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Exhibit 10.4

LOCK-UP AGREEMENT

February 10, 2010

Ladies and Gentlemen:

The undersigned is a current or former director, executive officer or beneficial
owner of shares of capital stock, or securities convertible into or exercisable
or exchangeable for the capital stock of Deerfield Resources, Ltd., a Nevada
corporation (the “Company”). The undersigned understands that the Company will
complete a private placement of a minimum of 50 Units and a maximum of 80 Units,
or up to 96 Units if the Company elects to accept over-subscriptions, with each
Unit (the “Units”) consisting of 100,000 shares of common stock and a five-year
detachable warrant to purchase 50,000 shares of common stock with an exercise
price of $1.60 per share, for a purchase price of $125,000 per Unit (the
“Funding Transaction”). The undersigned understands that the Company and the
investors in the Funding Transaction will proceed with the Funding Transaction
in reliance on this Letter Agreement.

1.

In recognition of the benefit that the Funding Transaction will confer upon the
undersigned, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the undersigned agrees, for the
benefit of the Company and each investor in the Funding Transaction, that,
during the period beginning on the closing of the Funding Transaction (the
“Closing Date”) and ending eighteen (18) months after such date (the “Lockup
Period”), the undersigned will not, without the prior written consent of persons
holding a majority of the Units at such time (the “Majority Investors”),
directly or indirectly, (i) offer, sell, offer to sell, contract to sell, hedge,
pledge, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase or sell (or announce any
offer, sale, offer of sale, contract of sale, hedge, pledge, sale of any option
or contract to purchase, purchase of any option or contract of sale, grant of
any option, right or warrant to purchase or other sale or disposition), or
otherwise transfer or dispose of (or enter into any transaction or device that
is designed to, or could be expected to, result in the disposition by any person
at any time in the future), any securities of the Company (each, a “Company
Security”), beneficially owned, within the meaning of Rule 13d-3 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), by the
undersigned on the date hereof or hereafter acquired or (ii) enter into any swap
or other agreement or any transaction that transfers, in whole or in part,
directly or indirectly, the economic consequence of ownership of any Company
Security, whether any such swap or transaction described in clause (i) or (ii)
above is to be settled by delivery of any Company Security (each of the
foregoing, a “Prohibited Sale”).

2.

Notwithstanding the foregoing, the undersigned (and any transferee of the
undersigned) may transfer any shares of a Company Security (i) as a bona fide
gift or gifts, provided that prior to such transfer the donee or donees thereof
agree in writing to be bound by the restrictions set forth herein, (ii) to any
trust, partnership, corporation or other entity formed for the direct or
indirect benefit of the undersigned or the immediate family of the undersigned,
provided that prior to such transfer a duly authorized officer, representative
or trustee of such transferee agrees in writing to be bound by the restrictions
set forth herein, and provided further that any such transfer shall not involve
a disposition for value, (iii) to non-profit organizations qualified as
charitable organizations under Section 501(c)(3) of the Internal Revenue Code of
1986, as amended, or (iv) if such transfer occurs by operation of law, such as
rules of descent and distribution, statutes governing the effects of a merger or
a qualified domestic order, provided that prior to such transfer the transferee
executes an agreement stating that the transferee is receiving and holding any
Company Security subject to the provisions of this agreement. For purposes
hereof, “immediate family” shall mean any relationship by blood, marriage or
adoption, not more remote than first cousin. In addition, the foregoing shall
not prohibit privately negotiated transactions, provided the transferees agree,
in writing, to be bound to the terms of the lock-up agreements for the balance
of the Lockup Period.

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3.

This Letter Agreement shall be governed by and construed in accordance with the
laws of the New York.

4.

This Letter Agreement will become a binding agreement among the undersigned as
of the date hereof. In the event that no closing of the Funding Transaction
occurs, this Letter Agreement shall be null and void. This Letter Agreement (and
the agreements reflected herein) may be terminated by the mutual agreement of
the Company, the Majority Investors, and the undersigned, and if not sooner
terminated, will terminate upon the expiration date of the Lockup Period. This
Letter Agreement may be duly executed by facsimile and in any number of
counterparts, each of which shall be deemed an original, and all of which
together shall be deemed to constitute one and the same instrument. Signature
pages from separate identical counterparts may be combined with the same effect
as if the parties signing such signature page had signed the same counterpart.
This Letter Agreement may be modified or waived only by a separate writing
signed by each of the parties hereto expressly so modifying or waiving such
agreement.

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Very truly yours,

______________________________________

______________________________________
Number of shares of Common Stock owned

______________________________________
Certificate Numbers

Address:

Accepted and Agreed to this ___ day of February, 2010:

DEERFIELD RESOURCES, LTD.

By: _________________________________
       Name: Xiangjun Liu
       Title: Chief Executive Officer

 

 

 

 

 

[Signature Page to Lock-Up Agreement]

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