Document:

Exhibit 10.4

 

 

 

Strictly Private and Confidential

 

To:

Graphex Group Limited烯石電動汽車新材料控股有限公司
(Stock Code: 6128)

(formerly known as Earthasia International
Holdings Limited泛亞環境國際控股有限公司)

Windward 3, Regatta Office Park, PO Box 1350,

Grand Cayman KY1-1108, Cayman Islands and

having its principal place of business at 11/F,
COFCO Tower,

262 Gloucester Road, Causeway Bay, Hong Kong (the
 “Issuer”)

 

Secured Convertible Notes with Total Commitment
of US$15,000,000 and Warrants Issued by the Issuer to Lexinter International Inc. (the “Investor”) pursuant to the Subscription
Agreement dated January 19, 2021 entered into between the Issuer and the Investor (as amended, the “Agreement”) 

 

We refer to the Agreement whereby the Investor
agreed to subscribe and purchase from the Issuer (a) 5.50% secured convertible notes (the “Notes”) which are convertible
into ordinary shares of the Issuer (the “Shares”), and (b) five-year warrants entitling the holder thereof to purchase
Shares (the “Warrants”), in a series of transactions upon the terms and conditions set forth in the Agreement. The
Agreement was amended pursuant to a supplemental agreement dated May 24, 2021. In accordance with the Agreement, the Issuer issued the
Notes totaling US$15,000,0000 in principal amount and Warrants entitling the holder thereof to purchase 89,423,076 Shares in the aggregate.

 

We write to inform you that, notwithstanding anything
contained in the Notes or Warrants, the Investor shall not, without the prior written consent of the Issuer, convert the Notes or exercise
the Warrants such that the amount of Shares which may be obtained at any point in time upon any such conversion of the Notes or exercise
of the Warrants (as the case may be) would cause the Investor to hold at any point in time interest exceeding 4.9% of the issued share
capital of the Issuer.

 

The Issuer shall be a beneficiary of this letter
such that this letter shall be enforceable by the Issuer against the Investor in accordance with its terms and this letter is being executed
and delivered by us to the Issuer as a deed.

 

Dated this 20th day of January, 2022.

 

For and on behalf of

Lexinter International Inc. 

 

 

	/s/ Jeffery Abramovitz	 
	Name: Jeffery Abramovitz	 
	Title:   Director	 

 

3433 Bathurst Street

Unit 502

Toronto ON

M6A2C3Exhibit 10.5

 

LOAN AGREEMENT

 

THIS LOAN AGREEMENT is made as of 23 March 2018,
by and between Chan Suk Fun (the “Lender”) and Thai Gallery (HK) Limited (the “Borrower”) as follows:

 

Terms & Conditions

 

The Lender hereby agrees to make a loan to the Borrower (the “Loan”)
subject to the terms and condition set forth below.

 

		1.	Principal
                                            Amount: HK$245,000

 

		2.	Drawdown
                                            Date: 23 March 2018

 

		3.	Maturity
                                            Date: 23 March 2023

 

		4.	Interest
                                            Rate and Method of Interest Payment: 0% per annum (calculated on the basis of the actual
                                            number of days elapsed and a year of 365 days). The borrower shall pay interest on the Loan
                                            in arrears.

 

		5.	Default
                                            Interest: In the event the Borrower fails to make repayment of its obligations on the due
                                            date for any reason attributable to it, the Borrower shall pay to the Lender default interest
                                            on the overdue amount, at the rate of 10% per annum (calculated on the basis of the actual
                                            number of days elapsed and a year of 365 days).

 

Borrower’s bank account

 

Bank name: BANK OF CHINA (HONG KONG) LIMITED

Bank address: BANK OF CHINA TOWER, 1 GARDEN ROAD, HONG KONG.

SWIFT: BKCHHKHHXXX

Account name: THAI GALLERY (HK) LIMITED

Account no: 012-601-0-012592-7

Address: Office B, 21/F., Legend Tower, 7 Shing Yip Street, Kwun Tong,
Kowloon

 

Governing Law and Jurisdiction

 

		1.	This
                                            Agreement shall be governed by and construed in accordance with the laws of Hong Kong.

 

		2.	In
                                            the event of any disputes arising out in relation to the rights and obligations under this
                                            Agreement, the Lender and the Borrower shall submit to the jurisdiction of the Hong Kong.

 

Consultation

 

Any matter not stipulated herein shall be determined each time by
the Lender and the Borrower upon consultation.

 

    

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed in one copy, affixing the respective name, and the Lender retains the original and the Borrower retain
its copy.

 

Signed by the Lender:

 

	/s/
    Chan Suk Fun	 
	 	 
	Chan Suk Fun

 

For and on behalf of the Borrower:

 

Thai Gallery (HK) Limited

 

	/s/
    Chan Yick Yan Andross		 
	 	 	 
	Chan Yick Yan Andross 
	DirectorExhibit 10.6

 

Hong Kong Exchanges and Clearing Limited and
The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its
accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the
whole or any part of the contents of this announcement.

 

 

Earthasia International Holdings Limited

泛 亞 環 境 國
 際 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited
liability)

(Stock Code: 6128)

 

ADOPTION OF SHARE AWARD SCHEME BY A SUBSIDIARY

 

	The
    Board is pleased to announce that on 19 January 2021, EIL, an indirect wholly owned subsidiary of the Company, adopted the EIL
    Share Award Scheme for recognising the contributions made or to be made by certain Participants and to provide them with incentives
    in order to retain them for the continual operation and development of the EIL Group and to attract suitable personnel for further
    development of the EIL Group.

 

THE SHARE AWARD SCHEME

 

The Board is pleased to announce that on 19 January 2021,
EIL, an indirect wholly owned subsidiary of the Company, adopted the EIL Share Award Scheme.

 

SUMMARY OF THE PRINCIPAL TERMS

 

Purposes and Objectives

 

The purposes and objectives of the EIL Share
Award Scheme are to recognise the contributions made or to be made by certain Participants and to provide them with incentives in order
to retain them for the continual operation and development of the EIL Group and to attract suitable personnel for further development
of the EIL Group.

 

Duration

 

Subject to any early termination as may be determined
by the EIL Board pursuant to the Scheme Rules, the EIL Share Award Scheme shall be valid and effective for a term of ten years commencing
on the Adoption Date.

 

     - 1 -

     

    

 

Administration

 

The EIL Share Award Scheme shall be subject to
the administration of the EIL Board in accordance with the Scheme Rules.

 

Operation of the EIL Share Award Scheme

 

Subject to the provision of the EIL Share Award
Scheme, the EIL Board may, from time to time, at its absolute discretion select any Participant (other than any Excluded Participant)
for participation in the EIL Share Award Scheme for the Award.

 

In determining the number of the Awarded Shares
to be granted to any Selected Participant (excluding any Excluded Participant), the EIL Board shall take into consideration matters including
but not limited to, the present contribution and expected contribution of the relevant Selected Participant to the profits of the EIL
Group.

 

The EIL Board is entitled to impose any conditions,
as it deems appropriate in its absolute discretion with respect to the vesting of the Awarded Shares on the Selected Participant, and
shall inform such Selected Participant the relevant conditions of the Award and the Awarded Shares.

 

The Awarded Shares shall be new shares to be
allotted and issued by EIL and the par value of the Awarded Shares shall be paid by the Selected Participant.

 

Where any grant of Awarded Shares is proposed
to be made to any person who is a connected person of the Company or EIL within the meaning of the Listing Rules, relevant provisions
of the Listing Rules shall be complied with as may be applicable, failing which the Award may be void.

 

Vesting of Awarded Shares

 

Subject to the terms and conditions of the EIL
Share Award Scheme and the fulfillment of all vesting conditions to the vesting of the Awarded Shares on such Selected Participant as
specified in the EIL Share Award Scheme and the Grant Notice, the respective Awarded Shares shall vest in such Selected Participant and
the EIL Board shall cause the Awarded Shares to be allotted and issued to such Selected Participant.

 

     - 2 -

     

    

 

Prior to the Vesting Date, any Award made pursuant
to the EIL Share Award Scheme shall be personal to the Selected Participant to whom it is made and shall not be assignable and no Selected
Participant shall in any way sell, transfer, charge, mortgage, encumber or create any interest in favour of any other person over or
in relation to the Awarded Shares referable to him pursuant to such Award.

 

Disqualification of Selected Participant

 

In the event that prior to or on the Vesting
Date, a Selected Participant is found to be an Excluded Participant or is deemed to cease to be a Participant pursuant to Scheme Rules,
no Awarded Shares shall be allotted and issued. Such Participant shall have no right or claim against EIL, any other member of the EIL
Group, the EIL Board, or with respect to those or any other Shares or any right thereto or interest therein in any way.

 

If a Selected Participant died at any time prior
to or on the Vesting Date, all the Awarded Shares of the relevant Selected Participant shall be deemed to be vested on the day immediately
prior to his death.

 

Scheme Limit

 

The maximum number of Shares which may be granted
to the Participants under the EIL Share Award Scheme is 500 Shares, such limit may be refreshed provided that the limit so refreshed
must not exceed 10% of the issued share capital of the Company as at the date of approval of refreshment by the Board.

 

The maximum number of Shares which may be awarded
to a Selected Participant under the EIL Share Award Scheme shall not exceed 1% of the issued share capital of EIL from time to time.

 

Termination

 

The EIL Share Award Scheme shall terminate on
the earlier of (i) the 10th anniversary date of the Adoption Date; and (ii) such date of early termination as determined by
the EIL Board by a resolution of the EIL Board provided that such termination shall not affect any subsisting rights of any Selected
Participant thereunder.

 

     - 3 -

     

    

 

DEFINITIONS

 

	“Adoption Date”	19 January 2021, being the date on which the EIL Share Award
                                    Scheme is approved and adopted by EIL;
	 	 
	“Award”	an award of Awarded Shares by the EIL Board
                                            to a Selected Participant pursuant to the terms of the EIL Share Award Scheme;
	 	 
	“Awarded Shares”	such number of Shares to be awarded to a Selected Participant as
                                     determined by the EIL Board pursuant to the terms of the EIL Share Award Scheme;
	 	 
	“Board”	the board of
                                            directors of the Company;
	 	 
	“Company”	Earthasia International Holdings Limited, an exempted company incorporated
                              in the Cayman Islands with limited liability, the shares of which are listed on the Stock Exchange;
	 	 
	“EIL Board”	the board of directors of EIL or such committee or such sub-committee
                                or person(s) delegated with the power and authority by the board of directors of EIL to administer
                                the EIL Share Award Scheme;
	 	 
	“EIL Group”	EIL and its Subsidiaries from time
                                            to time;
	 	 
	“EIL Share Award Scheme”	the share award scheme of EIL approved and adopted by the
                                            EIL Board on the Adoption Date, a summary of the principal terms of which is set out in this
                                            announcement;
	 	 
	“EIL”	Earthasia (International) Limited, a company incorporated in Hong Kong with
                          limited liability, being an indirect wholly owned subsidiary of the Company;

 

     - 4 -

     

    

 

	“Excluded Participant(s)”	any Participant who is resident
                                            in a place where the award of the Awarded Shares and/or vesting and transfer of the Awarded
                                            Shares pursuant to the terms of the EIL Share Award Scheme is not permitted under the laws
                                            and regulations of such place or where in the view of the EIL Board, compliance with the
                                            applicable laws or regulations in such place makes it necessary or expedient to exclude such
                                            Participant;
	 	 
	“Grant Notice”	the notice of grant of Award under the EIL Scheme which may be issued
                                   by the EIL Board to a Selected Participant setting out the details of the Award and the conditions
                                   (if any) upon which the Award is granted in accordance with the Scheme Rules;
	 	 
	“Group”	the Company and its Subsidiaries from time to time;
	 	 
	“HK$”	Hong Kong dollar, the lawful currency of Hong Kong;
	 	 
	“Hong Kong”	the Hong Kong Special Administrative Region of the People’s Republic
                                of China;
	 	 
	“Participant(s)”	(i) any individual being an employee (including without limitation
                                     any director) of any member of the EIL Group; (ii) any agent or consultant to the EIL Group;
                                     and (iii) any business or joint venture partner, contractor, any party providing advisory,
                                     consultancy, professional services to the EIL Group, or any other persons who have contributed or
                                     may contribute to the operation and development of the EIL Group;
	 	 
	“Scheme Rules”	the rules relating to the EIL Share Award Scheme, as amended,
                                   modified or supplemented from time to time;
	 	 
	“Selected Participant(s)”	any Participant selected by the EIL Board for the Award
                                            in accordance with the Scheme Rules;

 

     - 5 -

     

    

 

	“Share(s)”	ordinary shares in the capital of EIL with
                                            a nominal value of HK$1.00 each (or of such other nominal amount as shall result from a sub-division,
                                            consolidation, reclassification, reduction or reconstruction of the share capital of EIL
                                            from time to time);
	 	 
	“Stock Exchange”	The Stock Exchange of Hong
                                            Kong Limited;
	 	 
	“Subsidiary”	a company which is for the time being and from time to time a subsidiary
                                 (within the meaning given under section 15 of the Companies Ordinance (Chapter 622 of the Laws of Hong
                                 Kong)) of the Company or EIL (as the case may be), whether incorporated in Hong Kong or elsewhere; and
	 	 
	“Vesting Date”	in respect of a Selected Participant, the date on which his entitlement
                                   to the Awarded Shares is vested in such Selected Participant in accordance with the Scheme Rules.

 

	 	By order of the Board
	 	Earthasia International Holdings Limited
	 	Lau Hing Tat Patrick
	 	Chairman

 

Hong Kong, 19 January 2021

 

As at the date of this announcement, the executive
Directors are Mr. Lau Hing Tat Patrick, Mr. Chan Yick Yan Andross, Mr. Tian Ming, Mr. Yang Liu and Mr. Qiu Bin;
the non-executive Director is Mr. Ma Lida; and the independent non-executive Directors are Ms. Tam Ip Fong Sin, Mr. Wang
Yuncai, Mr. Liu Kwong Sang, Mr. Tang Zhaodong and Mr. Chan Anthony Kaikwong.

 

     - 6 -

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