President of Korea Employment Agreement

Exhibit 10.48







March 28, 1999



Dr. Deok-Jung Kim Vice President and General Manager Power Device Division Samsung Electronics Co., Ltd. Bucheon, South Korea





Dear D.J.:



This letter agreement is to confirm your position with Fairchild Korea Semiconductor ("Fairchild Korea"). Effective as of the closing date, as defined in the Business Transfer Agreement between Fairchild Semiconductor Corporation ("FSC") and Samsung Electronics, you will serve as President of Fairchild Korea and a Senior Vice President of FSC. In the position of President of Fairchild Korea you will also serve, without further compensation, as a Director of that corporation. As President of Fairchild Korea, you will be subject to the direction of the President and Chief Executive Office of FSC or to the direction of others appointed by the Chief Executive Officer. This letter agreement and the terms contained herein are all subject to review by Fairchild's Korean counsel for compliance with Korean law. You may be asked and do agree to sign a revised letter agreement reflecting appropriate changes by legal counsel to reflect such compliance.



The term of employment under this Letter Agreement shall being on the closing date defined above and shall conclude on the first anniversary thereof. The terms of this Letter Agreement shall be renewed unless either FSC or you shall give to the other written notice not less than 60 days prior to the end of any term that it or he does not wish to renew this Agreement.



In consideration of the services you will render in the position described above, FSC shall pay you a base salary at a rate of the Korean won equivalent of $200,000 US per year. If not in violation of any legal requirements, this amount pay be paid directly to a U.S. bank account. In addition, FSC shall ...