) Retirement allowances of retired officers shall be governed by the provisions of retirement allowances determined by the stockholders’ meeting.

The purpose of Article 1 (Purpose) of the Regulations on Payment of Retirement Allowances for Officers (Attached Form 2) is to prescribe the standards, procedures, etc. for the payment of retirement allowances for executives of a stock company B (hereinafter referred to as "company").

Article 2 (Scope of Application) (1) This provision shall apply to directors or higher-ranking officers.

(2) Officers are distinguished from other members in that they exercise their voting rights as members of the board of directors.

Matters concerning classification of executives shall be governed by the standards prescribed by the Commercial Act and other Acts and subordinate statutes.

Article 6 (Long-Term Continuous Rate) (1) In cases of an executive with long-term continuous service for a specified period, he/she shall add up the amount calculated by applying the following progressive rates to the retirement allowance calculation amount of the executive concerned: