Document:

Translation of Corporate Bond

 Exhibit 10.28 

 

											
	 ø Space for a bank use only
	  		  		  	
	 Account No
	  	 C8681602032093
	  		  	 Team Member
	  	 Team Manager
	  	 Deputy Branch Manager

	 Borrower
	  	GCT Research Co., Ltd.	  		  		  		  	
	 Contact No
	  		  		  		  		  	

 “attachment” 
 Revenue 
 Stamp 
 Translation of Firm Commitment Underwriting Agreement 
 (For Underwriting of
Private Placement Bond) 
  

			
	 Underwriting amount: Korean Won Five Billion Only
	  	Date: June 17, 2009

  

					
	 Bond underwriter (“Underwriter”) : KB Bank
	  		  	(seal)
	Address: Samsung Center Corporate Financing Br., 310 Taepyung-ro 2-ga, Jung-gu, Seoul
			
	 Bond Issuer (“Issuer”): GCT Research Co., Ltd.
	  		  	(seal)
	Address: Specialty Construction Bldg., 395-10 Shindaebang-dong, Dongjak-gu, Seoul
			
	 Collateral Provider:
	  	Kyung-ho Lee	  	(seal)
	Address:	  		  	
			
	 Collateral Provider:
	  	 	  	(seal)
	Address:	  		  	
			
	Joint Surety: :	  	Kyung-ho Lee	  	(seal)
	Address: 101-8 Banpo-dong, Seocho-gu, Seoul	  	
		
	Joint Surety:	  	(seal)
	Address:	  	

 The bond underwrite, KB Bank (hereinafter referred to as the
“Underwriter”), and the bond issuer, GCT Research Co., Ltd. (hereinafter referred to as the “Issuer”) hereby concluded this Agreement with firm acknowledgement to comply with the terms and conditions in this Agreement, with
regard to the Underwriter’s underwriting the bond with the amount above which is issued by the Issuer on
17th day of June, 2009. 

Article 1. Issuance & Underwriting of Bond 
 The Issuer issues the bond under the terms and conditions as follows, and the Underwriter underwrites it. 
  

	 	1.	 Issuing conditions 

  

	 	(1)	 Name of the bond: No. 1 private placement corporate bond 

 

	 	(2)	 Type of bond: Registered non-guaranteed private placement corporate bond 

	 	(3)	 Total value of the entire bond issued: KRW five billion 

 

	 	(4)	 Issued value of a bond: 100 % of the face value in a bond 

 

	 	(5)	 Amount of the bond and certificate by denomination: one certificate denoting equivalent to KRW5 billion 

 

	 	(6)	 Rate of bond:     % per year 

 [MOR + 4.00 %] payable every 3 months 
  

	 	2.	 Redemption conditions 

  

	 	(1)	 Repayment of the principal 

 The principal amount of the bond shall be repaid in conformity with either one of the options applicable as follows; at the point, if the redemption date is the bank holiday, the next banking day shall
apply. 
  

	 	�	 The outstanding principal sum of the bond shall be repaid in total at the end of a loan period, i.e. 17th day of June, 2011. 

 

	 	‚	 The principal of the bond shall be repaid by way of the equal installments against the principal for four times annually over the period of
             years including the term unredeemed. There is no objection against the terms of the loan stipulated in this Agreement till the end of each period stipulated in the
Redemption Schedule annexed herewith as the separate Table (This Redemption Schedule shall be revised and fixed by the underwriter when the underwriting amount is completely paid, and finally modified by notifying the revised schedule to the Issuer
and joint surety(ties). 

  

	 	(2)	 Payment of interest 

 Interest accrued as per the unpaid balance in connection with the bond shall be payable on every month or every three (3) months by applying the interest rate as determined in Paragraph
1-(6) over the period commencing on the bond issuance date up to one calendar day earlier than the actual redemption day in full; provided that, however, the redemption day is the bank holiday, the next banking day shall apply. 

 

	 	(3)	 Default interest 

  

	 	�	 In case where the principal and interest of Paragraphs 2-(1) and 2-(2) are not paid on due date, the default interest shall be applied
with the yearly interest rate of              % on the basis of actual number of delayed days assuming that one year is composed of 365 days. 

 

	 	‚	 In the event that obligations of the Issuer become accelerated due to the reason(s) pursuant to Article 9, the default interest shall apply on
outstanding balance unpaid commencing from that day falling into the default clause. 

  

	 	(4)	 Place of payment 

 The place at which the payment for the principal as well as its interest accrued is made shall be Samsung Center Corporate Financing Branch of the Underwriter. 

Article 2. Underwriting fee 
 The underwriting fee of the bond being equivalent to              % of the total underwriting amount shall be payable by the Issuer to
the Underwriter when the paying-up of the underwriting amount is made by the Underwriter. 
 Article 3. Mandatory Entries Constituting
Corporate bond 
 The mandatory information that must be represented in the corporate bond is as follows; 

 

	 	1.	 No. of corporate bond 

  

	 	2.	 Corporate name of an issuer 

  

	 	3.	 Total amount of bonds 

  

	 	4.	 Amount of each bond 

	 	5.	 Interest rate to be applied to bonds 

  

	 	6.	 Methods and periods regarding reimbursement of bonds and interest payment 

 

	 	7.	 Date of issue 

  

	 	8.	 Specific meaning when corporate bonds are issued in a registered or non-registered form 

 

	 	9.	 Seal and signature by an issuer 

 Article 4. Issue of Corporate bond & Bearing Expenses 
 The Issuer
must issue the corporate bond and hand it over to the Underwriter at the same time in exchange of receipt of the underwriting amount of the bond; at the point, all the expenses related thereto shall be borne to the Issuer. 

Article 5. Filing of Bond Register & Providing of Its Copy 
 The Issuer shall prepare and properly file the bond register containing the following information, and provide the copy of the bond register to the Underwriter; 

 

	 	1.	 Name and address of the bond certificate holder 

  

	 	2.	 Number of the corporate bond 

  

	 	3.	 Total amount of bonds 

  

	 	4.	 Amount of each bond 

  

	 	5.	 Interest rate to be applied to bonds 

  

	 	6.	 Methods and periods regarding reimbursement of bonds and interest payment 

 

	 	7.	 Payment amounts of each installment and periods thereof if installments in two or more times are allowed for payment of the principal

  

	 	8.	 Corporate name and address of a trustee, if that trustee company is engaged in the offering of bonds 

 

	 	9.	 Underwriting amounts of each bond and dates on which each underwriting is actualized 

 

	 	10.	 Date of issue 

  

	 	11.	 Dates of acquiring each bond 

  

	 	12.	 Types, frequency of issuance, and issuance dates when corporate bonds are issued in a non-registered form 

Article 6. Prohibition of Misappropriating the Underwriting Amount 
 The Issuer is strictly prohibited to divert the underwriting amount to any purpose other than the usage expressly agreed upon by the Issuer at the initial transaction. 

Article 7. Security 
  

	 	�	 For the purpose of the Underwriter’s securing all debts of the Issuer arising from this Agreement, all forms of collateral security to the
beneficiary of the Underwriter, whether now existing or hereafter to be provided by the Issuer or any other third party, shall be also automatically collateralized for protecting this Agreement jointly with other indebtedness or liabilities, if any,
having been secured by such collaterals. 

  

	 	‚	 In the event that there occurs degradation in credit rating of the Issuer, devaluation of the collaterals secured hereby or reasonable reason(s)
justifiably as necessary for safeguarding the credit of the Underwriter, the Issuer on receipt of the request by the Underwriter shall provide other or additional collateral(s) under approval by the Underwriter, and/or give other or additional
sureties for the Underwriter. 

  

	 	ƒ	 The disposition of any collateral provided or to be provided shall be in principle made in accordance with legal procedure; however, under the
condition that any collateral bound for disposition is deemed fairly marketable in a trading market concerned, or to be sold in a favorable condition, the bank (i.e. the Underwriter) shall have full power and authority to exercise collection, sale
or disposition against such collateral(s) without limitation with application of methodology, timing, pricing, etc. being considered as normal generally by the Underwriter, and then set off the acquisition amount balanced by excluding the overall
expenditure which is incurred arising from such collecting, selling or disposing of for the reimbursement of its loan whether to become due or overdue in accordance with Article 11 hereof, where any remaining indebtedness even though such
setting-off is made shall still belong to liabilities of the Issuer, which means it must be soonest cleared by the Issuer. In such case as above, the Underwriter is obliged to make notification of its intention to the Issuer at least 10 days prior
to the time of the sale, disposition or other event affecting on the ownership of collateral. 

	 	„	 If there exists a default clause such as non-payment or delay of payment on the time due regarding obligations of the Issuer against the Underwriter
whether accelerated or otherwise, the Underwriter shall have full power and authority to seize any movable property, bill or other form of securities which is under its custody without release, or make proceeds through collection or dispose of it in
accordance with the foregoing Paragraph ƒ. 

 Article 8. Transfer of
Corporate bond 
 In case where the Underwriter transfers the corporate bond to a third party, Articles 7 and 14 shall not be
applied to the “Issuer’s” all liabilities with regard to the transferred corporate bond in this Agreement. 
 Article 9.
Obligation Accelerations before Maturity 
  

	 	�	 Provided that one of the following cases takes place, it shall be deemed as a default bringing about a pause of rights and privileges granted to the
Issuer in connection with this Agreement, which means the Issuer even though not being notified or enforced by the Underwriter has to promptly clear out all the remaining principal and interest accrued thereon; 

 

	 	1.	 When a notice of provisional attachment, garnishee order or delinquent foreclosure is made via mail or such act is actually put into execution
against any deposit at the account of the Issuer including but not limited to credits or collateral provided to the Underwriter, 

  

	 	2.	 When any petition is filed for any bankruptcy, reorganization, compromise, liquidation or procedure of similar nature including any writ of
registration to credit defaults, 

  

	 	3.	 When being subject to procedure for collection of tax or public charge delinquencies before due date, or any writ informing suspension of trading by
a bill clearing house is received, 

  

	 	4.	 When the Issuer is reasonably deemed to have a payment ability no longer due to business closing, runaway or other similar reason, or

  

	 	5.	 When any savings deposited to or credits against the Underwriter by an oligopolistic shareholder of the Issuer or a grantor who is a realistic owner
dominating the Issuer fall into such situation corresponding to the above Paragraph 1 via order or notice 

  

	 	‚	 Provided any of the events set forth hereunder takes place in the side of the Issuer, thus likely to give rise to a significant threat on loan
recovery in full by the Underwriter, an acceleration clause takes effect when the Underwriter notifies the Issuer of occurrence of such default clause and thereafter a specific time of interval not less than 10 consecutive days the duration of which
is designated by the Underwriter has elapsed, accordingly causing all obligations that the Issuer owes to the Underwriter to become immediately due and payable; 

 

	 	1.	 When any one or more cases of indebtedness among multiple cases payable by the Issuer to the Underwriter if applicable is overdue,

  

	 	2.	 When any notice of provisional attachment, garnishee order or delinquent foreclosure is made or such act is actually put into execution against any
property excepting those mentioned in above Paragraph �-1 or when any notice is received informing that any of collaterals having been provided to the Underwriter as security is commenced for arbitrary
competitive bids for sale, 

  

	 	3.	 When any grantor falls into default reasons of either Paragraph �-1 or Paragraph �-4 above, or his/her credit ratings become significantly deteriorated due to his/her personal properties entering into legal procedure such as provisional attachment, garnishee order, delinquent foreclosure
or commencement of competitive bids for sale, 

  

	 	4.	 When issuance of the bond hereof is made by using unjustifiable methods such as submittal of faulty data and the like, 

 

	 	5.	 When continuing transactions in a sound manner are reasonably deemed achievable no longer due to breach of provisions set out in Articles 6 and 12
hereof, 

  

	 	6.	 When the provision stipulated in Sec 2 of Article 7 hereof is not fulfilled, 

	 	7.	 When an obligation of the Issuer making the collateral to be insured against fire is not accomplished, or when any collateral was arbitrarily
transferred to a third party with an aim to affect the Underwriter’s interest adversely, resulting in realistic damage to the Underwriter, or when no further normal transactions are recognizable due to non-compliance with contractual terms and
conditions, 

  

	 	8.	 When the name of the Issuer is registered to overdue information, subrogated payment performance information, bankruptcy or its relevant
information, information on disturbance of financial stability or public record of credit standing under control triggered by the regulations on credit information management, or 

 

	 	9.	 When credit standing of the Issuer is recognizable to get significantly deteriorated due to such reasons as commencement of insolvency or
liquidation procedure, a merger with or by a financially deficit company, work stoppages incurred by a dispute between management and laborers, temporary shutdown or suspension of operation, financial worsening in a direct relevant company,
occurrence of legal conflict adversely impacting on the corporate administration and so on. 

  

	 	ƒ	 Despite the foregoing Paragraph � or ‚ in which case
the Issuer is enforced to be in the state of obligation of acceleration, an exceptionality may apply under the pre-requisite of acknowledge by the Underwriter expressly, or when the Issuer without delay revitalizes the transactions normally by e.g.
paying off the default interest accrued. 

 Article 10. Setting-off, Etc. 

 

	 	�	 When the loan period becomes due or in the event that any default clause before maturity pursuant to or in accordance with Article 9 , thus
enforcing the Issuer to perform its obligations of indebtedness toward the Underwriter, the Underwriter shall be entrusted, by way of a written notification, to set off at its discretion such liabilities of the Issuer with any savings and other form
of reserves to the beneficiary of the Issuer being deposited in the Underwriter, irrespective of their becoming due or not. 

  

	 	‚	 As per the event that the Issuer is immediately obliged to perform its obligations of indebtedness as exemplified in the above Paragraph � whether to become matured or accelerated, the Underwriter without prior written notice or other equivalent procedure has the right to close all or any savings or reserves that were provided as collateral
by the Issuer to the Underwriter on behalf of the Issuer and apply the proceeds, irrespective of their becoming due or not, to the satisfaction of payment obligations under this Agreement; in such case, the Underwriter shall without hesitation make
notification of such fact to the Issuer. 

  

	 	ƒ	 The interest accrued and/or default interest where appropriate with respect to setting-off pursuant to the above Paragraph � or refunding in proxy and then application to the payment pursuant to the above Paragraph ‚ shall calculated based on days which are counted up to the day on
which such act is made by applying the annual interest rate set forth by the Underwriter. 

 Article 11. Power of Attorney
in Applying into Payment Items 
 In the event that the Issuer’s obligations are not paid or set-off in full, or when
there exist two or more cases of indebtedness payable by the Issuer for the Underwriter in which case the reimbursing amount is short of perfectly extinguishing the outstanding liabilities, it shall be considered that, in order to ensure that all
the loans and/or credits provided by the Underwriter be safely and surely protected, the Underwriter shall apply such payments and/or such set-offs or withdrawals to the satisfaction of first, the expenses, second, the interest and third, the
principal of the Issuer’s obligation, in such order as applicable; provided, however, the Underwriter may change the order of application unless such change is adverse to the Issuer’s interest. 

Article 12. Report, Investigation, Etc. 
  

	 	�	 Upon the Underwriter’s demand, the Issuer shall promptly submit to the Underwriter, reports with respect to the Issuer’s assets,
management, relevant business situation and other matters deemed necessary within a reasonable period, while providing a reasonable assistance necessary for the Underwriter’s investigation or due diligence if required to be carried out over its
own bookkeeping, factories, place of business or any other matters deemed necessary upon the Underwriter’s request. 

	 	‚	 The issuer must make in-advance notification to the Underwriter of any attempt or deed to issue additional bonds or stocks before the repayment of
the bond pursuant to this Agreement by the Issuer is not fully completed. 

  

	 	ƒ	 In addition to the foregoing Paragraph �, the Issuer shall also make notification to the Underwriter
of any factual finding or potential to provoke certain changes with significant importance affecting or having relation to its financial status, management, relevant business situation and other matters deemed necessary even though no request for
reporting on such changes is originated by the Underwriter. 

  

	 	„	 If there exists a reasonable concern to cause protection of the Underwriter’s loan likely to be impaired due to suspension of transaction
against the Issuer’s bills by the bill cleaning house, maintaining of bad credits, rapidly deteriorated administration conditions and so on, judging from replies by the Issuer and/or surveys by the Underwriter in connection with Paragraph � or ƒ above, the Underwriter shall be entitled to dispatch its employee(s) to the Issuer in order to directly monitor, supervise or manage the property and
assets including the administrative management of the Issuer to the extent meeting the purposes of protecting its loans. 

Article 13. Reissuance of Corporate bond 
  

	 	�	 In the event that the Underwriter has lost a bond certificate, so submits to the Issuer the request for reissuing corporate bond along with the
judgment of nullification in original, the Issuer must reissue and hand over to the Underwriter without any objection within one (1) week from the day of such submittal. 

 

	 	‚	 In the event that the bond certificate gets dirty or damaged, so the Underwriter submits to the Issuer the request for reissuing corporate bond, the
Issuer must reissue and hand over to the Underwriter without any objection within one (1) week from the day of such submittal. 

 Article 14. Acknowledgement as Quasi-loan for Consumption 
 Provided or in
the event that the payment of the outstanding principal is overdue or that earlier obligations of indebtedness by acceleration pursuant to Article 9 take into effect, the Issuer hereby agrees that the reimbursement obliged to repay in accordance
with this Agreement shall be considered as if it were a normal loan for consumption provided by the bank (i.e. the Underwriter) to the consumer (i.e. the Issuer), where its repayment shall be proceeded in accordance with this Agreement. 

Article 15. Items Requiring Notice to the Other & Their Amendment 

 

	 	�	 The Issuer hereby agrees upon in advance reporting to the Underwriter its nomenclature, corporate name, representative and address together with its
legally registered seal in a way that fills such information in the form predetermined by the Underwriter. This rule is equally applicable for the case the Issuer assigns its power of attorney to its authorized proxy agent for this transaction.

  

	 	‚	 Should there be any change with respect to the above Paragraph �, the Issuer should inform in
writing the Underwriter of such change; in other words, the Issuer cannot raise an objection that the Underwriter considers the old information to be still effective unless such notification is otherwise received by the Underwriter. This rule shall
be applicable in case of revised registration as per the content of the register to a competent authority. Any damage to the side of the Issuer arising out of or caused by the proceeds by the Underwriter based on the old information shall be borne
to the Issuer and disallowed for the Issuer to put any sort of claim against the Underwriter in connection with such damage. 

 Article 16. Modification of the Agreement 

 

	 	�	 The Underwriter has the right to modify or change this Agreement under the consultation with the Issuer when deemed as necessary for the purpose of
protecting its loans in full including other justifiable reasons. 

  

	 	‚	 Any provision or matters not specifically defined or described in or by this Agreement shall be determined subject to the mutual consent between the
parties through discussion. 

 Article 17. Jurisdiction Agreement 

The Issuer hereby agrees and consents that, in addition to the jurisdiction prescribed by law, the district court having jurisdiction over
the business offices of the Underwriter shall have jurisdiction over any legal action instituted between the Underwriter and the Issuer, the guarantor or owner of collateral in connection with the transaction under this Agreement; provided, however,
if the Underwriter transferred the management of credit to the principal office of the Underwriter or any other regional headquarters or branch offices due to the necessity for the management of non-performing credit or any other reasonable causes,
the Issuer agrees and consents that, in addition to the jurisdiction prescribed by law, the district court having jurisdiction over the principal office of the Underwriter or the regional headquarter or the branch office to which the management of
credit has been transferred shall have jurisdiction over such legal actions. 
 Guarantee 

Article 1. Performance of Obligations Guaranteed & Obligations for Guarantee 

Any guarantor involving the transaction under this Agreement shall bear obligations for payment, jointly with the Issuer, in respect of
all liabilities and indebtedness arising out of this Agreement that was entered into between the Underwriter and the Issuer, while also complying with the terms and conditions set forth herein in respect of its performance. 

Article 2. Limitation against Set-off 
 Unless otherwise expressly claimed by the Underwriter against the grantor for subrogated performance, any guarantor shall not be entrusted to put an objection against the Underwriter’s setting off
savings and/or reserves deposited to the Underwriter by the Issuer. 
 Article 3. Relationship with Other Guarantee Agreements

 Provided any guarantor was additionally stood under any other guaranteed obligations that the Issuer owes to the
Underwriter except for the one under this Agreement, such guarantee shall not be reduced or revised being affected by this current guarantee; provided, however, if there exists the guarantee limit not relating to the current transaction, it shall be
considered that the value of guaranteed obligations created by the current transaction under this Agreement be added onto such guarantee limit. 

Article 4. Modification, Cancellation & Termination of Guarantee, Etc. 

The Underwriter may amend, terminate or release, as applicable, other guarantees or collateral securing any of the Issuer’s
obligations owed to the Underwriter, if the guarantor consents thereto or if the Underwriter determines that the guarantor’ s subrogation right will not be adversely affected by substitution of the existing security with another security with
move value or the guarantor with another guarantor with comparable resources or the release of the security or the guarantee in proportion to the partial payment of the guaranteed or secured obligations. 

 To witness the above, this Agreement has been executed in one original, which is kept by the
Underwriter, while its duplicated copy is taken by the Issuer. 
 June 17, 2009 

 

			
		 	Underwriter: KB Bank
		 	 Samsung Center Corporate Financing Br.

		 	 310 Taepyung-ro 2-ga, Jung-gu, Seoul

		
		 	Issuer:         GCT Research Co., Ltd.
		 	 Specialty Construction Bldg., 395-10 Shindaebang-dong, Dongjak-gu, Seoul (Managing Director Kyung-Ho
Lee)Translation of Corporate Bond

 Exhibit 10.29 
 for company 
 Translation of Underwriting Contract for Non-guaranteed

 Private Placement Corporate Bond 
 [GCT Research Inc.] (hereinafter “issuing company”) and [Daewoo] Securities Co., Ltd (hereinafter “underwriting company”) enter into a contract (“hereinafter “subject
contract”) on April 29, 2009 regarding the underwriting of No. [1] non-guaranteed private placement corporate bond (hereinafter “subject corporate bond”) with a face amount of [four billion] Won (issuing amount of [four billion]
Won, [four billion] Won only), as a part of the transaction structure of underwriting the “subject corporate bond” which is to be underwritten by the “underwriting company” and transferred to the [KDB No. 1 Train of Hope]
Collateralization Specialized Limited Liability Company (“hereinafter “collateralization company”), and of the “collateralization company’s” issuing CBO (Collateralized Bond Obligation) (hereinafter “subject
CBO”). 
 Article 1 (Purpose of underwriting corporate bonds) 

The “issuing company” intends to raise funds for business operations by issuing the “subject corporate
bond,” and the “underwriting company” intends to transfer the “subject corporate bond” to the “collateralization company” upon underwriting thereof to use for corporate bonds collateralization (hereinafter
“subject CBO transaction”) according to the law regarding asset collateralization (hereinafter “Asset Collateralization Law”). 
 Article 2 (Definitions) 
  

	 	1.	 The “subject corporate bond” means No. [1] non-guaranteed corporate bond with a face amount of [four billion Won] with the maturity date
of April 29, 2012 issued by the “issuing company.” 

  

	 	2.	 The “terms of the subject corporate bond” means the liabilities and rights of the “issuing company,” “corporate bond
creditors” and the “underwriting company” defined by all contracts and other materials in relation with the issuance of the “subject corporate bond.” 

  
 1 

	 	3.	 “Korea Credit Guaranty Fund (KCGF)” means Korea Credit Guaranty Fund and the successor thereof who takes the responsibilities of payment
guarantee on behalf of the “collateralization company.” 

  

	 	4.	 “Credit rating company” means a specialized credit rating company designated by the head of Financial Supervisory Service.

  

	 	5.	 “Trustee” means an entity which is trusted by the “collateralization company” by concluding a trustee contract on April 22,
2009 and then, carries out a certain scope of business. Korea Development Bank (KDB) and the successor may be the “trustee.” 

  

	 	6.	 “Effective credit rating” means the lowest credit rating among the ones given by the multiple domestic credit rating companies which
concluded contracts with the “issuing company” to extend credit ratings in connection with the issuance of corporate bonds (excluding subordinated bonds and mortgage-backed or guaranteed bonds) of the “issuing company.”

  

	 	7.	 “Asset transfer contract” means a collateralization assets transfer contract which is supposed to be concluded between the
“underwriting company (assigner)” and the “collateralization company (assignee).” 

  

	 	8.	 “Collateralization plan” means an asset collateralization plan that the “collateralization company” registers on the Finance
Committee according to Article 3 of the “Asset Collateralization Law.” Any modification occurred in the collateralization plan should be reflected in the plan. 

 

	 	9.	 “Collateralized corporate bond” means collateralized corporate bonds and subordinated collateralized corporate bonds issued for the
“subject CBO transactions” by the “collateralization company.” 

 Article 3 (Underwriting
of corporate bond) 

  
 2 

 The “issuing company entrusts a firm commitment underwriting of the “subject
corporate bond” to the “issuing company, and the “underwriting company” accepts this consignment. 
 Article
4 (Issuing conditions of the subject corporate bond) 
 The issuing conditions of the “subject corporate
bond” issued by the “issuing company” are as follows: 
  

	 	1.	 Name of the issuing company: [GCT Research Inc.] 

  

	 	2.	 Net asset of the company based on the most recent Balance Sheet: [2,341,209,055] Won (as of June 30, 2008) 

 

	 	3.	 Name of corporate bond: No, 1 Non-guaranteed Private Placement Corporate Bond (3-year maturity) of [GCT Inc.] 

 

	 	4.	 Type of the bond: Coupon-bearing non-guaranteed private placement corporate bond 

 

	 	5.	 Face amount of the bond: No. 1 non-guaranteed private placement corporate bond with the face amount of [4 billion] Won ([4 billion] Won only)

  

	 	6.	 Issuing price of the bond: 100% of face amount of each bond (par issue) However, when the “underwriting company” agrees with the
“credit rating company” and others related with the “subject CBO transaction,” the total face amount and issuing price of the “subject corporate bond” may be adjusted. 

 

	 	7.	 Face amount of bonds: [4] sheets of [one billion] Won bill, [ ] sheets of [ ] 100 million Won bill, [ ] sheets of [ ] 10 million Won bill,
[ ] sheets of [ ] 1 million Won bill. 

  
 3 

	 	8.	 Splitting and merging of the corporate bond: The subject bond is issued as bearer coupon type only. Splitting and merging of bond face amounts are
not allowed for the first year after issuance, and the subject corporate bond may not be transferred to 50 holders or more during the same period. 

  

	 	9.	 Issuing yield of the corporate bond: [6.39]% per annum effective during the period from the issuing date to the one day before the principal
repayment date. In case that the interest rate is different from the issuing yield of the issuing date (which indicates the interest rate with the spread of [2.10%] added on the market base yield of 3-year maturity AAA class bearer type public bond
officially notified by Korea Financial Investment Association one day before bond issuance), the issuing yield of the issuing date is applied. The issuing yield of the “subject corporate bond” may be adjusted in the future when there is an
agreement between the “issuing company” and the “underwriting company”. 

  

	 	10.	 Coupon rate of corporate bond: The coupon rate of the “subject corporate bond” is same as the aforesaid issuing yield. However, when the
effective annual credit rating since the issuance date of the corporate bond of “issuing company” is “B+” or below (when the effective credit rating is not available, KCGF’s CCRS standards are used, and the CCRS rating is
“KC3” or below), and at least either one of the following items has occurred, an additional [2]% per annum spread is added for one year from the first interest payment date (can be applied from the interest payment payable on the very
interest payment date) coming since the “underwriting company,” collateralization company” or other “subject corporate bond holder” notified the “issuing company” of the incidence. 

 

	 	(A)	 In case that the networth of the “issuing company” is totally eroded as of the most recent fiscal year end, 

 

	 	(B)	 In case that the “issuing company” received auditor’s “adverse opinion” or “disclaimer opinion.”

  
 4 

	 	(C)	 In case that the Interest Coverage Ratio (operation income/interest expenses) of the “issuing company” calculated based on the financial
statements as of the most recent two fiscal year ends falls short of 1.0 time. 

  

	 	11.	 Method of repayment and maturity of corporate bond: No. [1] Non-guaranteed corporate bond is a term bond. The principal amount is repaid on
April 29, 2012. When the repayment date is not a business day of Korean banks, the very next business day is the repayment date. 

  

	 	12.	 Call option of corporate bonds: The “issuing company” may repay all of the principal amounts of the “subject corporate bond”
earlier than the schedule at the interest payment dates belonging to the month coming after 6 months and thereafter from the issuing date. Partial repayment of the “subject corporate bond” is not allowed. The “issuing company”
should notify the “subject corporate bond” holders in writing at least 20 business days prior to the interest payment date coinciding with the relevant advanced redemption date, and should notify Korea Securities Depository of the
execution of call option at least 15 days prior to the execution date. The notice of call option cannot be recanted nor canceled. When the “issuing company” executes call option, the company should pay the principal amount, interest
accrued up to the very previous day of repayment of the corporate bond, and the call option execution fee calculated by the following formula to the corporate bond holders. Details of execution of call option should be reported to Korea Securities
Depository by the “issuing company.” In case that the amount calculated by the formula below shows (-), the call option execution fee is waived. 

Call option execution fee: � coupon rate of the “subject corporate
bond” – [the interest rate as of the date of executing call option by repayment amount of “Damoa Corporate Deposit,” which is notified by KDB]/4 X ‚ the advanced redemption amount
of the principal of the “subject corporate bond” X ƒ the number of interest payment dates during the period of the original maturity date (may be set according to Subparagraph 13 assuming the
“subject corporate bond” has not been redeemed in advance). 

  
 5 

	 	13.	 Method of interest payment and the interest-bearing period: Interests are calculated during the period from the issuing date to the previous date of
principal repayment. Amounts of interests are calculated by multiplying unpaid principal amount of the “subject corporate bond” as of the very previous day of the interest payment date by the ratio of the interest rate of the Subparagraph
10 divided by 4, and paid in arrears. In case that the interest payment date is not a business day of Korean banks, the very next business day is the day of interest payment. 

July 29, 2009, October 29, 2009, January 29, 2010, April 29, 2010, July 29, 2010, October 29, 2010, January 29, 2011,
April 29, 2011, July 29, 2011, October 29, 2011, January 29, 2012 and April 29, 2012. 
  

	 	14.	 Overdue interest: When the “issuing company” fails to pay the interest of the “subject corporate bond” on the dates designated
by Subparagraphs 11 through 13, the “issuing company” is responsible for paying at the overdue interest rate of 21% per annum on the unpaid principal or interest for the period from the next day of each payment date to the actual
payment date. In the event of default according to Subparagraph 19, an overdue interest rate of 21% per annum is applied to the unpaid principal amount for the period from the next day of the default date. 

 

	 	15.	 Locations of principal repayment and interest payment: [KDB] [Business Department] and base branches of relevant Metropolitan Cities and the seats
of a provincial government. 

  

	 	16.	 Method of bond payment: The amount equivalent to the issuing amount of the “subject corporate bond” should be deposited to the bank
account (account number: 022-0205-2254-310) opened in KDB under the name of the “issuing company”. 

  
 6 

	 	17.	 Bond payment date: April 29, 2009 

  

	 	18.	 Bond issuing date: April 29, 2009 

  

	 	19.	 Events of default of the “issuing company”: 

The “issuing company” is considered to be in default immediately in case of developing the events described in
the following Items (A) through (E) without a notification of default. In case of developing events described in the following Items (F) through (H), the “issuing company” is considered to be in default with regard to the
“subject corporate bond” after 15 days have passed since the “underwriting company” or the other “subject corporate bond holders” notified default. 

 

	 	(A)	 When the note or check issued, endorsed, guaranteed or accepted by the “issuing company” has become dishonored, or the banking
transactions of the “issuing company” have been suspended due to other reasons. 

  

	 	(B)	 When the “issuing company” has applied for a corporate workout program, or has followed a bankruptcy or international bankruptcy procedure
in accordance with the “Law of Debtors’ Workout and Bankruptcy.” 

  

	 	(C)	 When the “issuing company” has applied for a private settlement, a private restructuring or other procedures similar to these.

  

	 	(D)	 When the “issuing company” has a development of incidence required to be registered to the Credit Administration Information (including
information on related persons) based on the “Credit Administration Information Regulation.” 

  
 7 

	 	(E)	 When the “issuing company” has been in default or become a delinquent borrower with regard to corporate bonds other than the “subject
corporate bond”, loan liability or other repayable liabilities. 

  

	 	(F)	 When the “issuing company” violated (including the conditions of Subparagraph 7 of Article 6) the terms and conditions of the
“subject contract” including the underwriting liabilities of subordinated collateralized corporate bond described in Subparagraph 5 of Article 6 of the “subject corporate bond conditions” or the “subject contract,” and
the “issuing company” does not rectify the violations even though the “issuing company,” the “collateralization company” or the other “subject corporate bond holders” have requested to do so.

  

	 	(G)	 When the “issuing company” does not pay the interest (if a spread of interest described in Subparagraph 10 proviso is applied, the spread
is included) which should be paid for the period of 1 month since the interest payment date as stated in Subparagraph 13. 

  

	 	(H)	 When the “issuing company” is considered to be unable to carry out the responsibilities described in the “subject corporate bond
conditions” by the “underwriting company,” the “collateralization company” or the other “subject corporate bond holders”. 

 Article 5 (Confirmations by the issuing company) 
 The “issuing company”
states and confirms the followings as of the conclusion dates of the “subject contract” and the “assets transfer contract” and the issuing date of collateralized corporate bonds. 

 

	 	1.	 The board of directors of the “issuing company” decided to issue “subject corporate bond” in compliance with the legitimate
procedure, and has not resolved any additional votes including modification of issuing conditions and cancellation of issuance. 

  
 8 

	 	2.	 Other than the information on the “issuing company” disclosed already to the “underwriting company,” no crucial and unfavorable
changes with regard to the managerial state and the prospects such as profit, operations performances, funds and financial status of the “issuing company” have developed. 

 

	 	3.	 The board of directors of the “issuing company” approved conclusion and execution of the “subject contract” and issuance of the
“subject corporate bond.” In addition, conclusion and execution of the “subject contract” does not conflict with the clauses of the “issuing company” and any part of all other contracts and agreements in which the
“issuing company” is involved as one of the contracting parties. No additional approval from or declaration to the government and public authorities and agreement from the third party is necessary. 

 

	 	4.	 In the process of concluding the “subject contract,” the “issuing company” provided the “underwriting company” with
all necessary and important information based on the principle of good faith. No important part of information is deceitful and no important facts are concealed or omitted. 

 

	 	5.	 As of the conclusion date of the “subject contract” and the issuing date of the collateralization corporate bond, the “issuing
company” has not applied for a corporate workout program, bankruptcy or international bankruptcy procedure in accordance with the “Law of Debtors’ Workout and Bankruptcy” and accordingly, the procedures have not begun yet. In
addition, the “issuing company” has not applied for a private settlement, a private restructuring or other procedures similar to these. 

 Article 6 (Agreement with the issuing company) 
 Upon acknowledging that the
“underwriting company” underwrites the “subject corporate bond” for the “subject CBO transaction,” the “issuing company” and the “underwriting company” agree the followings. 

  
 9 

	 	1.	 The “underwriting company” has a right to cancel the “subject contract” according to Article 14 when the “underwriting
company” makes a judgment that either the “collateralization company” is unable to issue the “subject CBO” or is in high risk of doing so by any reason. The “underwriting company” also has a right to get a total or
part of the “subject corporate bond” redeemed based on the “asset transfer contract.” With respect to these developments, the “issuing company” takes responsibility for the financial recovery of the “underwriting
company” such as returning the “subject corporate bond” payment to the “underwriting company.” 

  

	 	2.	 The “issuing company” agrees to receive the “subject corporate bond” payment from the “underwriting company” through
the account which is in the name of the “issuing company” as designated in Subparagraph 16 of Article 4. 

  

	 	3.	 The “issuing company” agrees to receive the “subject corporate bond” payment through a separate account which may be designated
by “KCGF” which takes the risk of liability for guarantee to cover the credit exposure on the principal amount extended by KDB with respect to the “collateralization company” or the “subject CBO transaction.”

  

	 	4.	 The “issuing company” acknowledges and confirms that any time before the “subject CBO” is issued, the “underwriting
company” and the “collateralization company” may take certain measures such as prohibiting the “issuing company” from withdrawing payments of the “subject corporate bond” from the account which is in the name of
the “issuing company” and is specified in Subparagraph 16 of Article 4 in a reasonable way to protect their rights according to Subparagraph. 1 . 

 

	 	5.	 The “issuing company” obtains subordinated collateralized corporate bond issued by the “collateralization company” on the
issuing date of the “subject CBO.” 

  
 10 

	 	6.	 The “issuing company” provides KCGF with the ‘Information Access Consent Form (public administration info, CB info and financial
transaction info)’ and ‘Consent Form for Releasing and Using Personal (Corporate) Credit Info’ with respect to the “subject CBO transaction.” 

 

	 	7.	 The “issuing company” should use the fund raised from issuing “subject corporate bond” and from “subject CBO
transaction” only for the purposes of the fund described on the document (attached on the “subject contract”) confirming the usage of funds raised from the “subject corporate bond” payment, and submitted to KCGF. Any
different using of the funds from the statement on the document is strictly prohibited. 

  

	 	8.	 The “issuing company” should provide “underwriting company,” “collateralization company” and other “subject
corporate bond bearers” with financial statements, auditor’s report and business report within 90 days after the fiscal year end upon external auditors’ review on the financial statements. At the same time, the credit rating of the
“issuing company,” which is described in Subparagraph 9 of Article 13 should also be notified. 

Article 7 (Underwriting Fee) 
 The “issuing company” pays underwriting fee equivalent to [0.20%] of the face value of the “subject corporate bond” to the “underwriting company” with respect to the
“subject CBO transaction” by cash on the payment date of “subject CBO” which is issued by the “collateralization company.” 
 Article 8 (Timing of Underwriting) 
 The underwriting responsibilities of the
“underwriting company” occurs as of April 29, 2009 which is the payment date with the execution of the items below and previous engagement clauses as preceding conditions. The “underwriting company” may reserve the right not
to underwrite all or part of the “subject corporate bond” when any one of the following conditions is not met, and the “issuing company” does not raise any objection against the “underwriting company’s” decision.

  
 11 

	 	1.	 The “underwriting company” should be able to reasonably expect the “subject CBO” shall be completely sold off in the stock
market. 

  

	 	2.	 KCGF should be able to decide that conclusion of a credit guarantee contract with the “collateralization company” as a principal debtor is
feasible. 

 Article 9 (Responsibilities of paying principal and interest) 

With respect to the repayment of principal and interest of the “subject corporate bond”, “issuing company” and joint
surety(ies) take a full responsibility. 
 Article 10 (Fee payment responsibilities) 

 

	 	(1)	 All expenses arising from issuance of the “subject corporate bond” are defrayed by the “issuing company.”

  

	 	(2)	 All expenses arising from legal procedures initiated by failing principal and/or interest payment or violation of the “subject contract,”
which include expenses for protecting receivables, transferring security interest, filing suits and enforcement are paid by the “issuing company,” and payments of these expenses override the payments of the overdue interest and principal
of the “subject corporate bond.” 

 Article 11 (Transfer of corporate bonds) 

The “underwriting company” may transfer underwritten corporate bonds before the repayment date of the “subject corporate
bond” to the third party without obtaining a consent from the “issuing company.” However, splitting of the bonds is not allowed for the first 1 year from the issuing date, and transferring of the “subject corporate bond” to
50 persons or more is not allowed. 

  
 12 

 Article 12 (Bearing Responsibilities) 

 

	 	(1)	 Any objection raised against other than the details of the subject contract which is approved by the board of directors, such as objections
regarding issuing procedure or legal problems regarding issuance of the “subject corporate bond,” the “issuing company” is solely responsible for resolving the objections. In case that the “underwriting company” or
employees and directors of the “underwriting company” or the “collateralization company” sustain a loss (including lawyer’s fees) due to the aforesaid objections, or in case that the “underwriting company” or
employees and directors of the “underwriting company” or the “collateralization company” sustain a loss (including lawyer’s fees) due to the “issuing company’s” no fulfillment of the subject contract, the
“issuing company” is responsible for a full compensation. 

  

	 	(2)	 In case that the “issuing company” decides not to proceed issuance of the “subject corporate bond” and accordingly, the
“underwriting company” is unable to do underwriting, the “issuing company” should pay a penalty equivalent to 10% of the issuing amount of the “subject corporate bond” stated in Subparagraph 6 of Article 4.

 Article 13 (Special Arrangements) 
 The “issuing company” should give a written notice to the “underwriting company” and the “collateralization company” without delay in case of the following incidents.

  

	 	1.	 When a promissory note or check issued by the “issuing company” has been dishonored or banking transactions have been suspended.

  

	 	2.	 When the “issuing company” has applied for a corporate workout program, or has followed a bankruptcy or international bankruptcy procedure
in accordance with the “Law of Debtors’ Workout and Bankruptcy,” or when the “issuing company” has applied for a private settlement, private restructuring or other procedures similar to these. 

  
 13 

	 	3.	 When the “issuing company’s” business operations have changed or suspended in part or in whole. 

 

	 	4.	 When the “issuing company’s” purposes of business operations have changed. 

 

	 	5.	 When the “issuing company” sustains heavy damage such as fire. 

 

	 	6.	 When the “issuing company” acquires or merges another company or splits itself up. 

 

	 	7.	 When the “issuing company” makes a resolution through such as board of directors to invest 50% or more of the paid-in capital thereof in
another company. 

  

	 	8.	 When the “issuing company’s” address of head office or major contacts have changed. 

 

	 	9.	 When the “issuing company’s” effective credit rating is degraded to “B+” or lower (in case that the effective credit rating
is not available, KCGF’s CCRS rating is “KC3” or below). 

  

	 	10.	 When the “issuing company” has incidents stated in Items 10 (A) through (C), Subparagraph 10, Article 4.

 Article 14 (Cancellation of the Contract) 

The “underwriting company” may cancel the “subject contract” anytime upon developments of the following incidents.

  

	 	1.	 When the transaction of the promissory note issued by the debtor (indicates a group of issuers of the corporate bonds the “collateralization
company” is to take over in the “subject CBO transaction” including the “issuing company.” 

  
 14 

 Hereinafter, referred to as “debtor” in this Article) is suspended
by The Clearing House, or the promissory note issued by the debtor is dishonored and accordingly, KCGF refuses to conclude a credit guarantee contract with the “collateralization company” as a principal debtor. 

 

	 	2.	 When underwriting, invitation or placement of the “subject CBO” the “collateralization company” plans to issue is not feasible
due to the incidents stated in Subparagraph 1 above. 

 Article 15 (Registration) 

 

	 	(1)	 The registration institution of the “subject corporate bond” is Korea Securities Depository. Registration certificate is provided by the
registration institution. 

  

	 	(2)	 With respect to the registered issuance of the “subject corporate bond,” the “issuing company” delegates duty of notifying
details of issuance specified in Article 323 of Law of Capital Market and Financial Investment Business and Article 21 of Enforcement Ordinance of Public and Corporate Bonds to the “underwriting company,” and the “underwriting
company” should carry out duty of notifying details of issuance with due diligence. 

 Article 16 (Joint
Surety) 
  

	 	(1)	 The “issuing company” should have a person designated by “KCGF” among the group of people composed of representative director
and active executive officers (such as the largest shareholders) of the “issuing company” stand joint surety for the issuance of the “subject corporate bond.” When the status of the joint surety on the “issuing company”
has changed due to such as resignation from the position of representative director or disposition of stock-holdings, the joint surety should obtain a prior written approval from the “trustee” and “KCGF” under the condition that
the successor of the joint surety succeeds to the status of joint surety. 

  

	 	(2)	 The joint surety(ies) who signed and sealed below guarantee(s) any payment the “issuing company” is(are) responsible for in connection
with the “subject contract.” When the rights and responsibilities of the “underwriting company” in connection with the “subject contract” and/or the “subject corporate bond” are succeeded or transferred to the
“collateralization company,” the joint surety(ies) carry(ies) out their responsibilities on behalf of the “collateralization company” without giving an approval or receiving a notice. 

  
 15 

 Article 17 (Notification and Request) 

All notifications and requests are required to be submitted in writing. Notifications, requests and other messages are assumed to be duly
submitted upon being received by the receiver by person or via mail or FAX at the addresses of the receivers listed below or separate addresses designated by the receivers. Notifications, requests and other messages are assumed to be submitted on
the very day of delivery upon being received by the receiver to the addresses during the normal business hours. Other than that, all notifications, requests and other messages are assumed to be submitted to the addresses on the next business day.

 Notifications to the “issuing company”: Company Name: GCT Research Inc. 

 

			
		  	 Address: 305-70 Sindaebang-dong, Dongjak-gu, Seoul

		  	  
 Attention: Hye-Jin Hwang, Accounting Team

 
 Tel: 02-2167-1144

 
 FAX: 02-2167-1293

 Notifications to the “underwriting company”: [Daewoo] Securities Co., Ltd 

 

			
		  	Address:

  
 16 

			
		  	 Attention:

		  	  
 Tel:

		  	  
 FAX:

 Notifications to the “joint surety”: Name: Gyung-Ho Lee 

 

			
		  	 Address: #101, Sindonggwang Villa, 101-8 Banpo 4-dong, Seoch-gu, Seoul

 
 Tel: 010-3152-2780

 
 FAX: 02-2167-1293

 Notifications to the “trustee”: Korea Development Bank 

 

			
		  	 Address: 16-3 Yeouido-dong, Yeongdeungpo-gu, Seoul
  

Attention: Sung-Cheol Choi, Manager, Syndicated Financing Team, Capital Market Department

 
 Tel: 02-787-6605

 
 FAX: 02-2167-6692

 Article 18 (Data Presentation) 
 The “issuing company” should provide the “underwriting company” and “collateralization company” with conveniences of reading or obtaining financial statements upon request
any time while the principal and interest of the “subject corporate bond” are being repaid. 
 Article 19 (Competent Court)

 For any disagreements arising from the “subject corporate bond” and this contract, the competent court shall be the
Seoul District Court. 
 Article 20 (Further Questions) 
 Matters not specified in this contract shall be discussed between the “issuing company” and the “underwriting company” in accordance with the collateralization plan and commercial
practices. 

  
 17 

 (Blank space below for signing and sealing) 

  
 18 

 As an evidence of concluding this contract, the “issuing company,” the “joint
surety” and the”underwriting company” make out a contract in triplicate upon signing and sealing and keep each copy. 
  

			
		  	 April 29, 2009

 “Issuing company”: GCT Research Inc. 

 

			
		  	 Address: Jeonmungunsolhoigwan
10th & 11th fl.

		  	  
 305-70 Sindaebang-dong,
Dongjak-gu, Seoul
  
 Kyung-Ho Choi

 “Underwriting company”: Daewoo Securities Co., Ltd 

34-3 Yeoeuido-dong, Yeongdeungpo-gu, Seoul 
 Representative Director: Kim. Sung 
 “Joint surety”:
_____________________________ 
  

			
		  	 Name: Gyung-Ho Lee

 
 Address: #401, Sindonggwang Villa,
101-8 Banpo
  
 4-dong,
Seoch-gu, Seoul
  
 Resident Registration Number:
690805-1047511

  
 19 

 Attachment 
 [Confirmation on the use of the funds] 
 The purpose of raising funds is to meet
the financial needs arisen from carrying out “development of GDM7013 chips which RF and baseband for satellite and ground wave DMB are Multichip Packaged (MCP).” GCT obtained the development order from SK Telecom. The product to be
developed is the first time ever SoC item in this field, which has integrated functions of satellite DMB, ground wave DMB and CAS (Conditional Access System). Comprehensive DMB functions may be realized in full scale, and a packaged CAS IP product
will be commercially produced by virtue of GCT’s verified DMB single chip technology. 
  

							
	 Classification
	  	 Details of costs
	  	Amount (million Won)	 
	 Payroll costs for R & D personnel
	  	 Payroll costs design and test
	  	 	1,800	  
	 Costs for samples and materials
	  	 Costs of manufacturing a semiconductor for a verification purpose, and costs of dies and various research materials.
	  	 	3,069	  
	 Costs for technology transfer
	  	 IP purchase costs
	  	 	285	  
	 Outsourced R & D costs
	  	 Conclusion of a contract for outsourcing R & D
	  	 	516	  
	 Costs for R & D equipment and materials
	  	 Lease expenses for experiments and tests
	  	 	109	  
	 Other expenses
	  	 Payroll costs for manufacturing samples and processing
	  	 	136	  
		  	 Total
	  	 	5,915	  

  
 20 

 Kun-Pledge Agreement 
 (For subordinated ABS bond) 
 The present Kun-Pledge Agreement
(hereinafter referred to as the “Agreement”) is concluded between the following parties on this
30th day of April, 2009. 

 

			
	 Pledgee & Creditor:
	  	 <KDB No. 1 Train of Hope> Collateralization Specialized LLC 

Address: 16-3 Yeuido-dong, Youngdeungpo-gu, Seoul, Korea

		
	 Pledgor & Debtor:
	  	 GCT Research Co., Ltd. 
 10th Fl.,
Specialty Construction Bldg., 395-70
 Sindaebang-dong, Dongjak-gu, Seoul, Korea

 

	 Trustee:
	  	 Korea Development Bank 
 16-3 Yeouido-dong, Youngdeungpo-gu, Seoul, Korea

  

			
	 Underwriter of Corporate Bond:

Address:
	  	 Daewoo Securities Co., Ltd. 
 34-3, Yeuido-dong, Youngdeungpo-gu, Seoul, Korea Sung-Tae, Kim

 Fixed date in 2009: No. 1740 
 Article 1 (Purpose & Definition) 
  

	 	(1)	 Provided that the Pledgee’s right(s) against the Pledgor become ineffective or invalid for whatever reason with regard to the Pledgee’s
right to claim for repayment of the principal and accrued interest against the Pledgor or the bond stated herein, arising from the situation that the [1st] non-guaranteed private placement corporate bond (hereinafter referred to as the “Subject Corporate Bond”)
whose par value is equivalent to [Korean Won four billion] having been structured and issued in accordance with the Underwriting Agreement for Non-guaranteed Private Placement Corporate Bond (hereinafter referred to as the “Bond-Underwriting
Agreement”) dated April 29, 2009 was transferred by the Bond Underwriter to the Pledgee for the purpose of its asset securitization, or that the Pledgor fails to honor its obligations and responsibilities, in whole or in part, which are
set out in the above Bond-Underwriting Agreement including but not limited to an event of default in which the Pledgor has used or uses the fund created from the Subject Corporate Bond for any purpose other than the preset usage as expressly
specified, the Pledgee, in an attempt to secure all forms of its credits against the Pledgor effectuated in accordance with the Bond-Underwriting Agreement as well as its right for any damage compensation with any nature whatsoever in connection
with any non-fulfillment by the Pledgor in conformity with the Bond-Underwriting Agreement (such right and credit collectively referred to as the “Secured Claims” hereinafter), shall be entrusted herein to establish its right of the
kun-pledge onto the subordinated 

  
 21 

	 	 
securitization bond (as specified for its detail in Annex 1: The List of Collaterals attached herewith, which is hereinafter referred to as the “Subordinated ABS Bond”) which was
conferred to the Pledgor in accordance with the asset transfer agreement made between the Bond Underwriter and the Pledgor as of the date of April 30, 2009 pertaining to the Subordinated ABS Bond which was issued by the Pledgee and taken over
to the Bond Underwriter on the same 30th day of April,
2009. 

  

	 	(2)	 Any terms used in this Agreement but not defined separately herein shall be clarified in compliance with the definitions set forth by the Job
Assignment Contract entered into as of the date of April 22, 2009. 

 Article 2 (Establishment of Kun-pledge)

  

	 	(1)	 The Pledgor hereby agrees that it will take actions or have steps taken, to the extent complying with the following subparagraphs numbered 1 &
2, in order for the pledge meeting the purposes of the Agreement to be established for the sake of and by the name of the Pledgee, including other legal proceedings as appropriate, onto the Subordinated ABS Bond which the Pledgor has taken over from
the Bond Underwriter. 

  

	 	1.	 Secured Claims (this may be “Secured Obligations” in view of the Pledgor) 

To be defined as all types of present and future rights and claims of the Pledgee exercisable against the Pledgor, which
are generated as per the Bond-Underwriting Agreement as well as the right to claim for reimbursement/compensation for any damage incurred by or arising from the Pledgor’s failure to abide by the terms and conditions stipulated by the
above-mentioned Bond-Underwriting Agreement, including but not limited to such events in which either the Subject Corporate Bond or the Pledgee claims right to the principal and interest against the Pledgor, or in which the Pledgor has used or uses
the funds created from the issue of the Subject Corporate Bond for any purpose other than the predetermined usage as expressly specified. 
  

	 	2.	 Scope of Kun-pledge Right 

 The extent demarcated duly effective by the term right of the Pledgee in accordance with the present Agreement shall affect to the Subordinate ABS Bond itself, together with the principal plus accrued
interest and/or other beneficial right of the collateral, whether actual or contingent, subject to such Subordinate ABS Bond. 
  

	 	(2)	 The Bond Underwriter, without delay once it underwrites the bond certificate representing the subordinate securitization on behalf of the Pledgor,
shall hand over the Corporate Bond to the Trustee authorized in proxy of the Pledgee through which the obligation to transfer the Corporate Bond in accordance with the Asset Transfer Agreement shall be appropriately undertaken. In the meantime, both
the Bond Underwriter and the Pledgor shall cooperate, on receipt of the request by the Pledgee’s side, the proceedings to make the establishment of the pledge by the Pledgee to be accomplished successfully. 

  
 22 

 Article 3 (Effectuation & Extinguishment of the Pledge Right) 

 

	 	(1)	 The pledge right being created by the Agreement in favor of the Pledgee will take into effect from the time when the Corporate Bond representing the
subordinated securitization bond, pursuant to Article 2(2), is provided to the Trustee who is the representative of the Pledgee. 

  

	 	(2)	 The pledge right being created by the Agreement shall be terminated at the time when the Secured Obligations are repaid completely.

 Article 4 (Power of attorney, Etc., for Trustee & Corporate Bond Underwriter) 

 

	 	(1)	 The Pledgee will assign the general proceedings such as establishment, enforcement and/or other relevant jobs to the Trustee; and the Trustee shall
undertake such jobs assigned faithfully in a bona fide manner. 

  

	 	(2)	 The Pledgor, immediately after the Corporate Bond representing the subordinate securitization bond is issued in accordance with Article 2(2), shall
deliver it to the Trustee who is the representative of the Pledgee, as if the Corporate Bond were duly provided to the Trustee by laddering up the procedures set out in the Asset Transfer Agreement; and, the Trustee shall undertake such jobs
assigned faithfully in a bona fide manner. 

  

	 	(3)	 The Trustee shall safely keep the collateral for the Pledgee with due diligence; and any action serving as an obstacle to exercise of the collateral
right by the Pledgee is not strictly prohibited. 

 Article 5 (Enforcement of Pledge) 

 

	 	(1)	 If or in the event that the Pledgor fails or neglects to keep its obligatory responsibilities to pay for the principal, etc relating to the Secured
Obligations (such events of default collectively referred to as the “Reasons of Pledge Exercisability”), the Pledgee shall be entitled to enforce the pledge with no limitation to timing. 

 

	 	(2)	 If or provided the Pledgee exercises its pledge right against the Pledgor caused by or in the event that any of the Reasons of Pledge Exercisability
takes place, the Pledgee has the right in its sole discretion to safeguard its credit away from the Pledgor in such a manner of setting off the Secured Claims claimable by the Pledgee against the Pledgor with the Subordinate ABS Bond receivable by
the Pledgor from the Pledgee, at which case the consent on such act by the Pledgor is not required. 

 Article 6
(Preservation of Collateral Value) 
 The Pledgor is not allowed to transfer or offer the collateral to the third party, and
also any action causing the collateral to be devalued, degraded or destructed is strictly prohibited. 
 Article 7 (Release of Secured bond)

 When the Secured Obligations are all repaid, the Pledgee shall promptly surrender the pledge stated herein and return the Subordinate ABS
Bond that is pledged to the Pledgor. 

  
 23 

 Article 8 (Confirmations between the Parties Concerned) 

 

	 	(1)	 The Trustee shall not be allowed to set off the collateral using its own credits for the Pledgor. 

 

	 	(2)	 Neither the Pledgor nor the Pledgee nor the Bond Underwriter shall be entitled to confer or offer as collateral to any third party the respective
rights and obligations obtainable or arising out of the present Agreement. 

  

	 	(3)	 The Pledgor must make the original copies of the Agreement to be affixed thereon with the fixed date stamp without hesitation as soon as this
Agreement is duly made, and then hand it over to the Trustee. 

 Article 9 (Bearing Expenses) 

All cost and expenses incurred in connection with the creation, and enforcement of the Pledge shall be borne by the Pledgor. 

Article 10 (Governing Law and Jurisdiction) 
  

	 	(1)	 This agreement along with its rights and obligations shall be interpreted and governed in accordance with or by the relevant laws of the Republic of
Korea. 

  

	 	(2)	 Any dispute or controversy among the parties concerned arising out of or in connection with the Agreement shall be initially brought to Seoul
Central District Court for settlement. 

 (Space blank to be used for seals and signatures) 

  
 24 

 To witness the above, this Agreement has been duly executed with seals in four original
copies, of which each of the parties concerned as shown hereunder has taken one copy. 
  

					
	 Pledgee & Creditor:
	  	 <KDB No. 1 Train of Hope> Collateralization Specialized LLC 

Address: 16-3 Yeuido-dong, Youngdeungpo-gu, Seoul, Korea

		  	  
 Director Min-Soo Park
	  	 (seal)

		
	 Pledgor & Debtor:
	  	 GCT Research Co., Ltd.
 Address: 10th Fl., Specialty Construction Bldg., 395-70
 Shindaebang-dong, Dongjak-gu, Seoul,
Korea

		  	 Gyeong-Ho Lee
	  	 (seal)

  

					
	 Trustee:
	  	 Korea Development Bank
 Address: 16-3 Yeuido-dong, Youngdeungpo-gu, Seoul, Korea
 Representative, President
Yoo-Seong Min

		  	 Representative of the above, Issue Market Manager Soo-Jae Kim
	  	 (seal)

  

					
	 Underwriter of Corporate Bond:
	  	 Daewoo Securities Co., Ltd.
 Address: 34-3 Yeuido-dong, Youngdeungpo-gu, Seoul, Korea Sung-Tae Kim
	  	 (seal)

 [fixed date] 

  
 25

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