Form of Promissory Note made by Marvion Inc. in favor of Young Chi Kin Eric
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EX-10.4 5 marvion_ex1004.htm FORM OF PROMISSORY NOTE MADE BY MARVION INC. IN FAVOR OF YOUNG CHI KIN ERIC
Exhibit 10.4
Promissory Note
Date:
Parties:
| • | Company: Marvion Inc. | |
| • | Promisee: Young Chi Kin Eri |
Note Details:
| • | Purpose: The Company promises the Promisee for a Contingency Consideration based on the Share Purchase Agreement signed on 15 August, 2024. | |
| • | Repayment Terms: The Contingency Consideration will be paid out by the Company to the Promisee if the United Warehouse Management Corp. group profit performance reaches its target on the following dates with payment amount stated below: |
| 6-month Period Ended | UWMC business unit net income | Contingency Consideration |
| 31 December, 2024 | $120,000 | $333,334 |
| 30 June, 2025 | $135,000 | $333,334 |
| 31 December, 2025 | $146,000 | $166,666 |
| 30 June, 2026 | $158,000 | $166,666 |
| 31 December, 2026 | $170,000 | $166,666 |
| 30 June, 2027 | $183,000 | $166,667 |
| 31 December, 2027 | $195,000 | $166,667 |
| 30 June, 2028 | $205,000 | $166,667 |
| 31 December, 2028 | $218,000 | $166,667 |
Interest Rate: None
[Signature on next page]
| 1 |
By signing this promissory note, the Company acknowledges its obligation to repay the specified amount to Promisee according to the terms outlined above.
_____________________________________
Chan Sze Yu
Director
Marvion, Inc.
_____________________________________
Young Chi Kin Eric
Promisee
| 2 |
