MEMORANDUM OF UNDERSTANDING

ON THE PROMOTION OF INVESTMENT IN START-UPS

Between the Seould Metropolitan Government and Formation8

The Seoul Metropolitan Government(hereinafter referred to as “SMG”) and Formation8 (SMG and Formation8 are collectively referred to as the “Parties", or individually as a "Party”)  recognize their mutual interest in “Seoul’s rise as the capital city for start-up enterprises”, as well as in expanding investment in and promoting the development of start-up companies in the city of Seoul.

The Parties hereby agree to cooperate according to the following framework:

1. Formation8 agrees to cooperate with SMG in supporting SMG’s polices regarding start-up companies and in assisting Seoul in becoming a more favorable environment for start-up companies.

2. SMG agrees to provide, within the scope of its authority and responsibilities, the necessary administrative support required by Formation8 for the identification of and investment in promising Korean start-up companies.

3. Formation8 shall pursue efforts to invest in promising start-up companies recommended by SMG after engaging in its proprietary procedures, including but not limited to evaluation.

4. SMG and Formation8 shall promptly develop a detailed memorandum on the implementation of the promotion of cooperation on investment in start-up companies in Seoul.

5. The Parties understand that, without the prior consent of the other Party, neither Party may use any document or information it receives in relation to this Memorandum of Understanding for any purpose other than the implementation of this Memorandum of Understanding.

6. This Memorandum of Understanding shall enter into force on the date of its signature by the Parties.

7. This Memorandum of Understanding may be executed in two(2) counterparts, four(4) originals in Korean and English, with each copy bearing equal legal force and effect.

THE SEOUL METROPOLITAN GOVERNMENT	FORMATION8
By:_________________ Mr. Won-Soon Park, Mayor	By:_________________ Mr. Gideon Yu, Partner

서울특별시, Formation8(벤처투자사) 간

창업기업 투자 촉진을 위한 양해각서

대한민국 서울특별시(이하 “서울시”)와 Formation8은 ‘창업도시, 서울로의 도약’과 서울 창업기업에 대한 투자확대 및 우수 창업기업 육성 등에 관하여 상호 관심을 확인하며, 다음과 같이 협력하기로 한다.

1. ‘Formation8’은 서울시의 창업정책을 지원하고 서울시가 창업도시로서 발전하는데 협력한다.

2. 서울시는 서울시의 권한과 책임 범위 내에서 ‘Formation8’이 한국 창업기업에 투자하고 우수 창업기업을 발굴하는데 필요한 행정적 지원을 하도록 노력한다.

3. ‘Formation8’은 서울시가 추천하는 우수 창업기업에 대해 자체 검증 등의 절차를 거쳐 투자하는데 노력한다.

4. 서울시, ‘Formation8’은 서울의 창업기업에 대한 실질적 투자협력을 추진하기 위해 세부 이행각서를 조속히 마련한다.

5. 상대방의 사전 동의 없이 본 양해각서와 관련하여 제공받은 모든 문서와 기타 제반 정보를 본 양해각서 이행 이외의 다른 목적으로 사용하지 않는다.

6. 본 양해각서는 서명한 날로부터 효력이 발생한다.

7. 한국어와 영어로 작성된 2부는 동등한 효력을 가진다.

서울특별시 시장 박원순		Formation8 대표 Gideon Yu