Conciliation Agreement

In order to end the division of the Manitoba Korean Society and move forward as a unified team, the following representatives have agreed to the following and will proceed:

1.     After signing the agreement, both Korean societies will each elect four directors to serve on the unified board of directors and approve the integration. (Notify the representative mediator of the list)

-Directors from the Yang* side: Yang Kiguk, etc., totaling 4 members

-Directors from the Kim* side: Kim Jaekyung, Lee Donggi, etc., totaling 4 members

·        The inclusion of Jo* (related to special audit of society accounts) as a director of the unified Korean society is excluded. However, in case of exoneration, Jo will immediately return as a society director. In this case, additional directors will be elected to maintain the same number.

·        The directors of the new integrated board do not have to be current directors, and nominations of new individuals are also possible.

·        Each Korean society cannot delay the process citing compliance with regulations, recognizing the urgency of the integration process.

2.     The integrated Korean society board meeting will be held to confirm the eight directors specified in Article 1 and approve the Korean society president/vice president.

·        Korean Society Chairman: Nominated and approved by the Yang* side.

·        Korean Society President and Vice President: Approved as Kim Jaekyung and Lee Donggi.

·        Audit: Recognized as Kim Manseung and Choi woonha.

·        Inclusive of the chairman, in case of a tie in the vote, it will be considered a failure.

·        The composition of the board of directors, consisting of four members or tied votes, will remain effective until the end of Kim Jaekyung's tenure as Korean society president. (Approximately 2 years, considering reappointment)

 

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3.     Upon convening the integrated board of directors as stipulated in Article 2, it is resolved to establish an independent "Special Audit Committee (tentative name)" directly under the chairman for auditing the Korean society accounts and scholarship fund accounts.

·        The Korean society president and vice president shall not interfere or involve themselves in the special audit.

·        The audit period for the special audit shall be from the approval of the settlement at the regular meeting in 2017 until before the Kim Jaekyung's term as Korean society president, during which the audit authority lies entirely with the Special Audit Committee (hereinafter referred to as "the Committee"). (The current audit authority commences from Kim Jaekyung's term as Korean society president.)

·        The chairman shall appoint the chairperson of the Committee. (Self-appointment is possible.)

·        The chairperson of the Committee shall determine and execute the appointment, dismissal, and audit methods of the audit members, including external auditors, and periodically report on their activities to the board of directors.

·        The two auditors may act as audit members if they so desire.

·        The Committee shall perform its duties until it deems the recovery of the shortage in the Korean society accounts and completion of legal procedures, upon which it shall report the final results to the board of directors and request approval for its dissolution.

4.     Duties of the integrated board of directors (Tasks to be completed promptly)

·        Expedite the change registration of documents with the Companies Office.

·        Immediately deposit the cheques for the Korean society accounts and scholarship fund, which were held by the Kim* side of the Korean society. (A separate account for the scholarship fund under the name of the Korean society is possible.)

·        After depositing, there are no constraints on the use of the Korean society accounts for normal Korean society activities within the limits specified in the regulations.

·        Decide and execute details not specified in the agreement.

·        The minutes of the board of directors' meetings shall be made public within 3 days of the meeting.

5.     The integrated board of directors and the Korean society executive committee apologize for any discrepancies between the procedures or actions necessary for integration and the regulations, considering the current exceptional and urgent circumstances, and request the understanding of the Korean community members. However, in cases where criticism, objections, or legal responses are necessary based on this, the integrated Korean society will jointly respond in its name.

6.     In case additional agreements are needed beyond this, the two representative negotiators and the representative mediator will hold further discussions. However, this cannot be used as a reason to cancel or invalidate this agreement.

Date of Agreement: December 16, 2022

Representative Negotiator: Yang Kiguk (Representative of Yang Kiguk Korean Society) (Signature)

Representative Negotiator: Kim Jaekyung (Representative of Kim Jaekyung Korean Society) (Signature)

Representative Mediator: Jo Hangtae (Former Korean Society Chairman) (Signature)

Preparation and Mediation Participation in Agreement: Hong Daegam (Online ID) (Signature omitted)

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