1.The judgment of the first instance shall be modified as follows:

The Defendant: “C Issuance of Co., Ltd.” to the Plaintiff Company C.

1. Facts of recognition;

A. A. On November 15, 2004, C Co., Ltd. (hereinafter “Nonindicted Company”) holds a temporary general meeting of shareholders and establishes a so-called “the realization plan” for the remodeling of the C building owned by the Nonparty Company, and the shares issued by shareholders, instead of receiving cash contributions from the shareholders of the Nonparty Company including the Plaintiff, are shares for which shareholders’ share certificates have not been issued.

A resolution was adopted to raise funds by using some of them.

B. Around December 22, 2004, the Plaintiff held 400 shares of the non-party company. However, on December 22, 2004 in accordance with the said modernization plan, the Plaintiff prepared a certificate of stock transfer to the non-party company that transferred 92 shares out of the 400 shares (hereinafter “the shares of this case”) to the transfer amount of KRW 46 million ( KRW 500,000 per share) and issued the certificate of stock transfer to the non-party company. On December 23, 2004, the non-party company prevented the transfer of the shares and the transfer of shares to the non-party company on the aggregate of 6 shares owned by six shareholders, including the Plaintiff’s shares of this case, in which the certificate of stock transfer was prepared in accordance with the said modernization plan.

C. On February 10, 2005, the Plaintiff transferred 400 shares of the non-party company owned by the Plaintiff to the Defendant, who is the shareholder of the non-party company and the representative director of the non-party company E, as KRW 200 million.

(hereinafter “instant transfer contract”). The Defendant paid only KRW 150 million out of the share transfer price of KRW 200 million, and did not pay the remainder of KRW 46 million.

On the other hand, according to the register of shareholders of the non-party company as of December 31, 2014, the Plaintiff stated that it holds 400 shares of the non-party company as it is.

[Reasons for Recognition] Facts without dispute, Eul's statements 1-1 to 6, D's testimony of witness of the first instance court, fact-finding conducted by the court of first instance on the non-party company of the first instance, the purport of the whole pleadings

2. The transfer of shares before the issuance of share certificates to determine the cause of the claim shall be between the transferor and the transferee.