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ADVANCED LEGAL, P.C. (“Attorney”) and _______________ (in Korean and English as appears on the passport) (“Client”) with an address of _______________________________________ hereby agree that Attorney will provide legal services to Client on the terms and conditions set forth below.

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1. LANGUAGE.   This Agreement is drafted in English and Korean. Parties agree that the Korean text is the exact translation of the English text. Parties also agree that in case of disagreement in understanding or interpreting the Agreement, the English text will prevail.

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2. SCOPE OF SERVICES.  

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(1) Client hires Attorney to provide legal services in the following matter :

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• (a) If Attorney composes a Group of Korean Creditors (“KCG”), Client is granted to have its membership and participate in FTX’s Chapter 11 bankruptcy process (case no. 22-11068) as a member of the Group. Depending on the circumstances, the KCG may be approved by the United States Bankruptcy Court for the District of Delaware to act as an Ad Hoc Committee of Korean Unsecured Creditors.

 

• (b) Monitoring FTX’s bankruptcy process, undertaking legal analysis, and communicating, if necessary, with the Official Committee of Unsecured Creditors, FTX or the Court.

 

• (c) Voting on behalf of Client in relation to the adoption of the reorganization plan.

 

• (d) Providing the summary in Korean of the important documents that the Court serves to Client and advising Client on what to do, if any.

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• (e) Providing any other update relevant to Client on FTX’s bankruptcy process

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• (f) Receiving via Attorney's escrow account the recovery of Client’s claims from FTX in accordance with the reorganization plan confirmed by the Court and safely delivering it to Client.

 

(2) Attorney will provide the legal services reasonably required to represent Client for the purpose of this Agreement. Attorney will take reasonable steps to keep Client informed of progress and to respond to Client’s inquiries.

 

(3) This Agreement DOES NOT cover litigation services of any kind, whether in court, arbitration, administrative hearings, or government agency hearings. Separate arrangements must be agreed to for those services. Services in any matter not described above will also require a separate written agreement.

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3. ATTORNEY’S FEES.   

 

(1) Client agrees to select one of the two options listed below and pay Attorney’s fees accordingly :

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• (a) Option 1: US$ 500 + 12% of Client's Claim

• (b) Option 2: US$ 2,500 + 6% of Client's Claim    

 

* “Client’s Claim” refers to the total balance of Client’s account with FTX as listed under the Unique Customer Code in the Schedules of Assets and Liabilities filed on March 14-15, 2023 and amended on June 27, 2023.

 

(2) Client acknowledges that Attorney’s fees consist of the flat fee and the corresponding percentage of Client’s Claim. Client agrees that upon signing this Agreement, the selected flat fee shall be paid via an online payment method using credit cards. Client also agrees that upon signing this Agreement, the selected percentage of Client’s Claim shall be transferred to Attorney for security purposes as a lien for that part of the Attorney’s fees and that the amended proof of claim showing the fact be submitted.

 

(3) Client has been advised that the status of his/her account is set forth in the Schedules of Assets and Liabilities** filed on March 14-15, 2023 and uploaded by Kroll as FTX’s claims agent at https://restructuring.ra.kroll.com/FTX. Client hereby represents that his/her Claim listed in the Schedules are accurate and consistent with Client’s understanding of the status of his/her account with FTX.

 

** The Schedules of Assets and Liabilities refers to the document that the debtor files with the Court in the Chapter 11 process to provide a snapshot of the list of the debtor(s)’ assets and liabilities as of the Petition Date.

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(4) Client hereby provides Attorney with Client’s 8-digit Unique Customer Code that Client has received from FTX via email. Client acknowledges and agrees that Attorney will use the Unique Customer Code to calculate the amount of the transfer from Client to Attorney pursuant to paragraph 1 of this section, subject to the final settlement of the Client’s Claim and the completion of Attorney’s representation.

 

(5) With respect to the contingent fee arrangement prescribed in this section, Attorney agrees not to sell, transfer or assign to a third party the transferred claim until there has been a final settlement of and the recovery of Client’s Claim. Attorney may designate an escrow agent at his/her discretion, should a need arise for such purposes. Client agrees to cooperate in a timely manner and execute any documents, electronically or otherwise, which may be necessary in furtherance of the final settlement of Client’s Claim.

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4. DISCHARGE.   Client may discharge Attorney at any time. In case of a discharge, the flat fee paid to Attorney as part of Attorney’s fees shall not be refundable as it is considered earned upon commencement of Attorney’s work pursuant to Rule 1.5 of the Delaware Rules of Professional Conduct. However, the claim transferred as part of Attorney’s fees pursuant to Section 3 shall be refundable to Client according to the following schedule:

 

• ​(a) Within 90 days from the effective date of this agreement: 60% refundable

• (b) From 91st day to 180th day: 30% refundable

• (c) From 181st day to the confirmation of the Reorganization Plan: 10% refundable​

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5. WITHDRAWAL.   Client has been advised that Attorney may withdraw for cause from this Agreement. Among the reasons are Client’s failure to respond to Attorney’s letters or emails, Client’s breach of this Agreement, Client’s refusal to cooperate with Attorney or follow Attorney’s advice on a material matter, or Client’s conduct which undermines or infringes upon Attorney’s character, reputation, or professional integrity without any legitimate bases or justifications. In case of such a withdrawal, Client shall be refunded based upon the refund schedule set forth in Section 4.

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6. CLIENT’S DUTIES.   Client agrees to be truthful, respectful, and cooperative with Attorney, to keep Attorney informed of any important information or developments which may come to Client’s attention, to abide by this Agreement, to submit to Attorney the photocopy of Client’s passport and a selfie, and to keep Attorney advised of and updated about Client’s name, address and email. Client will assist Attorney by providing information and documents necessary for the services listed in Section 2.

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7. DISCLAIMER OF GUARANTEE.   Nothing in this Agreement, Attorney’s statements or communications to Client will be construed as a promise or guarantee about the outcome of the case or legal services. Attorney makes no such promises or guarantees. Attorney’s comments about the outcome of the matter are expressions of opinion only. 

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8. ENTIRE AGREEMENT.   This Agreement contains the entire agreement of the parties. No other agreement, statement, or promise made on or before the effective date of this Agreement will be binding on the parties.

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9. MODIFICATION BY SUBSEQUENT AGREEMENT.   This Agreement may be modified by subsequent agreement of the parties only by an instrument in writing signed by both of them.

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10. EFFECTIVE DATE.   This Agreement will govern all legal services performed by Attorney on behalf of Client commencing with the date both parties signed and Client paid the fees prescribed in Section 3. This Agreement will not take effect, and Attorney will have no obligation to provide legal services, until Client returns a signed copy of this Agreement electronically, pays the flat fee and transfers the corresponding percentage of Client’s claim as called fo

for under Section 3.

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THE PARTIES HAVE READ AND UNDERSTOOD THE FOREGOING TERMS AND CONDITIONS AGREE TO THEM. THE CLIENT SHALL RECEIVE A FULLY EXECUTED DUPLICATE OF THIS AGREEMENT VIA EMAIL.

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CLIENT

 

DATE:​

 

SIGNATURE:

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ATTORNEY

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DATE: Same as the above date

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SIGNATURE: /s/ Woong Kyu Sung, Esq. 

                         Managing Partner

                         Advanced Legal P.C.

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