Document:

Take or Pay Agreement between the Registrant and United Test and Assembly

 Exhibit 10.37 
 NOTE: Portions of this Exhibit are the subject of a Confidential Treatment Request by the Registrant to the Securities and Exchange Commission (the “Commission”). Such portions have been
redacted and are marked with a “[***]” in the place of the redacted language. The redacted information has been filed separately with the Commission. 
 TAKE or PAY AGREEMENT 
 This Agreement (“Agreement”) is made on this February 1,
2011 (“Effective Date”), by and between GCT Semiconductor (“GCT”) located at 2121 Ringwood Avenue San Jose, CA 95131 USA and United Test and Assembly, Ltd. (“Supplier”), located at 5, Serangoon North Ave 5 Singapore
554916. 
 WHEREAS, GCT desires to secure additional [***] capacity by paying a monthly minimum revenue for a period of 12 months
from the effective date of this agreement; 
 WHEREAS, Supplier desires to provide the additional capacity in accordance with the
terms and conditions of this Agreement: 
 NOW THEREFORE, in consideration for the mutual promises contained herein, and other
valuable consideration, the receipt and adequacy of which the parties hereby acknowledge and agrees as follows: 
 DEFINITIONS:

 Tester: [***] production tester configured sufficiently to perform final test service o GCT’s [***] products. 

Qualified Handler: A production handler that has been qualified by Supplier and approved by GCT to work sufficiently with the Tester.
[***] For the avoidance of doubt, the Hontech model 6xxx handler is currency not a Qualified Handler. 
 Minimum Guaranteed
Loading Level (“MGLL”): The minimum loading level (in billable hours) that GCT will provide for the Tester in exchange for guaranteed capacity on the Tester. The MGLL is defined as [***], subject to modification per paragraph 2.1.

 Testable WIP: Fully assembled product delivered in tray form and received by the test site. 

 

	1.0	FEES AND SERVICES 

  

	 	1.1	Supplier will guarantee Tester availability for GCT. GCT will get first priority to continue using the Tester beyond the MGLL. 

 

	 	1.2	Supplier shall invoice GCT for the [***] Tester capacity and associated Qualified Handler at [***]. Minimum monthly billing with MGLL [***] is [***].

  

	 	1.3	Supplier will invoice GCT once at the end of every month for services provided in the month. Payment by GCT will be made [***] after receipt of invoice.

  

*** CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION 

	1.4	Quarterly Rebate Incentive 

Q3CY2011: If average loading achieved [***] UTAC will rebate GCT [***]. 

Q4CY2011: If average loading achieved [***] UTAC will rebate GCT [***]. 

Rebate will be issued quarterly by the 15th of the month following the end of the quarter. 

 

	2.0	EXCLUSION CLAUSE 

  

	 	2.1	The MGLL shall be reduced accordingly if the required equipment is not available (due to maintenance. calibration, breakage or other) for the required hours through no
fault of GCT. If [***] has elapsed in the current month, then for [***] the MGLL will be [***]. If the allocated tester is down and caused GCT not to achieve the agreed utilization hours with WIP available, UTAC will not invoice GCT the minimum
monthly revenue for the level caused by the non availability of the tester for GCT. 

  

	 	2.2	If GCT provides the loading to meet the Quarterly Rebate Incentive and the allocated Tester is not available and thereby causes GCT not to achieve the required
utilization, GCT is still entitled to the rebate. 

  

	3.0	EXTENSION 

  

	 	3.1	After [***] of this Agreement is completed, Supplier and GCT will enter into goo fait negotiations for a follow on agreement for supply services based upon GCT’s
current and forecasted needs. 

  

	4.0	CLARIFICATION: 

  

	 	4.1	This Agreement pertains to the use of a Supplier owed tester (the Tester) and does not pertain to, modify or alter the use of the GCT owned [***] that is currently
residing on the UTAC test floor. 

  
 2 

*** CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION 

 This Agreement is executed by the duly authorized representatives of the Parties as of the Effective Date.

  

									
	GCT Semiconductor	 		 	United Test and Assembly, Ltd
					
	Signature:	 	/s/ John Schlaefer	 		 	Signature:	 	/s/ June Chia

									
	 Print Name:
	 	 John Schlaefer
	 		 	 Print Name:
	 	June Chia

									
	 Title:
	 	 COO Chief Operating Officer
	 		 	 Title:
	 	EVP Worldwide Sales & Marketing

									
	 Date:
	 	 1 Feb 2011
	 		 	 Date:
	 	1 Feb 2011

  
 3Amendment to Promissory Note issued to Kyeong Ho Lee

 Exhibit 10.39 
 THIRD AMENDMENT TO PROMISSORY NOTE 
 This THIRD AMENDMENT TO PROMISSORY
NOTE (this “Agreement”) is entered into as of this 21st day of November, 2011 by and among GCT SEMICONDUCTOR, INC., a Delaware corporation (the “Company”) and Kyeong Ho Lee (the “Lender”), the parties to
that certain promissory note (the “Note”) dated as of December 15, 2003 between the Company and the Borrower. 
 RECITALS 
 WHEREAS, the Company and the Lender hereby desire to amend the
Note in connection with the payment of $880,000 of the principal amount as of the date hereof as set forth below 
 NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual promises contained herein, the Company and the Lender intending to be legally bound hereby agree: 
 1. Principal Amount. Notwithstanding anything in the Note, the Principal Amount shall be $120,000 effective as of the date hereof. 

2. Other Provisions Intact. Except as set forth in this Agreement, all the terms and provisions of the Note not otherwise altered
or eliminated by this Agreement shall remain unchanged, unmodified and in full force and effect, and the Note shall be read together and construed in accordance with the terms of this Agreement. 

3. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 [Remainder of Page Intentionally Left Blank] 

 In Witness Whereof, the Company and the Lender have executed this Second Amendment to
Promissory Note to be effective as of the day and year first above written. 
  

			
	COMPANY:
	
	 GCT Semiconductor, Inc., 
 a Delaware corporation

		
	By:	 	 /s/ Gene Kulzer

	Name:	 	Gene Kulzer
	Title:	 	Chief Financial and Administrative Officer
	
	LENDER:
	
	 /s/ Kyeong Ho Lee

	Kyeong Ho LeeAmendment to Offer Letter between the Registrant and John Schlaefer

 Exhibit 10.45 
 GCT SEMIDCONDUCTOR, INC. 
 2121
RINGWOOD AVENUE 
 SAN JOSE, CA 95131 

November 28, 2011 

Mr. John B. Schlaefer 
 c/o GCT
Semiconductor, Inc. 
 2121 Ringwood Avenue 
 San Jose, California 95131 
 Dear Mr. Schlaefer: 

You previously accepted an offer letter with GCT Semiconductor, Inc. (the “Company”) dated December 16, 2005 (the
“Offer Letter”) in which certain terms and conditions governing your employment with the Company were set forth. The purpose of this letter is to clarify certain provisions of that Offer Letter in connection with the proposed
public offering of the Company’s common stock so as to assure that the provisions of that letter remain in compliance with the applicable requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury
Regulations thereunder. 
 Accordingly, the following clarifications are hereby made to the Offer Letter: 

1. Section 3 is hereby amended by adding the following sentence at the end of that section: 

“Any bonus you earn for a fiscal year will be paid no later than the last day of the calendar year in which such
fiscal year ends.” 
 2. Section 5 is hereby amended by adding the following sentence to the end of that section:

 “Any reimbursements or in-kind benefits to which you may become entitled in accordance with the foregoing
provisions of this Section 5 shall be subject to the following conditions and limitations: (i) no expense will be reimbursed later than the close of the calendar year following the calendar year in which that expense is incurred,
(ii) the amounts eligible for reimbursement in any one calendar year or the in-kind benefits provided in any one calendar year shall not affect the amounts reimbursable, or the in-kind benefits provided, in any other calendar year and
(iii) the right to such reimbursement or in-kind benefits may not be liquidated or exchanged for any other benefit.” 

 3. The following new provisions are hereby added to the end of the Offer Letter: 

“8. Delayed Payments. Notwithstanding the foregoing provisions of this letter agreement, if on your employment
termination date (i) the Company has any class or series of capital stock publicly traded on an established securities market or otherwise and (ii) you are a “specified employee,” as determined in accordance with the provisions
of Internal Revenue Code Section 409A (“Section 409A”) and the Treasury Regulations thereunder, then any payments or benefits to which you may become entitled under this letter agreement that are subject to Section 409A shall be
delayed to the extent necessary to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Internal Revenue Code. Any payments or benefits so delayed shall be subsequently paid or distributed to you (or your estate) on the
earlier of (i) the first day of the seventh month following your “separation from service” (as defined below) or (ii) the date of your death. On the earlier of such dates, all payments or benefits delayed pursuant
to this Section 8 will be paid or distributed to you (or your estate) in a lump sum payment. The remaining payments and benefits (if any) to which you are entitled under this letter agreement will be paid or distributed as they become due and
payable hereunder. 
 For purposes of this Section 8, “separation from service” means your
cessation of employment with the Company by reason of your death, resignation, dismissal or other termination event and will be deemed to occur at such time as the level of bona fide services you are to render as such an employee (or as a
non-employee consultant) permanently decreases to a level that is not more than twenty percent (20%) of the average level of services you rendered as an employee during the immediately preceding thirty-six (36) months. In determining
whether you have experienced a separation from service, the Company will apply the standards set forth in the Treasury Regulations issued under Section 409A.” 

9. Section 409A Status. The potential severance payments and benefits to which you may become entitled
pursuant to this letter agreement are intended, where possible, to comply with the “short term deferral exception” and the “involuntary separation pay exception” to Section 409A. Accordingly, the provisions applicable to
your potential cash severance payment under Section 5 above and the determination of your separation from service due to a termination of your employment without cause shall he applied, construed and administered so that such payment shall
qualify for one or both of those exceptions, to the maximum extent allowable. However, to the extent any payment or benefit to which you become entitled under this letter agreement is deemed to constitute an item of deferred compensation subject to
the requirements of Section 409A, the provisions applicable to that payment or benefit shall be applied, construed and administered so that such payment or benefit is made or 

 
provided in compliance with the applicable requirements of Section 409A. In addition, to the extent there is any ambiguity as to whether any provision of this agreement would otherwise
contravene one or more requirements or limitations of Section 409A and the Treasury Regulations thereunder, such provision shall be interpreted, administered and applied in a manner that complies with the applicable requirements (or an
exception from the requirements) of Section 409A and the Treasury Regulations thereunder.” 
 Except as otherwise clarified by the
terms of this letter, the terms and provisions of the Offer Letter will continue in full force and effect. If you have any questions concerning the matters described above, please contact Gene Kulzer at 408-434-6040. 

 

	
	 /s/ Kyeongho Lee

	Kyeongho Lee
	
	Title: President and Chief Executive Officer

 APPROVAL 
 I hereby approve and accept all of the clarifications to the Offer Letter set forth above. 
  

	
	 /s/ John B. Schlaefer

	John B. Schlaefer
	
	Dated: November 28, 2011

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]