Document:

EX-10.28-1

 Exhibit 10.28-1 

ADVISORY SERVICES AND SEPARATION AGREEMENT 

THIS ADVISORY SERVICES AND SEPARATION AGREEMENT (this “Agreement”) is entered into by and between MagnaChip Semiconductor,
Ltd., a Korean limited liability company (the “Company”), and Tae Young Hwang, an individual (the “Executive,” and together with the Company hereinafter referred to as the “Parties” and each a
“Party”) on April 30, 2015. 
 RECITALS 

A. Reference is made to a certain Entrustment Agreement dated as of October 6, 2004 between the Parties (the “Entrustment
Agreement”), whereby the Executive agreed to perform certain duties for the Company. 
 B. Reference is also made to that certain
resignation letter dated as of April 30, 2015 (the “Resignation”), whereby the Executive voluntarily resigned, effective as of the date hereof, from his service as President, Chief Operating Officer and all other positions with
MagnaChip Semiconductor Corporation (“MX”) and each of MX’s direct and indirect subsidiaries (including all positions at the Company). 

C. The Executive desires to enter into this Agreement to confirm his voluntary resignation from the Company and the terms of the advisory
services he will provide as an independent contractor to the Company. 
 NOW, THEREFORE, in consideration of the foregoing premises
and the mutual promises and agreements herein contained, and for other good and valuable consideration, intending to be legally bound, the Parties hereto do hereby agree as follows: 

TERMS AND CONDITIONS 
  

	1.	Resignation and Termination of Service 

 (a) Effective as of May 31, 2015
(the “Effective Date”), the Executive hereby voluntarily resigns from and terminates any and all of his relationships with the Company. Each Party hereby acknowledges that, as of the time immediately prior to the Effective Date, the
Executive was not, under any applicable law, an employee of any affiliate of the Company; to the extent that, under any applicable law, the Executive is deemed to be an employee of any affiliate of the Company, the Executive hereby voluntarily
resigns from and terminates his employment with such affiliate effective as of the Effective Date. 
 (b) In consideration for the
Executive’s voluntary separation from his service with the Company as provided in Section 1(a) above and the agreements and covenants of the Executive made herein, the Company shall provide the Executive with the payments and
benefits described in and conditioned upon the terms set forth in Sections 2 and 3 below. 
 (c) Other than as set forth
below, the Executive hereby acknowledges that the payments and benefits provided pursuant to Section 2 below are in full and final satisfaction of every entitlement, right or claim which the Executive might have had in respect of his
relationship with the Company and its affiliates, and without limiting the generality of the foregoing, the satisfaction of any entitlements or claims that the Executive may have to salary, bonus, incentives, allowances, all other benefits and
compensation, leaves, severance or termination payments and all and any other legal and statutory entitlements, in respect of or arising from his service with the Company. The foregoing is not intended to modify in any way the Executive’s
rights with respect to indemnification and insurance coverage, nor to modify in any way the Executive’s entitlement to compensation and benefits already earned up to and including the Effective Date. 

	2.	Separation Payments and Benefits 

 Subject to the other provisions of this
Agreement, during the Term (as defined in Section 3(a)), the Company shall provide the following payments and other benefits to the Executive: 

(a) Separation Payment. Subject to Section 3(b) below, the Company shall pay the Executive a lump sum payment of
KRW 1,103,424,670, which is equal to 100% of all of the Executive’s accrued pension benefits as of the Effective Date, by check or electronic transfer within two weeks of the Effective Date. 

(b) No Annual Incentive. The Parties hereto agree that the Executive shall not be eligible to earn any annual cash or stock bonus,
option or other incentive. 
 (c) Options. Each stock option granted to the Executive pursuant to the Company’s 2009 Common Unit
Plan or its 2011 Equity Incentive Plan (the “Plans”) that remains outstanding and unexercised as of the Effective Date (collectively, the “Outstanding Options”) shall remain exercisable through the date that is 18
months after the Effective Date (to the extent not exercised prior to such date), or, if earlier, until a Change in Control (as defined in the Plans), or expiration of the original term of the Outstanding Options, subject in all cases to the terms
and restrictions of the Plans, at which time any then-unexercised Outstanding Options shall expire and terminate and the Executive shall have no further rights with respect to such expired and terminated Outstanding Options. 

(d) No Other Benefits. The Executive shall not be entitled to any statutory benefits under the Company’s severance benefits policy
or any other benefits except as expressly set forth in this Section 2, including in connection with any cooperation or consulting services that the Executive provides to the Company pursuant to Section 2(f) below.
Furthermore, the Executive’s indemnity and contractual rights to reimbursement for attorney’s fees and costs, as currently implemented, in connection with the SEC’s pending investigation, the existing class action and shareholder
derivative lawsuits, and such rights as applied to any future lawsuits or legal proceedings, as otherwise defined under the law and contractually, shall not be affected by this Agreement or by its termination. 

(e) Expenses. During the Term of this Agreement and thereafter, the Company shall reimburse the Executive for out-of-pocket expenses
that are reasonably incurred by the Executive with respect to the cooperation or consulting services that the Executive provides to the Company pursuant to Section 2(f) below; provided that such expenses (i) have been
approved in advance by the Chief Executive Officer of the Company and (ii) are evidenced with receipts or other documentation reasonably acceptable to the Company. 

(f) Advisory Duties and Fees. Following the Effective Date of this Agreement and during the Term of this Agreement, the Parties agree
that the Executive shall act in an advisory capacity and provide best efforts in assisting the Company and its affiliates in the following areas (collectively, the “Advisory Services”), all at the direction of the MX Board and the
Chief Executive Officer of the Company: 
  

	 	•	 	support the CEO in his communication with and exercise of authority over other executives; 

  

	 	•	 	advise and assist in the management of production processes, including the implementation of relevant cost-cutting measures; 

  

	 	•	 	facilitate a smooth transition in leadership with respect to positions that the Executive will vacate; 

  

	 	•	 	assist with the LG Display business; 

  

	 	•	 	assist with labor union negotiations; 

  
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	 	•	 	cooperate with the Company in connection with any pending litigation or investigation relating to the Company or its affiliates, including by providing any information or documents at the Company’s request;

  

	 	•	 	cooperate with the investigation being conducted by the U.S. Securities and Exchange Commission (the “SEC”), including by providing testimony, as may be requested by the SEC, provided that the
Executive will not be required to testify in the United States unless he receives adequate protection via a safe passage letter, as reasonably determined by the Executive’s legal counsel; and 

 

	 	•	 	any other matters the Company requests in its reasonable discretion. 

 In exchange for the
Advisory Services and the Executive’s cooperation under this Agreement, the Company agrees to the following terms and conditions: 
  

	 	•	 	During the Term, the Company will pay the Executive a monthly amount of KRW 27,439,200, which is 80% of his current monthly salary, payable on a monthly basis; and 

 

	 	•	 	During the Term, the Company will provide the Executive with a car and driver service (similar to the service provided to the Executive by the Company immediately prior to the Effective Date), solely for use in
connection with the provision of Advisory Services by the Executive and not for general use purposes. 

  

	 	•	 	During the Term, the Company will provide “4 Major Social Security Insurance Schemes” for the Executive and his dependents and annual medical examination (consistent with the examinations the Executive
received prior to signing this Agreement) for the Executive and his spouse. 

 The Parties agree that during the Term, the
Executive will be acting as an independent contractor, and the Company will have no obligations to the Executive other than as specified in this Section 2(f). 
  

	3.	Term and Termination 

 (a) This Agreement shall be effective as of the Effective
Date and, unless sooner terminated pursuant to Section 3(b) below, shall continue until the date that is 24 months after the Effective Date, at which time this Agreement shall automatically expire. The period during which this Agreement
is effective is referred to herein as the “Term.” 
 (b) This Agreement, including the Advisory Services described in
Section 2(f), may be terminated by the Company at any time prior to its automatic expiration, under the following circumstances: (i) the Executive’s breach of this Agreement that, if susceptible to cure, has not been cured as
reasonably determined by the Company within five (5) business days after notice requesting cure is delivered to the Executive by the Company; provided that the Company’s notice shall describe in reasonable detail the alleged breach
and the Company’s proposed resolution as well as the possibility of termination of this Agreement; (ii) the Executive’s plea of nolo contendre or guilty to, or conviction of, any crime related to the Executive’s services
with the Company; or (iii) death or impairment of the Executive’s physical and/or mental condition such that it inhibits him from performing his duties hereunder. This Agreement, including the Advisory Services described in
Section 2(f), may also be terminated by the Executive at any time for any reason. Termination of this Agreement pursuant to this Section 3(b) shall be effective immediately upon notice of such termination to the Executive or
the Company. This Agreement is expressly conditioned upon the Executive’s continued cooperation with the Company as provided in Section 4(b) below and the failure to cooperate will be grounds for the Company to terminate this
Agreement; provided that, if the Company fails to pay fees and expenses that are due pursuant to Section 2, the Company may not terminate this Agreement based on the Executive’s refusal to cooperate. 

  
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 (c) In the event that this Agreement is terminated pursuant to Sections 3(b) above, all
payments, obligations and benefits required to be provided under Section 2 and Section 4(b) shall cease immediately. 

(d) Notwithstanding expiration or termination of this Agreement, all of the provisions of this Agreement shall survive except for Sections
2(f), 4(b) and 7. Subject to the foregoing, upon expiration or termination, this Agreement shall have no further effect, and the Parties shall not have any liability to each other; provided that nothing herein shall relieve
the Parties from liability for any breach of this Agreement prior to such expiration or termination or liability arising under or relating to any other agreement or arrangements that are not subject to modification or otherwise superseded by this
Agreement, including the Executive’s rights with respect to indemnification and insurance coverage. 
  

	4.	Covenants 

 (a) Payment of Salary and Receipt of All Benefits. The
Executive acknowledges and represents that, other than the consideration set forth in this Agreement, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation
costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to the Executive. 

(b) Cooperation. During the Term of this Agreement and subject to the terms and conditions hereof, from time to time as requested by
the Company, MX, the Audit Committee of the Board of Directors of MX (the “Audit Committee”) or the Board of Directors of MX (the “MX Board”), the Executive shall cooperate with the Company and MX in all respects,
including cooperating in any review by the Audit Committee and in any related reviews, investigations and any restatement or transition related work, in each case as the Company, MX, the Audit Committee, the MX Board or the Chief Executive Officer
of MX (or his replacement or designee) may require. Without limiting and in furtherance of the foregoing, the Executive shall also cooperate with the Company and MX in all respects in connection with any formal or informal request, inquiry,
investigation, or other proceeding involving any regulatory or enforcement organization, governmental or otherwise, including the SEC, the U.S. Department of Justice and other U.S. and non-U.S. authorities. Such cooperation shall include the
Executive being reasonably available (including the Executive traveling to the United States, provided that the Executive will not be required to testify in the United States unless he receives adequate protection via a safe passage letter,
as reasonably determined by the Executive’s legal counsel) for consultation, interviews or testimony; the Executive providing or making reasonably available relevant documents and information; the Executive providing truthful testimony; and the
Executive coordinating activities with the Company to the extent reasonable. For the avoidance of doubt, the Executive, in providing such services, shall be an independent contractor and shall not be an employee of the Company or any of its
affiliates, and the Executive shall not be entitled to any additional compensation beyond that provided in Section 2 above for cooperating in the manner required by this Agreement. The Parties agree that, while the Executive shall
continue to keep himself available to provide full-time services during the Term on projects specifically requested by the Company, the Executive is not required to report to the Company’s office on a regular basis or perform other duties of a
full-time employee. 
 (c) Non-Disparagement. The Executive agrees to refrain from any disparagement, defamation, libel or slander of
any of the Releasees (as defined below), and agrees to refrain from any tortious interference with the contracts and relationships of any of the Releasees described in Section 5 below. 

  
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 (d) Non-Solicitation and Non-Competition. The Executive agrees that during the Term and
for a period of one (1) year immediately following the Term, the Executive shall not directly or indirectly solicit any of the Company’s employees to leave their employment with the Company and shall not engage in any activities or
services that are competitive with the Company or any of its affiliates. 
 (e) Confidential Information. The Executive acknowledges
that he has had and will have access to confidential or proprietary information relating to the business of, or belonging to, the Company or its affiliates, including proprietary or confidential information, technical data, trade secrets, or
know-how in respect of research, product plans, products, service, customer, markets, computer software (including object code and source code), data and database, outcomes research, documentation, instructional material, developments, inventions,
processes, formulas, technology, design, drawings, engineering, hardware, configuration information, models, manufacturing processes, sales information, cost information, business plans, business opportunities, marketing, finances or other business
information disclosed to the Executive in any manner including by drawings or observations of parts or equipment, etc. (individually and collectively, “Confidential Information”), all of which have substantial value of the Company.

 (i) During the Term and thereafter, the Executive may from time to time be provided documents in order to meet his obligation to
cooperate pursuant to Section 2(f). The Executive acknowledges the confidential nature of such documents and agrees to treat them as “Confidential Information” as otherwise provided for herein. 

(ii) The Executive acknowledges that he shall not, without the prior written consent of the Company, (A) use any Confidential Information
except in the course of providing services contemplated in Section 2(f) above, or (B) disclose any Confidential Information to any third party other than (1) the Executive’s legal counsel to the extent necessary for such
legal counsel’s representation of the Executive (it being agreed that any legal counsel to whom Confidential Information is communicated shall be informed by the Executive of the confidential nature of the Confidential Information and such
legal counsel shall be bound by an obligation of confidentiality, no less restrictive than the terms of this Agreement, not to disclose that information to any other person, with the Company being the beneficiary of such obligation, and it being
further agreed that, if any such legal counsel discloses any Confidential Information to its employees or consultants, then any unauthorized use or disclosure of Confidential Information by such persons shall be deemed a breach of such
counsel’s confidentiality obligation) and (2) as required by applicable laws, provided that the Executive gives the Company prompt written notice of such requirement prior to such disclosure and gives assistance in obtaining an
order protecting the information from public disclosure. 
 (iii) During the Term and thereafter, the Executive shall respect and adhere to
any non-disclosure, confidentiality or similar agreements to which the Company or any of its affiliates are a party or subject. 
 (iv) The
Executive hereby confirms that all Confidential Information and Company Materials (as defined below) are and shall remain the exclusive property of the Company. During the Term and thereafter, upon the request of the Company, the Executive shall
either return or destroy all Company Materials, or any reproduction of such materials, apparatus, equipment and other physical property; provided that the Company shall, upon the Executive’s written request, provide a written statement
by its counsel confirming that the Company’s request for return or destruction, as the case may be, is in compliance with all applicable laws; and provided further that the Company shall reimburse all costs reasonably incurred therefor.
For purpose of this Agreement, “Company Materials” are documents or other media or tangible items that contain or embody Confidential Information or any other information concerning the business, operation or plans of the Company,
whether such documents have been prepared by the Executive or others. 

  
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 (f) Entrustment Agreement Covenants. The Executive shall respect and adhere to
Article 7 (Service Inventions, Etc.) and Article 8 (Confidentiality and Non-Competition) of the Entrustment Agreement in accordance with the terms thereof. 
  

	5.	Release of Claims 

 The Executive agrees that, as of the Effective Date, except
for the payments and benefits described in Section 2 above, all amounts and all outstanding obligations owed to the Executive by the Company, MX or any of their direct or indirect subsidiaries, or any of their respective shareholders,
directors, officers, managers, members, supervisors, agents and employees have been paid in full. The Executive, on the Executive’s own behalf, and on behalf of the Executive’s respective heirs, family members, executors, agents and
assigns, hereby fully and forever releases the Company, MX, all of their direct and indirect subsidiaries, and all of their respective shareholders, directors, officers, managers, members, supervisors, agents and employees, and their respective
predecessors, successors and assigns (collectively, the “Releasees”), from, and agree not to sue for, file, make complaint or prosecute any claim, duty, obligation or cause of action relating to any matters of any kind, whether
presently known or unknown, suspected or unsuspected, that the Executive may possess arising from any omissions, acts or facts that have occurred from the beginning of time up until and including the end of the Term, including: 

(a) any and all claims relating to or arising from the Executive’s relationship with the Company, MX (or any of their respective
affiliates) and the termination of that relationship; 
 (b) any and all claims under the law of any jurisdiction, including those relating
to wrongful discharge of employment, constructive discharge from employment, termination in violation of public policy, employment discrimination (including claims under Korean Law and the laws of the State of California, and in this regard the
Executive acknowledges that the payments and related benefits provided in Section 2 above constitute additional consideration for the release of those claims), harassment, retaliation, breach of contract, both express and implied, breach
of a covenant of good faith and fair dealing, both express and implied, promissory estoppel, negligent or intentional infliction of emotional distress, invasion of privacy, workers’ compensation or disability benefits; and 

(c) any and all claims for violation of any U.S. federal, state, or municipal statute, including: Title VII of the Civil Rights Act of
1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the
Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; the Immigration Control and Reform
Act. 
 The Executive agrees and acknowledges that the release set forth in this Section 5 shall be and remain in effect in all
respects as a complete general release as to the matters released. This release does not extend to any obligations incurred under, or expressly reserved as unaffected by, this Agreement. 

 

	6.	Unknown Claims 

 The Executive acknowledges that he has been advised to consult
with legal counsel and that he is familiar with the principle that a general release does not extend to claims that the releaser does not know or suspect to exist in his favor at the time of executing the release, which, if known by him, must have
materially affected his settlement with the Releasee. The Executive, being aware of said principle, agrees to expressly waive any rights he may have to that effect, as well as under any other statute or common law principles of similar effect. 

  
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	7.	Documents 

 During the Term of this Agreement, for so long as the Executive is
complying with the covenants set forth in Section 4(b) (as reasonably determined by the Company), the Company agrees to provide the Executive with reasonable access to documents related to the SEC’s investigation of the Company and
any related litigation. 
  

	8.	General Provisions 

 (a) Tax Withholding. Any payment or benefit provided
to the Executive hereunder shall be paid after withholding tax pursuant to the applicable law of Republic of Korea. 
 (b) Notices.
Any notice hereunder by a Party to the other Party shall be given in writing by personal delivery, or by courier (via a reputable international delivery company), or by email (but only if the recipient confirms receipt by reply email), in any case
delivered to the applicable address set forth below: 
  

							
	 	(i)	  		To the Company:		MagnaChip Semiconductor, Ltd.
							424, Teheran-ro, Gangnam-gu
							Seoul 135-738, Republic of Korea
							Email:    theodore.kim@magnachip.com
							Attn:    General Counsel
			
					With a copy to:		Jones Day
							1755 Embarcadero Road
							Palo Alto, CA 94303
							Email:    mreagan@jonesday.com
							Attn:    Micheal J. Reagan
					and:		
							Paul, Weiss, Rifkind, Wharton & Garrison LLP
							1285 Avenue of the Americas
							New York, NY 10019-6064
							Email:    dkramer@paulweiss.com
							Attn:    Daniel J. Kramer
			
	 	(ii)	  		To the Executive:		Tae Young Hwang
							Email:    tyhwang0091@naver.com
			
					With a copy to:		Ekwan E. Rhow
							 Bird, Marella, Boxer, Wolpert, Nessim, Drooks,

Lincenberg & Rhow, P.C.

							1875 Century Park East, 23rd Floor
							Los Angeles, CA 90067-2561
							Email:    eer@birdmarella.com
					and:		
							Taek Rim Oh
							Lee & Ko
							Hanjin Building
							63 Namdaemun-ro, Jung-gu
							Seoul 100-770, Republic of Korea
							Email:    tro@leeko.com

 or to such other persons or other addresses as one Party may specify to the other Party by notice. Delivery shall be deemed
effective (A) in the case of personal delivery, upon receipt, (B) in the case of courier, three (3) business days after dispatch, and (C) in the case of email, upon recipient’s confirmation of receipt. 

  
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 (c) Amendment. No provision of this Agreement may be amended, modified, waived or
discharged unless such amendment, modification, waiver or discharge is agreed to in writing and signed by both Parties. No waiver by either Party hereto at any time of any breach by the other Party hereto of, or compliance with, any condition or
provision of this Agreement to be performed by such other Party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

(d) Severability. If any term or provision hereof is determined to be invalid or unenforceable in a final court or arbitration
proceeding, (i) the remaining terms and provisions hereof shall be unimpaired and (ii) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable term or provision. 
 (e) Governing Law and Venue. This Agreement shall be
governed by and construed in accordance with the laws of the Republic of Korea. 
 (f) Entire Agreement. With the exception of
Articles 7 and 8 of the Entrustment Agreement, this Agreement contains the entire agreement of the Executive, the Company and any predecessors or affiliates thereof with respect to the subject matter hereof, and all prior agreements (including
the Entrustment Agreement) and negotiations are superseded hereby as of the Effective Date, other than to the extent expressly provided for herein or in prior agreements between the Company and the Executive concerning confidentiality or otherwise
protecting the Company’s information and trade secrets. MX is a third-party beneficiary to this Agreement. 
 (g)
Interpretation. When a reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. All words used in this Agreement shall be construed to be of such gender or
number as the circumstances require. The word “including” and words of similar import when used in this Agreement shall mean “including, without limitation.” 

(h) Counterparts. This Agreement may be executed by the Parties hereto in counterparts, each of which shall be deemed an original, but
both such counterparts shall together constitute one and the same document. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Parties have executed this Agreement, effective as of the day and
year first written above. 
  

									
	MAGNACHIP SEMICONDUCTOR, LTD.						
					
	By:		 /s/ Young-Joon Kim
				Date:		April 30, 2015
	Name:		Young-Joon Kim						
	Title:		Representative Director						
				
	TAE YOUNG HWANG						
				
	     /s/ Tae Young Hwang
				Date:		April 30, 2015

  
 9EX-10.29-1

 Exhibit 10.29-1 

ADVISORY SERVICES AND SEPARATION AGREEMENT 

This Advisory Services and Separation Agreement (“Agreement”) is made by and between Brent Rowe
(“Executive”) and MagnaChip Semiconductor, Inc., a California corporation (the “Company”) (jointly referred to as the “Parties”): 

WHEREAS, Executive was an at-will employee employed by the Company pursuant to the offer letter dated as of March 7, 2006 (the
“Offer Letter”); 
 WHEREAS, Executive’s employment will terminate effective May 31, 2015 (the
“Separation Date”), and whereby the Executive voluntarily resigned, effective as of May 21, 2015 pursuant to that certain resignation letter dated as of May 21, 2015, from all positions with the Company’s parent
company, MagnaChip Semiconductor Corporation (“MX”), and each of MX’s direct and indirect subsidiaries (including his position as a director and the president of the Company); 

WHEREAS, Executive executed the Company’s Proprietary Information and Invention Assignment Agreement on April 10, 2006; and 

WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the
Executive may have against the Company, including, but not limited to, any and all claims arising or in any way related to Executive’s employment with or separation from the Company. 

NOW THEREFORE, in consideration of the promises made herein, the Parties hereby agree as follows: 

1. Consideration and Advisory Duties. 

(a) Consideration. As consideration for the release of claims and all other covenants made herein, the Parties agree that Executive
shall receive consideration of $170,000 (One Hundred Seventy Thousand Dollars). This consideration payment will be made as follows: (i) Executive will receive $134,000 (One Hundred Thirty Four Thousand Dollars) less applicable withholdings,
within five (5) business days of the Effective Date (as defined in Section 31 below) of this Agreement, provided that Executive has not revoked this Agreement before that time, and (ii) the remaining $36,000 (Thirty-Six
Thousand Dollars) will be payable on a monthly basis at $4,000 (Four Thousand Dollars) per month commencing on the Effective Date of this Agreement for a period of nine (9) months, or until Executive has secured other employment, whichever
occurs first, as further set forth in paragraph (d) below. The consideration payments are subject to all normally required tax and other withholdings. 

(b) Unemployment Benefits. The Company will not contest Executive’s request for unemployment benefits or challenge
Executive’s application for unemployment benefits. 
 (c) Golf Membership. Executive will relinquish and the Company will assume
ownership of Executive’s golf membership at Silver Creek Valley Country Club. Executive will provide all reasonable cooperation to the Company with respect to the transfer of such membership, and the Parties acknowledge that Executive will not
receive any consideration for such transfer. 
 (d) Advisory Duties and Fees. Following the Effective Date of this Agreement and for
a period of nine (9) months from the Effective Date of this Agreement, the Parties agree that Executive shall act in an advisory capacity and provide best efforts in assisting the Company, MX and any subsidiaries thereof (collectively, the
“Subsidiaries”) in the following areas (collectively, the “Advisory Services”): 
  

	 	•	 	support the CEO of MX and the president of the Company in his communication with and exercise of authority over other executives; 

  
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	 	•	 	facilitate a smooth transition in leadership with respect to duties and positions that Executive will vacate; 

  

	 	•	 	consult with and advise Affiliates (as defined in Section 5 below) as the CEO of MX may direct from time to time ; and 

  

	 	•	 	any other matters the Company requests in its reasonable discretion. 

 In exchange for the
Advisory Services and Executive’s cooperation under this Agreement, the Company agrees to the following terms and conditions: 
  

	 	•	 	During the period of the Advisory Services, the Company will pay the Executive a monthly amount of $4,000 (Four Thousand Dollars), payable on a monthly basis as outlined in Section 1(a). 

 

	 	•	 	During the period of the Advisory Services, the Company will pay the Executive’s car lease payments of up to $710 (Seven Hundred Ten Dollars) per month. If Executive obtains full-time employment before the
conclusion of the period of Advisory Services, the Company will cease paying Executive’s car lease payments at the time Executive obtains such employment. The Company will not pay for any of Executive’s car insurance. 

 

	 	•	 	During the period of the Advisory Services, the Company will reimburse Executive, up to $2,560 (Two Thousand Fiver Hundred Sixty Dollars) per month, for the payments Executive makes for coverage pursuant to the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), provided Executive timely elects and pays for continuation coverage pursuant to COBRA, within the time period prescribed pursuant to COBRA. COBRA
reimbursements will be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy, provided that Executive submits documentation to the Company substantiating his payments for COBRA coverage. If
Executive obtains full-time employment before the conclusion of the period of Advisory Services, the Company will cease reimbursing Executive’s COBRA payments at the time Executive obtains such employment. 

The Parties agree that during the term of the Advisory Services period, Executive will be acting as an independent contractor, and the Company
will have no obligations to the Executive other than as specified in this Section 1(d). 
 2. Benefits. Executive’s
health insurance benefits cease on the Separation Date, subject to Section 1(d). Executive’s participation in, and accrual of, all other benefits and incidents of employment, including but not limited to incentives, vacation time
and paid time off, cease on the Separation Date. 
 3. Options. Each vested stock option granted to the Executive pursuant to the
MX’s 2009 Common Unit Plan or its 2011 Equity Incentive Plan (the “Plans”) that remains outstanding and unexercised as of the Separation Date, as set forth on Exhibit A (collectively, the “Outstanding
Options”), 

  
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shall remain exercisable through the earliest to occur of (a) the date that is 24 months after the Separation Date, (b) a Change in Control (as defined in the Plans) or (c) the
expiration of the original term of the Outstanding Options (in each case, to the extent not exercised prior to such date), at which time any then-unexercised Outstanding Options shall expire and terminate and the Executive shall have no further
rights with respect to such expired and terminated Outstanding Options. Except as otherwise amended by this Agreement, the Outstanding Options continue to be governed by the original terms set forth in the applicable option agreements and the Plans.

 4. Payment of Salary, Accrued Vacation and Expense Reimbursements. Executive acknowledges and represents that the Company has paid
all salary, wages, bonuses, severance, annual incentive, deferred compensation, accrued vacation and paid time off, leaves, commissions, expense reimbursements, stock, stock options, housing allowances, relocation costs, vesting, interest, and any
and all other benefits due to Executive as of the Separation Date. 
 5. Release of Claims. Executive agrees that the foregoing
consideration represents settlement in full of all outstanding obligations owed to Executive by the Company, MX or the Subsidiaries and all of their respective officers, managers, members, supervisors, members of their board of directors, agents,
employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessors, successors and assigns (collectively, the “Affiliates”). Executive, on Executive’s own behalf, and on behalf of
Executive’s respective heirs, family members, executors, agents and assigns, hereby fully and forever releases the Company, MX, the Subsidiaries and the Affiliates (the “Releasees”), from, and agrees not to sue concerning, any
claim, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess arising from any omissions, acts or facts that have occurred up until and
including the Effective Date of this Agreement, including without limitation: 
 (a) any and all claims relating to or arising from
Executive’s employment relationship with the Company and the termination of that relationship; 
 (b) any and all claims relating to,
or arising from, Executive’s right to purchase, or actual purchase of, equity of the Company, MX or any Affiliate, including without limitation any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable
state corporate law and securities fraud under any state or federal law; 
 (c) any and all claims under the law of any jurisdiction,
including but not limited to wrongful discharge of employment, constructive discharge from employment, termination in violation of public policy, discrimination, harassment, retaliation, breach of contract, both express and implied, breach of a
covenant of good faith and fair dealing, both express and implied; promissory estoppel, negligent or intentional infliction of emotional distress, negligent or intentional misrepresentation, fraud, negligent or intentional interference with contract
or prospective economic advantage, unfair business practices, defamation, libel, slander, negligence, personal injury, assault, battery, invasion of privacy, false imprisonment, conversion, workers’ compensation and disability benefits; 

(d) any and all claims for violation of any national, federal, state or municipal statute, including, but not limited to, Title VII of the
Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Equal Pay Act, the Fair Credit Reporting Act, the Immigration Control and Reform Act, the Fair
Labor Standards Act, the Employee Retirement Income Security Act of 1974, The Worker Adjustment and Retraining Notification Act, the Older Workers Benefit Protection Act, the Family and Medical Leave Act, the California Family Rights Act, the
California Workers’ Compensation Act, the California Fair Employment and Housing Act, and the California Labor Code; 

  
 3 

 (e) any and all claims for violation of the federal, or any state, constitution; 

(f) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; 

(g) any claim for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the
proceeds received by Executive as a result of this Agreement; and 
 (h) any and all claims for attorneys’ fees and costs. 

The Company and Executive agree that the release set forth in this Section shall be and remain in effect in all respects as a complete general
release as to the matters released. This release does not extend to any obligations incurred under this Agreement. This release does not release claims that cannot be released as a matter of law, including, but not limited to, Executive’s right
to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment,
against the Company (with the understanding that any such filing or participation does not give Executive the right to recover any monetary damages against the Company; Executive’s release of claims herein bars Executive from recovering such
monetary relief from the Company). Notwithstanding the foregoing, Executive acknowledges that any and all disputed wage claims that are released herein shall be subject to binding arbitration in accordance with Section 22 below, except
as required by applicable law. Executive represents that he has made no assignment or transfer of any right, claim, complaint, charge, duty, obligation, demand, cause of action, or other matter waived or released by this Section. 

6. California Civil Code Section 1542. Executive represents that Executive is not aware of any claim by Executive other than the
claims that are released by this Agreement. Executive acknowledges that Executive has had the opportunity to be advised by legal counsel and is familiar with the provisions of California Civil Code Section 1542, which provides as follows: 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 Executive, being aware of
said code section, agrees to expressly waive any rights Executive may have thereunder, as well as under any other statute or common law principles of similar effect. 

7. Acknowledgement of Waiver of Claims Under ADEA. Executive acknowledges that Executive is waiving and releasing any rights Executive
may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and voluntary. Executive and the Company agree that this waiver and release does not apply to any rights or claims
that may arise under ADEA after the Effective Date of this Agreement. Executive acknowledges that the consideration given for this waiver and release Agreement is in addition to anything of value to which Executive was already entitled. Executive
further acknowledges that Executive has been advised by this writing that: 
 (a) Executive should consult with an attorney prior to
executing this Agreement; 

  
 4 

 (b) Executive has up to twenty one (21) days within which to consider this Agreement; 

(c) Executive has seven (7) days following Executive’s execution of this Agreement to revoke the Agreement; 

(d) this Agreement shall not be effective until the revocation period has expired; and 

(e) nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of
this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically authorized by federal law. 

In the event Executive signs this Agreement and returns it to the Company in less than the 21-day
period identified above, Executive hereby acknowledges that he has freely and voluntarily chosen to waive the time period allotted for considering this Agreement. Executive acknowledges and understands that revocation must be accomplished by a
written notification to the person executing this Agreement on the Company’s behalf that is received prior to the Effective Date. The parties agree that changes, whether material or immaterial, do not restart the running of the 21-day period.

 8. No Pending or Future Lawsuits. Executive represents that Executive has no lawsuits, claims, or actions pending in
Executive’s name, or on behalf of any other person or entity, against the Company or any other Releasee. Executive also represents that Executive does not intend to bring any claims on Executive’s own behalf or on behalf of any other
person or entity against the Company or any other Releasee. 
 9. Application for Employment. While the Company may offer to re-hire
Executive, Executive understands and agrees that, as a condition of this Agreement, Executive shall not be entitled to any employment with the Company, and Executive hereby waives any right, or alleged right, of employment or re-employment with the
Company. Executive further agrees that Executive will not apply for employment with the Company. 
 10. Confidential Information.
Executive acknowledges that Executive has signed a Proprietary Information and Invention Assignment Agreement dated as of April 10, 2006 (the “Proprietary Information Agreement”). Executive reaffirms Executive’s obligation
to comply with the terms and conditions of the Proprietary Information Agreement. Executive shall return all of the Company’s property and confidential and proprietary information in Executive’s possession to the Company as required by the
terms of the Proprietary Information Agreement. By signing this Agreement, Executive represents and declares under penalty of perjury that Executive has returned all Company property and confidential and proprietary information in Executive’s
possession to the Company. 
 11. Confidentiality. The Parties acknowledge that Executive’s agreement to keep the terms and
conditions of this Agreement confidential was a material factor on which all parties relied in entering into this Agreement. Executive agrees to use Executive’s best efforts to maintain in confidence the existence of this Agreement, the
contents and terms of this Agreement, and the consideration for this Agreement (hereinafter collectively referred to as “Settlement Information”). Executive agrees to take every reasonable precaution to prevent disclosure of any
Settlement Information to third parties, and agrees that there will be no publicity, directly or indirectly, concerning any Settlement Information. Executive agrees to take every precaution to disclose Settlement Information only to those attorneys,
accountants, governmental entities, courts of law and family members who have a reasonable need to know (or as required by applicable law) of such Settlement Information. Executive will not have communication with any Company employees, partners,
customers, stockholders, or any other third party regarding Executive’s separation from the Company without prior consent of MX’s CEO or General Counsel. 

  
 5 

 The Parties agree that if the Company proves that Executive breached this Confidentiality
provision, the Company shall be entitled to an award of its costs spent enforcing this provision, including all reasonable attorneys’ fees associated with the enforcement action, without regard to whether the Company can establish actual
damages from Executive’s breach, except to the extent that such breach constitutes a legal action by Executive that directly pertains to the ADEA. Any such individual breach or disclosure shall not excuse Executive from his obligations
hereunder, nor permit him/her to make additional disclosures. Executive warrants that he has not disclosed, orally or in writing, directly or indirectly, any of the Settlement Information to any unauthorized party. 

12. No Cooperation. Executive agrees Executive will not act in any manner that might damage the business of the Company. Executive
agrees that Executive will not encourage, counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Releasees,
unless under a subpoena or other court order to do so or as related directly to the ADEA waiver in this Agreement. Executive shall inform the Company in writing within three (3) days of receiving any such subpoena or other court order. 

13. Non-Disparagement. Executive agrees to refrain from any defamation, libel, or slander of the Releasees, and any tortious
interference with the contracts, relationships and prospective economic advantage of the Releasees. Executive agrees that Executive shall direct all inquiries by potential future employers to the Company’s General Counsel. 

14. Non-Solicitation. Executive agrees that for a period of twelve (12) months immediately following the Effective Date of this
Agreement, Executive shall not either directly or indirectly solicit any of the employees of MX, the Company or the Subsidiaries to leave their employment at the Company, MX or the Subsidiaries. 

15. Breach. Executive acknowledges and agrees that any breach of any provision of this Agreement, shall constitute a material breach of
this Agreement and shall entitle the Company immediately to recover and/or cease the consideration payments provided to Executive under this Agreement, including the payment and benefits as set forth in Section 1(d). 

16. No Knowledge of Wrongdoing. Executive represents that Executive has no knowledge of any wrongdoing involving improper or false
claims against a national, federal, or state governmental agency, or any other wrongdoing that involves Executive or other present or former Company employees. 

17. No Admission of Liability. The Parties understand and acknowledge that this Agreement constitutes a compromise and settlement of
actual or potential disputed claims. No action taken by the Parties hereto, or either of them, either previously or in connection with this Agreement shall be deemed or construed to be: 

(a) an admission of the truth or falsity of any claims made or any potential claims; or 

(b) an acknowledgment or admission by either Party of any fault or liability whatsoever to the other Party or to any third party. 

18. Indemnification. Executive agrees to indemnify and hold harmless the Company from and against any and all loss, costs, damages or
expenses, including, without limitation, attorneys’ fees or 

  
 6 

 
expenses incurred by the Company arising out of the breach of this Agreement by Executive, or from any false representation made herein by Executive, or from any action or proceeding which may be
commenced, prosecuted or threatened by Executive or for Executive’s benefit, upon Executive’s initiative, or with Executive’s aid or approval, contrary to the provisions of this Agreement. Executive further agrees that in any such
action or proceeding, this Agreement may be pled by the Company as a complete defense, or may be asserted by way of counterclaim or cross-claim. 

19. Reasonable Assistance. Executive acknowledges the continuation of Executive’s obligations to assist Company pursuant to
Section 2.8 of the Proprietary Information and Invention Assignment Agreement. In addition, Executive acknowledges that Executive’s assistance may be required regarding certain ongoing dispute resolution and corporate matters of Company.
To that end, Executive will execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as the Company may reasonably request. Executive’s obligation to assist the Company under this Section shall
continue beyond the Separation Date, provided that Company shall compensate Executive at a reasonable rate after the Separation Date for the time actually spent by Executive at the Company’s request on such assistance, and provided,
further, that Executive is not entitled to any additional compensation for such assistance. 
 20. Costs. The Parties shall each
bear their own costs, expert fees, attorneys’ fees, and other fees incurred in connection with this Agreement, except as provided herein. 

21. Tax Consequences. The Company makes no representations or warranties with respect to the tax consequences of the payments and any
other consideration provided to Executive or made on his behalf under the terms of this Agreement. Executive agrees and understands that he is responsible for payment, if any, of local, state, and/or federal taxes on the payments and any other
consideration provided hereunder by the Company and any penalties or assessments thereon. Executive further agrees to indemnify and hold the Company harmless from any claims, demands, deficiencies, penalties, interest, assessments, executions,
judgments, or recoveries by any government agency against the Company for any amounts claimed due on account of (a) Executive’s failure to pay or delayed payment of federal or state taxes, or (b) damages sustained by the Company by
reason of any such claims, including attorneys’ fees and costs. 
 22. Arbitration. The Parties agree that any and all disputes
arising out of the terms of this Agreement, their interpretation, and any of the matters herein released, shall be subject to binding arbitration in Santa Clara County, California, before the American Arbitration Association (“AAA”)
under its National Rules for the Resolution of Employment Disputes, and the arbitrator shall administer and conduct arbitration in accordance with California law, and the arbitrator shall apply substantive and procedural California law to any
dispute or claim without reference to any conflict-of-law provisions of any jurisdiction. To the extent the AAA rules conflict with California law, California law takes precedence. The decision of the arbitrator shall be final and binding on the
parties to the arbitration. The Parties agree that the prevailing Party in any arbitration shall be entitled to injunctive relief in any court of competent jurisdiction to enforce the arbitration award. The Parties agree that the prevailing Party in
any arbitration shall be awarded its reasonable attorneys’ fees and costs. The parties to the arbitration shall each pay an equal share of the costs and expenses of such arbitration, and each party shall separately pay for its respective
counsel fees and expenses; provided, however, that the arbitrator shall award attorneys’ fees and costs to the prevailing party, except as prohibited by law. The Parties hereby agree to waive their right to have any dispute
between them resolved in a court of law by a judge or jury. This Section will not prevent either Party from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of
their dispute relating to Executive’s obligations under this Agreement and the Proprietary Information Agreement. Should any part of the arbitration agreement contained in this section conflict with any other arbitration agreement between the
Parties, the Parties agree that this arbitration agreement shall govern. 

  
 7 

 23. Authority. The Company represents and warrants that the undersigned has the authority
to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Executive represents and warrants that Executive has the capacity to act on Executive’s own behalf and on
behalf of all who might claim through Executive to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any
of the claims or causes of action released herein. 
 24. No Representations. Each Party represents that it has had the opportunity
to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. In entering into this Agreement, neither Party has relied upon any representations or statements made by the other Party
hereto which are not specifically set forth in this Agreement. 
 25. Severability. In the event that any provision, or any portion
thereof, becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision or portion of said provision. 

26. Attorneys’ Fees. Except with regard to a legal action challenging or seeking a determination in good faith of the validity of
the waiver herein under the ADEA, in the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to recover its costs and expenses, including the costs of mediation,
arbitration, litigation, court fees, and reasonable attorneys’ fees incurred in connection with such an action. 
 27. Entire
Agreement. This Agreement, together with the Proprietary Information and Invention Assignment Agreement and Executive’s option agreement, represent the entire agreement and understanding between the Company and Executive concerning the
subject matter of this Agreement and Executive’s relationship with the Company, and supersede and replace any and all prior agreements and understandings between the Parties concerning the subject matter of this Agreement and Executive’s
relationship with the Company. 
 28. No Waiver. The failure of the Company to insist upon the performance of any of the terms and
conditions in this Agreement, or the failure to prosecute any breach of any of the terms and conditions of this Agreement, shall not be construed thereafter as a waiver of any such terms or conditions. This entire Agreement shall remain in full
force and effect as if no such forbearance or failure of performance had occurred. 
 29. No Oral Modification. This Agreement may
only be amended in a writing signed by Executive and the Chief Executive Officer or other duly authorized officer of the Company. 
 30.
Governing Law. This Agreement shall be construed, interpreted, governed, and enforced in accordance with the laws of the State of California, without regard to choice of law provisions. Executive hereby consents to personal and exclusive
jurisdiction and venue in the State of California. 
 31. Effective Date. Executive understands that this Agreement shall be null and
void if not executed by him within twenty one (21) days. Each Party has seven (7) days after that Party signs this Agreement to revoke it. This Agreement will become effective on the eighth (8th) day after Executive signed this
Agreement, so long as it has been signed by the Parties and has not been revoked by either Party before that date (the “Effective Date”). 

  
 8 

 32. Counterparts. This Agreement may be executed in counterparts and by facsimile, and
each counterpart shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 

33. Binding Effect. This Agreement shall be binding upon and inure to the benefit of Executive and Executive’s heirs, executors,
personal representatives, assigns, administrators, and legal representatives. This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns and legal representatives. 

34. Voluntary Execution of Agreement. This Agreement is executed voluntarily and without any duress or undue influence on the part or
behalf of the Parties, with the full intent of releasing all claims. The Parties acknowledge that: 
 (a) They have read this Agreement;

 (b) They have been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of their own choice or
that they have voluntarily declined to seek such counsel; 
 (c) They understand the terms and consequences of this Agreement and of the
releases it contains; and 
 (d) They are fully aware of the legal and binding effect of this Agreement. 

[Signature Page Follows] 

  
 9 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth
below. 
  

									
							COMPANY:
				
							MagnaChip Semiconductor, Inc.
					
	Dated:		 May 22, 2015
				By:		 /s/ Young-Joon Kim

							Name:		Young-Joon Kim
							Title:		Director
				
							EXECUTIVE:
				
	Dated:		 May 20, 2015
				 /s/ Brent Rowe

							Brent Rowe

 [SIGNATURE PAGE TO ADVISORY SERVICES AND SEPARATION AGREEMENT] 

  
 10 

 EXHIBIT A 

OUTSTANDING OPTIONS 
  

													
	 Grant Date
	  	Number of Shares
Granted	 	  	Exercise Price
per Share	 	  	Number of
Vested Shares	 
	 December 8, 2009
	  	 	105,000	  	  	$	5.88	  	  	 	105,000	  
	 January 15, 2012
	  	 	25,000	  	  	$	7.75	  	  	 	25,000	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
		 	130,000	  						 	130,000	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 1

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