1. The Defendants are jointly and severally liable to the Plaintiff KRW 500,000,000 and the Defendants are jointly and severally liable to the Plaintiff for the payment thereof on February 2, 2015.

1. Basic facts

A. The U.N. 1 creative enterprise investment association (hereinafter “instant association”) is the agriculture and food investment association established with the investment of the Plaintiff, the annual household school, the technical branch of the company, and the branch of the Korea Women’s Fund in accordance with the Act on the Formation and Operation of Agricultural, Fisheries, and Food Investment Funds. The Plaintiff is an executive member of the instant association.

B. On October 25, 2012, the instant association entered into a contract to acquire the first non-guaranteed private equity convertible bonds (hereinafter “instant convertible bonds”) issued by Defendant Cwalkex (hereinafter “Defendant Company”) at KRW 500 million, and paid KRW 500 million to the Defendant Company on the date of the contract. Defendant A guaranteed the Plaintiff’s obligation under the Defendant Company’s underwriting contract to the Plaintiff.

The main contents of the instant convertible bonds underwriting agreement are as follows.

Article 2 (Terms and Conditions for Issuance of Convertible Bonds) 14. The Plaintiff’s right to claim early redemption of Convertible Bonds 14. 2. In the event that the Defendant Company’s business plan submitted by the Defendant Company fails to achieve the numerical value equivalent to 70% of the total amount of KRW 50% of the total amount of outstanding convertible bonds, the Plaintiff may claim early redemption of KRW 50 million equivalent to the maximum amount of KRW 50% of the total amount of outstanding convertible bonds to the Plaintiff. In this case, the Defendant Company shall reimburse the corresponding amount within 30 days, and the interest on delayed compensation shall be 15% per annum; hereinafter the same shall apply) with respect to the Defendant Company, if any of the following causes occurs, the Defendant Company is naturally deprived of the interest based on the debt amount of the instant convertible bonds, and is obligated to pay it immediately (or perform).

If the defendant company loses the benefit of time pursuant to this subparagraph, the defendant company shall be subject to the time of such loss.