Document:

Form of Bundang Lease Agreement

 Exhibit 10.9 
  
 FORM OF BUNDANG LEASE AGREEMENT 
  
 THIS LEASE AGREEMENT (this “Agreement”) is made and entered into by and between
                     (the “Lessor”) and Pixelplus Co., Ltd. (314-81-32491) (the “Lessee”). 
  

					
	1. Leased Premises:	  	Suite #(                    ), 5th Floor, Intellige I, KINS Tower,
25-1
Jeongja-dong, Bundang-gu, Seongnam-si, Gyeonggi-do, 463-811,
The Republic of Korea.
	2. Leased Area:	  	                     pyung
	3. Lease Deposit:	  	                     Won
	4. Monthly Rent:	  	                     Won (excluding VAT)

  
 Article 1 (Purpose) 

 

	�.	The Lessor shall lease the leased premises to the Lessee as office, and the Lessee shall use the leased premises pursuant to this Agreement (provided, however, that the Lessee shall
not alter the use or structure of the leased premises, sublease or assign the leased premises, provide securities on the leased premises, use the leased premises for other purposes without consent of the Lessor.). 

  

	‚.	The parties agree and acknowledge that in order to be engaged in electronics component parts manufacturing business, the Lessee wishes to secure an aggregate leased area of at least
600 pyung, and as such, in addition to this Agreement, the Lessee is to execute lease agreements for Suite #                    , and
                                        
         simultaneously with this Agreement, and to assist the Lessee in achieving such end, the Lessor shall faithfully perform under this Agreement. 

  
 Article 2 (Lease Deposit) 
  

	�.	The lease deposit for the leased premises shall be                      Won.

  

	‚.	The earnest money deposit with respect to this Agreement shall be
                     Won, 10% of the lease deposit, and shall be paid to the Lessor by the Lessee upon execution of this Agreement.

  

	ƒ.	Immediately upon completion of construction completion inspection for the leased premises, the Lessor shall notify the Lessee to such effect. Upon receipt of such notice from the
Lessor, the Lessee shall immediately pay the balance of the lease deposit to the Lessor. 

  
 Article 3 (Monthly Rent and Maintenance Fee) 
  

	�.	The Lessee shall pay                      Won (excluding VAT) as the monthly rent
for the leased premises to the account designated by the Lessor on the fifteenth day of each month. 

  

	‚.	The Lessor shall issue and deliver to the Lessee a tax receipt for each monthly rent paid by the Lessee. 

  

	ƒ.	The Lessee shall pay the maintenance fee allocable to the Lessee from the day immediately following the payment of the balance. 

 Article 4 (Interior Works) 
  

	�.	Immediately upon the balance payment pursuant to Article 2(3) above, the Lessee may commence interior works on the leased premises and the Lessor shall actively cooperate with the
Lessee. 

  

	‚.	No fees, including the monthly rent, shall be incurred for the four (4) week period of interior work from the completion of the construction of the leased premises and the
Lessee shall not be responsible for any payment thereof. 

  

	ƒ.	The monthly rent shall accrue from the expiry of the four week interior work period after the completion of the construction of the leased premises. 

  
 Article 5 (Term of Lease) 
  
 The term of lease shall be 3 years from the commencement date of the business in Article
4(3) hereof. (Provided, however, that the monthly rent and/or the lease deposit may be adjusted after two years depending on the prevailing market practices at such time. / Provided, however, that the monthly rent shall be increased by 10% after two
years. The monthly rent may be adjusted when this Agreement is renewed after three years.) 
  
 Article 6 (Request for Renewal of Term, etc.) 
  

	�.	The Lessor may not reject the renewal request of the Lessee made during the period between 6 months and 1 month prior to the expiry of the term of lease without just cause thereof.
Provided, however, that the above provision shall not apply: 

  

	 	a.	If the Lessee fails to pay the monthly rent for three consecutive months; 

  

	 	b.	If the Lessee leased the leased premises through fraud or other improper means; 

  

	 	c.	If the Lessor makes considerable compensation to the Lessee upon mutual agreement; 

  

	 	d.	If the Lessee subleases all or a part of the leased premises without consent from the Lessor; 

  

	 	e.	If the Lessee inflicts damage, etc. to all or a part of the leased premises or the building out of negligence or willful misconduct; 

  

	 	f.	If the objectives of the lease cannot be achieved due to loss or destruction of all or substantially all of the leased premises or the building; 

  

	 	g.	If it becomes necessary for the Lessor to repossess the leased premises for demolition or remodeling, etc. of all or substantially all of the leased premises or the building; or

  

	 	h.	If the Lessee materially fails to perform its duties as a tenant, or there occurs any other events that seriously hinder upon continuation of the lease. 

  

	‚.	The Lessee may exercise its right to request renewal of the lease to the extent that the total lease period does not exceed five years, including the original term of lease.

  

	ƒ.	This Agreement shall be deemed to have been renewed on the same terms and conditions when renewed, except for the terms on the monthly rent and the lease deposit, which may be
adjusted pursuant to Article 7 hereof. 

	„.	If the Lessor fails to notify the Lessee of its intent not to renew the lease or to change any terms of the lease within the period specified in Article 6(1) above, this Agreement
shall be deemed to have been renewed on the same terms and condition. In such cases, the lease shall be deemed to have been extended for a six month period. 

  

	....	In cases of Article 6(4) above, the Lessee may, at any time, notify its intent to terminate the lease and the termination shall be effective after three months from the
Lessor’s receipt of such notice. 

  
 Article 7 (Right to
Request Increase/Decrease of Monthly Rent, etc.) 
  

	�.	The Lessor shall not request any increase of the lease deposit and/or month rent with respect to the leased premises for two years of the term of lease in Article 5 hereof.

  

	‚.	After the expiry of such two year period, if the then effective rate of the monthly rent and/or the lease deposit becomes inadequate due to increase/decrease of the taxes and other
public charges on the leased premises or the building or sudden change of the economic conditions, a party may request adjustment of the monthly rent and/or the lease deposit. Provided, however, that any increase of the monthly rent and/or the lease
deposit shall not exceed the rate stipulated in the Presidential Decree of the Commercial Building Lease Protection Act. 

  

	ƒ.	A party to this Agreement may not request any increase of the monthly rent pursuant to Article 7(2) above within one year period of this Agreement or any previous increase of the
monthly rent. 

  
 Article 8 (Return of Lease Deposit)

  

	�.	At the expiry or termination of this Agreement, the lease deposit paid by the Lessee to the Lessor shall be returned simultaneously upon the surrender of the leased premises by the
Lessee after deducting unpaid monthly rents, maintenance fees, and other expenses, if any. 

  

	‚.	For the amounts which cannot be normally fixed by the date of surrender, such as maintenance fees, the amounts calculated based on the immediately preceding month shall be deducted,
subject to settlement of the account later. 

  
 Article 9
(Establishment of Keun-Mortgage and Collateral for Lease Deposit) 
  

	�.	The Lessor shall establish keun-mortgage on the leased premises in favor of the Lessee to secure the Lessor’s obligation to return the lease deposit and the maximum secured
amount of such keun-mortgage shall be              Won (120% of the lease deposit). The Lessee shall bear the registration expense thereof and the keun-mortgage shall be registered on the
date of balance payment of the lease deposit by the Lessee. 

  

	‚.	The Lessor shall not grant any security interest having priority over the keun-mortgage of the Lessee to a third party. Provided, however, that the Lessor may do so if the Lessee
agrees or if the aggregate secured amount of the keun-mortgage of the Lessee and the mortgage of such third party does not exceed 70% of the initial pre-sale price of the leased premises. 

 Article 10 (Indemnification) 
  

	�.	In the event that it becomes impossible to accomplish the objectives of this Agreement upon termination of this Agreement due to the reasons attributable to the Lessor, such as
breach of this Agreement by the Lessor, the Lessor shall be responsible for damages, etc. to be born by the Lessee under four other lease agreements in Article 1(2) above. 

  

	‚.	In addition to the foregoing, the Lessor shall indemnify any and all loss and damage suffered by the Lessee, including costs and expenses incurred by the Lessee with respect to the
interior works, business relocation and business losses, etc. 

  
 Article 11 (Termination) 
  

	�.	The Lessee may terminate this Agreement in the event of any of the following: 

  

	 	a.	If construction completion inspection is delayed for a certain amount of time; 

  

	 	b.	If the business operation of the Lessee is hindered by a third party’s exercise of its rights, including, filing of/for attachment, provisional attachment, provisional
disposition, public auction, compulsory enforcement of the leased premises or the transfer of title of the leased premises; or 

  

	 	c.	If the Lessor breaches this Agreement. 

  

	‚.	If this Agreement is terminated pursuant to Article 11(1) above, the Lessor shall be responsible for the indemnification pursuant to Article 10 above (except for Article 11(1)(a))

  

	ƒ.	The Lessor may terminate this Agreement if the Lessee fails to pay the monthly rents for two months or if the Lessee breaches this Agreement. 

  

	„.	If the Lessee breaches this Agreement after the execution of this Agreement, the Lessor shall be entitled to keep the earnest money deposit as damages. 

  
 Article 12 (Jurisdiction) 
  
 Any disputes arising out of, or in connection with, this Agreement shall be submitted before
the court having jurisdiction over the Lessee. 
  
 Article 13 (Others)

  
 Matters not specifically provided for in this Agreement shall be resolved
in accordance with the prevailing real estate lease practices. 
  
 IN WITNESS
WHEREOF, the parties hereto have executed this Agreement in duplicate, and each party shall keep one copy thereof. 
  
 [Date] 
  
 Lessor: 
  
 [Address] 
 [Name] 
 [Citizenship number]        Tel) 

 Lessee: 
  
 Pixelplus Co., Ltd. 
 5th Floor, Intellige I,
KINS Tower, 25-1 Jeongja-dong, Bundang-gu, Seongnam-si, 
 Gyeonggi-do, 463-811, The Republic of Korea 
 Representative Director Seo Kyu LeeLoan guarantee issued by Seo Kyu Lee to Citibank

 Exhibit 10.10 
  
 The Bank must explain major terms of this agreement, and deliver copies of the general terms and conditions of the bank credit facility (Eun Hang Yeo Shin Yak
Kwan), together with this agreement to the (joint and several) guarantor. 
  
 Keun Guarantee 
  

	 	•	 	We note that joint and several guarantee is a legal act series legal consequences which may cause material loss, damage to one’s assets, and as such, please make your decision
carefully after thoroughly review the contents of this Deed and the “Things to know for the guarantor” attached to the customer application form and 

  

	 	•	 	personally fill in the  ̈ portion (personal information section, Article 1
and the end of this Agreement). 

  

			
	TO: Hanmi Bank	 	December 31, 2004

  
 Joint
and Several Guarantor: Seo Kyu Lee 
  
 Address:

  
 The undersigned joint and several guarantor (the “Guarantor”)
hereby agrees that the Guarantor shall be jointly and severally liable for any and all current and future obligations of the debtor with respect to Hanmi Bank (the “Bank”) pursuant to Article 1 herebelow and hereby approves and agrees that
with respect to the performance of the guaranteed obligations as a guarantor, the terms and conditions of the general terms and conditions of bank credit facility (the “General Terms”) and the loan agreement separately submitted by the
debtor to the bank shall apply the Guarantor. 
  
 Article 1. Guaranteed
Obligations, etc. 
  

	1.1	The Guarantor shall undertake to perform as follows: 

  

	 	a.	Debtor 

  
 Name: Pixelplus Co., Ltd. Representative Director Seo Kyu Lee 
  
 Address: Suwon Center, Kyunggi Venture Bldg, 1017, Ingae-dong, Paldal-gu, Suwon-si 

	 	b.	Scope of Guaranteed Obligations 

  
 The bank explained to the Guarantor that he may choose one of the three types of guarantees with varying degree of guaranteed obligations,
and the Guarantor chose comprehensive keun-guarantee (Po Kwal Keun Bo Jeoung) covering any and all current and future debt obligations (including interest, default interest, and other ancillary obligations) of the debtor with respect to all
transactions with the bank. 
  
 Specific (Teuk Jeong)
Keun Guarantee 
  
 Any and all current and future
obligations of the Debtor with respect to the Bank under the following agreements 
  
 Agreement dated   ̈

  
 Agreement dated   ̈ 
  
 Limited (Han Jeong) Keun Guarantee 
  
 Any and all current and future obligations of the Debtor with respect to the Bank for the following types of transactions 
  

			
	 ̈  type transactions	 	 ̈  type transactions

  
 Comprehensive (Po
Kwal) Keun Guarantee 
  
 Any and all current
and future obligations of the Debtor with respect to the Bank (headquarters and/or branch offices) as follows: 
  

	a.	Any and all obligations with respect to loan under notes, overdraft, note discount, repayment guarantee, receivables, acquisition of corporate bonds, lease of securities, foreign
currency transactions and other credit facilities transactions 

  

	b.	Guarantee obligations with respect to transactions described above between the Bank and a third party 

  

	c.	Obligations under the notes and/or checks acquired with respect to transactions described above between the Bank and a third party 

	 	c.	Maximum Keun Guarantee Amount 

  
 [659,000,000 Won] 
  

	 	d.	Settlement on Keun Guarantee 

  
 The Bank explained to the Debtor that the Debtor may choose one of the following three methods as its settlement terms, and the Debtor
chose the settlement date determined under the “future fixed type” as its settlement terms. 
  
 Fixed Type 
  
 [year/month/date] 
  
 Automatic Fix Type 
  
 Not to be determined. 
  
 The Debtor may fix its keun guarantee settlement date three years after the execution of
this Agreement, which shall be 14 days after the notice thereof. If the 14 day period is not secured, the settlement date shall be fixed to the date on which 14 days will have been lapsed from the date of notice. Provided, however, that if the
Debtor has not fixed the settlement date by the 5th anniversary of the execution date of this agreement, the
5th anniversary date shall be the settlement date. 
  
 Future Fixed Type 
  
 Not to be determined. 
  
 The Debtor may fix its keun guarantee settlement date three years after the execution of this Agreement, which shall be 14 days after the notice thereof. If the 14 day
period is not secured, the settlement date shall be fixed to the date on which 14 days will have been lapsed from the date of notice. 
  

	1.2	The obligations covered by the guarantee provided by any of the following financial institutions shall be excluded from the guaranteed obligations in Paragraph 1(b) above:

  

	 	a.	Banks established pursuant to the Bank Act and other special legislations; 

  

	 	b.	Credit guarantee fund established pursuant to the Credit Guarantee Fund Act; 

  

	 	c.	Technology credit guarantee funds established pursuant to the Financial Assistance to New Technology Businesses Act; 

  

	 	d.	Residential house financing credit guarantee funds established pursuant to the Act on the Assistance to Residential Stability and Lump Sum-Raising Savings of Workers;

  

	 	e.	Guarantee insurance companies established pursuant to the Insurance Business Act; 

	 	f.	Other institutions issuing guarantees pursuant to relevant agreement with the Bank. 

  
 Article 2. (Restriction on Set-Off) 
  
 The Guarantor shall not, unless otherwise required pursuant to Article 7 of the General Terms (Acceleration) (for corporate loan, occurrence of redemption triggering
events under Article 9 of the General Terms shall be included), raise any claims for set-off of the Debtor’s obligations with any claims the Debtor may have against the Bank, such as deposits in the Debtor’s account(s) at the Bank.

  
 Article 3. (Relations with Other Collaterals and Guarantees)

  

	3.1	In the event that the guarantor separately provide a collateral or a guarantee for the same guaranteed obligations of the Debtor to the Bank, such collateral or guarantee shall not
be altered or changed due to this Agreement and shall be cumulatively applied unless otherwise separately agreed between the parties. 

  

	3.2	If certain collateral has been provided to secure the same debt obligations of the Debtor and at the same time, the guarantor provides the guarantee hereunder for the same secured
amount as such collateral upon request of the bank to countermeasure any potential decrease in value of the collateral, notwithstanding Paragraph 1 above, the guaranteed obligations shall be reduced corresponding to the extent the relevant
obligations has been performed in a part or in full. 

  
 Article
4. (Change, Cancellation, and/or Termination of the Collateral) 
  
 The bank
may, out of business necessity, change, cancel, or terminate any other collateral and/or guarantee if agreed by the Guarantor or if such change, cancellation or termination would not have material adverse effect the Guarantor’s right to
recourse against the debtor such as replacement with other collateral or guarantor with the same value and qualifications, respectively, or cancellation and/or termination of the collateral or guarantee upon partial performance of the guaranteed
obligations. 

 Article 5. (Special Terms and Conditions) 
  

			
	 	 	Guarantor:                    (Seal)
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

	

	Please fill in the blanks below in handwriting after you read the following: 

  

	 	(Examples: 1. Received; 2, 3 Informed) 

  

			
	1. Have you received the copies of the General Terms and this Agreement?	 	Received.
		
	2. Have you been explained with the major terms of the General Terms and this Agreement?	 	Informed.
		
	3. Have you been explained the liabilities of the debtor, joint and several liabilities, and credit ratings of the debtor?	 	Informed.

  

			
	Staff                Title:	 	Name:                                      
              (Seal)                

  

			
		
	By:	 	 /s/ Seo Kyu Lee

	 Name:
	 	 Seo Kyu Lee

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