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]

 

 

 

 

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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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