1. The Plaintiff and Defendant B verify the Plaintiff’s right to the shares listed in the separate sheet.

2...

1. Facts of recognition;

A. The Plaintiff held the title trust of the shares listed in the separate sheet issued by Defendant C Co., Ltd. (hereinafter “Defendant Co., Ltd.”) (hereinafter “instant shares”) to Defendant B.

B. As a duplicate of the instant complaint, the Plaintiff expressed to Defendant B the intent to terminate the title trust on the instant shares, and the duplicate of the instant complaint was served on Defendant B on October 26, 2018.

C. Ordinary share certificates of the Defendant Company have not been issued.

[Ground of recognition] Facts without dispute, entry of Gap evidence 2 to Gap evidence 4, purport of whole pleading

2. Determination

A. If a person who has entrusted a shareholder’s name with respect to the shares before the issuance of share certificates terminates a title trust agreement with the trustee, the shareholder’s right to the shares shall be returned to the title truster only by the declaration of termination

In such cases, where a nominal shareholder in the form listed in the register of shareholders substantially contests shareholders' rights, a substantial shareholder has a benefit to seek confirmation of shareholders' rights against a nominal shareholder in the register of shareholders.

(See Supreme Court Decision 2011Da109708 Decided February 14, 2013). According to the above facts of recognition, the Plaintiff was under title trust with Defendant B, but expressed his/her intent to terminate the title trust upon delivery of the duplicate of the instant complaint, and thus, the Plaintiff returned to the Plaintiff the Plaintiff’s right as to the instant shares.

Therefore, insofar as the Plaintiff has a shareholder's right to the instant shares, and Defendant B is disputing the Plaintiff's shareholder's right, the Plaintiff has a benefit to seek confirmation, and the Defendant Company is obligated to implement the transfer procedure for the instant shares to the Plaintiff.

B. Defendant B asserts that the instant shares are owned by the representative director prior to the cancellation of joint and several guarantee for the Defendant Company’s obligations as the representative director and the payment of KRW 20 million agreed to be made by the Plaintiff.

However, the Plaintiff held title trust.