Promissory Note by Marvion Inc. in Favor of Young Chi Kin Eric for Contingency Consideration
Marvion Inc. has issued a promissory note to Young Chi Kin Eric, agreeing to pay specified amounts if the United Warehouse Management Corp. group meets certain profit targets over several periods from December 2024 to December 2028. Payments are contingent on the business unit's net income reaching set thresholds on specific dates. No interest will be paid on these amounts. This note is linked to a prior Share Purchase Agreement and outlines the company's obligation to pay the contingency consideration if the conditions are met.
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]
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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
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