Document:

Employment agreement of Sven Hindrikes

 Exhibit 4.1 
 Employment agreement between Swedish Match AB and Sven Hindrikes 
 Between Swedish Match AB (Company registration no.
556015-0756), hereinafter called the Company, and Mr Sven Hindrikes, hereinafter called the Employee, the following agreement on employment conditions has been reached: 
 This Agreement fully supersedes any previous Agreement on employment conditions between the parties. 
 1 Position and starting date 
 Effective 1 May 2004 and until
further notice the Employee is appointed as President of the Company and Chief Executive Officer (CEO) of the Swedish Match Group. 
 The Company and the
Employee, agree that the Swedish Employment Protection Act (Lagen om anställningsskydd (1982:80)) shall not apply to this Agreement. 
 2 Duties

 The Employee shall comply with the rules contained in the Swedish Companies Act (Aktiebolagslagen (1975:1385)) and other valid legislation.

 The Employee shall diligently and faithfully perform and carry out such duties and responsibilities, exercise such powers as may be assigned, and comply
with such directions and regulations which the Company Board of Directors or Chief Executive Officer may from time to time confer or impose upon the Employee. 
 The Employee shall perform his duties at the Company’s current premises in Stockholm. The Employee will be required to travel within and outside Sweden in order to promote the Company’s interests in the
best possible way. For the performance of his duties hereunder, the Employee is not entitled to any compensation in addition to the compensation provided for in this Agreement. 
 3 Other employment or activities 
 The Employee shall devote all of his working time and energy to his duties in
Swedish Match. Therefore the Employee shall not during the continuance of the employment, directly or indirectly, be engaged or involved in any other employment, business or trade without the written consent of the Company’s Chairman of the
Board. 
 4 General obligations 
 The relationship between
the Company and the Employee shall be based on mutual loyalty and trust. 
 The Employee shall use his best endeavours to promote the interest of the Company
and the interest of any associated company and shall during working hours devote all time, attention and abilities to the proper performance of his duties under this Agreement. 
 The Employee shall not at any time during the term of this Agreement or afterwards utilise or disclose to any person or firm or company (unless required by the performance of his duties under the employment Agreement)
any confidential information of the Company or of any associated company. 
 Upon termination of this Agreement the Employee shall deliver to the Company all
reports, papers, correspondence, documents and any other articles supplied, entrusted to the Employee or in the Employee’s possession in connection with this Agreement, and the same are at all times to be the sole property of the Company.

  

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 5 Personal development 
 It is in the Company’s interest that the Employee spends reasonable time for personal development/education. Such activities shall be agreed with the Company’s Chairman of the Board. 
 6 Salary 
 The Employee shall receive a fixed base salary of SEK
5 500 000 per year at 2004 year’s level, to be paid in twelve installments monthly in arrears. 
 Review of salaries and benefits shall normally
take place during the first quarter of each year. The salary revision date is January 1. 
 The Base Salary includes reimbursement for work outside
normal office hours, overtime and travel time. 
 No additional reimbursement will be paid for board membership in Swedish Match AB or any associated
companies. Should, however, the Employee receive payment for board membership from any company associated to Swedish Match, his fixed annual base salary will be reduced by the same amount or the Employee will be obliged to reimburse Swedish Match AB
with the same amount. Reduction/reimbursement will be applicable the same month as any board membership fees will be received by the employee. 
 7
Incentive & share option program 
 The Employee will be eligible for participation in an incentive program in accordance with Company policy and
principles, which may provide additional earnings. These earnings are not guaranteed. 
 The rules for the incentive program; goals, incentive level and
parameters shall be established annually by the Company’s Board of Directors upon the recommendation of the Compensation Committee. 
 The Employee
shall also be eligible for participation in the Company’s Stock Options Program. 
 The Company reserves the absolute right to amend or terminate any of
these plans at its sole discretion at any time. 
 8 Vacation 
 The Employee’s annual vacation entitlement is minimum in accordance with Swedish law. However, the Employee is entitled to take customary time off for recreation, considering his position and work situation, to be taken at such times
as agreed with the Chairman of the Board. The Employee is not entitled to additional vacation pay (semestertillägg). Unused vacation time may not be carried over from one year to the next, and the Employee is not entitled to pay in lieu for
unused vacation time. 
 9 Company car 
 The Company shall
provide the Employee with a car subject to decision by the Chairman of the Board, for business and private travel without costs and in accordance with the Company’s regulations for business cars. The Employee is responsible to pay income tax on
the benefit and the Company shall pay all running costs (for example insurance, petrol, service and maintenance). The car may also be used by members of the Employee’s family. 
 The Employee shall be personally responsible for any car fines. 
  

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 10 Telephone, computer, etc. 
 In order for the Employee to be able to efficiently carry out his duties, the Company shall provide the following: 
  

	 	•	 	Computer and internet subscription 

  

	 	•	 	Telephone and fax at two locations including in the Employee’s permanent residence 

 All company supplied equipment shall be returned to the company on termination of the employment. 
 11 Business expenses
and entertaiment 
 The Company shall reimburse the Employee for all actual reasonable business expenses incurred by him in the course of his employment
in accordance with Company policy. Such reimbursement shall be approved by the Chairman of the Board. Costs and expenses that occurs shall be submitted on a monthly basis. 
 When entertaining for business purposes, costs shall be held within reasonable limits. Relevant receipts should support any entertainment at the Employee’s principal residence for business purposes in order to
satisfy the requirements of Company auditors. 
 12 Medical care 
 The Company shall cover the Employee’s costs for medical care in accordance with Company policy. The Employee is covered by a health insurance for key-persons. 
 13 Pension and insurance 
 In addition to statutory legal pension and insurance benefits, the Employee shall be
provided with pension coverage in accordance with the terms and conditions that are contained in an appendix, which is attached to the Employment Agreement. 
 14 Retirement age 
 The retirement age is 62 years. 
 15 Termination 
 This Agreement may be terminated by the Company subject to six (6) months notice in writing and by the Employee subject
to six (6) months notice in writing. 
 The Agreement expires without any prior notice upon the Employee’s retirement or if the Employee should be
incapacitated to work, resulting in him receiving a disability pension. 
 In connection with either party’s termination of this Agreement, the Company
shall be entitled to relieve the Employee of his duties and responsibilities. The Employee shall, however, remain at the Company’s disposal during the notice period to carry out such duties, as the Board deems suitable. 
 If the employment is terminated by the Company for reasons other than serious misconduct and/or gross negligence, the Employee shall, in addition to base salary during
period of notice, be entitled to 18 months’ severance pay. Such severance pay will be based on the Employee’s fixed base salary at the time of termination of employment and shall be paid in equal monthly instalments commencing on the month
following the expiry of the notice period. 
 Salary during a notice period or severance pay shall not be payable for any period after commencement of the
Employee’s retirement. 
  

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 Should the employee die during any time that he receives compensation during a period of notice, such compensation shall
be paid to the employee’s survivors. Survivors are considered on the first hand to be wife/partner, followed by biological children. If such survivors are deceased, no such compensation shall be paid following the death of the employee.

 Compensation during termination, together with other employment benefits and or severance pay, shall be paid up to and including latest the month before
which the employee reaches, or should have reached, the applicable retirement age for the employee. 
 Severance pay shall be reduced by 50% of the sum which
the employee receives, however limited to a maximum of 50% of the severance pay, due to any employment, assignments, occupation for any other party or own business which produces income for services provided. The employee is obliged to report any
such income and compensation to the company. 
 In the case of serious misconduct and/or gross negligence the Company has the right to dismiss the Employee
without notice and the employment agreement will be terminated with immediate effect. In such an event, the employee loses all right to notice and severance pay from the Company. 
 16 Organisational changes/position changes 
 Either party can demand the termination of the employment in the event of
a major organisational change, such as the Company receiving a new dominant owner who uses its power to influence the position or causing a delisting of the Company. 
 In such an event the Employee has the right to existing salary and benefits for a period of six months and severance pay for 18 months in accordance with paragraph 15 above. 
 17 Restriction on competition 
 During the validity of this Agreement
and the period during which the Company pays severance pay the Employee is not allowed, without written permission, to be engaged in, either personally or by agent, or having an interest in any business which directly or indirectly is in competition
with the business in which the Employee is engaged, in a manner that would be significantly harmful to the business of the Company, or any Group Company. 
 During the time period stipulated above, the Employee shall not, either personally or by agent, endeavour to entice away from the Company or any Group Company any person, company or client with whom the Employee had contact. 
 18 Other conditions of employment 
 Conditions not specifically
regulated in this contract shall, be in accordance with general Terms, policies and general Conditions of Employment applied in the Swedish Match Group of companies. 
 19 Taxes 
 The employment benefits applicable to this Employment Agreement are taxable benefits to the Employee in
accordance with applicable legislation. No compensation shall be made to the Employee in the event of future changes in tax legislation. 
 20 Personal
data & data security 
 The Employee hereby agrees to the Company’s use of personal data with the use of data technology, in accordance with
the Personal Data Protection Act (1998:204). 
 The Employee agrees to follow the Company’s policies regarding the use of the Company’s computers,
e-mail 
  

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 system, internet services and software programs. The Employee is aware that the Company has complete access to all
material and e-mail correspondence and an overview of internet usage that is saved in or performed via the Company’s data system. 
 21 Disputes and
jurisdiction 
 Disputes concerning this contract shall be settled in accordance with the provisions of Swedish law on arbitration, in which context the
rules specified in the Code of Judicial Procedure with regard t o separate judgments, intermediate judgments, combination of cases and voting shall prevail. Arbitration costs, including costs of legal representatives, shall be borne by the Company,
unless the Employees demand for the arbitration proceedings or claimed compensation for legal representatives is considered unreasonable by the arbitrators. Should this be the case, the arbitrators shall determine the division of the costs. The
Arbitration Tribunal shall be situated in Stockholm. 
 22 Amendments 
 This Agreement constitutes the entire agreement between the parties and may only be changed by a written agreement signed by both parties 
 23 Counterparts 
 This Agreement has been drawn up in duplicate, both copies of which have been duly signed by the
parties and of which the parties have each retained one copy. 
  

			
	Place and date	 	Place and date
		
	May 28, 2004	 	May 28, 2004
		
	Swedish Match AB	 	
		
	 /s/ Bernt Magnusson
	 	 /s/ Sven Hindrikes

	Bernt Magnusson	 	Sven Hindrikes
	Chairman of the Board	 	

  

 7 

 Pension agreement between Swedish Match AB and Sven Hindrikes 
 It is hereby agreed that the existing accrued pension commitment (Swe: pensionsutfästelse) applicable to Sven Hindrikes, hereinafter called the Employee, with
regards to retirement, sickness and survivors pension, together with collective group life insurance (TGL) is replaced by the following agreement: 
 1
Premium for retirement pension 
 Pension benefits in accordance with the collective agreement for white collar workers employed in Swedish Match AB will
apply to a salary level of 30 income base amounts. This benefit is currently safeguarded through “ Pensionskassan för Swedish Match Sverige AB:s förvaltningspersonal, försäkringsförening PSF” (PSF). This part of
the commitment shall be fully paid on the assumption of a retirement age of 60 years. 
 A defined contribution of 40 % of annual fixed base salary in
excess of 30 income base amounts will be paid. The contribution will be paid monthly during the employment in arrears and includes retirement pension with repayment cover. If the Employee becomes ill the company will continue payments at the same
premium level as before he was unable to work. In such event the premium will be adjusted annually in the same manner as for Alecta paid-up policies. 
 In agreement with the Employee the premiums will be paid to a pension plan of his choice. 
 2 Retirement Age 
 The retirement age for the Employee is 62 years. 
 3 Accumulated Pension
Rights assured in “ Swedish Match Pensionsstiftelse” 
 The Employee shall be granted a paid up policy (Swe: fribrev) for the guarantee provided
by Swedish Match AB for retirement pension which is secured in the pension fund as at, and accrued up to, 30th April 2004. 
 The paid up policy
shall be based on the fixed annual base salary for 2004, in his position as CFO, together with the average of paid-out bonus in 2001, 2002 and 2003. This amount, PML 2004, is SEK 3 842 500. 
 The temporary paid up policy for retirement between 60 and 65 years is SEK 1 001 187 per year as calculated by Swedish Match AB. 
 The life-long paid up policy for retirement from 65 years is SEK 418 193 per year as calculated by Swedish Match AB. 
 The paid-up policy shall be adjusted in the same manner as for Alecta paid-up policies. Actual paid retirement pension shall be adjusted in the same manner as
for Alecta pay retirement pensions for the ITP plan. 
 4 Sickness Benefits 
 Sickness benefits will be paid at a rate of 90% of the annual fixed base salary during the first 90 days, inclusive of benefits secured in the PSF. With effect from the 91st day, sickness benefits will be applicable
in accordance with the collective agreement for white collar workers employed in Swedish Match AB up to a salary level of 30 income base amounts, and 32,5% of the annual fixed base salary on salary levels in excess of 30 income base amounts.

 Benefits on salary levels in excess of 30 income base amounts will be secured by adjustments determined annually on January 1st based on a factor
determined by the PSF for adjusting payment of existing pensions. 
  

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 5 Disability Pension 
 In the event the Employee should receive an approved disability pension (Swe: sjukpension), benefits are applicable in accordance with the collective agreement for white collar workers employed in Swedish Match AB on salary levels up to 30
income base amounts, and on 32,5% of fixed annual base salary exceeding 30 income base amounts up to a maximum of 100 income base amounts. 
 Benefits on
salary levels in excess of 30 income base amounts will be secured by adjustments determined annually on January 1st based on a factor determined by the PSF for adjusting payment of existing pensions. 
 6 Survivors Pension 
 On salary level up to 30 income base amounts
survivor’s pension will be paid in accordance with the collective agreement for white collar workers employed in Swedish Match AB. 
 On salary levels
in excess of 30 income base amounts survivors pension will be paid by using the accrued capital from the defined contribution of 40 % in section 1 and the insurance technical reserve that guarantees the accumulated pensions rights assured in
“Swedish Match Pensionsstiftelse” 
 7 Additional Survivors Pension 
 In addition to section 6 above Additional Survivors Pension will be paid to the Employee’s family in the event of his death during the time he is employed by Swedish Match. The pension is paid the month following
the death of the Employee to: 
  

	 	–	his spouse up to the month she deceases 

  

	 	–	to children up to the month in which they will become 25 years of age or to, if they before then, decease. Pension to children can continue after age 25 years if the child is
considered unable to carry out an employment. In such case the pension is paid until the child is considered employable. 

 The additional family pension amounts to: 
  

			
	 Age
	  	 Annual Additional
 Survivors Base Amount

	 Up to age 58 years
	  	315 000 SEK
	 58 but not yet 60 years
	  	210 000 SEK
	 60 but not yet 62 years
	  	70 000 SEK
	 62 years and older
	  	0 SEK

  

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 The pension is paid in 12 monthly installments per year and the size of the pension is determined according to following:

  

			
	 Survivors
	 	 Percent of Additional
 Survivors Base Amount

	Spouse	 	100%
	- and 1 child	 	130%
	- and 2 children	 	150%
	More then 2 children	 	+ 10 % for each child in excess of 2 children
		
	Only children	 	
	1 child	 	75%
	2 children	 	110%
	3 children	 	135%
	4 children	 	150%
	More then 4 children	 	+ 10 % for each child in excess of 4 children

 The value of the Additional Survivors Pension is secured by adjusting the Base Amount in the same manner as for
Alecta paid-up policies and paid pensions in the same manner as Alecta adjust pensions. 
 Pension Coordination 
 Pension benefits accrued through earlier employments secured in foreign pension institutes shall not be coordinated with pensions covered by this agreement. 

This agreement has been drawn up in two originals, of which each of the parties has received one copy. 
  

			
	Place and date	 	Place and date
		
	May 28, 2004	 	May 28, 2004
		
	Swedish Match AB	 	
		
	 /s/ Bernt Magnusson
	 	 /s/ Sven Hindrikes

	Bernt Magnusson	 	Sven Hindrikes
	Chairman of the Board	 	

  

 10Shareholders' Agreement, dated June 1, 2005

 Exhibit 4.17 
 SHAREHOLDERS’ AGREEMENT 
 THIS SHAREHOLDERS’ AGREEMENT (this “Agreement”) is made
as of June 1, 2005, by and Taiwan shareholders (“Taiwan”) who are represented by PIXELPLUS TECHNOLOGY INCORPORATION (“PTI”); the parties listed in Exhibit A hereof as existing shareholders of the company (the
“Existing Shareholders” having address at 6F-2, No. 29, Puding Rd., Hsinchu, Taiwan, ROC 300 and a Korean Investor (“Korea”) who are represented by PIXELPLUS CO., LIMITED, a corporation duly organized and existing under the
laws of the Republic of Korea with its registered head office at Kyunggi B/D F1 5th, #l017 Ingae-dong, Paldal-Ku, Suwon city, Kyunggi-do, 442-070 Korea (“PIXELPLUS”). 
 RECITAL 
 PIXELPLUS is currently engaged in designing and developing the various
CIS and CIS Camera Module for Digital Applications that related to image and related products. PIXELPLUS wishes to invest in the PTI and PTI desire to receive capital contribution from PIXELPLUS. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements set forth herein, the Parties agree as follows: 
 SECTION 1 
 Sale of Shares

 1.1 Capitalization. The authorized capital of the Company is 100,000,000 NT$ and the paid-in capital of the Company is
80,000,000 NT$, divided into 8,000,000 ordinary shares, the par value of each share is 10 NT 
  

								
	 Share Holders
	  	Amount of Equity	  	Ratio (%)	  	Investment Amount
	 Yo Chih, Huang
	  	1,000,000	  	12.50	  	NT$	10,000,000
	 Kuo Ling You
	  	500,000	  	6.25	  	NT$	5,000,000
	 PIXELPLUS
	  	3,000,000	  	37.50	  	NT$	30,000,000
	 Other Shareholders
	  	3,500,000	  	43.75	  	NT$	35,000,000
		  	 	  	 	  	 	 
	 TOTAL
	  	8,000,000	  	100.0	  	NT$	80,000,000
		  	 	  	 	  	 	 

 1.2 Sale of Shares. Subject to the terms and conditions hereof, PTI shall Sale of Shares to
PIXELPLUS. 
 SECTION 2 
 Closing and Delivery 
 2.1 Closing Date. The closing of the sale and purchase of the Shares identified in
Section 1.2 (the “Closing”) shall take place within 30 days from receipt of approval by the Ministry of Finance and Economy (the “Closing Date”). 
 2.2 Delivery. At Closing, PTI shall deliver to PIXELPLUS certificates representing the number of shares purchased by PIXELPLUS, against payment of the Purchase Price by wire transfer payable to PTI. 

 SECTION 3 
 Representations and Warranties of the Company and Existing Shareholders 
 The Company and the
PIXELPLUS hereby represent and warrant to as of the signing of this Agreement as follows: 
 3.1 Organization and Standing. The
Company is a corporation duly organized and existing under, and by virtue of, the laws of the Republic of Taiwan and is in good standing under such laws. have furnished or their representatives with copies of its minutes, board actions and
shareholder actions and Articles of Incorporation. Said copies are true, correct and complete and contain all modifications and amendments through the date of this Agreement. 
 3.2 Corporate Power. The Company will have at Closing Date all requisite legal and corporate power to execute and deliver this Agreement and to
carry out and perform its obligations under the terms of this Agreement. 
 3.3 Authorization. All corporate actions on the part of
the Company, its officers, directors and shareholders necessary for the authorization, execution, delivery and performance of this Agreement and the authorization, sale and delivery of the Shares and the performance of the Company’s obligations
hereunder have been taken or will be taken prior to the Closing. This Agreement when executed and delivered by the Company, shall constitute the valid and binding obligations of the Company enforceable in accordance with their respective terms.

 3.4 Title to Properties and Assets. The Company has good and marketable title to its properties and assets, and has good title to
all its leasehold interests, in each case subject to no mortgage, pledge, lien, lease, encumbrance or charge, other than (i) the lien of current taxes not yet due and payable, and (ii) possible minor liens and encumbrances which do not in
any case or in the aggregate materially detract from the value of the property subject thereto or materially impair the operations of the Company, and which have not arisen otherwise than in the ordinary course of business. With respect to property
and assets it leases, the Company is in material compliance with such leases. 
 3.5 Financial Statements. PTI has delivered to
PIXELPLUS a copy of the Company’s unaudited financial statements for the first quarter of year (2005.1.1 ~ 2005.3.31); the “Financial Statements”. Such Financial Statements have been prepared in good faith in accordance with generally
accepted accounting principles (consistently followed throughout the periods indicated). 
 3.6 Intellectual Property. The Company
owns or has the right to use, free and clear of all liens, charges, claims and restrictions, all patents, trademarks, service marks, trade names, copyrights, licenses, trade secrets, information, processes, proprietary rights and rights necessary to
its business as now conducted or proposed to be conducted (collectively, the “Intellectual Property”), and is not infringing upon or otherwise acting adversely to the right or claimed right of, to the best of its knowledge, any person
under or with respect to any of the foregoing. There are no outstanding options, licenses, or agreements of any kind relating to the foregoing, nor is the Company bound by or a party to any options, licenses or agreements of any kind with respect to
the Intellectual Property of any other person or entity. The Company has not received any communications alleging that the Company has violated or, by conducting its business as proposed, would violate any patent, trademark, service mark, trade
name, copyright or trade secret or other proprietary right or process of any other person or entity. 
 3.7 Material Contracts and
Commitments. Neither the Company, nor, to the Company’s knowledge, any third party is in default under any material contract, agreement or instrument to which the Company is a party. 
 3.8 Compliance with Other Instruments. The Company is not in and the consummation of the transactions contemplated hereby will not result in
violation of any term of the Articles of Incorporation, or in any material respect of any term or provision of any mortgage, indenture, contract, agreement, instrument, judgment or decree, and to the best of its knowledge, is not in and the
consummation of the transactions contemplated hereby 

 
will not result in violation of any writ, order, statute, rule or regulation applicable to the Company. The execution, delivery and performance of and
compliance with this Agreement and the consummation of the transactions contemplated hereby and thereby have not resulted and will not result in any violation of, or conflict with, or constitute, with or without the passage of time or giving of
notice, a default under, or result in the creation of, any mortgage, pledge, lien, encumbrance or charge upon any of the properties or assets of the Company or the suspension, revocation, impairment, forfeiture or non-renewal of any material permit,
license, authorization or approval applicable to the Company, its business or operations, or any of its assets or properties. 
 3.9
Litigation. There are no actions, suits, proceedings or investigations pending against the Company or its properties before any court or governmental agency (nor, to the best of the Company’s knowledge, is there any threat thereof),
which, either in any case or in the aggregate, reasonably would be expected to result in any material adverse change in the business or financial condition of the Company or any of its properties or assets, or in any material impairment of the right
or ability of the Company to carry on its business as now conducted or as proposed to be conducted, or in any material liability on the part of the Company or in any material change in the current equity ownership of the Company, and none which
questions the validity of this Agreement or any amendment thereto or the right of the Company to enter into such agreements or any action taken or to be taken in connection herewith or therewith. The foregoing includes, without limitation, any
action, suit, proceeding or investigation pending or currently threatened involving the prior employment of any of the Company’s employees, their use in connection with the Company’s business of any information or techniques allegedly
proprietary to any of their former employers, their obligations under any agreements with prior employers, or negotiations by the Company with potential backers of, or investors in, the Company or its proposed business. The Company is not a party
to, or to the best of its knowledge, named in any order, writ, injunction, judgment or decree of any court, government agency or instrumentality. There is no action, suit or proceeding by the Company currently pending or that the Company currently
intends to initiate. 
 3.10 Employees. There is no strike, or labor dispute or union organization activities pending or, to the best
of the Company’s knowledge, threatened, between it and its employees. None of the Company’s employees belongs to any union or collective bargaining unit. To the best of the Company’s knowledge, no employee of the Company is or will be
in violation of any judgment, decree or order, or any term of any employment contract, patent disclosure agreement, or other contract or agreement relating to the relationship of any such employee with the Company or any other party because of the
nature of the business conducted or to be conducted by the Company or to the use by the employee of his best efforts with respect to such business. 
 3.11 Compliance with Laws. To the Company’s knowledge, the operation, conduct and ownership of the Company are being, and at all times have been, conducted, in all material respects, in full compliance with all laws, regulations
and ordinances. 
 SECTION 4 
 Capital Increase and Issues of New Shares 
 4.1 Issue of New Shares. The Parties agree that promptly after the
Closing, the Company shall issue new Shares with par value at 10 Taiwan NTD per Share. 
 SECTION 5 
 Shareholders’ Meeting 
 5.1
Quorum and Voting. All resolutions of the Shareholders’ Meeting shall be adopted at a shareholders’ meeting attended by shareholders holding and representing at least two thirds of the total number of issued and outstanding shares
and at which meeting at least two-thirds of the votes held by the shareholders present shall be cast in favor of such resolution. 
 5.2
Meeting. The regular Shareholders’ Meeting shall be held once a year. 

 SECTION 6 
 Board of Directors 
 6.1 Power. The supreme management of the Company shall be the
responsibility of its Board of Directors. 
 6.2 Number of Seats. PTI shall have three directors and one Supervisors, two of director
shall be nominated by PIXELPLUS and one by the Existing Shareholders. The Chairman of the Board of Directors shall be nominated PIXELPLUS. The Parties agree to vote their shares in the Company to elect the Chairman and the directors so nominated.
The term of office of the Directors shall be three years. Within any said term, PIXELPLUS and the Existing Shareholders shall have the right to designate at any time natural persons as substitutes for, or successors of, the directors they originally
nominated. 
 6.3 Quorum and Voting. All resolutions passed by the Board of Directors shall be adopted at a Board of Directors meeting
attended by at least three directors, and concurred with by at least two of all directors. 
 6.4 Resolution. The following matters
shall only be undertaken with the approval of the Board of Directors: 
  

	 	(a)	appointment and removal of the CEO and the CFO; 

  

	 	(b)	Authorize CEO and CFO and monitor them to excise their power. 

  

	 	(b)	the obtaining of any borrowing or other finance, where the aggregated amount exceeds US$50,000 and as same value NT$. 

  

	 	(c)	the consolidation or amalgamation with any company, acquisition of shares or assets of any company; 

  

	 	(d)	approval of and modification to annual budget; 

  

	 	(e)	entering into any procurement contract or other transaction under which the Company will be liable for making payment in the amount in excess of US$100,000 and as same value NT$.

  

	 	(f)	creation of mortgage, pledge, lien or other encumbrance over any of the Company’s assets, except that such mortgage, pledge, lien or encumbrance is pertinent to the borrowing
or finance provided in item (b) hereabove; 

  

	 	(g)	any guarantee or indemnity whatsoever of the liabilities or debts of any other person; 

  

	 	(h)	approval of annual financial statement, annual profit distribution proposal and salary distribution proposal; 

  

	 	(i)	any transfer or license of technology, design, proprietary rights or know-how to a party which directly or indirectly manufactures or sells CIS or CCM products that are competitive
with PIXELPLUS’s products to which such licensed technology, design, proprietary right or know-how from the Company is applied; 

  

	 	(j)	any action related to any issue by the Company of Shares or other securities, including the terms and conditions thereof; 

  

	 	(k)	any action related to the contribution of additional capital to the Company, including the terms and conditions thereof; and 

  

	 	(l)	any transfer or pledge of the Shares. 

 6.5 The Board of
Director shall meet at least four times each fiscal year. 

 SECTION 7 
 Management and Profit Distribution 
 7.1 Management Team. The Company shall have one
CEO and one CFO, both shall be nominated and appointed by the Board of Directors, to perform the daily management of the Company. 
 7.2
Profit Distribution. For the first year from the date hereof, profit after allocation of legal reserve must be reserved for working capital. 
 SECTION 8 
 Business Plan and Protection 
 8.1 Business Plan. On an annual basis, commencing on the date of incorporation of the Company, the CEO have prepared and shall be approved by
“BOD Meeting”, a business plan with respect to the research and development of technology, business developments and the commercial aspects of the actions of the Company expected over the next year, or over such other period as the Board
of Directors shall decide (the “Business Plan”). 
 SECTION 9 
 Accounts and Reporting 
 9.1 Annual Financial Information. The
Company will furnish to all shareholder, as soon as practicable after the end of each fiscal year, and in any event within 35 days thereafter, consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of such fiscal
year, and consolidated statements of income and consolidated statements of cash flows of the Company and its subsidiaries, if any, for such year, prepared in accordance with generally acceptable accounting principles consistently applied and setting
forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and certified by independent public accountants selected by the Board of Directors. 
 9.2 Quarterly Financial Information. The Company will furnish to all shareholders, as soon as practicable after the end of each fiscal quarter,
and in any event within 30 days thereafter, consolidated balance sheets, consolidated statements income reports and cash flows of the Company and its subsidiaries, if any, as of the end of such fiscal quarter. 
 9.3 Financial Plan. The Company will furnish to all shareholders, as soon as available each fiscal year (but in any event within 30 days after the
commencement of its fiscal year), summary if the financial plan of the Company for that year including but not limited to a cash flow projection and operating budget, calculated monthly, as contained in its operating plan approved by the
Company’s Board of Directors. 

 SECTION 10 
 Miscellaneous 
 10.1 Notices. All notices pursuant to this Agreement shall be
personally delivered, sent by registered mail or by fax with registered mail confirmation, or hand delivered by couriers to the following addresses, or to such other address as either Party may hereafter designate in writing: 
 if to PIXELPLUS CO., LIMITED, to it as follows: 
 PIXELPLUS CO., LIMITED 
 Address: Kyunggi B/D 502, #1017 Ingae-dong, Paldal- Ku, 
 Suwon City, Kyunggi-do, 442-070 Korea 
 Fax
No: 82-31-234-5287 
 Telephone: 82-31-234-5311 
 if to the Company, to it as follows: 
 PIXELPLUS TECHNOLOGY INCORPORATION 
 Address: 6F-2, No. 29, Puding Rd., Hsinchu, Taiwan, ROC 300 
 Fax No: 886-3-666-7922 
 Telephone: 886-3-666-7933 
 if to the Existing Shareholders, to the representative as follows: 
 10.2 Governing Law. This Agreement shall be governed in all respects by the laws of the Taiwan, without giving effect to the conflicts of laws principles thereof. 
 10.3 Survival. The representations and warranties in Sections 3 shall survive the Closing Date. All statements as to factual matters contained in
this Agreement or any exhibits hereto or any writing delivered to PIXELPLUS by the accounting and finance department of the Company and specifically identified as being from the accounting and finance department shall be deemed to be representations
and warranties by the Existing Shareholders and the Company, as the case may be, hereunder as of the date of such certificate or instrument. 
 10.4 Confidentiality. TI and its affiliated companies (including its shareholders, directors and officers) shall keep in strict confidence any information acquired from the Existing Shareholders or the Company for purpose of
negotiation, execution and implementation of this Agreement. 
 10.5 Successors and Assigns. Except as otherwise provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the Parties hereto. 
 10.6 Entire Agreement. This Agreement, and the other documents required to be delivered pursuant hereto constitute the full and entire understanding and agreement between the Parties with regard to the subjects
hereof, and no party shall be liable or bound to any other party in any manner by any representations, warranties, covenants, or agreements except as specifically set forth herein or therein. Nothing in this Agreement, express or implied, is
intended to confer upon any party, other than the Parties hereto and their respective successors and assigns, any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided herein. 
 10.7 Arbitration. Any dispute, controversy or claim arising out of, relating to, or in connection with, this Agreement, or the breach, termination
or validity thereof, will be submitted to and finally settled by arbitration. The arbitration will be conducted in accordance with the Arbitration Rules of [Singapore International Arbitration Center (“SIAC Rules”)] in effect at the time
of the arbitration, except as they may be modified hereby or by mutual agreement of the parties to the arbitration. The seat of the arbitration will be [Singapore], and it will be conducted in the English language. The arbitral award shall be final
and binding upon the parties. The arbitration expenses shall be paid by the losing party. Judgment upon the award may be entered by an court 

 
having jurisdiction thereof or having jurisdiction over the relevant party or its assets. The Parties agree that the arbitration will be kept confidential.

 10.8 Expenses. PIXELPLUS and PTI shall each bear their own expenses and legal fees with respect to this Agreement and the
transactions contemplated hereby. 
 10.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be enforceable against the Parties actually executing such counterparts, and each of which will be an original, but all of which together shall constitute one instrument. 
 10.10 Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, such holding will
not invalidate or render unenforceable any other provision hereof. 
 10.11 Further Assurance. Each of the Parties shall do and
perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments or documents as either of the others of them may reasonably request in order to carry out
the intent and purposes of this Agreement and the consummation of the transactions contemplated hereby. 

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement on the date first above written.

  

			
	PIXELPLUS CO., LIMITED BY
		
	By:	 	/S/    SEO KYU
LEE        
	 Name:
	 	 Seo Kyu Lee

	 Title:
	 	 President

	 Address:
	 	 Kyunggi B/D F1 5th, #1017 Ingae-dong, Paldal-Ku, Suwon city, Kyunggi- do, 442-070 Korea

	
	PIXELPLUS TECHNOLOGY INCORPORATION BY
		
	By:	 	/S/    YO CHIH
HUANG        
	 Name:
	 	 Yo Chih Huang

	 Title:
	 	 President

	 Address:
	 	 6F, 2 No. 29 Puding Rd. Hsinchu, Taiwan R.O.C. 300

	
	THE EXISTING SHAREHOLDERS BY
		
	By:	 	/S/    KUO LING
YOU        
	 Name:
	 	 Kuo Ling You

	 Title:
	 	 Vice president

	 Address:
	 	 6F, 2, No. 29, Puding Rd. Hsinchu, Taiwan R.O.C. 300

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