1. Revocation of the first instance judgment.

2. The Plaintiff’s Defendants from January 1, 2019 based on the Plaintiff’s investment contract on May 15, 2015.

1. Basic facts

A. On May 15, 2015, the Plaintiff entered into an investment contract with Defendant B with the content that Defendant B acquired new shares issued by the Plaintiff in KRW 3,268,875,000. On the same day, the Plaintiff entered into an investment contract with Defendant C with the content that Defendant C acquired new shares issued by Defendant C in KRW 560,625,00.

(hereinafter referred to as “instant investment contract”). The main contents of the instant investment contract are as follows.

Article 2 Category 1 (Conditions for Issuing New Stocks: 2) The number of investments below par value: 34.5 times (172,500 won per share) the amount invested: the expected date of deposit of capital for issuing new stocks: the date of registration following the increase in common stock capital: 5 May 22, 2015; 6 May 29, 2015);

(a) conduct par value division (500 won per par value) and 130% increase free of charge within three months from the date of registration of common shares;

B. However, the above free capital increase must be undertaken prior to the increase in capital other than the investment contract of this case.

Article 3 (Guarantee 1) The Plaintiff’s objective is to apply for listing on KOSDAQ by December 31, 2018 after the ordinary share capital increase: Provided, That where the Plaintiff fails to file an application for listing on KOSDAQ by December 31, 2018 after the ordinary share capital increase, the Plaintiff shall settle the interest rate of 10% per annum on January 1, 2019 in a quarterly unit, and deposit the same into the account designated by the Defendants within 15 days from the end of each quarter. Pursuant to the instant investment contract, the Defendants paid 3,829,50,000 won (Defendant B3,268,875,000 won) to the Plaintiff on May 21, 2015 (Defendant C560,625,000 won). The Plaintiff acquired shares to be issued by the Plaintiff on May 31, 2015 and divided the shares into KRW 18,950, Defendant C, 250, and KRW 305,7501.

However, the Plaintiff failed to file an application for listing on KOSDAQ until December 31, 2018.

Accordingly, the defendants are the defendants.