Summary of Oral Amendment to Employment Agreement between Taehoon Kim and Hanryu Bank Co., Ltd.
This document summarizes an oral agreement between Taehoon Kim and Hanryu Bank Co., Ltd. Under this agreement, Taehoon Kim agreed to waive his compensation from the company until after Hanryu Holdings, Inc. completes its Initial Public Offering (IPO). The agreement modifies the original employment terms established on June 1, 2022, by delaying payment of compensation until the specified event occurs.
Exhibit 10.16
Oral Agreement Summary
The below is a summary of the oral agreement between Hanryu Bank Co., Ltd (the “Company”) and Taehoon Kim.
On June 1, 2022, Taehoon Kim entered into an employment agreement with the Company. Subsequently, Taehoon Kim entered into an oral agreement with the Company agreeing to waive his compensation until after Hanryu Holdings, Inc. consummates its Initial Public Offering.
