Document:

Consent Agreement

 Exhibit 4.1 
 GSMP V ONSHORE US, LTD. 
 GSMP V OFFSHORE US, LTD. 

GSMP V INSTITUTIONAL US, LTD. 
 200 West Street 
 New York, NY 10282-2198 

November 17, 2011 

MONEYGRAM PAYMENT SYSTEMS 
 WORLDWIDE, INC.

 2828 N. Harwood Street, 15th Floor 

Dallas, TX 75201 
 DEUTSCHE BANK TRUST COMPANY

 AMERICAS, as Trustee 

Trust & Securities Services 
 60 Wall
Street, MS2710 
 New York, NY 10005 

DEUTSCHE BANK TRUST COMPANY 
 AMERICAS

 c/o Deutsche Bank National Trust Company 
 Trust & Securities Services 
 25 DeForest Avenue, MS SUMO1-0105 

Summit, NJ 07901 

Re:      13.25% Senior Secured Second Lien Notes Due 2018 

Reference is hereby made to that certain Indenture (the “Base Indenture”) dated as of March 25, 2008, as supplemented by
the First Supplemental Indenture, dated as of August 6, 2009, the Second Supplemental Indenture dated as of June 29, 2010 and the Third Supplemental Indenture dated as of April 19, 2011, Fourth Supplemental Indenture dated as of
September 29, 2011 and the Fifth Supplemental Indenture dated as of November 15, 2011 (together with the Base Indenture, the “Indenture”) by and among MoneyGram Payment Systems Worldwide, Inc. as the issuer (the
“Company”), the Guarantors listed on the signature pages of the Indenture (the “Guarantors”) and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). Capitalized terms used, but not defined, in this consent
shall have the meaning defined (including by reference) in the Indenture (as supplemented by the Sixth Supplemental Indenture, as defined below). 
 GSMP V ONSHORE US, LTD., GSMP V OFFSHORE US, LTD., and GSMP V INSTITUTIONAL US, LTD. (collectively, the “GS Holders”) hereby represent and warrant to the Company and the Trustee that the GS
Holders collectively own 100% in the aggregate principal amount of the outstanding 13.25% Senior Secured Second Lien Notes due 2018 (the “Notes”) voting as a single class issued pursuant to the Indenture. The GS Holders hereby irrevocably
consent to the entry into a sixth supplemental indenture (the “Sixth Supplemental Indenture”) to the Indenture in substantially the form attached hereto as Annex A. 

 The execution and delivery of this letter shall not operate as a waiver of any right, power
or remedy of the GS Holders under the Indenture, nor constitute an amendment of any other provision of the Indenture or for any purpose except as expressly set forth herein. 
 The Company hereby represents and warrants as follows: 
 1. The Sixth Supplemental
Indenture, when fully-executed and effective, will constitute the legal, valid and binding obligation of the Company and the Guarantors enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws relating to or affecting the Company and the Guarantors rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of
good faith and fair dealing. 
 2. The Company and each Guarantor has all requisite corporate power and authority to enter into
the Sixth Supplemental Indenture and to carry out the transactions contemplated by, and perform its obligations under, the Sixth Supplemental Indenture and the Indenture as amended by the Sixth Supplemental Indenture. 

3. After giving effect to the Sixth Supplemental Indenture, the Indenture, as amended, does not impair the validity, effectiveness or
priority of the Liens granted pursuant to the Security Documents, and such Liens continue unimpaired with the same priority to secure repayment of all Obligations with respect to the Notes, whether heretofore or hereafter incurred. The position of
the GS Holders with respect to such Liens, the Collateral in which a security interest was granted pursuant to the Security Documents and the ability of the Trustee to realize upon such Liens pursuant to the terms of the Security Documents have not
been adversely affected in any material respect by the amendments to the Indenture effected pursuant to the Sixth Supplemental Indenture or by the execution, delivery, performance or effectiveness of the Sixth Supplemental Indenture. The Company and
each Guarantor confirm that the Indenture and each Security Document to which it is a party is, and shall continue to be, in full force and effect, and the same are hereby ratified, approved and confirmed in all respects, except as the Indenture may
be amended by the Sixth Supplemental Indenture. 
 4. As of the date hereof (and giving effect to the Sixth Supplemental
Indenture), no event has occurred and is continuing or will result from the consummation of the transactions contemplated by the Sixth Supplemental Indenture or the Indenture as amended by the Sixth Supplemental Indenture that would constitute an
Event of Default. 
 The Company and each Guarantor reaffirm as of the date hereof their respective covenants and agreements
contained in the Indenture and each Security Documents to which it is a party, including, in each case, as such covenants and agreements may be modified by the Sixth Supplemental Indenture. 

THIS LETTER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

[SIGNATURE PAGE FOLLOWS] 

  
 2 

					
	 HOLDERS:
	 	GSMP V ONSHORE US, LTD.
			
		 	By:	 	 /s/ John E. Bowman

		 	Name:	 	 John E. Bowman

		 	Title:	 	 Vice President

		
		 	GSMP V OFFSHORE US, LTD.
			
		 	By:	 	 /s/ John E. Bowman

		 	Name:	 	 John E. Bowman

		 	Title:	 	 Vice President

		
		 	GSMP V INSTITUTIONAL US, LTD.
			
		 	By:	 	 /s/ John E. Bowman

		 	Name:	 	 John E. Bowman

		 	Title:	 	 Vice President

 Agreed and acknowledged as of the first date written above: 
 MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC. 
  

			
	By:	 	 /s/ James E. Shields

	Name:	 	 James E. Shields

	Title:	 	 Executive Vice President and Chief Financial Officer

 [Signature Page to Holder Consent] 

 
			
	MONEYGRAM INTERNATIONAL, INC.
	MONEYGRAM PAYMENT SYSTEMS, INC.
	MONEYGRAM OF NEW YORK, LLC
		
	By:	 	 /s/ James E. Shields

	Name:	 	 James E. Shields

	Title:	 	 Executive Vice President and Chief
Financial Officer

 [Signature Page to Holder Consent] 

			
	Copies to:	  	 F. William Reindel
 Fried,
Frank, Harris, Shriver & Jacobson LLP
 One New York Plaza
 New York, NY 10004

		
		  	 Valinda Wolfert

Vinson & Elkins L.L.P.
 2001 Ross
Avenue
 Suite 3700
 Dallas, TX
75201

 ANNEX A 
 SIXTH SUPPLEMENTAL INDENTURE 

 SIXTH SUPPLEMENTAL INDENTURE 

This Sixth Supplemental Indenture, dated as of November     , 2011 to be effective as of the Effective Date
referred to below (this “Sixth Supplemental Indenture”), among MoneyGram Payment Systems Worldwide, Inc. (or its permitted successor), a Delaware corporation (the “Company”), the Guarantors (as defined in the
Indenture referred to herein) and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee and collateral agent under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Base Indenture”), dated as
of March 25, 2008, providing for the issuance of 13.25% Senior Secured Second Lien Notes due 2018 (the “Notes”) and a first supplemental Indenture thereto, a second supplemental Indenture thereto, a third supplement Indenture
thereto, a fourth supplemental Indenture thereto, and a fifth supplemental Indenture thereto (together with the Base Indenture, the “Indenture”); 
 WHEREAS, Section 9.02 of the Indenture provides that the Company and the Trustee may amend or supplement the Indenture with the consent of the Holders specified in Section 9.02; 

WHEREAS, Holders of 100% of the aggregate principal amount of the outstanding Notes have provided written consent to this Sixth
Supplemental Indenture; and 
 WHEREAS, the execution of this Sixth Supplemental Indenture by the parties hereto is in all
respects authorized by the provisions of the Indenture, the Company has delivered to the Trustee an officer’s certificate and an opinion of counsel with respect to such execution, and all things necessary to make this Sixth Supplemental
Indenture a valid agreement between the Company and the Trustee in accordance with its terms have been done. 
 NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, the Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of
the Notes as follows: 
 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings
assigned to them in the Indenture. 
 2. Amendment of Certain Provisions in Article 3 of the Indenture. 

(a) Section 3.07(d) of the Indenture is hereby amended to read in its entirety as follows: 

At any time on or after a Qualified Equity Offering and prior to the fourth anniversary of the Closing Date, the Company may on one or
more occasions redeem up to 35% of the aggregate principal amount of the Notes, upon no more than 60 days’ prior notice, at a redemption price equal to 113.25% of the then outstanding principal amount thereof, plus

 
accrued and unpaid interest thereon to (but not including) the Redemption Date, subject to the rights of the Holders on the relevant Record Date to receive interest on the relevant Interest
Payment Date; provided, however, that (i) each such redemption shall be in an aggregate principal amount of Notes of no less than $50,000,000 and (ii) at least 65% of the aggregate principal amount of Notes originally issued
under this Indenture, as such principal amount shall have been increased through the capitalization of interest (excluding Notes held by the Company and the Company Subsidiaries), remains outstanding immediately after the occurrence of such
redemption; provided, further, that the aggregate principal amount of Notes redeemed pursuant to this Section 3.07 shall not exceed the greater of (x) $175,000,000 and (y) the aggregate cash proceeds (net of underwriting
discounts and commissions) received by Holdco and/or any other selling stockholders participating in any Qualified Equity Offering. Any notice of redemption pursuant to Section 3.04 hereof in respect of an optional redemption pursuant to this
Section 3.07(d) may be expressly conditioned upon the successful consummation of a financing transaction or series of financing transactions by the Company, and such notice of redemption may be revoked if such condition is not satisfied.

 3. Amendments to Notes. The Notes are hereby amended to delete all provisions inconsistent with, and to conform the
provisions thereof to reflect, the amendments to the Indenture effected by this Sixth Supplemental Indenture. 
 4.
Effect. This Sixth Supplemental Indenture shall become effective as of November     , 2011 (such date, the “Effective Date”) upon its execution by the parties hereto. 

5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SIXTH SUPPLEMENTAL
INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 6. Effect on Indenture. This Sixth Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be
bound hereby. Except as expressly set forth herein, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect, including with respect to this Sixth Supplemental
Indenture. This Sixth Supplemental Indenture shall not be deemed to be a waiver of, or consent to, or a modification or amendment of, any other term or condition of the Indenture or the Notes or to prejudice any other right or rights which the
Holders of the Notes may now have or may have in the future under or in connection with the Indenture or any of the instruments or agreements referred to therein, as the same may be amended from time to time. 

7. Separability Clause. In case any provision in this Sixth Supplemental Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 8.
Counterparts. The parties may sign any number of copies of this Sixth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent 

  
 2 

 
the same agreement. This Sixth Supplemental Indenture may be executed by any party hereto by original or facsimile signature, or electronic format (including pdf) signature, and any facsimile or
electronic signature shall also be deemed valid, binding and enforceable as an original signature. 
 9. Effect of
Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 
 10. The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Sixth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made
solely by the Guarantors and the Company. 
 [Signature pages follow] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Sixth Supplemental Indenture to be
duly executed, all as of the date first above written, to be effective as of the Effective Date. 
  

			
	MONEYGRAM PAYMENT SYSTEMS
WORLDWIDE, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 4 

 
			
	MONEYGRAM INTERNATIONAL, INC.
MONEYGRAM PAYMENT SYSTEMS, INC.
MONEYGRAM OF NEW YORK, LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 5 

 
			
	DEUTSCHE BANK TRUST COMPANY
AMERICAS, a New York banking
corporation, as Trustee and Collateral Agent
		
	By:	 	  

		 	Authorized Signatory
		
	By:	 	  

		 	Authorized Signatory

  
 6CONVERTIBLE PROMISSORY NOTE

 Exhibit 4.9 
 THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF
APPLICABLE STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO
THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 THIS NOTE AND THE SHARES ISSUABLE UPON CONVERSION OF THIS NOTE ARE SUBJECT TO A 180-DAY MARKET STAND-OFF RESTRICTION AS SET FORTH HEREIN. AS A RESULT OF SUCH RESTRICTION, THIS NOTE AND THE SHARES
ISSUABLE UPON CONVERSION OF THIS NOTE MAY NOT BE TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF A REGISTERED PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THIS NOTE AND THE SHARES
ISSUABLE UPON CONVERSION OF THIS NOTE. 
 CONVERTIBLE PROMISSORY NOTE 

OF 

GCT SEMICONDUCTOR, INC. 

No. N-             

 

					
	Principal Amount:
(Won)                        	  	 	Made as of December 12, 2008	  

 For value received, GCT Semiconductor, Inc., a Delaware corporation (the
“Company”), with principal offices at 2121 Ringwood Avenue, San Jose, CA 95131, hereby promises to pay to Seowon Intech Co., Ltd or his/her registered and permitted assigns (“Holder”), the Redemption
Amount, which contemplates the principal sum of South Korean Won (Won)                        , which is equivalent to
US$1,500,000 based on then current currency exchange rate (the “Principal Amount”), or such lesser amount as shall then equal the outstanding principal amount hereunder, together with simple interest on the unpaid principal
balance at a rate equal to six percent (6%) per annum, computed on the basis of the actual number of days elapsed and a year of 365 days from the date of this Note (as defined below) until the principal amount and all interest accrued thereon
are paid (or converted, as provided in Section 2 hereof). The unpaid Redemption Amount (unless converted in accordance with Section 2), shall be due and payable immediately upon (i) the Maturity Date (as defined below) or
(ii) the occurrence of an Event of Default (as defined below), at the principal offices of the Company or to such other place or account of Holder or as it shall designate in a written notice to the Company in lawful money of the United States.

 The following is a statement of the rights of Holder and the conditions to
which this Note is subject, and to which Holder hereof, by the acceptance of this Note, agrees: 
 1.
DEFINITIONS. The following definitions shall apply for all purposes of this Note: 

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

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

1.5 “Conversion Stock” means the Company’s Series F Preferred
Stock. 
 1.6 “Event of Default” means any of the following events
that occurs prior to the conversion, or payment or prepayment of this Note: (a) the liquidation, termination of existence or dissolution of the Company, or the appointment of a receiver or custodian for the Company or any material part of its
property; or (b) the institution by or against the Company of any proceedings under the United States Bankruptcy Code or any other federal or state bankruptcy, 

 
reorganization, receivership, insolvency or other similar law affecting the rights of creditors generally, if such proceedings are not discharged within 90 days; or (c) the Company breaches
any of its representations, warranties, covenants or agreements set forth in this Note. 

1.7 “Exchange Rate” means the exchange rate of South Korean
Won (W) per one U.S. Dollar ($) quoted as the New York Closing exchange rate in the Wall Street Journal. 
 1.8 “Foreign Exchange Adjustment” means an amount, in South Korean Won, equal to (a) the sum of all outstanding principal and accrued interest on this
Note less (b) the product of (i) the Redemption Amount and (ii) the Conversion Exchange Rate. 
 1.9 “Holder” means any person who shall at the time be the registered holder of this Note. 

1.10 “Initial Exchange Rate” means the Exchange Rate at the close of
business on the business day preceding the date of issuance this Note, being                  South Korean Won/U.S. Dollar. 

1.11 “Initial Public Offering” means any initial public offering of the
capital stock of the Company pursuant to a registration statement under the Securities Act of 1933. 
 1.12 “Maturity Date” means December 12, 2009. 
 1.13 “Maximum Exchange Rate” means an Exchange Rate which is 250 South Korean Won lower than the Initial Exchange Rate. So, for example, if the Initial Exchange Rate is
1,500 South Korean Won/U.S. Dollar, the Maximum Exchange Rate would be 1,250 South Korean Won/U.S. Dollar. 
 1.14 “Note” means this Convertible Promissory Note. 
 1.15 “Redemption Amount” means the sum of $1,500,000 and the simple interest on the unpaid balance of the Redemption Amount at a rate equal to six percent (6%) per
annum, computed on the basis of the actual number of days elapsed and a year of 365 days from the date of this Note (as defined below) until the entire Redemption Amount is paid. 

1.16 “Senior Indebtedness” shall mean the principal amount and any unpaid
interest outstanding from time to time under any future secured indebtedness with banks, lessors or other financial or lending institutions. 
 2. CONVERSION. 
 2.1
Conversion. Holder may, at its option exercisable by written notice to the Company at any time prior to the maturity Date, elect to convert all outstanding principal and accrued interest on this Note into shares of Conversion Stock,
subject to the following terms: 
 (a) Notwithstanding subsection (b) hereunder. 

 (i) in the event that the Conversion Exchange Rate is lower
than the Initial Exchange Rate, then all outstanding principal and accrued interest on this Note shall be convertible, at the option of the Holder in whole and at one time only, at any time after the date of issuance of this Note, into shares of
Conversion Stock at a price per Conversion Share equal to the Conversion Price multiplied by the Initial Exchange Rate and, additionally, the Holder shall have the right to receive in cash in Korean Won in an amount equal to the Foreign Exchange
Adjustment; and 
 (ii) in the event that the Conversion Exchange Rate is greater than or equal
to the Initial Exchange state, then all outstanding principal and accrued interest on this Note shall be convertible, at the option of the Holder in whole and at one time only, at any time after the date of issuance of this Note, into shares of
Conversion Stock at a price per Conversion Share equal to the Conversion Price multiplied by the Conversion Exchange Rate and, additionally, the Holder shall have the right to purchase additional Conversion Shares, at such price per Conversion
Share, such that the Holder, through conversion of this Note and such purchase of additional Conversion Shares, receives the same number of Conversion Shares as Holder would have received had the Note been converted at the Conversion Price
multiplied by the Initial Exchange Rate. 
 Upon conversion pursuant to this Section 2.1(a), Holder will deliver the
original Note to the Company and will execute and deliver to the Company at the Closing such stock purchase agreement, investors’ rights agreement, co-sale agreement, voting and/or other agreements as are entered into by the other purchasers of
the Company’s Series F Preferred Stock . 
 2.2 Acquisition or Initial Public Offering
Event. In the event hat an Acquisition or an Initial Public Offering occurs prior to the Maturity Date, prior to such Initial Public Offering event, then the Note shall be automatically converted in accordance with the conversion terms set
forth in Section 2.1 provided, however, in case of an Acquisition and upon a mutual agreement between the Holder and Company, the Note may not be automatically converted. 

2.3 Termination of Rights. All rights with respect to this Note shall terminate upon
the issuance of shares of the Conversion Stock upon conversion of this Note, whether or not this Note has been surrendered and whether or not all stock purchase, investors’ rights, co-sale, voting or other agreements have been executed and
delivered by Holder to the Company. Notwithstanding the foregoing, Holder agrees to surrender this Note to the Company for cancellation as soon as is possible following conversion of this Note. Holder shall not be entitled to receive the stock
certificate representing the shares of Conversion Stock to be issued upon conversion of this Note until the original of this Note is surrendered to the Company and the agreements and/or documents referenced in this Section 2 have been executed
and delivered to the Company. 
 3. ISSUANCE OF CONVERSION STOCK. As soon as practicable
after conversion of this Note, the Company at its expense will cause to be issued in the name of and delivered to Holder, a certificate or certificates for tire number of shares of Conversion Stock to

 
which Holder shall be entitled upon such conversion (bearing such legends as may be required by applicable state and federal securities laws in the opinion of legal counsel of the Company, by the
Company’s Certificate of Incorporation or Bylaws, or by any agreement between the Company and Holder), together with any other securities and property to which Holder is entitled upon such conversion under the terms of this Note. Such
conversion shall be deemed to have been made, (a) if made under Section 2.1 above, on the date of the election by the Holder to convert, or (b) if made under Section 2.2 above, as of immediately prior to an Acquisition or an
Initial Public Offering,as the case may be. No fractional shares will be issued upon conversion of this Note. If upon conversion of this Note, a fraction of a share would otherwise result, then in lieu of such fractional share the Company will pay
the cash value of that fractional share, calculated on the basis of the Conversion Price multiplied by the Conversion Exchange Rate. 
 4. NO RIGHTS OR LIABILITIES AS STOCKHOLDER. This Note does not by itself entitle Holder to any voting rights or other rights as a stockholder of the Company. In the absence of
conversion of this Note, no provisions of this Note, and no enumeration herein of the rights or privileges of Holder, shall cause Holder to be a stockholder of the Company for any purpose. 

5. NO IMPAIRMENT. The Company will not, by amendment of its Certificate of Incorporation or Bylaws,
or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action, willfully avoid or seek to avoid the observance or performance of any of the terns of this Note, but will at
all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of Holder under this Note against wrongful impairment. Without limiting the
generality of the foregoing, the Company will take all such action as may be necessary or appropriate in order that the Company may duly and validly issue fully paid and nonassessable shares of Conversion Stock upon the conversion of this Note.

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

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

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

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

 7. PREPAYMENT. At any time before the Maturity Date,
the Company may prepay all or any portion of the principal and accrued interest. All payments will first be applied to the repayment of accrued interest until all then outstanding accrued interest has been paid, and then shall be applied to the
repayment of principal. 
 8. WAIVERS AND ATTORNEYS’ FEES. The Company and all
endorsers of this Note hereby waive notice, presentment, protest and notice of dishonor. If action is instituted to collect this Note, the Company will pay reasonable costs and expenses, including attorneys’ fees, incurred in connection with
such action. 
 9. AUTHORIZATION, APPROVALS AND CONSENTS. The Company hereby represents and
warrants to Holder that (i) the execution, delivery and performance of this Note have been duly authorized by all necessary corporate action of the Company, (ii) the shares of Conversion Stocks to be issued upon conversion of this Note
have been or will have been duly authorized by all necessary corporate action of the Company, and (iii) no approval, consent or authorization of any natural person, firm, corporation or governmental authority is necessary for the execution,
delivery and performance of this Note by the Company. 
 10. TRANSFER. The Company and
Holder hereby agree that neither this Note nor any rights hereunder may be assigned, conveyed or transferred, in whole or in part, without the Company’s prior written consent, which the Company may withhold in its sole discretion;
provided, however, that this Note may be assigned, conveyed or transferred without the prior written consent of the Company to any person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or
is under common control with Holder; provided, further, that such transferee executes an acknowledgement that such transferee is subject to all the terms and conditions of this Note and satisfies the Company as to compliance with State
and federal securities law. The rights and obligations of the Company and Holder under this Note shall be binding upon and benefit their respective permitted successors, assigns, heirs, administrators and transferees. The Company and Holder hereby
agree that that all shares of Conversion Stock issuable upon conversion of this Note pursuant to the provisions of this Note shall be subject to the terms and conditions of the definitive agreements entered into by Holder and the Company in
connection with such conversion, including the restrictions on transfer contained therein. 
 11.
GOVERNING LAW. This Note shall be governed by and construed under the internal laws of the State of California, without reference to principles of conflict of laws or choice of laws. 

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

 
internationally recognized overnight courier, specifying delivery within two days or less, with written verification of receipt. 

14. AMENDMENTS AND WAIVERS. This Note may be amended by written agreement of the Holder and the Company.

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

[Remainder of Page Intentionally Left Blank] 

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

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

			
	
	HOLDER:
	
	SEOWON INTECH CO., LTD
		
	Signature:	 	/s/ Kim Jy
	Name:	 	Kim Jy

 [SIGNATURE PAGE TO CONVERTIBLE
PROMISSORY NOTE]

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