Document:

exv10w31

Exhibit 10.31

MAGNACHIP SEMICONDUCTOR LLC

NOTICE OF GRANT OF UNIT OPTION

[Non-US Participants)

The
Participant has been granted an option (the
“Option”) to purchase certain Common Units of MagnaChip Semiconductor LLC pursuant to the MagnaChip Semiconductor LLC
2009 Common Unit Plan (the “Plan”), as follows:

	 	 	 
	Participant:

	 	Taeyoung Hwang

	 
	 	 
	Date of Grant:

	 	December 8, 2009

	 
	 	 
	Number of Option Units:

	 	1,400,000, subject to
adjustment as provided by the Option Agreement.
	 
	 	 
	Exercise Price:

	 	US $1.16

	 
	 	 
	Initial Vesting Date:

	 	The date one (1) year after the Date of Grant
	 
	 	 
	Option Expiration Date:

	 	The date ten (10) years after the Date of Grant
	 
	 	 
	Local Law:

	 	The laws, rules and regulations of
[Name of Country], of which the Participant is
a resident.
	 
	 	 
	Vested Units:

	 	Except as provided in the Option Agreement and provided the Participant’s Service has not
terminated prior to the applicable date, the number of Vested Units (disregarding any
resulting fractional Unit) as of any date is determined by multiplying the Number of Option
Units by the cumulative “Vested Ratio” (not
to exceed 1.0) determined as of such date as
follows:

	 	 	 	 	 
	 	 	Vested Ratio
	Prior to Initial Vesting Date
	 	 	0.00	 
	 
	 	 	 	 
	On Initial Vesting Date
	 	 	0.34	 
	 
	 	 	 	 
	Plus, on
completion of next periods of three (3) months
	 	 	0.09	 
	 
	 	 	 	 
	Plus, on
completion of each of next three (3) periods of three (3) months
	 	 	0.08	 
	 
	 	 	 	 
	Plus, on
completion of next period of three (3) months
	 	 	0.09	 
	 
	 	 	 	 
	Plus, on
completion of each of next three (3) periods of three (3) months
	 	 	0.08	 

     By their signatures below, the Company and the Participant agree that the Option and the
Units that may be acquired upon the exercise of the Option are governed by this Grant Notice, by
the provisions of the Plan and the Option Agreement, and by the Operating Agreement, all of which
are attached to and made a part of this document. The Participant acknowledges receipt of copies of the Plan, the Option Agreement and the Operating Agreement,
represents that the Participant has read and is familiar with their provisions, and hereby accepts
the Option subject to all of their terms and conditions.

	 	 	 	 	 
	MAGNACHIP SEMICONDUCTOR LLC	 	PARTICIPANT
	 
	By:

	 	/s/ Sang Park
	 	/s/ Taeyoung Hwang
	 
	 	 	 	 
	Its:

	 	CEO & Chairman
	 	Signature
	 
		 		 	Dec. 15, 2009
	 
	 	 	 	 
	 

	 	 	 	Date
	Address:

	 	891 Daechi-dong,

Gangnam-gu Seoul, Korea
135-738
	 	 
	 	 	 	 
	 	 	 	Address
	 
	 
	 	 	 	 

			
	ATTACHMENTS:	 	2009 Common Unit Plan, as amended to the Date of Grant; Option
Agreement and Exercise Notice; and Operating Agreementexv10w32

Exhibit 10.32

MAGNACHIP SEMICONDUCTOR LLC

NOTICE OF GRANT OF RESTRICTED UNITS

[Non-US Participants]

The
Participant has been granted an award (the “Award”) of certain in Common Units (the “Units”) of
MagnaChip Semiconductor LLC pursuant to the MagnaChip Semiconductor LLC 2009 Common Unit Plan (the
“Plan”), as follows:

	 	 	 
	Participant:

	 	Taeyoung Hwang

	 

	 	 
	Date of Grant:

	 	December 8, 2009

	 

	 	 
	Total Number of Units:

	 	840,000, subject to adjustment as
provided by the Restricted Unit Agreement.

	 

	 	 
	Fair Market Per Unit on Date
of Grant:

	 	US $0.74

	 
	Initial Vesting Date:

	 	The Date of Grant
	 
	 	 
	Local Law:

	 	The laws, rules and regulations of
[Name of Country], of which the Participant is a resident.
	 
	 	 
	Vested Units:

	 	Except as provided in the Restricted Unit Agreement and provided the
Participant’s Service has not terminated prior to the applicable date, the number
of Vested Units (disregarding any resulting fractional Unit) as of any date is
determined by multiplying the Total Number of Units by the cumulative
“Vested
Ratio” (not to exceed 1.0) determined as of such date as follows:

	 	 	 	 	 
	 	 	Vested
Ratio
	Prior to Initial Vesting Date
	 	 	0.0	 
	 
	 	 	 	 
	On Initial Vesting Date
	 	 	0.34	 
	 
	 	 	 	 
	Plus, on completion of next period of one (1) year
	 	 	0.33	 
	 
	 	 	 	 
	Plus, on completion of next period of one (1) year
	 	 	0.33	 

     By their signatures below, the Company and the Participant agree that the Award is governed by
this Grant Notice, by the provisions of the Plan and the Restricted Unit Agreement, and by the
Operating Agreement, all of which are attached to and made a part of this document. The Participant
acknowledges receipt of copies of the Plan, the Restricted Unit Agreement and the Operating
Agreement, represents that the Participant has read and is familiar with their provisions, and
hereby accepts the Award subject to all of their terms and conditions.

	 	 	 	 	 
	MAGNACHIP SEMICONDUCTOR LLC	 	PARTICIPANT
	 
	By:

	 	/s/ Sang Park
	 	/s/ Taeyoung Hwang
	 
	 	 	 	 
	Its:

	 	CEO & Chairman
	 	Signature
	 
		 		 	Dec. 15, 2009
	 
	 	 	 	 
	 

	 	 	 	Date
	Address:

	 	891 Daechi-dong,

Gangnam-gu Seoul, Korea
135-738
	 	 
	 	 	 	 
	 	 	 	Address
	 
	 
	 	 	 	 

			
	ATTACHMENTS:	 	2009 Common Unit Plan, as amended to the Date of Grant; Restricted
Unit Agreement; Assignment Separate from Certificate; and Operating Agreementexv10w33

Exhibit 10.33

MagnaChip Semiconductor, Ltd.

891 Daechi-dong. Kangnam-gu

Seoul 135-738 Korea

Tel. +82 2 3459-3007

youm.huh@magnachip.com

March 7, 2006

Mr. Brent A. Rowe

2 Russell Road

Cumberland-Foreside, Maine 04105

USA

Dear Mr. Rowe:

     MagnaChip Semiconductor LLC (“MagnaChip”) is pleased to present you with an offer for
employment with MagnaChip Semiconductor, Inc. (the “Company”), a wholly-owned subsidiary of
MagnaChip, in the position of Senior Vice President, Worldwide Sales. We believe that you have the
potential to make valuable contributions to MagnaChip, and we hope you will find your employment
with us to be a rewarding experience.

     You will be based in Santa Clara, California, but will be expected to travel as needed to
other destinations as the job may require, including spending a substantial portion of the first
six months of your employment travelling in Asia.

     Your salary will be US$220,000 per annum. You will be paid in accordance with the Company’s
normal payroll practices and your compensation will be subject to payroll deductions and all
required withholdings. Annual salary increases will be determined in accordance with MagnaChip’s
internal policies and procedures. In addition, you will be eligible to earn an annual incentive of
up to 80% of your base salary. The annual incentive will be based on company performance and
attainment of your management objectives under a plan to be established and approved MagnaChip’s
Board of Directors.

     You will be paid a sign-on bonus of US$50,000 on the first normal pay date after your
employment begins. You may elect to receive your first year annual bonus of 80% of base pay, in
advance, to facilitate the purchase of a new home in California. You may elect to continue
advancing your annual bonus each year for the first three years of your employment with the
understanding that should you leave employment of the company at any time and for any reason, you
will refund to the Company the prorated portion of the bonus for the remainder of the calendar year
in which your employment is terminated.

     Upon approval of MagnaChip’s Board of Directors, you will be granted options to purchase
200,000 common units of MagnaChip at an exercise price per unit of the greater of (i) $1.04 or (ii)
the fair market value of a common unit at the time you begin your employment.

     You will be eligible to participate in the company’s employee benefits programs for which you
qualify, including medical, disability, and life insurance plans applicable to senior officers of
the Company generally in accordance with the terms of such plans as are in effect from time to
time. The Company will also provide reasonable household relocation expenses from your home in
Maine to your workplace in California, including surface transportation

MagnaChip Semiconductor Ltd., 891 Daechi-dong, Kangnam-gu, Seoul 135-798 Korea

 

MagnaChip Semiconductor, Ltd.

891 Daechi-dong. Kangnam-gu

Seoul 135-738 Korea

Tel. +82 2 3459-3007

youm.huh@magnachip.com

for your household goods, air transportation for you and your family, temporary housing,
household goods storage and real estate brokerage fees for the sale and purchase of a home.
Additionally, we will provide reimbursement of the annual tuition and fees for your son to attend
high school at a school of your choice in California, for the period of your employment.

     We understand that you have a large household in Maine and may require a larger than normal
transportation and/or storage fee to facilitate your move to California. Temporary housing for your
family to facilitate marketing and sale of your home and transition into your new home will be
provided for four months (this does not include your business travel related hotel expenses which
will be reimbursed separately).

     Your employment relationship with the Company is at-will, although we shall provide a
six-month severance payment should we terminate your employment without cause. You may terminate
your employment with the Company at any time and for any reason whatsoever simply by notifying us.
Likewise, the Company may terminate your employment at any time and for any reason whatsoever, with
or without cause or advance notice. As required by law, this offer is subject to satisfactory proof
of your right to work in the United States.

     As an employee in the MagnaChip organization, you will be expected to abide by MagnaChip’s and
the Company’s rules and regulations and sign and comply with the Company’s form Employee
Proprietary Information and Invention Assignment Agreement, which prohibits unauthorized use or
disclosure of the Company’s proprietary information and requires you to assign any inventions
created while employed at the Company to the Company.

     To ensure the rapid and economical resolution of disputes which arise in connection with your
employment with the Company, you and the Company agree that any and all disputes, claims or causes
of action arising from or relating to your employment with the Company will be resolved to the
fullest extent permitted by law by final and binding confidential arbitration held in Santa Clara,
California, through the American Arbitration Association (“AAA”) under its National Rules for the
Resolution of Employment Disputes; provided, however, that either party may obtain injunctive
relief from a court if necessary to prevent irreparable damage prior to a final decision under
arbitration or in situations where arbitrator lacks authority to issue injunctive relief. By
agreeing to this arbitration procedure, both parties waive the right to a trial by jury or by a
court or to an administrative proceeding. Nothing in this offer letter should be construed as
restricting your access or resort to the Equal Employment Opportunity Commission. The Company shall
pay all arbitration fees.

     This letter forms the complete and exclusive offer of your employment with the Company. Any
modification to this offer must be in writing and signed by Youm Huh, President and CEO of
MagnaChip. Please indicate your acceptance of this offer of employment by signing in the space
below. Please return the two executed copies of this letter to me as soon as possible.

     We look forward to your participation in the future growth of MagnaChip. If you have any
questions, please call me at 82-2-3459-3007 or contact me via e-mail at
youm.huh@magnachip.com.

MagnaChip Semiconductor Ltd., 891 Daechi-dong, Kangnam-gu, Seoul 135-798 Korea

 

MagnaChip Semiconductor, Ltd.

891 Daechi-dong. Kangnam-gu

Seoul 135-738 Korea

Tel. +82 2 3459-3007

youm.huh@magnachip.com

Sincerely,

MAGNACHIP SEMICONDUCTOR LLC

Youm Huh, Ph.D.

President and Chief Executive Officer

ACCEPTED BY:

Brent A. Rowe

	 	 	 	 	 	 	 
	 

	 	Signature
	 	/s/ Brent A. Rowe
 

	 	 
	 

	 	Date
	 	3/15/06	 	 

MagnaChip Semiconductor Ltd., 891 Daechi-dong, Kangnam-gu, Seoul 135-798 Korea

 

891 Daechi-dong, Kangnam-gu, Seoul,

135-178, Korea

Tel: 82-2-3459-3675

Fax: 82-2-3459-3686

www.magnachip.com

Strictly Confidential

December 20, 2006

OFFER LETTER SUPPLEMENT REGARDING BONUS

To: Brent A Rowe

Dear Brent:

As a way to enable you to complete the move of your household from Maine to California, and as an
incentive to succeed in your career at MagnaChip Semiconductor LLC (or a subsidiary thereof), we
offer this Offer Letter Supplement regarding your eligibility for an advance on your prospective
performance bonus.

Your current employment terms provide that you are eligible to receive an annual bonus of 80% of
base pay based on Company performance and achievement of your management objectives. You may elect
to receive your first year annual bonus in advance.

Under the terms of this Offer Letter Supplement, we agree to allow you to elect to receive your
first three years of annual bonus payments at a rate of 80% of base pay in advance up to a
payment of US$528,000 (0.80*220,000*3). Should you elect to take this advance, no annual incentive
payments will be paid to you until the earlier of (i) April 4, 2009, or (ii) the date on which the
cumulative annual performance bonus payments you have accrued reaches US$528,000.

Should your employment with the Company terminate at any time for any reason, whether voluntary or
involuntary, or for cause or for no cause, you will refund to the Company a pro rata portion of the
advance determined as the lesser of:

	 	1.	 	an annualized payment determined by subtracting from
US$528,000 the amount determined by multiplying
US$528,000 by the number of calendar days from April
4, 2006, to the date of termination, divided by 1,096;
and
	 
	 	2.	 	an accrued bonus payment determined by subtracting
from US$528,000 all performance-based bonuses accruing
during the period from April 4, 2006, to the date of
termination. For purposes of this Offer Letter
Supplement, a bonus does not accrue until the date the
bonus would have been paid in accordance with the
normal policies and procedures of the Company. For
example, if executives of the Company receive FY2007
bonuses on February 25, 2008, then no FY2007 bonus
accrues for purposes of this calculation until
February 25, 2008.

For the avoidance of doubt, we offer the following examples of a refund calculated per the
foregoing formula:

	 	1.	 	You leave voluntarily on April 4, 2008, and the
performance based payout on February 25, 2007, totals
40% of your base salary and on March 31, 2008, totals
80% of your base salary. You would refund the Company
$176,321.17, which is the lesser of $176,321.17
($528,000 – $528,000*730 / 1096) or $264,000.00
($528,000 – (0.40*$220,000) – (0.80*$220,000)).

1

 

	 	2.	 	You are terminated for cause on December 4, 2007, and
you are not granted a performance based payout in 2007
covering the fiscal year 2006. You would refund the
Company $255,328.47, which is the lesser of
$255,328.47 ($528,000–$528,000*566 / 1096) or
$528,000.00 ($528,000 – (0.0*220,000) –
(0.0*220,000)).
	 
	 	3.	 	You are terminated without cause on June 30, 2008, and
the performance based payout on April 30, 2007, totals
20% of your base salary, and on February 1, 2008,
totals 80% of your base salary, which was raised to
$250,000 on January 1, 2008. You would refund the
Company $159,459.85, which is the lesser of
$159,459.85 ($528,000–$528,000*765 / 1096) or
$284,000.00 ($528,000 – (0.20*$220,000) –
(0.80*$250,000)).
	 
	 	4.	 	You leave voluntarily on March 4, 2007, and the
performance based payout on March 1, 2007, totals 80%
of your base salary. You would refund the Company
$352,000.00, which is the lesser of $367,094.89
($528,000–$528,000*334 / 1096) or $352,000.00
($528,000 – (0.80*$220,000)).
	 
	 	5.	 	You are terminated without cause on March 31, 2009,
and the performance based payout on April 30, 2007,
totals 20% of your base salary, and on February 1,
2008, totals 80% of your base salary, and the Company
has said that it would pay you a performance bonus of
60% of your base salary on April 1, 2009. You would
refund the Company $1,927.01, which is the lesser of
$1,927.01 ($528,000–$528,000*1092 / 1096) or
$308,000.00 ($528,000 – (0.20*$220,000) –
(0.80*$220,000) – (0.0*220,000)).

You may elect at any time to voluntarily repay all or a portion of your bonus advance. For purposes
of calculating any refund due to the Company, the $528,000 term in the refund calculations will be
reduced by aggregate amounts repaid.

You and the Company agree that any and all disputes, claims or causes of action arising from or
relating to this Offer Letter Supplement or your employment with the Company will be resolved to
the fullest extent permitted by law by final and binding confidential arbitration held in Santa
Clara, California, through the American Arbitration Association (“AAA”) under its National Rules
for the Resolution of Employment Disputes; provided, however, that either party may obtain
injunctive relief from a court if necessary to prevent irreparable damage prior to a final decision
under arbitration or in situations where arbitrator lacks authority to issue injunctive relief. By
agreeing to this arbitration procedure, both parties waive the right to a trial by jury or by a
court or to an administrative proceeding. Nothing in this offer letter should be construed as
restricting your access or resort to the Equal Employment Opportunity Commission. The Company shall
pay all arbitration fees.

Again, thank you for your continued performance and contributions.

	 	 	 
	 

	 	Regards,

MagnaChip Semiconductor LLC
	 
	 	 
	 

	 	/s/ Sang Park
	 

	 	 
	 

	 	President and CEO 

Sang Park

I have read and understood this Offer Letter Supplement. I agree that this Offer Letter Supplement
is strictly confidential and must not be disclosed to any internal and external parties. I
understand that any such disclosure could lead to disciplinary action up to and including
termination.

	 	 	 
	 

	 	Acknowledged and Agreed:
	 
	 	 
	 

	 	/s/ Brent Rowe 12/20/06
	 

	 	 
	 

	 	Brent A. Rowe

2

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