Case Studies
[Consultation] Draft Opinion on Review of Token White Paper
Law firm Veat prepared a legal review opinion on the token white paper at the request of Block Chain Accelerator A Co. Block Chain Accelerator A Co. requested Law firm Veat to conduct a legal review on the token white paper. Law firm Veat conducted a legal review based on the white paper, identifying the blockchain technology and content applied to the corresponding token and determining whether it was classified as a “Securities Act on Capital Markets and Investment Securities” (hereinafter referred to as “Securities Act”) . Law firm Veat comprehensively considered the stance of the Financial Supervisory Service, the definition and classification of investment securities under the Securities Act, and particularly, the status of the token as debt securities, equity securities, investment contract securities, etc. Law firm Veat conducted a meticulous legal review regarding these matters. Law firm Veat provides legal advisory services covering the overall legal aspects of blockchain, tokens and NFT related industries based on broad understanding of blockchain. This law firm provides exceptional legal advisory services to overcome the uncertainty of the blockchain business environment. If you need a legal review regarding coins, tokens, NFTs, or blockchain, please contact Law firm Veat at any time. Thank you.
[Consultation] Review whether LP subscription involves self-dealing among directors etc.
Law firm Veat undertook a legal review for A Investment’s request regarding LP investment involving review of self-dealing of directors under the Commercial Act. A Investment inquired Law firm Veat for legal review concerning whether Director B should obtain approval from the board of directors when investing in a foreign fund operated by C Company, a company in which Director B is a director, as self-dealing of directors under the Commercial Act. Law firm Veat conducted a legal review to determine whether the case falls under self-dealing of directors based on Article 398 of the Commercial Act concerning transactions between directors and companies. It provided guidance regarding the possibility of such occurrence. Article 398 of the Commercial Act stipulates that a director acting as a director and a company must disclose material facts regarding the transaction to the board of directors and obtain its approval prior to engaging in transactions with the company, either in their own name or on behalf of a third party, and that the approval of the board of directors must be by three-fifths of its members, and that the contents and procedures of the transaction must be fair. Law firm Veat possesses various legal advisory cases related to venture capital (VC) operations, LP investment, foreign fund investment and provides efficient and prompt legal advice based on Law firm Veat’s expertise. If you require legal advice regarding venture capital (VC) operations, LP investment, foreign fund investment, self-dealing of directors, please contact Law firm Veat. Thank you. Law firm Veat
[Consultation] Legal advice on the transfer of member database and personal information protection.
Veat Law Firm commissioned data review regarding database transfer methods based on a request from Game Development Company A’s. Game Development Company A reviewed the method of securing member information such as name, ID, phone number, email, and database (DB) collected during the operation of the game service. Since member databases are personal information collected by the publisher during the provision of the game service, Company A could consider entrusting the member database acquisition to the publisher, but in this case, you must fulfill the obligations imposed on the entrustor under the Personal Information Protection Act, and we informed you of this. Additionally, we provided you with detailed information about methods available to users to obtain member databases from the publisher and the potential drawbacks that may arise in this case. Veat Law Firm is providing optimal legal consulting related to personal information protection, led by Partner Attorneys Baek Seung-cheol and Jo Eun-byeol. If you need legal advice regarding the collection and delegation of personal information, member database transfer, etc., please feel free to contact Veat Law Firm. Thank you. Veat Law Firm.
[Consultation] Terms of Service Use for Service Fees and Restriction Measures Procedures
Law firm Veat received a referral from social platform A, which is based on a data-driven approach, and conducted legal review of the terms of service. A was in need of terms of service agreements suitable for both users and providers as it operates a platform service offering services to users and providers. Therefore, they entrusted Law firm Veat. Law firm Veat conducted legal review of the draft terms of service agreement based on A’s service content and operating policies. Accordingly, it stipulated service interruption notification obligation and prior notification and opportunity to argue procedure when taking action to restrict service use, and defined criteria and method for settlement of service fees within the terms of service. In addition, it revised excessive liability clauses that could be considered unfair contract terms to ensure that they were lawful and safe. Law firm Veat provides terms of service agreements that include essential provisions for your service content through direct consultations with attorneys. We encourage you to equip yourself with terms of service that are suitable for your service content and comply with relevant regulations such as the Act on the Consumer Protection of Fair Transactions, and to prevent disputes proactively. If you need legal review regarding terms of service, privacy policy, etc., please contact Law firm Veat at any time. Thank you. Law firm Veat
[Consultation] Drafting of Stock Purchase Agreement and Vesting Shareholders Agreement
Law firm Veat assisted A, an online esports platform company, in drafting stock purchase agreements and shareholder agreements. A, which operates an online esports platform, commissioned Law firm Veat to draft a stock purchase agreement from a former executive and a shareholder agreement setting vesting period with the current executive. Accordingly, Law firm Veat drafted a stock purchase agreement from a former executive purchasing shares at par value and a shareholder agreement setting a 3-year vesting period with the current executive. In addition, it also drafted other standard clauses commonly included in shareholder agreements, such as a right of first refusal and a tag-along right. According to the Companies Act, the period for exercising stock purchase rights must be at least 2 years since the shareholders’ resolution. While employees can be granted all stock purchase options (stock options) after exceeding this statutory period, companies can set vesting conditions with various terms to match their specific circumstances and grant stock options (stock options). Can we receive stock options with a ‘4-year employment condition’? When granting stock options, if vesting is set, it is possible to prevent the employee from exercising stock options (stock options) immediately after the 2-year period expires, and through various vesting conditions, it is possible to align company and employee goals and motivate long-term employment. Law firm Veat provides legal advice and consulting attorney services as a legal advisor for various startups and companies, addressing overall legal issues that arise during company operations. If you wish to have vesting schedules, vesting periods, vesting cycles, vesting ratios, and quantity-defined stock option (stock option) contracts, and shareholder agreements drafted, please contact Law firm Veat with ease. Thank you. Law firm Veat.
[Consultation] Review of Blockchain Token Sale Agreement
We were commissioned by A, a specialized game development company based on blockchain, and conducted legal review of the token sale agreement. Law Firm Veat considered the point from investors' perspective, aiming to minimize unfavorable factors during their investment process and provided detailed review opinions for each clause to allow for reference in negotiations, distinguishing between investment terms that could be accepted and those that could not. Law Firm Veat provides legal counsel by harmonizing the positions of both investors and sellers, striving to provide legal counsel that both parties can be satisfied with. The legal team at Law Firm Veat, led by representatives Kim Seong-ho and Song Do-young, and partner attorney An Il-won, has been appointed as a member of the Korea Bar Association’s IT Blockchain Committee and provides professional legal counsel through experience with various business cases related to blockchain. If you have any questions regarding the token sale agreement or tokens and blockchain, please feel free to contact Law Firm Veat at any time. Thank you. Law Firm Veat
[Consultation] Legal review of technology transfer agreement.
Law firm Veat reviewed the technology transfer agreement received a referral from accounting firm A for transferring software technology between related companies. Accounting firm A requested legal review of a technology transfer agreement concerning the transfer of software technology between related companies. Law firm Veat guided the transferor to clearly specify the technology to be transferred in the technology transfer agreement and inserted the obligation to actively cooperate in registering intellectual property rights, providing technical guidance, and obtaining the transferor’s written consent before making technological improvements, enabling co-ownership of intellectual property rights for the improved technology. Furthermore, we added a declaration and guarantee clause concerning the transferor’s legitimate rights and non-infringement of third-party rights from the transferee’s perspective, to minimize legal risks and facilitate the safe progress of the technology transfer agreement. Veat provides in-depth legal advice on the drafting of the technology transfer agreement and legal response to related disputes, with the assistance of engineers and IT specialists. If you need a legal review regarding the technology transfer agreement for software technology, please contact Law firm Veat at any time. Thank you. Law firm Veat
[Legal advice] Regarding termination of exclusive contract with creators.
Law firm Veat provides legal counsel to MCN companies regarding the possibility of terminating creators’ exclusive contracts with other companies. A, a MCN company, requested legal risk assessment and legal response when necessary regarding disputes related to creators’ exclusive contracts with other companies and contacted Law firm Veat for legal counsel. The creator inquired about whether they could terminate the contract due to the fact that they conducted filming unauthorized by the other party (hereinafter referred to as “this filming”) and Law firm Veat thoroughly reviewed the content of the exclusive contract and the background of this filming case, among other factors, to assess the possibility of terminating the exclusive contract due to a serious violation of duty and the possibility of termination of the exclusive contract based on the breakdown of trust. Currently, as MCN companies managing creators are growing, there are also an increasing number of various legal disputes related to creators’ activities and contracts. Law firm Veat possesses experience providing legal counsel to numerous MCN companies and creators and has expertise in various disputes. If you need general legal counsel for MCN companies, disputes related to creators, and legal counsel related to exclusive contracts, please do not hesitate to contact Law firm Veat at any time. Thank you. Law firm Veat
[Consultation] Drafting agreement related to acquisition of company shares
Law firm Veat drafted an agreement of intent with the purpose of establishing a partnership to acquire shares of the company for Mr. A. Mr. A requested Law firm Veat to draft an agreement of intent, aiming to receive shares step by step according to the company’s value increase as compensation for providing ideas to the company and receiving rewards accordingly. He desired to receive shares gradually from the company or its representative director in exchange for providing ideas to the company and receiving compensation accordingly. Law firm Veat reviewed the most cost-effective and reasonable method, considering the company’s post-money value following external investment, based on the agreement content desired by Mr. A. They drafted an agreement of intent with the purpose of establishing a partnership to acquire shares of the company, with the content gradually transferring shares based on the post-money value following external investment. Law firm Veat provides professional legal advice to help clients conduct matters in the most cost-effective and reasonable manner, reflecting the desired content in the agreement and contract. Anyone who wants to have various agreements and contracts reflecting the agreement and contract details, please feel free to contact Law firm Veat at any time. Thank you. Veat Law Firm
[Consulting] Drafting P2E contracts related to blockchain and NFT.
Law firm Veat assists A, a company operating a blockchain game platform, in drafting blockchain, NFT related P2E agreements. A, a company operating a blockchain game platform, contacted Law firm Veat to draft