Document:

Exhibit 10.4

 Exhibit 10.4 
 PROXY AGREEMENT 
 This Proxy Agreement (the “Agreement”) is entered into effective
as of November 28, 2008 between the following parties in Beijing, People’s Republic of China (the “PRC”). 
  

	 Party A: 
	(1) ZHAO Wanzong, a citizen of the PRC. 

 ID No. 610103196601013735

 Address: Room 2058, No. 10 Building, Wanliu Guangda Jiayuan, No. 2, 
 Quanzong Road, Haidian District, Beijing, PRC. 
 (2) FAN Yunxiang, a citizen of the PRC. 
 PRC Passport No. 149787782 
 Address: No. 90, Shaoshan Road, Changsha City, Hunan Province, PRC. 
 (3) DONG Pengyu, a citizen of the PRC. 
 ID No. 320103196805232017 
 Address: Room 201, Unit 1, No. 20, West Xuanwu Avenue, Xuanwu District, Beijing, PRC. 
 (The three persons aforementioned collectively refer to “Party A”) 
  

	 Party B: 
	Tri-Tech (Beijing) Co., Ltd., a wholly foreign-owned enterprise duly established and valid existing under the laws of the PRC. Registered Address: Rm. 1102 Beiguang Plaza, No. 23 Huangsi Avenue,
Xicheng District, Beijing, PRC. 
Business Address: Rm. 5D, Section A, Building 2 of Jinyuanshidai Business Center, No. 2 East Landianchang Road, Haidian District, Beijing, PRC.

  

	 Party C: 
	Tranhold Environmental (Beijing) Tech Co., Ltd., a limited liability company duly established and valid existing under the laws of the PRC. 
Registered
Address: Rm. 5D, Section A, Building 2 of Jinyuanshidai 

 Business Center, No. 2 East Landianchang Road, Haidian
District, Beijing, PRC. 
 WHEREAS, Party A is the current legal shareholder of Party C and holds a 100% interest in Party C;

 WHEREAS, Party C and Party B, have entered into an Exclusive Technical and Consulting Service Agreement and other agreements. In
order to perform the above agreements, 

 
Party A is willing to entrust the person designated by Party B (the “Proxy”) with its shareholder’s rights in Party C under PRC laws.

 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree
as follows: 
  

	1.	Party A hereby agrees to irrevocably entrust the Proxy with all of its shareholder’s rights in Party C, including, but not limited to, the right to attend shareholders’
meetings, the right to execute shareholders’ resolutions, the right to sell, assign, transfer or pledge all or any of Party A’s equity interests in Party C, and the right to vote such equity interests for all matters including, but not
limited to, the appointment of legal representative, board members, executive directors, inspectors, chief managers and other senior management officers. 

  

	2.	Party B agrees to designate the Proxy who shall be entrusted by Party A, and such person shall represent Party A in all matters relating to the exercise of its shareholder’s
rights pursuant to this Agreement. 

  

	3.	Party A and Party B hereby acknowledge that if Party B withdraws the appointment of the Proxy, Party A will withdraw the authorization of the Proxy and shall authorize another
person(s) designated by Party B to exercise the rights of Party A relating to its equity interest in Party C. 

  

	4.	This Agreement has been duly executed by all of the Parties and/or their authorized representatives as of the date first set forth above and shall be effective simultaneously.

  

	5.	This Agreement shall be executed and come into effect as of the date first set forth above. This Agreement shall expire on the date that is twenty-five (25) years following the
date hereof. This Agreement may be extended prior to termination upon written agreement by each Party. 

  

	6.	Any amendment and/or rescission of this Agreement shall be in writing and executed upon all of the Parties hereto. 

 [Remainder of Page Left Intentionally Blank – Signature Page Follows] 

 [Proxy Agreement – Tranhold – Signature Page] 
 IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first above written. 
  

	
	Party A:
	
	/s/ ZHAO Wanzong
	ZHAO Wanzong
	
	/s/ FAN Yunxiang
	FAN Yunxiang
	
	/s/ DONG Pengyu
	DONG Pengyu

  

			
	Party B: Tri-Tech (Beijing) Co., Ltd. (seal)
		
	By:	 	/s/ HU Guizhou
	Name:	 	HU Guizhou
	Its:	 	Authorized Representative
	
	 Party C: Tranhold Environmental (Beijing)
 Tech Co., Ltd. (seal)

		
	By:	 	/s/ ZHAO Wanzong
	Name:	 	ZHAO Wanzong
	Its:	 	PresidentExhibit 10.5

 Exhibit 10.5 
 EQUITY INTEREST PLEDGE AGREEMENT 
 This Equity Interest Pledge Agreement (the
“Agreement”) is entered into by and between the following Parties effective as of November 28, 2008. 
  

	 Pledgee: 
	Tri-Tech (Beijing) Co., Ltd., a wholly foreign-owned enterprise duly established and valid existing under the laws of the Peoples Republic of China (the “PRC”). 
Registered Address: Room 1102 Beiguang Plaza, No. 23 Huangsi Avenue, Xicheng District, Beijing, PRC. 

	 	Business Address: Room 5D, Section A, Building 2 of Jinyuanshidai Business Center, No. 2 East Landianchang Road, Haidian District, Beijing, PRC. 

  

	 Pledgor: 
	(1) ZHAO Wanzong, a citizen of the PRC. 

	 	ID No. 610103196601013735 

	 	Address: Room 2058, No. 10 Building, Wanliu Guangda Jiayuan, No. 2, Quanzong Road, Haidian District, Beijing, PRC. 

 (2) FAN Yunxiang, a citizen of the PRC. 

	 	PRC Passport No. 149787782 

	 	Address: No. 90, Shaoshan Road, Changsha City, Hunan Province, PRC. 

 (3)
DONG Pengyu, a citizen of the PRC. 

	 	ID No. 320103196805232017 

	 	Address: Room 201, Unit 1, No. 20, West Xuanwu Avenue, Xuanwu District, Beijing, PRC. 

 (the three persons aforementioned are collectively referred to as “Pledgor”) 
 WHEREAS, Plegdee is a wholly
foreign-owned enterprise duly established and valid existing in Beijing under the laws of the PRC. With the approval of relevant PRC authorities, it is permitted to engage in the development and manufacture of computer hardware, fittings, outer
equipment, intelligent measurement and control system equipment and fittings, the design of network systems, system integration, the service of network and communication technology, technical consulting and service for the products manufactured by
it, and sales of such products. Pledgee and Tranhold Environmental (Beijing) Tech Co., Ltd., (the “Company”) entered into an Exclusive Technical and Consulting Service Agreement effective as of November 28, 2008 (the
“Service Agreement”). 
 WHEREAS, Pledgor collectively holds a 100% equity interest in the Company. 

 WHEREAS, in order to ensure that Pledgee collects the Consulting Service Fee (as such term is
defined in the Service Agreement) from the Company, Pledgor is willing to pledge all of its equity interest in the Company as security. 
 NOW THEREFORE, intending to be bound hereby and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS

 Unless it is otherwise stipulated, for the purpose of this Agreement, the following terms shall have the following meanings:

  

	1.1	Pledge shall have the full meaning assigned to that term in Article II of this Agreement. 

  

	1.2	Equity Interest shall mean the 100% equity interest in the Company collectively held by Pledgee and all equity interests of the Company held by any other Pledgee from time to
time. 

  

	1.3	Rate of Pledge shall mean the ratio between the value of the Pledge under this Agreement to the Consulting Service Fee under the Service Agreement. 

 

	1.4	Term of Pledge shall mean the period provided for under Article 3.2 hereunder. 

  

	1.5	Service Agreement shall mean the Exclusive Technical and Consulting Service Agreement entered into by and between the Company and Pledgee effective as of November 28,
2008. 

  

	1.6	Event of Default shall mean any event in accordance with Article 7 hereunder. 

  

	1.7	Notice of Default shall mean the notice of default issued by Pledgee in accordance with this Agreement. 

 ARTICLE II 
 PLEDGE 
  

	2.1	Pledgor pledges the Equity Interest in the Company as security for the payment of the Consulting Service Fee payable to Pledgee under the Service Agreement (the
“Pledge”). 

  

	2.2	Pledgee, by virtue of the Pledge, shall be entitled to have priority in receiving any payment or proceeds from the auction or sale of the Equity Interest pledged by Pledgor to
Pledgee. 

  

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 ARTICLE III 
 RATE OF PLEDGE AND TERM OF PLEDGE 
  

	3.1	The Rate of Pledge: 

 The Rate of Pledge shall be 100%
under this Agreement. 
  

	3.2	The Term of Pledge: 

  

	 	3.2.1	The Pledge shall take effect as of the date that the Pledge is recorded in the register of shareholders of the Company and shall remain effective so long as this Agreement remains
in effect. 

  

	 	3.2.2	During the term of Pledge, Pledgee shall be entitled to foreclose on the Pledge in accordance with this Agreement in the event that the Company fails to pay the Consulting Service
Fee in accordance with the Service Agreement. 

 ARTICLE IV 
 PHYSICAL POSSESSION OF PLEDGE DOCUMENTS 
  

	4.1	During the term of the Pledge, Pledgee shall be entitled to possess the contribution certificate of the Equity Interest (the “Contribution Certificate”) and the
register of shareholders of the Company. Pledgor shall deliver the Contribution Certificate and the register of shareholders hereunder to Pledgee within one week after the date of this Agreement. 

  

	4.2	Pledgee shall be entitled to collect any dividends from the Equity Interest during the term of the Pledge. 

 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES OF PLEDGOR 
  

	5.1	Pledgor is the legal owner of the Equity Interest. 

  

	5.2	At any time Pledgee exercises its right under this Agreement, it shall be free from any interference. 

  

	5.3	Pledgee has the right to exercise or transfer the Pledge in accordance with this Agreement. 

  

	5.4	Pledgor shall not pledge or encumber the Equity Interest to any other person except for Pledgee. 

  

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 ARTICLE VI 
 COVENANTS OF PLEDGOR 
  

	6.1	During the term of this Agreement, Pledgor covenants to Pledgee as follows: 

  

	 	6.1.1	Except for the transfer of the Equity Interest by Pledgor, Pledgee and the Company as contemplated by the Exclusive Equity Interest Purchase Agreement entered into by and among
Pledgor, Pledgee and the Company, Pledgor shall not transfer or assign the Equity Interest or create or permit to be created any pledge which may have an adverse affect on the rights or benefits of Pledgee without prior written consent from Pledgee.

  

	 	6.1.2	Pledgor shall comply with all laws and regulations with respect to the right of Pledge, present Pledgee any notices, orders or suggestions relating to the Pledge issued or made by a
relevant authority after receiving such notices, orders or suggestions and comply with such notices, orders or suggestions or object to the foregoing matters at the reasonable request of Pledgee or with the written consent of Pledgee.

  

	 	6.1.3	Pledgor shall timely notify Pledgee of any events or the receipt of any notice which may affect the Equity Interest or any part of its right, which may change any of Pledgor’s
covenants and obligations under this Agreement or which may affect Pledgor’s performance of its obligations under this Agreement. 

  

	6.2	Pledgor agrees that Pledgee’s right to exercise the Pledge shall not be suspended or hampered through any legal procedure instituted by Pledgor, any successors of Pledgor or
any person authorized by Pledgor. 

  

	6.3	Pledgor warrants to execute in good faith and cause other parties who may have any interest in the Pledge to execute all title certificates, contracts or other documents, and/or
perform and cause other parties who have interests to take action as required by Pledgee and provide access to exercise the rights and authorization vested in Pledgee under this Agreement, and execute all the documents with respect to the Equity
Interest and promptly provide all the notices, orders and decisions related to the Equity Interest and deemed necessary by Pledgee to Pledgee within a reasonable time. 

  

	6.4	Pledgor warrants that it will comply with and perform all the guarantees, covenants, agreements, representations and conditions hereunder for the benefit of Pledgee. Pledgor shall
compensate Pledgee for all losses suffered in the event that Pledgor does not fully perform its guarantees, covenants, agreements, representations or conditions hereunder and causes any damage to Pledgee. 

  

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 ARTICLE VII 
 EVENTS OF DEFAULT 
  

	7.1	The occurrence of any of the events listed below shall be deemed as an Event of Default: 

  

	 	7.1.1	Failure by the Company to make full payment of the Consulting Service Fee, as provided under the Service Agreement. 

  

	 	7.1.2	Pledgor makes any material misleading or fraudulent representations or warranties under Article 5 herein. 

  

	 	7.1.3	Pledgor violates any of the covenants under Article 6 herein. 

  

	 	7.1.4	Pledgor violates any of the terms or conditions hereof. 

  

	 	7.1.5	Pledgor waives the pledged Equity Interest or transfers or assigns the pledged Equity Interest without the prior written consent of Pledgee, except as provided in Article 6.1.1 in
this Agreement. 

  

	 	7.1.6	Any loan, security, compensation, covenant or other compensation liability of Pledgor (i) is required to be paid or performed in advance because of an event of default
thereunder; or (ii) is due but cannot be paid or performed, which makes Pledgee reasonably believe Pledgor’s capability of performing under this Agreement has been affected. 

  

	 	7.1.7	Pledgor is incapable of paying its general debt or other debt. 

  

	 	7.1.8	The promulgation of relevant laws makes the performance of this Agreement illegal or makes Pledgor unable to perform its obligations under this Agreement. 

 

	 	7.1.9	The withdrawal, suspension, invalidation or material revision of any approval, permit or authorization from the relevant authorities needed to perform or validate this Agreement.

  

	 	7.1.10	Any adverse change in the property of Pledgor that causes Pledgee to reasonably believe that Pledgor may be unable to perform its obligations hereunder. 

  

	 	7.1.11	The inability or refusal by any successor or assignee of the Company to pay the amounts due under the Service Agreement. 

  

	 	7.1.12	The occurrence of any other circumstances whereby Pledgee becomes incapable of exercising its right to foreclose on the Pledge. 

  

	7.2	Pledgor must immediately notify Pledgee in writing if Pledgor knows or is aware of any event stipulated in Article 7.1 or events that may reasonably lead to any event stipulated in
Article 7.1. 

  

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	7.3	Unless the event of default stipulated in Article 7.1 has been remedied to Pledgee’s sole and absolute satisfaction, Pledgee may (i) give a written notice of default to
Pledgor and require Pledgor to immediately make full payment of the outstanding Consulting Service Fee under the Service Agreement and other payables or (ii) foreclose on the Pledge in accordance with Article 8 herein. 

ARTICLE VIII 
 EXERCISE OF THE
RIGHT OF THE PLEDGE 
  

	8.1	Prior to full payment of the Consulting Service Fee under the Service Agreement, Pledgor shall not transfer or assign the Equity Interest without prior written approval from
Pledgee. 

  

	8.2	Pledgee shall give Notice of Default to Pledgor when Pledgee exercises its right to foreclose on the Pledge. 

  

	8.3	Subject to Article 7.3 herein, Pledgee may exercise the right to foreclose on the Pledge at any time following written Notice of Default. 

  

	8.4	Pledgee is entitled to priority receipt of any payment or proceeds from the auction or sale of all or part of the Equity Interest pledged herein in accordance with applicable law
until the outstanding Consulting Service Fee and all other payables under the Service Agreement are fully repaid. 

  

	8.5	Pledgor shall not hinder Pledgee from foreclosing on the Pledge in accordance with this Agreement and shall give necessary assistance so that Pledgee may effectively realize the
value of the Pledge. 

 ARTICLE IX 
 TRANSFER OR ASSIGNMENT 
  

	9.1	Pledgor shall not grant or transfer its rights or obligations hereunder without prior written consent from Pledgee. 

  

	9.2	This Agreement shall be binding upon and inure to the benefit of Pledgor and the successors of Pledgor. 

  

	9.3	 Pledgee may transfer or assign all or any rights and obligations under the Service Agreement to any person (natural person or legal entity) at any time. Any
assignee shall enjoy and undertake the same rights and obligations herein of Pledgee as if the assignee is a party hereto. To the extent Pledgee transfers or assigns its rights and obligations under the Service Agreement, at the request of Pledgee,
Pledgor shall 

  

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execute the relevant agreements and/or documents with respect to such transfer or assignment. 

  

	9.4	Upon Pledgee’s transfer or assignment, the new parties to the Pledge shall re-execute a Pledge contract. 

 ARTICLE X 
 TERMINATION 
  

	10.1	This Agreement shall expire on the date that is twenty-five (25) years following the date hereof, and this Agreement may be extended prior to termination upon written agreement
executed by each Party. 

 ARTICLE XI 
 FORMALITIES FEES AND OTHER EXPENSES 
  

	11.1	Pledgor shall be responsible for all fees and actual expenditures in relation to this Agreement, including, but not limited to, legal fees, costs of production, stamp tax and any
other taxes and charges. If Pledgee pays the relevant taxes in accordance with the laws, Pledgor shall fully reimburse Pledgee for any such taxes it pays. 

  

	11.2	Pledgor shall be responsible for all fees, including, but not limited to, any taxes, formalities fees, management fees, litigation fees, attorney’s fees, and various insurance
premiums in connection with disposition of the Pledge, incurred by Pledgor as a result of the failure of Pledgor to pay any payable taxes, fees or charges in accordance with this Agreement, or as a result of the fact that Pledgee has recourse to any
foregoing taxes, charges or fees by any means or for any other reasons. 

 ARTICLE XII 
 FORCE MAJEURE 
  

	12.1	 If the fulfilment of this Agreement is delayed or blocked due to a Force Majeure Event (as defined below), the Party affected by such a Force Majeure Event shall be
free from any obligation to the extent of such delay or holdback. As used herein, the term “Force Majeure Event” shall mean any event which is out of the control of either Party, and which is unavoidable or insurmountable even if the Party
affected by such event paid reasonable attention to it. A Force Majeure Event shall include, but not be limited to, government actions, natural disaster, fire, explosion, typhoons, floods, earthquakes, tide, lightning or war. However, any lack of
credit, assets or financing shall not be deemed as a Force Majeure Event. The Party claiming the occurrence of a Force 

  

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Majeure Event shall inform the other Party and provide the other Party with the steps of fulfilling the obligations of this Agreement.

  

	12.2	The Party affected by such a Force Majeure Event shall be free from any obligation under this Agreement to the extent it is delayed or impeded provided that the Party affected by
such a Force Majeure Event has made reasonable endeavors to perform the Agreement. Upon termination of the Force Majeure Event, the Parties agree to use reasonable best efforts to complete the transactions contemplated by this Agreement.

 ARTICLE XIII 
 DISPUTE SETTLEMENT 
  

	13.1	This Agreement shall be governed by and construed in all respects in accordance with the laws of the PRC. 

  

	13.2	The Parties shall strive to settle any dispute arising from the interpretation or performance, or in connection with this Agreement through mutual agreement and negotiation. In case
no settlement can be reached through consultation, each Party may submit such matter to the China International Economic and Trade Arbitration Committee for arbitration. The arbitration shall be held in Beijing. The arbitration proceedings shall be
conducted in Chinese. The arbitration award shall be final and binding upon the Parties. The arbitration award may be submitted to any court with jurisdiction for enforcement. 

 ARTICLE XIV 
 NOTICES 
  

	14.1	Any notice which is given by the Parties for the purpose of performing the rights and obligations hereunder shall be in writing. Where such notice is delivered personally, the time
of notice shall be the time when such notice actually reaches the addressee. Where such notice is transmitted by telex or facsimile, the notice time shall be the time when such notice is transmitted. If such notice does not reach the addressee on a
business date or reaches the addressee after the business time, the date of notice shall be the next business day. The delivery place shall be the address first written above for each Party hereto or any other address provided to the other Parties
in writing from time to time. Written method includes fax and telefax. 

  

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 ARTICLE XV 
 APPENDIX 
  

	15.1	The Appendix of this Agreement as attached hereto is part of this Agreement. 

 ARTICLE XVI 
 EFFECTIVENESS 
  

	16.1	This Agreement and any amendments, supplements and modifications shall be in writing and come into effect upon execution by the Parties hereto. 

  

	16.2	This Agreement is executed both in Chinese and English in one or more original or facsimile counterparts. The Chinese version will prevail in the event of any inconsistency between
the English and any Chinese translations thereof. 

 [Remainder of Page Left Intentionally Blank – Signature Page
Follows] 
  

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 [Equity Interest Pledge Agreement – Signature Page – Tranhold] 
 IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first above written. 
  

			
	Pledgee:
	
	Tri-Tech (Beijing) Co., Ltd. (seal)
		
	By:	 	/s/ HU Guizhou
	 Name:
 Its:
	 	 HU Guizhou
 Authorized
Representative

  
  

	
	Pledgor:
	
	/s/ ZHAO Wanzong
	ZHAO Wanzong
	
	/s/ FAN Yunxiang
	FAN Yunxiang
	
	/s/ DONG Pengyu
	DONG Pengyu

  

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 APPENDIX 
  

	1.	The register of the shareholders of Tranhold Environmental (Beijing) Tech Co., Ltd. 

  

	2.	The Contribution Certificate of Tranhold Environmental (Beijing) Tech Co., Ltd. 

  

	3.	The Exclusive Technical and Consulting Service Agreement by and between Tri-Tech (Beijing) Co., Ltd. and Tranhold Environmental (Beijing) Tech Co. Ltd.

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