I am pleased to offer you an employment position with GCT Semiconductor, Inc. (the Company or GCT) pursuant to the following terms and conditions:
Salary. In consideration for your services to the Company, you shall receive a base salary of One Hundred Eighty Five Thousand Dollars ($185,000.00) per annum to be paid in equal installments two times per month from which the Company shall withhold and deduct all federal and state income, social security, disability, and other taxes as required by applicable laws. In addition to the base salary, a cash bonus of Thirty Thousand Dollars ($30,000) will be paid at the end of fiscal year 2004. Furthermore, you will be eligible to receive another Thirty Thousand Dollars ($30,000) provided the Company crosses Thirty Five Million Dollars ($35,000,000) mark for revenues in the fiscal year of 2004.