Document:

Service Agreement

 Exhibit 10.36 
 SERVICE AGREEMENT 
 THIS SERVICE AGREEMENT is dated as of this 27th day of May 2006 by and
between MagnaChip Semiconductor, Ltd., a Korean yuhan hoesa (the “Company”), and Sang Park, an individual (the “Officer”). 
 W I T N E S S E T H: 
 WHEREAS, the Company desires to have the benefits of the Officer’s knowledge and experience as a full-time officer and to employ the Officer in the manner hereinafter specified and to make provision for payment of reasonable
compensation to the Officer for such services, and the Officer is willing to be employed by the Company to perform the duties incident to such employment upon the terms and conditions hereinafter set forth; and 
 NOW, THEREFORE, in consideration of the foregoing premises, the mutual covenants, terms and conditions set forth herein, and other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. EFFECTIVENESS
OF SERVICE AGREEMENT 
 This Agreement shall constitute a binding obligation of the Officer and the Company upon the execution of this
Agreement. 
 2. EMPLOYMENT AND DUTIES 
 (a) General. Effective as of the date hereof (the “Effective Date”), on the terms and conditions set forth herein, the Company shall employ the Officer as President and Chief Executive Officer of the Company, and the
Officer agrees upon the terms and conditions herein set forth to be employed by the Company. The Company further agrees that the Officer shall be appointed as a member of the Board of Directors of the Company on the Effective Date and that, for so
long as the Officer is employed by the Company, the Company shall nominate the Officer to serve as a director at each annual stockholder meeting; provided that, if the Company has a class of equity securities registered pursuant to the
Securities Exchange Act of 1934, as amended, the Company shall not be obligated to nominate the Officer to serve as a director if the Officer has previously been nominated as a director at an annual or special stockholder meeting and the
stockholders holding a majority of the voting power of the Company at such meeting shall not have voted to elect the Officer. The Officer agrees that upon the termination of his employment as President and Chief Executive Officer of the Company, he
shall resign from the Board of Directors of the Company and from all other Boards of Directors of the Company’s affiliates of which he is a member. The Officer shall diligently perform such duties and have such responsibilities as the Board of
Directors of the Company may establish from time to time, and the Officer shall report to the Board of Directors of the Company. 
 (b)
Term. Unless terminated at an earlier date in accordance with Section 4 hereof, the term of the Officer’s employment with the Company hereunder shall be for a term commencing on the Effective Date and ending on the second anniversary
of the Effective Date (the “Initial Term”). Thereafter, unless terminated at an earlier date in accordance with Section 4 hereof, the Initial Term and each Additional Term shall be automatically extended for successive two-year
periods (each, an “Additional Term”), in each case, commencing upon the expiration of the Initial Term or the then current Additional Term, unless at least 90 days prior to the expiration of such term, either party gives written
notice to the other party of its intention not to extend the term of the Officer’s employment. The 

 
Company’s delivery of a notice of its intention not to extend the term of the Officer’s employment shall not be deemed to be an Involuntary
Termination (as defined below). 
 (c) Services. The Officer shall well and faithfully serve the Company, and shall devote all of his
business time and attention to the performance of the duties of such employment and the advancement of the best interests of the Company and shall not, directly or indirectly, render services to any other person or organization for which the Officer
receives compensation without the prior written approval of the Company. The Officer hereby agrees to refrain from engaging in any activity that does, shall or could reasonably be deemed to conflict with the best interests of the Company. The
Officer shall be entitled to serve on a maximum of two other company boards of directors, provided those companies are not competitors of the Company and the Company shall make reasonable accommodation for travel and service in connection
with these outside boards of directors. 
 3. COMPENSATION AND OTHER BENEFITS 
 Subject to the provisions of this Agreement, including, without limitation, the termination provisions contained in Section 4, the Company shall pay
and provide the following compensation and other benefits to the Officer as compensation for all services rendered hereunder: 
 (a)
Salary. The Company shall pay the Officer a base salary at the rate of U.S.$450,000.00 per annum (the “Salary”), payable to the Officer in accordance with the standard payroll practices of the Company as are in effect from time
to time, less all such deductions or withholdings required by applicable law. Annual Salary increases will be determined by the compensation committee of the Board of Directors of the Company (the “Committee”) in accordance with the
Committee’s policies and procedures. 
 (b) Annual Bonus. The Officer shall be eligible to earn an annual cash bonus (the
“Annual Incentive”). The Annual Incentive shall be 100% of the Officer’s annual Salary. The Officer’s Annual Incentive shall be payable upon achievement of performance goals set by the Committee, after consultation with
the Officer, and ratified by the Board. The actual bonus paid may be higher or lower than the Annual Incentive for over- or under-achievement of the Officer’s performance goals, as determined by the Committee. Bonuses, if any, will accrue and
become payable in accordance with the Committee’s standard practices for the payment of executive incentive compensation. The amount of the Annual Incentive in respect of the 2006 plan year shall be pro-rated to reflect the number of days the
Officer was actually employed with the Company during the 2006 plan year following the Effective Date. 
 (c) Benefits. The Officer
shall be eligible to participate in or purchase as necessary and be reimbursed for medical, disability and life insurance plans and to receive other benefits applicable to senior officers of the Company generally in accordance with the terms of such
plans as are in effect from time to time. In addition, the Company shall pay for the cost of housing accommodations and expenses related thereto in accordance with the policies currently applicable to senior executive officers of the Company (the
“Housing Accommodation.”). 
 (d) Expenses. The Company shall pay or reimburse the Officer for all reasonable
out-of-pocket expenses incurred by the Officer in connection with his employment hereunder upon submission of appropriate documentation or receipts in accordance with the policies and procedures of the Company as are in effect from time to time.

 (e) Vacation. The Officer shall be entitled to annual vacation of three calendar weeks per year. 

 (f) Equity. 
 (i) Upon the Effective Date, the Officer shall be granted options to purchase 800,000 restricted Common Units (the “Options”) of MagnaChip Semiconductor LLC, a Delaware limited liability company
(“MagnaChip LLC”), at a purchase price equal to $1.02 per Common Unit. The Options, and the restricted Common Units issued upon the exercise of the Options (the “Restricted Units”), shall be subject to restrictions
contained in the MagnaChip Semiconductor LLC California Equity Incentive Plan (as the same may be amended from time to time, the “Incentive Plan”). 
 (ii) The Options and the Restricted Units shall be subject to forfeiture or to repurchase by the Company upon the Officer’s termination of service in accordance with the terms of the Incentive Plan, but,
generally, upon the Officer’s termination of service (other than for Cause) (1) unvested Options shall be subject to repurchase by the Company at a repurchase price of $1.02 per Option and (2) vested Options and Restricted Units shall
be subject to repurchase by the Company at a repurchase price equal to fair market value, as determined by the Board of Directors of MagnaChip LLC in good faith at the time of the repurchase. Upon a termination of service for Cause, the unvested and
vested Options and Restricted Units shall be subject to repurchase by the Company at a repurchase price of $1.02 per Option or Restricted Unit, as the case may be. The Options shall vest in accordance with the schedule set forth in the Incentive
Plan, but generally 25% of the Options shall be scheduled to vest on the first anniversary of the date hereof and an additional 6.25% of the Options shall be scheduled to vest each calendar quarter thereafter. On any scheduled vesting date, the
Options shall vest only if the Officer is still employed by the Company (except as otherwise provided in this Agreement). 
 4. TERMINATION
OF EMPLOYMENT 
 Subject to the notice and other provisions of this Section 4, the Company shall have the right to terminate the
Officer’s employment hereunder, at any time for any reason or for no stated reason, and the Officer shall have the right to resign, at any time for any reason or for no stated reason. 
 (a) Termination for Cause or Resignation. 
 (i) If, prior to the expiration of the Initial Term or any Additional Term, the Officer’s employment is terminated by the Company for “Cause” (as hereinafter defined) or if the Officer resigns for any reason other than Good
Reason (as hereinafter defined) from his employment hereunder, the Officer shall be paid all accrued but unpaid Salary, vacation, expense reimbursements, and other benefits due to the Officer through his termination date under any Company-provided
or paid plans, policies and arrangements, in accordance with their terms. Except to the extent required by the terms of the benefits provided under Section 3(f) or applicable law, the Officer shall have no right under this Agreement or
otherwise to receive any other compensation or to participate in any other plan, program or arrangement after such termination or resignation of employment with respect to the year of such termination or resignation and later years. The treatment of
any outstanding Options held by the Officer as of the date of the termination shall be governed by the agreements and equity incentive plans pursuant to which the Options were granted. 
 (ii) Termination for “Cause” shall mean a termination of the Officer’s employment with the Company because of (A) a failure by
the Officer to substantially perform the Officer’s customary duties with the Company in the ordinary course (other than such failure resulting from the Officer’s incapacity due to physical or mental illness or any such actual or
anticipated failure after the Officer provides written notification to the Company of resignation of employment for Good Reason under this Agreement) that, if susceptible to cure, has not been cured as determined by the Company within 30 days after
a written demand for substantial performance is delivered to the Officer by the Company, which demand specifically identifies the manner in which the Company believes that the Officer has not substantially performed the Officer’s duties;
(b) the Officer’s gross negligence, intentional misconduct or material fraud in the performance of his employment; (c) the Officer’s conviction of, or plea of nolo contendre to, a felony or to a crime involving fraud or
dishonesty; (d) a judicial determination that the Officer 

 
committed fraud or dishonesty against any natural person, firm, partnership, limited liability company, association, corporation, company, trust, business
trust, governmental authority or other entity (each, a “Person”); or (e) the Officer’s material violation of this Agreement or of one or more of the Company’s material policies applicable to the Officer’s
employment as may be in effect from time to time. 
 (iii) Termination of the Officer’s employment for Cause shall be communicated by
delivery to the Officer of a written notice from the Company stating that the Officer will be terminated for Cause, specifying the particulars thereof and the effective date of such termination. The date of a resignation other than for Good Reason
by the Officer shall be the date specified in a written notice of resignation from the Officer to the Company provided that the Officer shall provide at least 30 days’ advance written notice of his resignation other than for Good Reason.

 (b) Involuntary Termination. 
 (i) If, prior to the expiration of the Initial Term or any Additional Term, the Company terminates the Officer’s employment for any reason other than Disability, death or Cause or if the Officer resigns from his employment for Good
Reason (such termination or resignation being hereinafter referred to as an “Involuntary Termination”), the Officer shall be entitled to (A) payment of his Salary and vacation accrued up to and including the date of the
Involuntary Termination, (B) payment of any unreimbursed expenses and (C) severance (the “Severance”), consisting of: 
 If the Involuntary Termination is not in connection with a Change in Control then: 
 (1) continuation of his Salary,
at the rate in effect on the date of the Involuntary Termination, for a period of twelve months, commencing on the date next following the date of the Involuntary Termination; 
 (2) payment of the Annual Incentive for the year in which the Involuntary Termination occurs, payable in a lump sum payment within 30 days
of the date that the Annual Incentive is normally paid under the terms of the plans and policies of the Company (but in no event more than 12 months following the date of the Involuntary Termination); 
 (3) 12 months’ accelerated vesting with respect to the Officer’s outstanding equity awards and a 12-month post-termination
equity award exercise period; and 
 (4) 12 months’ Company-paid benefits continuation for the Officer and his eligible
dependents. 
 If the Involuntary Termination is in connection with a Change in Control then: 
 (1) continuation of his Salary, at the rate in effect on the date of the Involuntary Termination, for a period of twenty-four months,
commencing on the date next following the date of the Involuntary Termination; 
 (2) payment of the Annual Incentive for the
year in which the Involuntary Termination occurs, payable in a lump sum payment within 30 days of the date that the Annual Incentive is normally paid under the terms of the plans and policies of the Company (but in no event more than 12 months
following the date of the Involuntary Termination); 
 (3) 24 months’ accelerated vesting with respect to the
Officer’s outstanding equity awards and a 12 month post-termination equity award exercise period; and 

 (4) 24 months’ Company-paid benefits continuation for the Officer and his eligible
dependents. 
 provided, however, that the Severance payable to the Officer pursuant to this section shall be reduced to the extent that the Company
makes any severance payments pursuant to the Korean Commercial Code or any other statute. 
 Without the prior consent of the Officer,
neither the Company nor any affiliate shall enter into a severance arrangement with any other officer of the Company that provides such officer with severance payments and/or benefits greater than those to which the Officer is entitled pursuant to
this Agreement. In addition, if the Company or any affiliate already has entered into such a severance arrangement, the Officer shall be entitled to receive equivalent severance payments and benefits. 
 For purposes of this Section 4(b)(i), an Involuntary Termination is “in connection with a Change in Control” if the date of the
Involuntary Termination (or, if applicable, the commencement of the cure period that leads to the Involuntary Termination) is within nine months following a Change of Control. For purposes of this Agreement, “Change in Control” has
the meaning set forth in the loan documents constituting the Company’s senior credit facility, as amended from time to time. 
 (ii)
Resignation for “Good Reason” shall mean resignation by the Officer because of, unless the Officer otherwise consents in writing, one or more of the following circumstances if and only if on or prior to such Officer’s termination of
employment, he informs the Company in writing that one of such circumstances has occurred and which has not, if susceptible to cure, been cured as determined by the Company within 30 days after a written demand for substantial performance is
delivered to the Company by the Officer, which demand specifically identifies the manner in which the Officer believes that the Company has not performed its obligations: 
 (1) a reduction in the Officer’s base Salary or Annual Incentive target other than a one-time reduction of not more than 10% that
also is applied to substantially all of the other Company executive officers; 
 (2) a material reduction in the kind or level
of benefits and perquisites (including office space and location) that the Officer is eligible to receive other than a reduction that also is applied to substantially all other Company executive officers; 
 (3) failure to provide, or any reduction in, the Housing Accommodation; 
 (4) the nature or status of the Officer’s authorities, duties or responsibilities has been materially and adversely altered;

 (5) the Company fails to initially appoint or, subject to the proviso contained in Section 2(a), subsequently nominate
the Officer to serve as a director as required by this Agreement; 
 (6) the members of MagnaChip LLC have removed the Officer
from the Board of Directors of MagnaChip LLC, unless the Officer shall have been removed for “cause” (as such term is defined in the Second Amended and Restated Securityholders Agreement, dated October 6, 2004, among MagnaChip LLC and
the members of MagnaChip LLC); or 
 (7) the Officer has not been appointed chief executive officer of MagnaChip LLC or any
other affiliate of the Company immediately following an initial public offering of the equity securities of such entity. 

 (iii) Resignation for Good Reason shall be communicated by delivery to the Company of a written notice
from the Officer stating that the Officer will be resigning for Good Reason, specifying the particulars thereof and the effective date of such resignation. If the Officer provides such written notice to the Company, the Company shall have 30 days
from the date of receipt of such notice to effect a cure of the material breach described therein and, upon cure thereof by the Company, such material breach shall no longer constitute Good Reason for purposes of this Agreement. 
 (iv) The date of termination of employment without Cause shall be the date specified in a written notice of termination to the Officer. The date of
resignation for Good Reason shall be the date specified in a written notice of resignation from the Officer to the Company; provided, however, that no such written notice shall be effective unless the cure period specified in
Section 4(b)(ii) above has expired without the Company having corrected the event or events subject to cure. 
 (c) Termination Due
to Disability. In the event of the Officer’s Disability, the Company shall be entitled to terminate his employment. In the case that the Company terminates the Officer’s employment due to Disability, the Officer shall be entitled to
(i) payment of his Salary and accrued vacation up to and including the date of termination, (ii) payment of any unpaid expense reimbursements, (iii) payment of the Annual Incentive, in a prorated amount based on the number of days the
Officer was actually employed during the applicable plan year, based on actual performance objectives satisfied by the Company, payable in a lump sum payment within 30 days of the date that the Annual Incentive is normally paid under the terms of
the plans and policies of the Company, and (iv) other benefits due to the Officer through his termination date under any Company-provided or paid plans, policies and arrangements, in accordance with their terms. As used herein, the term
“Disability” shall mean that the Company determines that due to physical or mental illness or incapacity, whether total or partial, the Officer is substantially unable to perform his duties hereunder for a period of 180 consecutive
days or shorter periods aggregating 180 days during any period of 365 consecutive days. The Officer shall permit a licensed physician agreed to by the Company and the Officer (or, in the event that the Company and the Officer cannot agree, by a
licensed physician agreed upon by a physician selected by the Company and a physician selected by the Officer) to examine the Officer from time to time prior to the Officer’s being determined to be Disabled, as reasonably requested by the
Company, to determine whether the Officer has suffered a Disability hereunder. 
 (d) Death. In the event of the Officer’s death
while employed by the Company, the Officer’s estate or named beneficiary shall be entitled to (i) payment of his Salary and accrued vacation up to and including the date of termination (ii) payment of any unpaid expense
reimbursements, (iii) payment of the Annual Incentive, in a prorated amount based on the number of days the Officer was actually employed during the applicable plan year payable in a lump sum payment within 30 days of the date that the Annual
Incentive is normally paid under the terms of the plans and policies of the Company, and (iv) other benefits due to the Officer through his termination date under any Company-provided or paid plans, policies and arrangements, in accordance with
their terms. 
 (e) Parachutes. Notwithstanding any other provisions of this Agreement to the contrary, in the event that any payments
or benefits received or to be received by the Officer in connection with the Officer’s employment with the Company (or termination thereof) would subject the Officer to the excise tax imposed under Section 4999 of the Internal Revenue Code
of 1986, as amended (the “Excise Tax”), and if the net-after tax amount (taking into account all applicable taxes payable by the Officer, including without limitation any Excise Tax) that the Officer would receive with respect to
such payments or benefits does not exceed the net-after tax amount the Officer would receive if the amount of such payments and benefits were reduced to the maximum amount which could otherwise be payable to the Officer without the imposition of the
Excise Tax, then, only the to the extent necessary to eliminate the imposition of the Excise Tax, such payments and benefits shall be reduced. 

 5. COVENANTS 
 (a) Confidential Information. As an officer of the Company, the Officer acknowledges that he has had and will have access to confidential or proprietary information or both relating to the business of, or
belonging to, the Company or any affiliates or third parties including, but not limited to, proprietary or confidential information, technical data, trade secrets, or know-how in respect of research, product plans, products, services, customer
lists, customers, markets, computer software (including object code and source code), data and databases, outcomes research, documentation, instructional material, developments, inventions, processes, formulas, technology, designs, drawings,
engineering, hardware, configuration information, models, manufacturing processes, sales information, cost information, business plans, business opportunities, marketing, finances or other business information disclosed to the Officer in any manner
including by drawings or observations of parts or equipment, etc., all of which have substantial value to the Company (collectively, “Confidential Information”). 
 (i) The Officer agrees that while employed with the Company and after the termination of the Officer’s employment for any reason, the Officer shall
not: (A) use any Confidential Information except in the course of his employment by the Company; or (B) disclose any Confidential Information to any other person or entity, except to personnel of the Company utilizing it in the course of
their employment by the Company or to persons identified to the Officer in writing by the Company, without the prior written consent of the Company. 
 (ii) While the Officer is employed with the Company and after the termination of the Officer’s employment for any reason, the Officer shall respect and adhere to any non-disclosure, confidentiality or similar
agreements to which the Company or any of its affiliates are, or during the period of the Officer’s employment by the Company, become, a party or subject. Upon the request of the Officer, the Company shall disclose to the Officer any such
agreements to which it is a party or is subject. 
 (iii) The Officer hereby confirms that all Confidential Information and “Company
Materials” (as hereinafter defined) are and shall remain the exclusive property of the Company. Immediately upon the termination of the Officer’s employment for any reason, or during the Officer’s employment with the Company upon the
request of the Company, the Officer shall return all Company Materials, or any reproduction of such materials, apparatus, equipment and other physical property. For purposes of this Agreement, “Company Materials” are documents or other
media or tangible items that contain or embody Confidential Information or any other information concerning the business, operations or plans of the Company or its affiliates, whether such documents have been prepared by the Officer or others.

 (b) Disclosure of Previously Acquired Information to Company. The Officer hereby agrees not to disclose to the Company, and not to
induce the Company to utilize, any proprietary information or trade secrets of any other party that are in his possession, unless and to the extent that he has authority to do so. 
 (c) Non-Competition. While the Officer is employed by the Company and for a two-year period thereafter, the Officer (and any entity or business in
which the Officer or any affiliate of the Officer has any direct or indirect ownership or financial interest) shall not, except with the prior written consent of the Board of Directors, directly or indirectly, own any interest in, operate, join,
control or participate as a partner, director, principal, officer, or agent of, enter into any employment of, act as a consultant to, or perform any services for, any business which at any time during such period is in competition with any material
business in which the Company, or any of its affiliates, has taken substantial steps to engage or is engaged on or prior to the termination of Officer’s employment by the Company, anywhere in the world. This provision shall not be construed to
prohibit the ownership by the Officer of less than 2% of any class of securities of any corporation, so long as he remains a passive investor in such entity. 

 (d) No Solicitation. While the Officer is employed by the Company and for a three-year period
thereafter, the Officer shall not, directly or indirectly, for the Officer’s own account or for the account of any other Person (i) solicit, employ, retain as a consultant, interfere with or attempt to entice away from the Company or any
of its affiliates, or any successor to any of the foregoing, any individual who is, has agreed to be or within one year of such solicitation, employment, retention, interference or enticement has been, employed or retained by the Company or any of
its subsidiaries or any successor to any of the foregoing and who had frequent contact with the Officer during the Officer’s employment (provided, however, it shall not be a violation of this provision if the Officer solicits or
employs his administrative assistant) or (ii) solicit or attempt to solicit the trade of any Person which, at the time of such solicitation, is a significant customer of the Company or its affiliates, or any successor to any of the foregoing,
or which the Company or its affiliates, or any successor to any of the foregoing, is undertaking reasonable steps to procure as a customer at the time of or immediately preceding the termination of Officer’s employment by the Company and which
the Company reasonably believes could become a significant customer (provided, however, that this limitation shall only apply to any product or service which is in competition with a product or service of the Company or its
affiliates). 
 (e) Non-Disparagement. The Officer and the Company agree that at any time during his employment with the Company or at
any time thereafter, neither the Company nor the Officer shall make, or cause or assist any other person to make, any statement or other communication which impugns or attacks, or is otherwise critical of, the reputation, business or character of
the other, any subsidiary or any of their respective officers, directors, employees, products or services. The foregoing restrictions shall not apply to any statements that are made truthfully in response to a subpoena or other compulsory legal
process. 
 (f) Enforcement. The Officer hereby acknowledges that he has carefully reviewed the provisions of this Agreement and
agrees that the provisions are fair and equitable. However, in light of the possibility of differing interpretations of law and change in circumstances, the parties hereto agree that if any one or more of the provisions of this Agreement is
determined by a court of competent jurisdiction to be invalid, void or unenforceable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area reasonable or enforceable under such circumstances
shall be substituted for the stated period, scope or area. 
 6. GENERAL PROVISIONS 
 (a) Tax Withholding. All amounts paid to Officer hereunder shall be subject to all applicable wage withholding. 
 (b) Notices. Any notice hereunder by either party to the other shall be given in writing by personal delivery, or certified mail, return receipt
requested, or (if to the Company) by telex or facsimile, in any case delivered to the applicable address set forth below: 
  

			
	 (i)     To the Company:
	  	MagnaChip Semiconductor, Ltd.
		  	Hynix Youngdong Bldg
		  	891 Daechi-dong
		  	Kangnam-gu, Seoul 135-738
		  	Korea
		  	Facsimile No: +82-2-3459-3647
		  	Attn: Chief Financial Officer
		
	 With a copy to:
	  	Citigroup Venture Capital Equity Partners, L.P.
		  	399 Park Avenue, 14th Floor

			
		  	New York, NY 10022
		  	Facsimile No: +1-212-888-2940
		  	Attn: Dave Thomas
		
		  	and
		
		  	Francisco Partners, L.P.
		  	2882 Sand Hill Road
		  	Suite 280
		  	Menlo Park, CA 94025
		  	Facsimile No.: +1-650-233-2999
		  	Attn: Dipanjan Deb
		
		  	and
		
		  	Dechert LLP
		  	Cira Centre
		  	2929 Arch Street
		  	Philadelphia, PA 19104
		  	Facsimile No.: +1-215-994-2222
		  	Attn: Geraldine A. Sinatra, Esq.
		
	 (ii)    To the Officer:
	  	at the last known residential address.

 or to such other persons or other addresses as either party may specify to the other in writing. 
 (c) Assignment; Assumption of Agreement. This Agreement shall be binding upon and inure to the benefit of (i) the heirs, executors,
and legal representatives of the Officer upon the Officer’s death, and (ii) any successor of the Company. Any such successor of the Company shall be deemed substituted for the Company under the terms of this Agreement for all purposes. For
this purpose, “successor” means (i) any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all or substantially all of the assets or
business of the Company or (ii) any corporation or business entity which is an affiliate of the Company and which expressly assumes the Company’s obligations hereunder in writing. None of the rights of the Officer to receive any form of
compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance, or other disposition of the Officer’s right to
compensation or other benefits will be null and void. 
 (d) Amendment. No provision of this Agreement may be amended, modified,
waived or discharged unless such amendment, modification, waiver or discharge is agreed to in writing and signed by the parties. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 (e) Severability. If any term or provision hereof is determined to be invalid or unenforceable in a final court or arbitration proceeding,
(i) the remaining terms and provisions hereof shall be unimpaired and (ii) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing
the intention of the invalid or unenforceable term or provision. 

 (f) Governing Law and Venue. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware and venue shall be Wilmington, Delaware. 
 (g) Relocation Expenses. The Company shall reimburse the
Officer up to $200,000 for reasonable relocation expenses incurred by him in connection with his relocation to Korea. 
 (h) Entire
Agreement. This Agreement contains the entire agreement of the Officer, the Company and any predecessors or affiliates thereof with respect to the subject matter hereof and all prior agreements and negotiations are superseded hereby as of the
date of this Agreement. 
 (i) Counterparts. This Agreement may be executed by the parties hereto in counterparts, each of which shall
be deemed an original, but both such counterparts shall together constitute one and the same document. 

 IN WITNESS WHEREOF, the parties have executed this Agreement, effective as of the day and year
first written above. 
  

					
	 MAGNACHIP SEMICONDUCTOR, LTD.

		
	 By:
	 	  
		 	 Name:
	 	
		 	 Title:
	 	
	
	 OFFICER

	
	  
	 Sang ParkEmployment Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into on May 26, 2006, by and between Citadel Broadcasting Corporation (the
“Company”), and Robert G. Freedline (“Executive”). 
 W I T N E
S S E T H: 
 WHEREAS, the Company desires to employ Executive as Chief Financial Officer of
the Company from and after the Effective Date until such date as his term of employment shall end pursuant to the terms and conditions contained herein;  
 WHEREAS, Executive desires to be employed by the Company in such position and for such period pursuant to the terms and conditions contained herein; 
 NOW, THEREFORE, for and in consideration of the mutual promises, covenants, and undertakings contained in this Agreement, and intending to be
legally bound, the Company and Executive agree as follows: 
  

	I.	Employment Period. Subject to the terms and conditions of this Agreement, Executive’s employment with the Company shall begin on May 26, 2006 (the
“Effective Date”) and shall continue through May 25, 2009 (the “Term”). 

  

	II.	Position and Duties. 

  

	 	A.	During the Term of this Agreement, Executive shall be the Chief Financial Officer of the Company and shall have such duties and responsibilities as are customary for such position
and consistent with those duties and responsibilities of a Chief Financial Officer of a corporation that is comparable to the Company. Executive shall report directly to the Chief Executive Officer of the Company and to the Board of Directors of the
Company (the “Board”). Executive’s services shall be performed at the offices of the Company located in New York, NY or an office that is located no more than 25 miles from such offices, subject to reasonable travel
requirements. 

  

	 	B.	Excluding periods of vacation, sick leave and disability to which Executive is entitled pursuant to the terms of this Agreement, during the Term, Executive agrees to devote
substantially all of his business time to the performance of his duties and responsibilities under this Agreement; provided that Executive may (i) engage in civic or charitable activities, including serving on corporate, civic,
educational, philanthropic or charitable boards or committees, (ii) manage Executive’s personal investments and (iii) perform consulting services under the Consulting Agreement (as defined below) subject to the terms and conditions

 prescribed in Section II.C below, provided further, that, in each case, such
activities do not materially interfere with the performance of Executive’s duties and responsibilities hereunder. 
  

	 	C.	From time to time, Executive may perform Consulting Services (as defined below) for CBS Corporation or its successor (“CBS”), as successor to Viacom, Inc., pursuant
to a Consulting Agreement dated February 28, 2005 between Executive and Viacom, Inc. (the “Consulting Agreement”). Under the Consulting Agreement, Executive has agreed to provide CBS with consulting services concerning any
questions relating to the Westinghouse discontinued operations, the Viacom/CBS merger and any other matters within the scope of Executive’s responsibilities while he was employed by Viacom, Inc. or its predecessors prior to February 28,
2005 on which his expertise is sought (the “Consulting Services”) for the period ending December 31, 2008, subject to earlier termination under certain circumstances, and for up to 150 hours for each of (i) the period from
July 1, 2006 to December 31, 2006, (ii) calendar year 2007 and (iii) calendar year 2008. Executive may perform Consulting Services pursuant to the Consulting Agreement during the term thereof; provided,
however, that: 

  

	 	1.	Executive represents and warrants to the Company that he is not aware of any actual or potential conflicts between the Consulting Services currently being provided and the interests
of the Company and Executive has provided a written notice to the Chief Executive Officer of the Company describing the material terms of such current Consulting Services; 

  

	 	2.	If Executive intends to provide Consulting Services with respect to a new assignment under the Consulting Agreement (a “Consulting Assignment”), he shall provide
written notice to the Chief Executive Officer of the Company describing the material terms of such Consulting Assignment; 

  

	 	3.	The Company, within the ten (10) business day period after receipt of such written notice by the Chief Executive Officer of the Company (the “Determination
Period”), shall determine, in good faith, whether such Consulting Assignment presents an actual or potential conflict with the interests of the Company; 

  

	 	4.	If the Company determines, in good faith, that such Consulting Assignment presents an actual or potential conflict with the interests of the Company, the Company may, in its sole
discretion, notify Executive in writing of such determination within the Determination Period and instruct Executive to refrain from undertaking such Consulting Assignment, in which case Executive shall so refrain from providing such Consulting
Services with respect to such Consulting Assignment; 

  

 2 

	 	5.	If the Company does not instruct the Executive to refrain from undertaking such Consulting Assignment as set forth in Section II.C.4 above, Executive may undertake such Consulting
Assignment and provide Consulting Services in connection therewith, provided, however, that if Executive or the Company at any time becomes aware of an actual or potential conflict between the interests of the Company and
the Consulting Services being provided pursuant to such Consulting Assignment, the party becoming aware of such actual or potential conflict shall provide written notice of such actual or potential conflict to the other party hereto and, if so
requested by the Company, Executive shall refrain from performing any further Consulting Services in connection with such Consulting Assignment. 

  

	III.	Compensation and Reimbursement. As compensation to Executive for his employment services under this Agreement: 

  

	 	A.	Base Salary. The Company shall pay to Executive a base salary at an annual rate equal to $500,000 per year (the “Base Salary”), which shall be paid in
accordance with the Company’s payroll practices for executive officers, but not less frequently than monthly. The Base Salary shall be subject to annual review by the Board or the Compensation Committee (or similar committee) of the Company
(the “Compensation Committee”) whereupon the Base Salary may be increased (but not decreased) at their sole discretion. 

  

	 	B.	Annual Incentive Bonus. Executive shall be given the opportunity to earn an incentive bonus (the “Incentive Bonus”) for each calendar year (or portion
thereof) during the Term of this Agreement. The actual amount payable to Executive as an Incentive Bonus with respect to a Performance Year (as defined below) shall be dependent upon a review by the Compensation Committee of Executive’s
performance during the calendar year or portion thereof that employment services are provided under this Agreement (each such year or portion thereof to which the performance objectives relate is referred to as a “Performance Year”)
and the achievement of performance objectives established by the Board or the Compensation Committee during such Performance Year, which performance objectives shall be substantially similar to the performance objectives established for other senior
executive officers of the Company, other than the Chief Executive Officer of the Company. Executive’s target Incentive Bonus opportunity for each Performance Year during the Term shall be no less than one year of Base Salary at the highest rate
in effect during such Performance Year (the “Target Bonus Opportunity”), 

  

 3 

 provided that for the Performance Year ending December 31, 2006, the Target Bonus
Opportunity shall be 80% of one year of Base Salary. Accordingly, depending on the review by the Compensation Committee of Executive’s performance and the attainment of the performance objectives during the Performance Year, the actual amount
payable as the Incentive Bonus to Executive for each Performance Year during the Term of this Agreement may be less than, greater than or equal to the Target Bonus Opportunity. Any Incentive Bonus shall be paid at the same time as similar bonuses
are payable to other officers of the Company, but in no event later than two and a half (2 1/2) months following
the end of the Performance Year with respect to which such Incentive Bonus is to be paid. 
  

	 	C.	Equity Compensation. 

  

	 	1.	Initial Equity Award. On the date hereof, pursuant to the terms of the Company’s 2002 Stock Option and Award Plan, as amended and restated on May 25, 2005 (the
“Plan”), Executive shall be granted: (i) 100,000 Shares (as defined in the Plan) of Restricted Stock (as defined in the Plan) and (ii) Options (as defined in the Plan) to purchase 150,000 Shares, with an exercise price
equal to the Fair Market Value (as defined in the Plan) per Share, on the date hereof (such grants, collectively the “Initial Equity Award”). The terms of the Initial Equity Award shall be governed by (i) this Agreement,
(ii) the Plan and (iii) a Restricted Stock Agreement and Option Agreement substantially in the form of Exhibit A and Exhibit B attached hereto, respectively, each to be executed on the date hereof. 

 

	 	2.	Subsequent Equity Awards. On each anniversary of the Effective Date, Executive shall be eligible to receive, pursuant to the terms of the Plan (or a successor plan):
(i) an additional grant of Shares of Restricted Stock having a Restricted Stock Equity Award Value on the date of grant at least equal to the Restricted Stock Equity Award Value of the Restricted Stock component of the Initial Equity Award on
the date it was granted and (ii) an additional grant of Options to purchase Shares, with an exercise price per Share equal to the Fair Market Value (as defined in the Plan) per Share on the date of grant, having an Option Equity Award Value on
the date of grant at least equal to the Option Equity Award Value of the Options component of the Initial Equity Award on the date it was granted (each such award, a “Subsequent Equity Award”; the Initial Equity Award and the
Subsequent Equity Awards are referred to herein collectively as the “Equity Awards”). 

  

 4 

 For purposes of this Agreement: “Restricted Stock Equity Award Value” shall equal the
number of Shares of Restricted Stock subject to an award times the Fair Market Value (as defined in the Plan) per Share on the date of grant. For purposes of this Agreement, “Option Equity Award Value” shall equal the number
of Options subject to an award times the Black-Scholes estimated fair value of an Option on the date of grant based on (i) the exercise price, (ii) sixty (60) day average volatility for the Company’s common stock,
(iii) the Company’s dividend yield computed by dividing the current quarterly dividend annualized by the average closing market price for the ten (10) trading days immediately preceding the date of grant, (iv) the risk free-yield
curve on the date of grant and (v) the expected term of such award. 
  

	 	3.	Vesting. Each Equity Award held by Executive shall vest according to the following schedule; provided that Executive is continuously employed with the Company
through such date and continues to hold such Equity Award as of such date: 

  

			
	 Date
	  	 Amount Vested

	The first May 25 following the grant date	  	33.33% of the Equity Award
	The second May 25 following the grant date	  	66.67% of the Equity Award
	The third May 25 following the grant date	  	100% of the Equity Award

  

	 	4.	Special Dividend. The special dividend (the “Special Dividend”) to be paid by the Company in connection with the transactions contemplated by the Merger
Agreement dated as of February 6, 2006 by and among the Company, Alphabet Acquisition Corp., The Walt Disney Company and ABC Chicago FM Radio, Inc. (the “ABC Transaction”) shall be paid in cash to Executive with respect to the
Shares of Restricted Stock held by Executive as of the record date set by the Board with respect to the Special Dividend and will not be subject to any restrictions or vesting. The Options granted to Executive prior to the ex-dividend date of the
Special Dividend shall be adjusted in the following manner: 

  

	 	a.	The per share Option exercise price per Share shall be divided by the Special Dividend Adjustment Factor (as defined below); and 

  

	 	b.	The number of Shares subject to the Options shall be multiplied by the Special Dividend Adjustment Factor. The “Special Dividend Adjustment Factor” means a number,
the numerator of which shall be the closing price per Share on the first trading date immediately preceding 

  

 5 

 the ex-dividend date and the denominator of which shall be the closing price per Share on the first
trading date immediately preceding the ex-dividend date minus the Special Dividend amount. 
  

	 	D.	Benefits. During the Term, Executive shall receive employee benefits and be eligible to participate in all employee benefit plans in a manner commensurate with the other
senior executive officers of the Company other than the Chief Executive Officer of the Company. 

  

	 	E.	Business Expenses. During the Term, Executive shall be entitled to receive prompt reimbursement for all expenses incurred by Executive in the performance of his duties and
responsibilities hereunder, subject to such written documentation as the Company may reasonably require in accordance with its standard expense reimbursement practices and policies. 

  

	 	F.	Office and Support Staff. During the Term, Executive shall be entitled to an office and secretarial and other assistance consistent with his position and the support provided
to the other senior executive officers of the Company, other than the Chief Executive Officer of the Company. 

  

	 	G.	Vacation. Executive shall be entitled to 4 weeks paid vacation per year. 

  

	IV.	Employment Termination. 

  

	 	A.	At End of Term. Executive’s employment shall terminate at the end of the Term. 

  

	 	B.	Death or Disability. Executive’s employment shall terminate automatically upon Executive’s death. The Company may terminate Executive’s employment after having
established Executive’s Disability (as defined below) by giving the Executive a Notice of Termination (as defined below). For purposes of this Agreement, “Disability” shall mean any physical or mental illness, impairment or
infirmity which materially impairs Executive’s ability to perform the essential functions of his position, including his essential duties and responsibilities under this Agreement, with reasonable accommodation, for at least one hundred eighty
(180) days during any 365-consecutive-day period. Notwithstanding the foregoing, to the extent that any payment or benefit under this Agreement that is subject to Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”) may be triggered due to a Disability, “Disability” shall mean Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which
can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12)

  

 6 

 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can
be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under a Company-sponsored group
disability plan. 
  

	 	C.	With or Without Cause. The Company may terminate Executive’s employment with or without Cause. For purposes of this Agreement, “Cause” shall mean:
(i) Executive’s willful and continued failure to perform substantially his duties with the Company (other than any such failure resulting from Executive’s Disability or any such failure subsequent to Executive being delivered notice
of the Company’s intent to terminate Executive’s employment without Cause or delivering to the Company a notice of Executive’s intent to terminate for Good Reason) after a written demand for substantial performance is delivered to
Executive by the Board, the Compensation Committee or the Chief Executive Officer of the Company which specifically identifies the manner in which the Board, the Compensation Committee or the Chief Executive Officer of the Company believes Executive
has not substantially performed Executive’s duties and Executive, after a period of no less than thirty days as set forth in the Company’s notice, has failed to cure such failure; (ii) Executive’s willful dishonesty or misconduct
in the performance of his duties that could reasonably be expected to cause a material harm to the Company or any of its subsidiaries; (iii) Executive’s involvement in a transaction in connection with the performance of his duties to the
Company or any of its subsidiaries which has not been disclosed to the Board or Company and which is adverse to the interests of the Company or its subsidiaries and which is engaged in for personal profit (whether for the benefit of Executive or any
other person or entity related to Executive or with respect to which Executive has a material interest); or (iv) Executive’s conviction (by a court of competent jurisdiction) of, or a plea of nolo contendere to, any crime that
constitutes a felony under federal, state or local law (other than a motor vehicle violation for which no custodial penalty is imposed). For purpose of the definition of Cause set forth above, no act or failure to act shall be considered
“willful” unless done or omitted to be done by Executive in bad faith and without reasonable belief that Executive’s action was in the best interests of the Company and its subsidiaries. Any act, or failure to act, based upon
authority given pursuant to a resolution duly adopted by the Board or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the
Company. 

  

	 	D.	With or Without Good Reason. Executive may terminate his employment with or without Good Reason. For purposes of this Agreement, “Good  

 

 7 

 Reason” shall mean, without Executive’s express written consent: (i) a reduction in
Executive’s Base Salary or a material reduction or discontinuance of any material benefit plan; (ii) a failure to award an Incentive Bonus to Executive in an amount equal to at least 75% of Executive’s Target Bonus Opportunity for any
Performance Year ending after December 31, 2006; (iii) a failure to award an Incentive Bonus to Executive in an amount equal to at least $300,000 for the Performance Year ending December 31, 2006; (iv) a failure on the part of
the Company to grant or cause to be granted to Executive (A) the Initial Equity Award or (B) on or prior to each anniversary of the Effective Date, a Subsequent Equity Award that has a combined Restricted Stock Equity Award Value and
Option Equity Award Value equal to at least $1 million as of the date of grant and in the same proportions of relative Restricted Stock Equity Award Value and Option Equity Award Value of the Initial Equity Award on the date it was granted;
(v) any change in the position, duties, responsibilities (including reporting responsibilities) or status of Executive that is inconsistent and adverse to Executive in any material respect with Executive’s position, duties,
responsibilities or status with or to the Company as a public company as of the Effective Date (including Executive not serving as the Chief Financial Officer of the public parent company); (vi) a requirement by the Company that Executive be
based in an office that is located more than 25 miles from Executive’s principal place of employment as of the Effective Date; or (vii) any material failure on the part of the Company to comply with and satisfy the terms of this Agreement;
provided, that a termination by Executive with Good Reason shall be effective only if Executive delivers to the Company a Notice of Termination for Good Reason within ninety (90) days after Executive first learns of the existence
of the circumstances giving rise to Good Reason and within thirty (30) days following delivery of such Notice of Termination for Good Reason, the Company has failed to cure the circumstances giving rise to Good Reason to the reasonable
satisfaction of Executive; provided further, that Executive shall not be required to deliver to the Company a Notice of Termination within ninety (90) days after Executive first learns of the existence of circumstances
giving rise to Good Reason pursuant to clause (v) above. 
  

	 	E.	Notice of Termination. Any termination by the Company with or without Cause or on account of Disability, or by Executive with or without Good Reason, shall be communicated in
writing to the other party hereto (a “Notice of Termination”). Such Notice of Termination shall include: (i) the specific termination provision of this Agreement relied upon, (ii) reasonable detail as to the facts and
circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated and (iii) if the termination date is different from the date of the receipt of such notice, the specified termination date.

  

 8 

	V.	Company Obligations Upon An Employment Termination. 

  

	 	A.	End of Term. Upon termination of Executive’s employment at the end of the Term pursuant to Section IV.A. above, Executive shall be entitled to the following:

  

	 	1.	50% of all unvested Equity Awards held by Executive as of the date of such termination shall become vested. For the avoidance of doubt, any Equity Awards that are scheduled to vest
on or before such termination date shall be considered vested rather than unvested for the purpose of determining the amount of unvested Equity Awards as of the date of such termination; and 

  

	 	2.	A lump sum payment, to be paid on the tenth business day following such termination, equal to the sum of the Accrued Obligations (as defined below) and the Pro Rata Bonus Amount (as
defined below). 

  

	 	B.	Death or Disability. Upon termination of Executive’s employment due to death or Disability, Executive (or Executive’s beneficiaries, as applicable) shall be
entitled to the following: 

  

	 	1.	A lump sum payment, to be paid on the tenth business day following such termination, equal to the sum of the Accrued Obligations (as defined below) and the Pro Rata Bonus Amount (as
defined below). 

 For purposes of this Agreement, “Accrued Obligations” shall mean all amounts earned or
accrued through the date of termination but not paid as of the date of termination, including but not limited to (a) Base Salary, (b) expenses incurred by the Executive for the period ending on the date of termination, (c) vacation
pay and (d) any unpaid Incentive Bonus with respect to the most recently completed Performance Year prior to the date on which such termination occurs, provided, that if such termination occurs prior to the determination by the
Board or the Compensation Committee of the Incentive Bonus with respect to the most recently completed Performance Year, then an amount equal to the most recent Incentive Bonus awarded to Executive unless such Incentive Bonus was awarded with
respect to the Performance Year ended on December 31, 2006, in which case, an amount equal to 125% of the Incentive Bonus awarded in respect of the Performance Year ended on December 31, 2006. 
 For purposes of this Agreement, the “Pro Rata Bonus Amount” shall mean an amount representing a pro rata portion (based on the

  

 9 

 number of days in the period beginning on the first day of the current Performance Year and ending on
the date of termination) of the greater of (a) 100% of the Target Bonus Opportunity for the Performance Year in which such termination occurs or (b) 100% of the Incentive Bonus awarded to Executive in respect of the most recent Performance
Year for which an Incentive Bonus has been awarded, provided, that if the Performance Year referred to in subclause (b) ended on December 31, 2006, then the amount referred to in such subclause shall be equal to 125% of the
Incentive Bonus awarded in respect of the Performance Year ended on December 31, 2006; 
  

	 	2.	To the extent permitted by the Company’s plans at the time of termination, the continuation of medical, dental, life insurance, disability and other welfare benefits (to the
extent made available to Executive and his dependents prior to termination) for Executive (and his dependents) for one year following termination, provided, that if Executive’s continued participation in any such medical, dental,
life insurance, disability or other welfare plan is not permitted, Executive shall be entitled to a lump sum payment, to be paid on the tenth business day following such termination, equal to the cost to the Company of providing benefits under such
plan(s) in which he (or his dependents) is unable to participate for such one year period; and 

  

	 	3.	If such termination occurs on or after the eighteen month anniversary of the Effective Date, all unvested Equity Awards held by Executive as of the date of such termination shall
become vested upon such termination. If such termination occurs prior to the eighteen month anniversary of the Effective Date, all unvested Equity Awards held by Executive as of the date of such termination shall be canceled upon such termination.

  

	 	C.	By Company for “Cause” or by Executive without “Good Reason”. In the event of a termination of employment by the Company for Cause or a resignation by the
Executive without Good Reason (other than pursuant to Section IV.A above), Executive shall be entitled to the following: 

  

	 	1.	A lump sum payment, to be paid on the tenth business day following such termination, equal to the Accrued Obligations; and 

  

	 	2.	Executive shall retain all Equity Awards held by Executive that have vested as of such termination. All unvested Equity Awards held by Executive as of the date of such termination
shall be canceled upon such termination. 

  

 10 

	 	D.	By Company without “Cause” or by Executive for “Good Reason”. In the event of a termination of employment by the Company without Cause (other than
pursuant to Section IV.A above) or a resignation by the Executive with Good Reason, Executive shall be entitled to the following: 

  

	 	1.	A lump sum payment, to be paid on the tenth business day following such termination, equal to the sum of: 

  

	 	a.	The Accrued Obligations; 

  

	 	b.	The Pro Rata Bonus Amount; 

  

	 	c.	One year of Base Salary at the rate then in effect; and 

  

					
	 d.
	    	    (i)	    	If Executive is terminated by the Company without Cause (other than pursuant to Section IV.A above) or Executive resigns with Good Reason (other than a resignation by reason of clause
(ii) or clause (iii) in the definition of “Good Reason”), 100% of the greater of (x) the Target Bonus Opportunity for the Performance Year in which the termination occurs or (y) 100% of the Incentive Bonus awarded to
Executive in respect of the most recent Performance Year for which an Incentive Bonus has been awarded, provided, that if the Performance Year referred to in subclause (y) ended on December 31, 2006, then the amount referred
to in such subclause shall be equal to 125% of the Incentive Bonus awarded in respect of the Performance Year ended on December 31, 2006; or
			
		    	(ii)	    	If Executive resigns with Good Reason by reason of clause (iii) in the definition of “Good Reason” above and such resignation occurs in calendar year 2007, 75% of the Target Bonus
Opportunity for the Performance Year ending December 31, 2007; or
			
		    	  (iii)	    	If Executive resigns with Good Reason by reason of clause (ii) in the definition of “Good Reason” above and such resignation occurs in calendar year 2008 or thereafter, 100% of
the greater of (x) the Incentive Bonus awarded for the most recently completed Performance Year or (y) the Incentive Bonus awarded for the Performance Year immediately preceding the most recently completed Performance Year,
provided, that if the

  

 11 

					
			
		    		    	Performance Year referred to in subclause (y) ended on December 31, 2006, then the amount referred to in such subclause shall be equal to 125% of the Incentive Bonus awarded in respect
of the Performance Year ended on December 31, 2006.

  

	 	2.	To the extent permitted by the Company’s plans at the time of termination, the continuation of medical, dental, life insurance, disability and other welfare benefits (to the
extent made available to Executive and his dependents prior to termination) for Executive (and his dependents) for one year following termination, provided, that if Executive’s continued participation in any such medical, dental,
life insurance, disability or other welfare plan is not permitted, Executive shall be entitled to a lump sum payment, to be paid on the tenth business day following such termination, equal to the cost to the Company of providing benefits under such
plan(s) in which he (or his dependents) is unable to participate for such one year period; and 

  

	 	3.	All unvested Equity Awards held by Executive as of the date of such termination shall become vested upon such termination. 

  

	 	E.	By Company without “Cause” or by Executive for “Good Reason” in connection with a Change in Control. Notwithstanding the foregoing, in the event of a
termination of employment by the Company without Cause (other than pursuant to Section IV.A above) or a resignation by the Executive with Good Reason (i) at the request of any third party participating in or causing a Change in Control or
(ii) within twelve (12) months following a Change in Control, Executive shall be entitled to the following: 

  

	 	1.	A lump sum payment, to be paid on the tenth business day following such termination, equal to the greater of: 

  

	 	a.	the amount contemplated to be paid to Executive pursuant to Section V.D.1 above upon a termination of employment by Company without “Cause” (other than pursuant to Section
IV.A above) or by Executive for “Good Reason” in the absence of a Change in Control; or 

  

	 	b.	the sum of the following: 

  

	 	(i)	The Accrued Obligations; 

  

	 	(ii)	The Pro Rata Bonus Amount; 

  

 12 

	 	(iii)	Base Salary then in effect for the remainder of the Term; and 

  

	 	(iv)	An amount equal to the product of (x) the number of days remaining in the Term divided by 365, multiplied by (y) the greater of (1) the Target Bonus
Opportunity for the Performance Year in which the termination occurs or (2) 100% of the Incentive Bonus awarded to Executive in respect of the most recent Performance Year for which an Incentive Bonus has been awarded, provided,
that if the Performance Year referred to in subclause (2) ended on December 31, 2006, then the amount referred to in such subclause shall be equal to 125% of the Incentive Bonus awarded in respect of the Performance Year ended on
December 31, 2006; 

  

	 	2.	To the extent permitted by the Company’s plans at the time of termination, the continuation of medical, dental, life insurance, disability and other welfare benefits (to the
extent made available to Executive and his dependents prior to termination) for Executive (and his dependents) for the longer of (x) one year following termination or (y) the remainder of the Term, provided, that if
Executive’s continued participation in any such medical, dental, life insurance, disability or other welfare plan is not permitted, Executive shall be entitled to a lump sum payment, to be paid on the tenth business day following such
termination, equal to the cost to the Company of providing benefits under such plan(s) in which he (or his dependents) is unable to participate for such period. 

 For purposes of this Agreement, “Change in Control” shall have the same meaning ascribed to such term in the Plan, provided,
however, that the ABC Transaction shall not constitute a Change in Control for purposes of this Agreement. 
  

	 	F.	409A Considerations. Notwithstanding anything else contained herein to the contrary, the Company and Executive agree that any payment or benefit required to be made or
provided to Executive hereunder upon his termination of employment (including pursuant to this Section V) shall be delayed to the date immediately following the six month anniversary of Executive’s date of termination to the extent necessary to
avoid imposition on Executive of any tax penalty, including interest, imposed under Section 409A of the Code. Executive and the Company agree to use reasonable best efforts to cooperate, including by restructuring the timing of payments under
this Agreement or the terms of the Options, to avoid the imposition of any additional tax or interest charge under Section 409A in 

  

 13 

 respect of payments to Executive under this Agreement or the adjustment to the Options as a result of the
Special Dividend as contemplated by Section III.C.4 above. 
  

	VI.	Change in Control. Notwithstanding anything herein to the contrary, all unvested Equity Awards held by Executive as of the date of a Change in Control during the Term
of this Agreement shall become vested upon such Change in Control. 

  

	VII.	Restrictive Covenants. 

  

	 	A.	Confidential Information. Without the prior written consent of the Company, except (i) as reasonably necessary in the course of carrying out his duties hereunder or
(ii) to the extent required by an order of a court having competent jurisdiction or under subpoena from an appropriate government agency, Executive shall not disclose any trade secrets, customer lists, marketing plans, sales plans,
manufacturing plans, management organization information (including data and other information relating to members of the Board and management of the Company or its subsidiaries), operating policies or manuals, business plans, financial records or
other financial, commercial, business or technical information relating to the Company or its subsidiaries designated as confidential or proprietary that the Company or its subsidiaries may receive belonging to suppliers, customers or others who do
business with the Company or its subsidiaries (collectively, “Confidential Information”) unless such Confidential Information has been previously disclosed to the public by the Company or its subsidiaries or has otherwise become
available to the public (other than by any action of Executive in breach of this Agreement or his obligations to the Company and its subsidiaries). 

  

	 	B.	Non-Competition; Non-Solicitation. Executive will not, during the term of this Agreement, and for a period of one (1) year immediately following termination of
employment: (i) directly or indirectly induce or solicit any employee of the Company or any of its subsidiaries to terminate such employment with the Company or its subsidiaries or directly or indirectly be involved in the hiring of any such
employee, provided, that Executive knows that such employee is an employee of the Company or any of its subsidiaries at the time of such hiring or (ii) except as in connection with the performance of his Consulting Services,
become employed by or perform activities or services on behalf of, or have an ownership interest in, any person, firm, corporation or other entity, or in connection with any business enterprise, that is directly or indirectly engaged in the radio
broadcasting or radio network business. Notwithstanding the above, the foregoing covenant shall not be deemed to prohibit Executive from acquiring as an investment not more than 5% of the capital stock of an entity that conducts a radio broadcasting
or radio network business. 

  

 14 

	 	C.	Non-Disparagement. During the Term and at any time thereafter, Executive agrees that Executive will not, directly or indirectly, make or cause to be made any statement or
criticism which is materially adverse to the interests of the Company or its subsidiaries; nor will Executive take any action that may reasonably cause the Company or its subsidiaries significant embarrassment, humiliation, or otherwise cause or
contribute to the Company or its subsidiaries being held in disrepute by the public or the Company’s or its subsidiaries’ customers or employees, except as required by applicable law; provided, however, that
nothing in this Section VII.C shall be interpreted to preclude Executive’s honest and good faith reporting to the Company, its counsel, or appropriate legal enforcement authorities. Company agrees that employees and directors of the Company and
its subsidiaries will not, directly or indirectly, make or cause to be made any statement or criticism which is materially adverse to the interests of Executive; nor will employees and directors of the Company and its subsidiaries take any action
that may reasonably cause Executive significant embarrassment, humiliation, or otherwise cause or contribute to Executive being held in disrepute by the public or the business community at large, except as required by applicable law.

  

	 	D.	Reasonableness of Restrictions. Executive acknowledges that (i) the restrictions provided in this Section VII are necessary for the protection and to maintain the
goodwill of the Company; (ii) Executive’s ability to work and earn a living is not unreasonably restrained by these restrictions and these restrictions do not impose an undue hardship on Executive’s ability to earn a living;
(iii) should any provision of this Agreement (including but not limited to Section VII hereof) be found to be invalid or unenforceable by a court of competent jurisdiction, such provision shall be deemed amended or modified so as to permit
those provisions to be enforceable under the laws and public policies applied in the jurisdiction to which enforcement is sought in a manner consistent with Section XVIII hereof; (iv) the Company will be entitled to enforce such provision for
such period of time and within such area as may be determined to be reasonable by a court of competent jurisdiction; and (v) this Section VII.D shall continue to be in effect beyond the termination of Executive’s employment with the
Company, regardless of the reason, to the extent provided herein. 

  

	VIII.	Certain Additional Payments by the Company. 

  

	 	A.	Golden Parachute. In the event it shall be determined that any payment or benefit to Executive, by the Company, any affiliate of the Company, any person who acquires
ownership or effective control of the Company or 

  

 15 

 ownership of a substantial portion of the Company assets (within the meaning of Section 280G of the
Code, and the regulations thereunder) or any affiliate of such Person, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the “Change in Control Payments”), is or will be
subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest and penalties, are collectively referred to as the “Excise
Tax”), then Executive shall be entitled to receive an additional payment (a “280G Reimbursement Payment”) in an amount such that after payment by Executive of all taxes (including any interest or penalties imposed with
respect to such taxes), including any income tax, employment tax or Excise Tax, imposed upon the 280G Reimbursement Payment, Executive retains an amount of the 280G Reimbursement Payment equal to the Excise Tax imposed upon the Change in Control
Payments. The 280G Reimbursement Payment shall be paid on the thirtieth (30th) day from the date that Executive is deemed to have “excess parachute payments” as defined in Section 280G of the Code. All mathematical
determinations, and all determinations as to whether any of the Change in Control Payments are “parachute payments” (within the meaning of Section 280G of the Code), that are required to be made hereunder, including determinations as
to whether a 280G Reimbursement Payment is required and the amount of such 280G Reimbursement Payment shall be made by an independent accounting firm mutually selected by the Company and Executive from among the four (4) largest accounting
firms in the United States (the “Accounting Firm”), which shall provide its determination (the “Determination”), together with detailed supporting calculations regarding the amount of any 280G Reimbursement Payment
and any other relevant matter, both to the Company and Executive by no later than ten (10) days following the date of employment termination or, if applicable, such earlier time as is requested by the Company or Executive (if Executive
reasonably believes that any of the Change in Control Payments may be subject to the Excise Tax). If the Accounting Firm determines that no Excise Tax is payable by Executive, it shall furnish Executive and the Company with an opinion reasonably
acceptable to Executive and the Company that no Excise Tax is payable (including the reasons therefor) and that Executive has substantial authority not to report any Excise Tax on his federal income tax return. Any determination by the Accounting
Firm shall be binding upon the Company and Executive, absent manifest error. As a result of uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible
that 280G Reimbursement Payments not made by the Company should have been made (“Underpayment”), or that 280G Reimbursement Payments will have been made by the Company which should not have been made
(“Overpayments”). In either such event, the 
  

 16 

 Accounting Firm shall determine the amount of the Underpayment or Overpayment that has occurred. In the
case of an Underpayment, the amount of such Underpayment (together with any interest and penalties payable by Executive as a result of such Underpayment) shall be promptly paid by the Company to or for the benefit of Executive. In the case of an
Overpayment, Executive shall, at the direction and expense of the Company, take such steps as are reasonably necessary (including the filing of returns and claims for refund), follow reasonable instructions from, and procedures established by, the
Company, and otherwise reasonably cooperate with the Company to correct such Overpayment, provided, however, that (i) Executive shall not in any event be obligated to return to the Company an amount greater than the net after-tax portion of the
Overpayment that he has retained or has recovered as a refund from the applicable taxing authorities and (ii) if a 280G Reimbursement Payment is determined to be payable, this provision shall be interpreted in a manner consistent with an intent
to make Executive whole, on an after-tax basis, from the application of the Excise Tax, it being understood that the correction of an Overpayment may result in Executive repaying to the Company an amount which is less than the Overpayment. The cost
of the Accounting Firm in connection with any such Determination shall be paid by the Company. 
  

	 	B.	Section 409A. It is intended that any amounts payable under this Agreement shall comply with Section 409A of the Code and the regulations relating thereto so as not
to subject Executive to the payment of interests and tax penalties which may be imposed under Section 409A of the Code. However, in the event that it shall be determined that any payment, award, benefit or distribution (or any acceleration of
any payment, award, benefit or distribution) to or for the benefit of Executive would be subject to any tax imposed by Section 409A of the Code, the Company shall fully reimburse Executive for all tax penalties levied on the Executive with
respect to such payment, award, benefit or distribution (or any acceleration of any payment, award, benefit or distribution) under Section 409A of the Code (the “409A Gross Up Payment”) as well as for any other tax, including
income and withholding taxes, levied on Executive with respect to the 409A Gross Up Payment. 

  

	IX.	Miscellaneous. 

  

	 	A.	Executive has previously provided to the Company a copy of the Termination Agreement dated as of February 28, 2005 (the “Termination Agreement”) by and between
Executive and Viacom, Inc. Executive represents and warrants to the Company that, other than as set forth in the Termination Agreement, (i) Executive is free of employment restrictions from former employers and that Executive is not a party to
any agreement, other than the Termination Agreement, the terms of which are inconsistent 

  

 17 

 with the terms of this Agreement, or which would be breached by Executive’s services to or
employment by the Company and (ii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. 
  

	 	B.	Executive acknowledges that Executive (i) has carefully read this Agreement in its entirety and has had an adequate opportunity to consider it and has consulted independent
counsel of Executive’s choice, who has answered to Executive’s satisfaction all question Executive had regarding the meaning and significance of any of the provisions of this Agreement (ii) fully understands all the terms of this
Agreement and their significance, (iii) knowingly and voluntarily assents to all the terms and conditions contained herein, (iv) is signing this Agreement voluntarily and of Executive’s own free will and (v) agrees to abide by
all the terms and conditions contained herein. The language used in this Agreement shall be deemed to be the language mutually chosen by the parties hereto to reflect their mutual intent, and no doctrine of strict construction shall be applied
against any party hereto. 

  

	X.	Non-Exclusivity of Rights. Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any benefit, bonus, incentive or
other plan or program provided by the Company and for which Executive may qualify in the sole discretion of the Compensation Committee. 

  

	XI.	Legal Fees. The Company shall reimburse Executive’s reasonable documented legal fees in connection with the negotiation of this Agreement.

  

	XII.	Indemnification. The Company and its successors and/or assigns will indemnify, hold harmless, and defend Executive to the fullest extent permitted by applicable law
and the By-Laws and Certificate of Incorporation of the Company with respect to any claims that may be brought against Executive arising out of or related to any action taken or not taken in Executive’s capacity as an employee, officer or
director of the Company or any of its affiliates (including with respect to any action taken or not taken during the period commencing May 1, 2006 through May 25, 2006 in which time Executive provided services to the Company), including, without
limitation, the advancement of legal fees and expenses, as such fees and expenses are incurred by Executive. In addition, Executive shall be covered, in respect of Executive’s activities as an officer or director of the Company or any of its
affiliates, by the Company’s (or any of its affiliates’) Directors and Officers liability policy or other comparable policies, if any, obtained by the Company’s (or any of its affiliates’) successors, to the fullest extent
permitted by such policies. 

  

	XIII.	Notices. For purposes of this Agreement, notices, demands, and all other communications provided for in this Agreement shall be in writing and shall be

  

 18 

 deemed to have been duly given when (a) delivered by hand; (b) sent by prepaid first class mail
(airmail if to an address outside the country of posting); or (c) sent by facsimile transmission with confirmation of transmission, as follows: 
 If to Executive, addressed to: 
 Robert G. Freedline 
 140 Riverside Blvd. 
 Apt 2303 
 New York, NY 10069 
 with a copy to:

 Weil Gotshal & Manges, LLP 
 767 Fifth Avenue 
 New York, NY 10153 
 Attn: Michael Nissan, Esq. 
 If to the Company, addressed to: 
 Citadel Broadcasting Corporation 
 City
Center West, Suite 400 
 7201 West Lake Mead Blvd. 
 Las Vegas, Nevada 89128 
 Attn: Chief Executive Officer 
 with a copy to: 
 Kirkland & Ellis
LLP 
 Citigroup Center 
 153 East
53rd Street 
 New York, NY 10022 
 Attn: Andrew E. Nagel, Esq. 
  

	XIV.	Assignment/Successor Obligations. The rights and obligations of the Company under this Agreement shall inure to the benefit of and be binding upon any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) of the Company. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor thereto. This Agreement shall not be
assignable by the Company without the prior written consent of Executive (which shall not be unreasonably withheld). 

  

	XV.	Amendment. This Agreement may not be amended or modified except by an instrument in writing executed by both the Company and Executive. 

  

 19 

	XVI.	Dispute Resolution. Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in New York, NY under the
Employment Dispute Resolution Rules of the American Arbitration Association (“AAA”) then currently in effect, as modified herein. Arbitration proceedings shall take place in New York, New York, before a single neutral arbitrator who
shall be a lawyer. In the event of breach or threatened breach by Executive or the Company of any provision hereof, the Company and Executive shall be entitled to seek temporary or preliminary injunctive relief or other equitable relief to which
either of them may be entitled pending the outcome of any arbitration proceeding, without the posting of any bond or other security. Executive consents to the jurisdiction of New York courts for such purpose. The arbitrator shall have authority to
award any remedy or relief that a court of the State of New York or federal court located in the State of New York could grant in conformity to applicable law on the basis of claims actually made in the arbitration. Any arbitration award shall be
accompanied by a written statement containing a summary of the issues in controversy, a description of the award, and an explanation of the reasons for the award. The arbitrator’s award shall be final and judgment may be entered upon such award
by a court of competent jurisdiction. This arbitration procedure will be governed by the Federal Arbitration Act as will any actions to compel, enforce or vacate proceedings, awards, orders of the arbitration or settlement under this procedure. The
Company shall directly pay the fees and expenses of counsel and other experts retained by Executive in connection with such dispute or controversy, on a current basis as they may be incurred, provided that Executive shall reimburse the Company for
any amounts so paid unless at least one material matter in dispute or controversy is decided in favor of Executive. 

  

	XVII.	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to any choice of law or conflicts
of law doctrines (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. 

  

	XVIII.	Validity. The provisions of this Agreement shall be deemed to be severable, and the invalidity or unenforceability of any provision shall not affect the validity or
enforceability of any other provision. The parties hereto agree that a court of competent jurisdiction making a determination of the invalidity or unenforceability of any term or provision of this Agreement shall have the power to reduce the scope,
duration or area of any such term or provision, to delete specific words or phrases or to replace any invalid or unenforceable term or provision in this Agreement with a term or provision that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified. The breach by the Company of any obligation or duty to Executive shall entitle Executive to his appropriate remedy at
law but shall not, of itself, relieve Executive of any other obligation set forth in this Agreement. 

  

 20 

	XIX.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute
one and the same instrument. 

  

	XX.	Effect of Agreement. Except as set forth in the Restricted Stock Agreement, Option Agreement and the Plan, the terms of this Agreement shall supersede any obligations
and rights of the Company and Executive, respecting employment, compensation and employee benefits on or after the Effective Date. 

  

 21 

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

  

			
	CITADEL BROADCASTING CORPORATION
		
	By:	 	 /s/ Farid Suleman

	Name:	 	Farid Suleman
	Title:	 	Chairman and Chief Executive Officer
	
	 /s/ Robert G. Freedline

	ROBERT G. FREEDLINE

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