Document:

Convertible Promissory Note

 Exhibit 4.10 
 THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF
APPLICABLE STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO
THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 THIS NOTE AND THE SHARES ISSUABLE UPON CONVERSION OF THIS NOTE ARE SUBJECT TO A 180-DAY MARKET STAND-OFF RESTRICTION AS SET FORTH HEREIN. AS A RESULT OF SUCH RESTRICTION, THIS NOTE AND THE SHARES
ISSUABLE UPON CONVERSION OF THIS NOTE MAY NOT BE TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF A REGISTERED PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THIS NOTE AND THE SHARES
ISSUABLE UPON CONVERSION OF THIS NOTE. 
 CONVERTIBLE PROMISSORY NOTE 

OF 

GCT SEMICONDUCTOR, INC. 

No. N-             

 

					
	Principal Amount: (Won) 6,898,000,000	  	 	Made as of February 6, 2009	  

 For value received, GCT Semiconductor, Inc., a Delaware corporation (the
“Company”), with principal offices at 2121 Ringwood Avenue, San Jose, CA 95131, hereby promises to pay to M-China Investment Limited Partnership or his/her registered and permitted assigns (“Holder”),
the principal sum of South Korean Won (Won) 6,898,000,000 (the “Principal Amount”), or such lesser amount as shall then equal the outstanding principal amount hereunder, together with simple interest on the unpaid principal
balance at a rate equal to six percent (6%) per annum, computed on the basis of the actual number of days elapsed and a year of 365 days from the date of this Note (as defined below) until the principal amount and all interest accrued thereon
are paid (or converted, as provided in Section 2 hereof). The unpaid Principal Amount (unless converted in accordance with Section 2), together with any then unpaid accrued interest, shall be due immediately upon (i) Holder’s
demand on or after the Maturity Date (as defined below) or (ii) the occurrence of an Event of Default (as defined below), at the principal offices of the Company or by mail to the address of the registered holder of this Note in lawful money of
the United States. Company shall 

 
pay unpaid Principal Amount and unpaid accrued interest within thirty (30) days of the Maturity Date. The portion of the unpaid Principal Amount and unpaid accrued interest that is not paid
within such thirty (30) day period shall bear interest at the rate of seventeen percent (17%) per annum. 
 The following is a statement of the rights of Holder and the conditions to which this Note is subject, and to which Holder hereof, by the acceptance of this Note, agrees: 

1. DEFINITIONS. The following definitions shall apply for all purposes of this Note: 

1.1 “Acquisition” means the closing of: (a) the sale of all or
substantially all of the Company’s assets; (b) the sale or exchange of the capital stock by the stockholders of the Company in one transaction or series of related transactions where more than 50% of the outstanding voting power of the
Company is acquired by a person or entity or group of related persons or entities; or (c) a reorganization, consolidation, merger or similar transaction or series of related transactions (each, a “Combination
Transaction”) in which the Company is a constituent corporation or is a party if, as a result of such Combination Transaction, the voting securities of the Company that are outstanding immediately prior to the consummation of such
Combination Transaction (other than any such securities that are held by an “Acquiring Stockholder,” as defined below) do not represent, or are not converted into, securities of the surviving corporation of such Combination
Transaction (or such surviving corporation’s parent corporation if the surviving corporation is owned by the parent corporation) that, immediately after the consummation of such Combination Transaction, together possess at least a majority of
the total voting power of all securities of such surviving corporation (or its parent corporation, if applicable) that are outstanding immediately after the consummation of such Combination Transaction, including securities of such surviving
corporation (or its parent corporation, if applicable) that are held by the Acquiring Stockholder; or (c) a sale of all or substantially all of the assets of the Company, that is followed by the distribution of the proceeds to the
Company’s stockholders. For purposes of this section, an “Acquiring Stockholder” means a stockholder or stockholders of the Company that (i) merges or combines with the Corporation in such combination transaction or
(ii) owns or controls a majority of another corporation that merges or combines with the Corporation in such combination transaction. 
 1.2 “Company” means the “Company” as defined above and includes any corporation which shall succeed to or assume the obligations of the Company under
this Note. 
 1.3 “Conversion Exchange Rate” means
the Exchange Rate at the close of business on the business day preceding the date of conversion of this Note pursuant to Section 2; provided that such Exchange Rate shall not be lower than the Maximum Exchange Rate. 

1.4 “Conversion Price” means $1.20, as adjusted for any stock split,
reserve stock split, stock dividend or other proportionate increase or decrease in the total number of shares of Series F Preferred Stock held by all holders thereof. 

1.5 “Conversion Stock” means the Company’s Series F Preferred
Stock. 

 1.6 “Event of Default” means
any of the following events that occurs prior to the conversion or prepayment of this Note: (a) the liquidation, termination of existence or dissolution of the Company, or the appointment of a receiver or custodian for the Company or any
material part of its property; or (b) the institution by or against the Company of any proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization, receivership, insolvency or other similar law
affecting the rights of creditors generally, if such proceedings are not discharged within 90 days. 
 1.7 “Exchange Rate” means the exchange rate of South Korean Won (W) per one U.S. Dollar ($) quoted as the New York Closing exchange rate in the
Wall Street Journal. 
 1.8 “Foreign Exchange
Adjustment” means an amount, in South Korean Won, equal to (a) the sum of all outstanding principal and accrued interest on this Note less (b) the product of (i) the sum of $5,000,000 and interest accrued on such
amount in accordance with the terms of this Note and (ii) the Conversion Exchange Rate. 

1.9 “Holder” means any person who shall at the time be the registered
holder of this Note. 
 1.10 “Initial Exchange Rate” means the
Exchange Rate at the close of business on the business day preceding the date of issuance this Note, being [1,400] South Korean Won/U.S. Dollar. 
 1.11 “Initial Public Offering” means any initial public offering of the capital stock of the Company pursuant to a registration statement under the Securities Act of 1933.

 1.12 “Maturity Date” means February 6, 2011. 

1.13 “Maximum Exchange Rate” means an Exchange Rate which is 300 South
Korean Won lower than the Initial Exchange Rate. So, for example, if the Initial Exchange Rate is 1,400 South Korean Won/U.S. Dollar, the Maximum Exchange Rate would be 1,100 South Korean Won/U.S. Dollar. 

1.14 “Note” means this Convertible Promissory Note. 

1.15 “Senior Indebtedness” shall mean the principal amount and any unpaid
interest outstanding from time to time under any existing and future secured indebtedness with banks, lessors or other financial or lending institutions as set forth in Schedule A. 

2. CONVERSION. 

2.1 Conversion. This Note shall be convertible as follows on or prior to the
Maturity Date: 
 (a) In the event that the Conversion Exchange Rate is lower than the Initial
Exchange Rate, then all outstanding principal and accrued interest on this Note shall be convertible, at the option of the Holder in whole and at one time only, at any time after the date of issuance of this Note, into shares of Conversion Stock at
a price per share equal to the Conversion 

 
Price multiplied by the Initial Exchange Rate and, additionally, the Holder shall have the right to receive in cash in Korean Won an amount equal to the Foreign Exchange Adjustment. In such an
event, Company shall pay the Foreign Exchange Adjustment within thirty (30) days of the such conversion. The portion of the Foreign Exchange Adjustment not paid within such thirty (30) day period shall bear interest at the rate of
seventeen percent (17%) per annum. 
 (b) In the event that the Conversion Exchange Rate is
greater than or equal to the Initial Exchange Rate, then all outstanding principal and accrued interest on this Note shall be convertible, at the option of the Holder in whole and at one time only, at any time after the date of issuance of this
Note, into shares of Conversion Stock at a price per share equal to the Conversion Price multiplied by the Conversion Exchange Rate and, additionally, the Holder shall have the right to purchase additional shares of Conversion Stock, at the
Conversion Price multiplied by the Conversion Exchange Rate, such that the Holder, through conversion of this Note and such purchase of additional shares of Conversion Stock, receives the same number of shares of Conversion Stock as Holder would
have received had the Note been converted at the Conversion Price multiplied by the Initial Exchange Rate. 
 Upon conversion
pursuant to this Section 2.1, Holder will deliver the original Note to the Company and will execute and deliver to the Company at the Closing such stock purchase agreement, investors’ rights agreement, co-sale agreement, voting and/or
other agreements as are entered into by the other purchasers of the Company’s Series F Preferred Stock . 
 2.2 Acquisition or Initial Public Offering Event. In the event that an Acquisition or an Initial Public Offering occurs prior to the Maturity Date, prior to such Acquisition or
Initial Public Offering event, then the Note shall be automatically converted in accordance with the conversion terms set forth in Section 2.1. The Company shall not enter into an Acquisition or an Initial Public Offering without the prior
written approval of the holder. In the event that the Holder declines to provide such approval, the Company may prepay all of the principal and accrued interest pursuant to Section 7. Company shall pay all of the principal and accrued interest
within thirty (30) days of the Holder’s decision not to provide such approval. The portion of the principal and accrued interest payment not paid within such thirty (30) day period shall bear interest at the rate of seventeen percent
(17%) per annum. 
 2.3 Termination of Rights. All rights with respect
to this Note shall terminate upon the issuance of shares of the Conversion Stock upon conversion of this Note, whether or not this Note has been surrendered and whether or not all stock purchase, investors’ rights, co-sale, voting or other
agreements have been executed and delivered by Holder to the Company. Notwithstanding the foregoing, Holder agrees to surrender this Note to the Company for cancellation as soon as is possible following conversion of this Note. Holder shall not be
entitled to receive the stock certificate representing the shares of Conversion Stock to be issued upon conversion of this Note until the original of this Note is surrendered to the Company and the agreements and/or documents referenced in this
Section 2 have been executed and delivered to the Company. 
 3. ISSUANCE OF CONVERSION
STOCK. As soon as practicable after conversion of this Note, the Company at its expense will cause to be issued in the name of and delivered to Holder, a certificate or certificates for the number of shares of Conversion Stock to

 
which Holder shall be entitled upon such conversion (bearing such legends as may be required by applicable state and federal securities laws in the opinion of legal counsel of the Company, by the
Company’s Certificate of Incorporation or Bylaws, or by any agreement between the Company and Holder), together with any other securities and property to which Holder is entitled upon such conversion under the terms of this Note. Such
conversion shall be deemed to have been made, (a) if made under Section 2.1 above, on the date of the election by the Holder to convert, or (b) if made under Section 2.2 above, as of immediately prior to an Acquisition. No
fractional shares will be issued upon conversion of this Note. If upon conversion of this Note, a fraction of a share would otherwise result, then in lieu of such fractional share the Company will pay the cash value of that fractional share,
calculated on the basis of the Conversion Price multiplied by the Conversion Exchange Rate. 
 4.
NO RIGHTS OR LIABILITIES AS STOCKHOLDER. This Note does not by itself entitle Holder to any voting rights or other rights as a stockholder of the Company. In the absence of conversion of this Note, no provisions of this Note, and no
enumeration herein of the rights or privileges of Holder, shall cause Holder to be a stockholder of the Company for any purpose. 
 5. NO IMPAIRMENT. The Company will not, by amendment of its Certificate of Incorporation or Bylaws, or through reorganization, consolidation, merger, dissolution, issue or sale of
securities, sale of assets or any other voluntary action, willfully avoid or seek to avoid the observance or performance of any of the terms of this Note, but will at all times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect the rights of Holder under this Note against wrongful impairment. Without limiting the generality of the foregoing, the Company will take all such action as may be
necessary or appropriate in order that the Company may duly and validly issue fully paid and nonassessable shares of Conversion Stock upon the conversion of this Note. 

6. SUBORDINATION. The indebtedness evidenced by this Note is hereby expressly subordinated, to the
extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all of Company’s Senior Indebtedness, whether currently outstanding or incurred in the future by the Company. 

6.1 Insolvency Proceedings. If there shall occur any receivership, insolvency,
assignment for the benefit of creditors, bankruptcy, reorganization, or arrangements with creditors (whether or not pursuant to bankruptcy or other insolvency laws), sale of all or substantially all of the assets, dissolution, liquidation, or any
other marshalling of the assets and liabilities of the Company, (i) no amount shall be paid by the Company in respect of the Principal Amount, interest on or other amounts due with respect to this Note at the time outstanding, unless and until
the principal and interest and other amounts payable in respect of the Senior Indebtedness then outstanding shall be paid in full, and (ii) no claim or proof of claim shall be filed with the Company by or on behalf of Holder that shall assert
any right to receive any payments in respect of the Principal Amount and interest and other amounts payable on this Note except subject to the payment in full of the principal of and interest and other amounts payable in respect of all of the Senior
Indebtedness then outstanding. 

 6.2 Default on Senior Indebtedness. If
there shall occur an event of default which has been declared in writing with respect to any Senior Indebtedness, as defined therein, or in the instrument under which it is outstanding, permitting the holder to accelerate the maturity thereof and
Holder shall have received written notice thereof from the holder of such Senior Indebtedness, then, unless and until such event of default shall have been cured or waived or shall have ceased to exist, or all Senior Indebtedness shall have been
paid in full, no payment shall be made in respect of the or interest or other amounts payable on this Note. 
 6.3 Further Assurances. By acceptance of this Note, Holder agrees to execute and deliver customary forms of subordination agreement requested from time to time by holders of Senior
Indebtedness, and as a condition to the Holder’s rights hereunder, the Company may require that Holder execute such forms of subordination agreement; provided that such forms shall not impose on Holder terms less favorable than those provided
herein. 
 6.4 Subrogation. Subject to the payment in full of all Senior
Indebtedness, Holder shall be subrogated to the rights of the holder(s) of such Senior Indebtedness (to the extent of the payments or distributions indefeasibly made to the holder(s) of such Senior Indebtedness pursuant to the provisions of this
Section 6) to receive payments and distributions of assets of the Company applicable to the Senior Indebtedness. No such payments or distributions applicable to the Senior Indebtedness shall, as between the Company and its creditors, other than
the holders of Senior Indebtedness and Holder, be deemed to be a payment by the Company to or on account of this Note; and for purposes of such subrogation, no payments or distributions to the holders of Senior Indebtedness to which Holder would be
entitled except for the provisions of this Section 6 shall, as between the Company and its creditors, other than the holders of Senior Indebtedness and Holder, be deemed to be a payment by the Company to or on account of the Senior
Indebtedness. 
 6.5 No Impairment. Subject to the rights, if any, of the
holders of Senior Indebtedness under this Section 6 to receive cash, securities or other properties otherwise payable or deliverable to the Holder, nothing contained in this Section 6 shall impair, as between the Company and Holder, the
obligation of the Company, subject to the terms and conditions hereof, to pay to Holder the Principal Amount hereof and interest hereon as and when the same become due and payable, or shall prevent Holder, upon default hereunder, from exercising all
rights, powers and remedies otherwise provided herein or by applicable law. 
 6.6
Reliance of Holders of Senior Indebtedness. Holder, by its acceptance hereof, shall be deemed to acknowledge and agree that the foregoing subordination provisions are, and are intended to be, an inducement to and a consideration of
each holder of Senior Indebtedness to approve the issuance of this Note, whether such Senior Indebtedness was created or acquired before or after the creation of the indebtedness evidenced by this Note, and each such holder of Senior Indebtedness
shall be deemed conclusively to have relied on such subordination provisions in acquiring and holding, or in continuing to hold, such Senior Indebtedness. 

6.7 Right to Convert. Notwithstanding any terms to the contrary in this Section 6,
nothing herein shall limit or restrict the right of the Holder or Borrower to convert this Note into Conversion Stock in the manner and at the times provided for in Sections 2 and 3 herein. 

 7. PREPAYMENT. At any time before the Maturity Date,
the Company may prepay all or any portion of the principal and accrued interest only upon mutual agreement of the Company and the Holder, other than as provided in Section 2.2. All payments will first be applied to the repayment of accrued
interest until all then outstanding accrued interest has been paid, and then shall be applied to the repayment of principal. 
 8. WAIVERS. The Company and all endorsers of this Note hereby waive notice, presentment, protest and notice of dishonor. 

9. ATTORNEYS’ FEES. In the event any party is required to engage the services of any attorneys
for the purpose of enforcing this Note, or any provision thereof, the prevailing party shall be entitled to recover its reasonable expenses and costs in enforcing this Note, including attorneys’ fees. 

10. TRANSFER. The Company and Holder hereby agree that neither this Note nor any rights hereunder
may be assigned, conveyed or transferred, in whole or in part, without the Company’s prior written consent, which the Company may withhold in its sole discretion; provided, however, that this Note may be assigned, conveyed or
transferred without the prior written consent of the Company to any person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with Holder; provided, further, that
such transferee executes an acknowledgement that such transferee is subject to all the terms and conditions of this Note and satisfies the Company as to compliance with State and federal securities law. The rights and obligations of the Company and
Holder under this Note shall be binding upon and benefit their respective permitted successors, assigns, heirs, administrators and transferees. The Company and Holder hereby agree that that all shares of Conversion Stock issuable upon conversion of
this Note pursuant to the provisions of this Note shall be subject to the terms and conditions of the definitive agreements entered into by Holder and the Company in connection with such conversion, including the restrictions on transfer contained
therein. 
 11. GOVERNING LAW. This Note shall be governed by and construed under the
internal laws of the State of California as applied to agreements among California residents entered into and to be performed entirely within California, without reference to principles of conflict of laws or choice of laws. 

12. HEADINGS. The headings and captions used in this Note are used only for convenience and are not
to be considered in construing or interpreting this Note. All references in this Note to sections and exhibits shall, unless otherwise provided, refer to sections hereof and exhibits attached hereto, all of which exhibits are incorporated herein by
this reference. 
 13. NOTICES. All notices required or permitted hereunder shall be in
writing and shall be deemed effectively given (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next
business day, or (iii) two (2) days after deposit with an internationally recognized overnight courier, specifying delivery within two days or less, with written verification of receipt. 

 14. AMENDMENTS AND WAIVERS. This Note may be amended by
written agreement of the Holder and the Company. 
 15. SEVERABILITY. If one or more
provisions of this Note are held to be unenforceable under applicable law, such provision(s) shall be excluded from this Note and the balance of the Note shall be interpreted as if such provision(s) were so excluded and shall be enforceable in
accordance with its terms. 
 [Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties hereto have executed this Note as of the
date first above written. 
  

			
	THE COMPANY:
	
	GCT SEMICONDUCTOR, INC.
		
	By:	 	/s/ Kyeong Ho Lee
	Name:	 	Kyeong Ho Lee
	Title:	 	President & CEO

  

			
	HOLDER:
	
	 M-CHINA INVESTMENT, LIMITED PARTNERSHIP
For and on behalf of M-Venture Investment, Inc. in its capacity as General
Partner

		
	By:	 	/s/ Sung-Hyeok Hong
	Name:	 	Sung-Hyeok Hong
	Title:	 	Vice Chairman & CEO

 SCHEDULE A 
 LIST OF SENIOR INDEBTEDNESS 
 The only liability senior to this Convertible Note
is the liability related to the Credit Line the Company has with Comerica Bank. As of December 31, 2008, the balance due on this line was $2,940,000. 

 SCHEDULE B 
 LIST OF OTHER NOTE HOLDERS 
 The Company has issued an additional convertible
promissory note which has a similar class and convertible note structure as provided under the Note, in the principal amount of KRW equivalent to U.S. $1,500,000 to Seowon Intech Co., Ltd.Convertible Promissory Note

 Exhibit 4.11 
 THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF
APPLICABLE STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO
THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 THIS NOTE AND THE SHARES ISSUABLE UPON CONVERSION OF THIS NOTE ARE SUBJECT TO A 180-DAY MARKET STAND-OFF RESTRICTION AS SET FORTH HEREIN. AS A RESULT OF SUCH RESTRICTION, THIS NOTE AND THE SHARES
ISSUABLE UPON CONVERSION OF THIS NOTE MAY NOT BE TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF A REGISTERED PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THIS NOTE AND THE SHARES
ISSUABLE UPON CONVERSION OF THIS NOTE. 
 CONVERTIBLE PROMISSORY NOTE 

 

			
	Principal Amount: $5,000,000	  	Made as of May 26, 2011

 For value received, GCT Semiconductor, Inc., a Delaware corporation (the
“Company”), with principal offices at 2121 Ringwood Avenue, San Jose, CA 95131, hereby promises to pay to LGE Innovation Venture Fund (“LGE”), the principal sum of $2,000,000 (the “LGE
Principal”), to Asia Pacific Venture Invest L.P. (Class A) (“APVI Class A”), the principal sum of $1,000,000 (the “APVI Class A Principal”), to Asia Pacific Venture Invest II L.P.
(“APVI II”), the principal sum of $1,000,000 (the “APVI II Principal”), and to KTB Network (“KTB,” along with LGE, APVI Class A and APVI II, each a
“Holder” and collectively, the “Holders”), the principal sum of $1,000,000 (the “KTB Principal”), for an aggregate principal amount of $5,000,000 (the “Principal
Amount”), or such lesser amount as shall then equal the outstanding principal amount hereunder, together with interest on the unpaid principal balance at a rate equal to fifteen percent (15%) per annum, with respect to the LGE
Principal, and at a rate equal to six percent (6%) per annum, with respect to each of the APVI Class A Principal, APVI II Principal and the KTB Principal, computed on the basis of the actual number of days elapsed and a year of 365 days
from the date of this Note (as defined below) compounded on an annual basis until the Principal Amount and all interest accrued thereon are paid (or converted, as provided in Section 2 hereof). With respect to repayment of the indebtedness by
the Company to each respective Holder, (i) the unpaid LGE Principal, APVI Class A Principal, APVI II Principal and KTB Principal (unless converted in accordance with Section 2) together with any then related unpaid accrued interest,
shall be due and payable on the Maturity Date (as defined below) or (ii) the unpaid LGE Principal, APVI Class A Principal, APVI II Principal and KTB Principal (unless converted in accordance with Section 2),

 
together with any then related unpaid accrued interest, shall be due and payable upon the occurrence of an Event of Default (as defined below), at the principal offices of the Company or by mail
to the address of the applicable registered Holder(s) of this Note in lawful money of the United States. 
 The
following is a statement of the rights of each Holder, severally and not jointly, and the conditions to which this Note is subject, and to which each Holder hereof, severally and not jointly, by the acceptance of this Note agrees: 

1. DEFINITIONS. The following definitions shall apply for all purposes of this Note: 

1.1 “Acquisition” means the receipt of bona fide offer for any of the
following transactions: (a) the sale of all or substantially all of the Company’s assets; (b) the sale or exchange of the capital stock by the stockholders of the Company in one transaction or series of related transactions where more
than 50% of the outstanding voting power of the Company is acquired by a person or entity or group of related persons or entities; or (c) a reorganization, consolidation, merger or similar transaction or series of related transactions (each, a
“Combination Transaction”) in which the Company is a constituent corporation or is a party if, as a result of such Combination Transaction, the voting securities of the Company that are outstanding immediately prior to the
consummation of such Combination Transaction (other than any such securities that are held by an “Acquiring Stockholder,” as defined below) do not represent, or are not converted into, securities of the surviving corporation of such
Combination Transaction (or such surviving corporation’s parent corporation if the surviving corporation is owned by the parent corporation) that, immediately after the consummation of such Combination Transaction, together possess at least a
majority of the total voting power of all securities of such surviving corporation (or its parent corporation, if applicable) that are outstanding immediately after the consummation of such Combination Transaction, including securities of such
surviving corporation (or its parent corporation, if applicable) that are held by the Acquiring Stockholder; or (c) a sale of all or substantially all of the assets of the Company, that is followed by the distribution of the proceeds to the
Company’s stockholders. For purposes of this section, an “Acquiring Stockholder” means a stockholder or stockholders of the Company that (i) merges or combines with the Corporation in such combination transaction or
(ii) owns or controls a majority of another corporation that merges or combines with the Corporation in such combination transaction. 
 1.2 “Comerica Loan Agreement” means the Amended and Restated Loan and Security Agreement between the Company and Comerica Bank, entered into as of April 4, 2011.

 1.3 “Company” means the “Company” as
defined above and includes any corporation which shall succeed to or assume the obligations of the Company under this Note. 
 1.4 “Conversion Price” means $1.20, as adjusted for any stock split, reverse stock split, stock dividend or other proportionate increase or decrease in the conversion price
or total number of shares of Series F Preferred Stock held by all holders thereof. 
 1.5
“Conversion Stock” means the Company’s Series F Preferred Stock. 

 1.6 “Event of Default” means
any of the following events that occurs prior to the conversion or prepayment of this Note: (a) the liquidation, termination of existence or dissolution of the Company, or the appointment of a receiver or custodian for the Company or any
material part of its property; (b) the institution by or against the Company of any proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, reorganization, receivership, insolvency or other similar law
affecting the rights of creditors generally, if such proceedings are not discharged within 90 days; or (c) the Company fails to observe or perform any other obligation to be observed or performed by it under the Note and Warrant Purchase
Agreement, this Note or the LGE Warrant within thirty (30) days after written notice from the Majority Note Holders (or in the case of the LGE Warrant, only from LGE) to perform or observe such obligation. 

1.7 “Holder” means any person who shall at the time be the registered
holder of this Note. 
 1.8 “Initial Public Offering” means the
filing of an S-1 Registration Statement with the U.S. Securities and Exchange Commission under the Securities Act of 1933, as amended. 
 1.9 “LGE Warrant” means the warrant to purchase shares of the Series F Preferred Stock of the Company issued to LGE pursuant to the Stock Purchase Warrant entered into
between the Company and LGE as of the same date hereto. 
 1.10 “Maturity
Date” means May 26, 2012. 
 1.11 “Majority Note
Holders” means the Holders holding a majority of the aggregate original Principal Amount of this Note outstanding (which shall in any case include LGE). 

1.12 “Note” means this Convertible Promissory Note. 

1.13 “Note and Warrant Purchase Agreement” means the Note and Warrant
Purchase Agreement entered into by and among the Company and the Holders as of the same date hereto, for the purchase and issuance of this Note and the LGE Warrant. 

1.14 “Senior Indebtedness” shall mean the principal amount and any unpaid
interest outstanding from time to time under any existing and future secured indebtedness with Comerica Bank pursuant to the Comerica Loan Agreement and as set forth in Schedule A. 

2. CONVERSION. 

2.1 Conversion. The LGE Principal, the APVI Class A Principal, the APVI II
Principal, the KTB Principal and the related interest on each such principal amount outstanding under this Note, respectively, shall be convertible on or prior to the Maturity Date into shares of Conversion Stock at a price per share equal to the
Conversion Price. Upon conversion pursuant to this Section 2.1, the Holder(s) will execute and deliver to the Company at the Closing such stock purchase agreement, investors’ rights agreement, co-sale agreement, voting and/or

 
other agreements as are entered into by the other purchasers of the Company’s Series F Preferred Stock. 

2.2 Acquisition or Initial Public Offering Event. In the event that an Acquisition or
an Initial Public Offering occurs prior to the Maturity Date, prior to such Acquisition or Initial Public Offering event, then the LGE Principal, the APVI Class A Principal, the APVI II Principal, the KTB Principal and related interest on each
such principal amount outstanding under this Note, respectively, shall be automatically converted in accordance with the conversion terms set forth in Section 2.1. 

2.3 Termination of Rights. The rights of a Holder with respect to this Note shall
terminate upon the issuance of shares of the Conversion Stock upon conversion of its respective Principal Amount and the related interest outstanding under this Note, whether or not this Note has been surrendered and whether or not all stock
purchase, investors’ rights, co-sale, voting or other agreements have been executed and delivered by such related Holder to the Company. Notwithstanding the foregoing, each Holder, severally and not jointly, agrees that this Note shall be
surrendered to the Company for cancellation as soon as is possible following conversion of the entire Principal Amount and the related interest outstanding of all Holders under this Note. Each Holder shall not be entitled to receive the stock
certificate representing its respective shares of Conversion Stock to be issued upon conversion of its respective amount of the Principal Amount and the related interest outstanding under this Note until the related Holder executes and delivers to
the Company the agreements and/or documents related to the Company’s Series F Preferred Stock referenced in this Section 2. 
 3. ISSUANCE OF CONVERSION STOCK. As soon as practicable after conversion of a Holder’s respective amount of the Principal Amount and the related interest outstanding under this
Note, the Company at its expense will cause to be issued in the name of and delivered to such Holder, a certificate or certificates for the number of shares of Conversion Stock to which such Holder shall be entitled upon such conversion (bearing
such legends as may be required by applicable state and federal securities laws in the opinion of legal counsel of the Company, by the Company’s Certificate of Incorporation or Bylaws, or by any agreement between the Company and such Holder),
together with any other securities and property to which such Holder is entitled upon such conversion under the terms of this Note. Such conversion shall be deemed to have been made, (a) if made under Section 2.1 above, on the date of the
election by the Holder to convert, or (b) if made under Section 2.2 above, as of immediately prior to an Acquisition or Initial Public Offering. No fractional shares will be issued upon conversion of this Note. If upon conversion of this
Note, a fraction of a share would otherwise result, then in lieu of such fractional share the Company will pay the cash value of that fractional share, calculated on the basis of the Conversion Price. 

4. NO RIGHTS OR LIABILITIES AS STOCKHOLDER. This Note does not by itself entitle a Holder to any
voting rights or other rights as a stockholder of the Company. In the absence of conversion of this Note, no provisions of this Note, and no enumeration herein of the rights or privileges of a Holder, shall cause a Holder to be a stockholder of the
Company for any purpose. 

 5. NO IMPAIRMENT. The Company will not, by amendment of
its Certificate of Incorporation or Bylaws, or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action, willfully avoid or seek to avoid the observance or performance of
any of the terms of this Note, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of each Holder under this Note
against wrongful impairment. Without limiting the generality of the foregoing, the Company will take all such action as may be necessary or appropriate in order that the Company may duly and validly issue fully paid and nonassessable shares of
Conversion Stock upon the conversion of this Note. 
 6. SUBORDINATION. The indebtedness
evidenced by this Note is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all of Company’s Senior Indebtedness, whether currently outstanding or incurred
in the future by the Company. 
 6.1 Insolvency Proceedings. If there shall
occur any receivership, insolvency, assignment for the benefit of creditors, bankruptcy, reorganization, or arrangements with creditors (whether or not pursuant to bankruptcy or other insolvency laws), sale of all or substantially all of the assets,
dissolution, liquidation, or any other marshalling of the assets and liabilities of the Company, (i) no amount shall be paid by the Company in respect of the Principal Amount, interest on or other amounts due with respect to this Note at the
time outstanding, unless and until the principal and interest and other amounts payable in respect of the Senior Indebtedness then outstanding shall be paid in full, and (ii) no claim or proof of claim shall be filed with the Company by or on
behalf of a Holder that shall assert any right to receive any payments in respect of the Principal Amount and interest and other amounts payable on this Note except subject to the payment in full of the principal of and interest and other amounts
payable in respect of all of the Senior Indebtedness then outstanding. 
 6.2
Default on Senior Indebtedness. If there shall occur an event of default which has been declared in writing with respect to any Senior Indebtedness, as defined therein, or in the instrument under which it is outstanding, permitting the
holder to accelerate the maturity thereof and a Holder shall have received written notice thereof from the holder of such Senior Indebtedness, then, unless and until such event of default shall have been cured or waived or shall have ceased to
exist, or all Senior Indebtedness shall have been paid in full, no payment shall be made in respect of the or interest or other amounts payable on this Note. 

6.3 Further Assurances. By acceptance of this Note, each Holder agrees, severally and
not jointly, to execute and deliver customary forms of subordination agreement requested from time to time by holders of Senior Indebtedness, and as a condition to each Holder’s rights hereunder, the Company may require that each Holder execute
such forms of subordination agreement; provided that such forms shall not impose on any such Holder terms less favorable than those provided herein. 

6.4 Subrogation. Subject to the payment in full of all Senior Indebtedness, each
Holder shall be subrogated to the rights of the holder(s) of such Senior Indebtedness (to the extent of the payments or distributions indefeasibly made to the holder(s) of such Senior Indebtedness pursuant to the provisions of this Section 6)
to receive payments and distributions of 

 
assets of the Company applicable to the Senior Indebtedness. No such payments or distributions applicable to the Senior Indebtedness shall, as between the Company and its creditors, other than
the holders of Senior Indebtedness and each Holder, be deemed to be a payment by the Company to or on account of this Note; and for purposes of such subrogation, no payments or distributions to the holders of Senior Indebtedness to which a Holder
would be entitled except for the provisions of this Section 6 shall, as between the Company and its creditors, other than the holders of Senior Indebtedness and a Holder, be deemed to be a payment by the Company to or on account of the Senior
Indebtedness. 
 6.5 No Impairment. Subject to the rights, if any, of the
holders of Senior Indebtedness under this Section 6 to receive cash, securities or other properties otherwise payable or deliverable to a Holder, nothing contained in this Section 6 shall impair, as between the Company and a Holder, the
obligation of the Company, subject to the terms and conditions hereof, to pay to each Holder its respective amount of the Principal Amount hereof and related interest hereon as and when the same become due and payable, or shall prevent a Holder,
upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law. 
 6.6 Reliance of Holders of Senior Indebtedness. Each Holder, by its acceptance hereof, shall be deemed to acknowledge and agree, severally and not jointly, that the foregoing
subordination provisions are, and are intended to be, an inducement to and a consideration of the holder of Senior Indebtedness to approve the issuance of this Note, whether such Senior Indebtedness was created or acquired before or after the
creation of the indebtedness evidenced by this Note, and the holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and holding, or in continuing to hold, such Senior Indebtedness.

 6.7 Right to Convert. Notwithstanding any terms to the contrary in this
Section 6, nothing herein shall limit or restrict the right of each Holder or the Company to convert this Note into Conversion Stock in the manner and at the times provided for in Sections 2 and 3 herein. 

7. PREPAYMENT. At any time before the Maturity Date, the Company may prepay all or any portion of
the Principal Amount and related accrued interest only upon mutual written agreement of the Company and the Majority Note Holders. All payments will first be applied to the repayment of accrued interest until all then outstanding accrued interest
has been paid, and then shall be applied to the repayment of principal. All prepayments shall be made on a pari passu basis among the Holders and subject to the terms and conditions of Section 16 herein. 

8. WAIVERS. The Company and all endorsers of this Note hereby waive notice, presentment, protest and
notice of dishonor. 
 9. ATTORNEYS’ FEES. In the event any party is required to
engage the services of any attorneys for the purpose of enforcing this Note, or any provision thereof, the prevailing party shall be entitled to recover its reasonable expenses and costs in enforcing this Note, including attorneys’ fees.

 10. TRANSFER. The Company and each Holder hereby agree,
severally and not jointly, that neither this Note nor any rights hereunder may be assigned, conveyed or transferred, in whole or in part, without the Company’s prior written consent, which the Company may withhold in its sole discretion;
provided, however, that each Holder may assign, convey or transfer its respective rights under this Note without the prior written consent of the Company to any person that directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with such Holder; provided, further, that such transferee executes an acknowledgement that such transferee is subject to all the terms and conditions of this Note and satisfies the
Company as to compliance with State and federal securities law. The rights and obligations of the Company and each Holder under this Note shall be binding upon and benefit their respective permitted successors, assigns, heirs, administrators and
transferees. The Company and each Holder hereby agree, severally and not jointly, that that all shares of Conversion Stock issuable upon conversion of its respective share of the Principal Amount and related interest outstanding under this Note
pursuant to the provisions of this Note shall be subject to the terms and conditions of the definitive agreements entered into by such Holder and the Company in connection with such conversion, including the restrictions on transfer contained
therein. 
 11. GOVERNING LAW. This Note shall be governed by and construed under the
internal laws of the State of California as applied to agreements among California residents entered into and to be performed entirely within California, without reference to principles of conflict of laws or choice of laws. 

12. HEADINGS. The headings and captions used in this Note are used only for convenience and are not
to be considered in construing or interpreting this Note. All references in this Note to sections and exhibits shall, unless otherwise provided, refer to sections hereof and exhibits attached hereto, all of which exhibits are incorporated herein by
this reference. 
 13. NOTICES. All notices required or permitted hereunder shall be in
writing and shall be deemed effectively given (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next
business day, or (iii) two (2) days after deposit with an internationally recognized overnight courier, specifying delivery within two (2) days or less, with written verification of receipt. 

14. AMENDMENTS AND WAIVERS. This Note may be amended and any term or provision of this Note may be
waived, (either generally or in a particular instance and either retroactively or prospectively) by written agreement of the Company and the Majority Note Holders. 

15. SEVERABILITY. If one or more provisions of this Note are held to be unenforceable under
applicable law, such provision(s) shall be excluded from this Note and the balance of the Note shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms. 

16. PARI PASSU TREATMENT OF PRINCIPAL AMOUNTS OF EACH HOLDER. The LGE Principal, the APVI Class A
Principal, the APVI II Principal and the KTB Principal shall rank equally without any preference or priority of any kind over one another, and all 

 
payments on account of principal and interest with respect to any of such principal amounts shall be applied ratably and proportionately on all such principal amounts outstanding of each
respective Holder under this Note on the basis of the aggregate original Principal Amount of all such Holders under this Note. 
 17. COUNTERPARTS. This Note may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 

[Signature page(s) to follow] 

 IN WITNESS WHEREOF, the parties hereto have executed this Note as of the
date first above written. 
  

			
	THE COMPANY:
	
	GCT SEMICONDUCTOR, INC.
		
	By:	 	/s/ Kyeong Ho Lee
		 	Kyeong Ho Lee, President and Chief Executive Officer

  

			
	HOLDERS:
	
	LGE INNOVATION VENTURE FUND
		
	By:	 	 
	Name:	 	Jin Ho Shin
	Title:	 	President & CEO
	Address:	 	4FL, KTB Bldg, 826-14, Yeoksam-dong
		 	 Kangnam-gu, Seoul 135-769

KOREA

 Facsimile Number: +82-2-2184-2820 
  

			
	KTB NETWORK
		
	By:	 	 
	Name:	 	Jin Ho Shin
	Title:	 	President & CEO
	Address:	 	4FL, KTB Bldg, 826-14, Yeoksam-dong
		 	 Kangnam-gu, Seoul 135-769

KOREA

 Facsimile Number: +82-2-2184-2820 

 IN WITNESS WHEREOF, the parties hereto have executed this Note as of the
date first above written. 
  

			
	THE COMPANY:
	
	GCT SEMICONDUCTOR, INC.
		
	By:	 	 
		 	Kyeong Ho Lee, President and Chief Executive Officer

  

			
	HOLDERS:
	
	LGE INNOVATION VENTURE FUND
		
	By:	 	/s/ Jin Ho Shin
	Name:	 	Jin Ho Shin
	Title:	 	President & CEO
	Address:	 	4FL, KTB Bldg, 826-14, Yeoksam-dong
		 	 Kangnam-gu, Seoul 135-769

KOREA

 Facsimile Number: +82-2-2184-2820 
  

			
	KTB NETWORK
		
	By:	 	/s/ Jin Ho Shin
	Name:	 	Jin Ho Shin
	Title:	 	President & CEO
	Address:	 	4FL, KTB Bldg, 826-14, Yeoksam-dong
		 	 Kangnam-gu, Seoul 135-769

KOREA

 Facsimile Number: +82-2-2184-2820 

 IN WITNESS WHEREOF, the parties hereto have executed this Note as of the
date first above written. 
  

			
	HOLDERS (cont.):
	
	ASIA PACIFIC VENTURE INVEST L.P. (Class A)
	
	For and on behalf of M-Venture Investment, Inc.
In its capacity as General Partner
		
	By:	 	/s/ Sung-Hyeok Hong
	Name:	 	Sung-Hyeok Hong
	Title:	 	Vice Chairman & CEO
	Address:	 	 25F, City Air Tower, 159-9, Samsung-dong
 Gangnam-gu, Seoul 135-973
 KOREA

 Facsimile Number: +82-2-6000-5659 
  

			
	
	 For and on behalf of Asia Pacific Venture Investment Co., Limited

In its capacity as Limited Partner

		
	By:	 	/s/ Ming-Cheng Kuo
	Name:	 	Ming-Cheng Kuo
	Title:	 	Director

  

			
	ASIA PACIFIC VENTURE INVEST II L.P.
	
	 For and on behalf of M-Venture Investment, Inc.
 In its capacity as General Partner

		
	By:	 	/s/ Sung-Hyeok Hong
	Name:	 	Sung-Hyeok Hong
	Title:	 	Vice Chairman & CEO
	Address:	 	 25F, City Air Tower, 159-9, Samsung-dong

 Gangnam-gu, Seoul 135-973
 KOREA

 Facsimile Number: +82-2-6000-5659 

 SCHEDULE A 
 LIST OF SENIOR INDEBTEDNESS 
 The liability senior to this Convertible Note is the
liability related to the credit line the Company has with Comerica Bank pursuant to the Comerica Loan Agreement. As of January 31, 2011, the balance due on this line was $2,940,000.

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