Lock-in Deed dated as of August 2, 2006



 Exhibit 4.8 
 DATED 2 August 2006 
 RENESOLA LIMITED 
 - and - 
 HANSON WESTHOUSE LLP 
 - and - 
 BAI XIAO SHU

  
  
 LOCK-IN DEED 
  
  
 STEPTOE & JOHNSON

 99 Gresham Street 
 London
EC2V 7NG 
 Tel: +44 20 7367 8000 
 Fax: +44 20 7367 8001 







 THIS DEED is made the day of 2006 
 BETWEEN: 
  

	(1)	RENESOLA LIMITED (a company incorporated in the British Virgin Islands under the BVI Act with registered number 1016246) whose registered office is at Craigmuir Chambers,
Road Town, Tortola, British Virgin Islands (“Company”); 

  

	(2)	HANSON WESTHOUSE LLP (a limited liability partnership registered in England under number OC305445) whose registered office is at One Angel Court, London EC2R 7HJ
(“Westhouse”); and, 

  

	(3)	BAI XIAO SHU of Apt. 502, Block C, Dan Gui Yuan, Jing Guan Xin Cheng, 9 Xiii Xi Wang Road, Chengdu, Sichuan, China 61004 (“Mr. Bai”).


 WHEREAS: 
  

	(A)	The Company has authorised Westhouse to make application to the London Stock Exchange for the Existing Shares and the Placing Shares to be admitted to trading on AIM and in that
connection the parties have entered into the Placing Agreement (as defined below). 

  

	(B)	The parties now wish to enter into this Deed in order to regulate the manner in which Mr. Bai may deal with any Shares (as defined below) held by it. 


NOW THIS DEED WITNESSES as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Save as set out in clause 1.2 in this Deed words and expressions shall have the same meaning as set out in the Placing Agreement (as defined below). 

  

	1.2	In this Deed (except where the context otherwise requires): 

  

			
	“BVI Act”	  	means the BVI Business Companies Act 2004 (as amended) of the British Virgin Islands;
		
	“Connected Person”	  	means a person who shall be deemed to be connected with another if that person is connected with such other person within the meaning of section 839 of the Income and Corporation Taxes Act
1988 or section 346 of the Companies Act 1985;
		
	“Dealing Day”	  	means any day on which the London Stock Exchange is open for business for the trading of securities on AIM;
		
	“Deposit Letter”	  	means the letter in the agreed form governing the operation of the deposit arrangement referred to in clause 3 in respect of the deposit of the share certificate representing Mr. Bai’s
holding of Shares;









			
	“Disposal”	  	includes any sale, grant of options over, transfer, charge, pledge, or other disposal or agreement to dispose of any Shares and “dispose” shall be construed
accordingly;
		
	“Locked-In Shares”	  	has that meaning set out in clauses 2.1.2 and 2.3.2;
		
	“Placing Agreement”	  	means the placing agreement entered into on the same date as this Deed between the Company (1) Westhouse (2) and the Directors (3);
		
	“Restricted Period”	  	means the period from the date of Admission up to and including the date falling twelve (12) months from that date;
		
	“Semi-Restricted Period”	  	means the period from the expiry of the Restricted Period up to and including the first anniversary of that date;
		
	“Shares”	  	means any shares in the capital of the Company; and
		
	“Specified Price”	  	has that meaning set out in clauses 2.1.2 and 2.3.2.

  

	1.3	In this Deed (except where the context otherwise requires): 

  

	(a)	any reference to a clause or Schedule is to the relevant clause or Schedule of or to this Deed and any reference to a paragraph is to the relevant paragraph of the clause or
Schedule in which it appears; 

  

	(b)	the clause headings are included for convenience only and shall not affect the interpretation of this Deed; 

  

	(c)	use of the singular includes the plural and vice versa; 

  

	(d)	use of any gender includes the other genders; 

  

	(e)	any reference to “persons” includes natural persons, firms, partnerships, companies, corporations, associations, organisations, governments, states, foundations and
trusts (in each case whether or not having separate legal personality); 

  

	(f)	the word “subsidiary” has the meaning given to it by section 736 of the Companies Act 1985; 

  

	(g)	any reference to a statute, statutory provision or subordinate legislation shall (except where the context otherwise requires) be construed as referring to:


  

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	 	(i)	such legislation as amended and in force from time to time and to any legislation which (either with or without modification) re-enacts, consolidates or enacts in rewritten form any
such legislation; and 

  

	 	(ii)	any former legislation which it re-enacts, consolidates or enacts in rewritten form; 

  

	(h)	any reference to an English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in
respect of any jurisdiction other than England, be deemed to include a reference to what most nearly approximates in that jurisdiction to the English legal term; 

  

	(i)	any phrase introduced by the terms “including”, “include”, “in particular” or any similar expression shall be construed as
illustrative and shall not limit the sense of the words preceding those terms; 

  

	(j)	any reference to a “company” shall be construed so as to include any company, corporation or other body corporate, wherever and however incorporated or established;
and 

  

	(k)	any reference to any other document is a reference to that other document as amended, varied, supplemented, or novated (in each case, other than in breach of the provisions of this
Deed) at any time. 

  

	2.	LOCK-IN AND ORDERLY MARKET ARRANGEMENTS 

  

	2.1	Mr Bai hereby undertakes with the Company and Westhouse that, except as provided in clauses 2.2 and 2,3 he will not (and will procure so far as he is able that any Connected Person
will not): 

  

	 	2.1.1	during the Restricted Period effect any Disposal of his interest in: 

  

	 	(i)	all or any Shares which are beneficially owned by him or any Connected Person or which he or any Connected Person will otherwise hold or control (otherwise than as a trustee) on or
immediately following Admission; and 

  

	 	(ii)	all or any Shares which are allotted or issued to him. pursuant to any capital reorganisation (including, for the avoidance of doubt, by way of capitalisation of profits, share
premium account or any capital or reserve account of the Company or by way of any consolidation or sub-division of share capital) or by way of rights or otherwise on or after Admission and before the end of the Restricted Period in respect of any
Shares beneficially owned, held or controlled by him or any Connected Person; and 

  

	 	2.1.2	without the consent of Westhouse (such consent not to be unreasonably withheld or delayed) during the Semi-Restricted Period effect any Disposal of his interest in:


  

	 	(i)	all or any Shares which are beneficially owned by him or any Connected Person or which he or any Connected Person will otherwise hold or control (otherwise than as a trustee) on or
immediately following the Restricted Period; and 

  

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	 	(ii)	all or any Shares which are allotted or issued to him or any Connected Person pursuant to the exercise of any share option, any capital reorganisation (including, for the avoidance
of doubt, by way of capitalisation of profits, share premium account or any capital or reserve account of the Company or by way of any consolidation or sub-division of share capital) or by way of rights or otherwise after the. Restricted Period and
before the end of the Semi-Restricted Period in respect of any Shares beneficially owned, held or controlled by him or any Connected Person; 

 and unless such Disposal is made through Westhouse (or the broker for the time being of the Company) or unless Westhouse (or such other broker as there may be for the time being of the Company) notifies Mr Bai in
writing that such Disposal is approved through another broker. Westhouse acknowledges that its fees and commissions for brokering a Disposal under this clause 2.1.2 shall be reasonably competitive in the circumstances and it will use its reasonable
endeavours to obtain a competitive sale price in respect of any such Disposal. If Mr Bai wishes to effect any such Disposal then, in the case of a sale or transfer of Shares, he shall instruct Westhouse to arrange for the sale or transfer of such
Shares (the “Locked-In Shares”) at not less than the minimum price which he requests for the Locked-In Shares (the “Specified Price”). If Westhouse fails to arrange for the sale or transfer of the Locked-In Shares at a
price not less than the Specified Price within five Dealing Days of being instructed to do so and otherwise in accordance with usual market procedures and terms of sale (including commission) then Mr. Bai shall be entitled to sell all or any of
the Locked-In Shares otherwise than through Westhouse within a further five Dealing Days thereafter provided that the Locked-In Shares are not sold at a price less than the Specified Price. 
  

	2.2	The parties agree that the restrictions contained in clause 2.1.1 shall not apply to any of the following: 

  

	 	(i)	any Disposal pursuant to a court order made by a court of competent jurisdiction; 

  

	 	(ii)	an acceptance of a general offer for the ordinary share capital of the Company or the provision of an irrevocable undertaking to accept such an offer. 

  

	2.3	Any Disposal permitted pursuant to the provisions of clause 2.2 shall be subject to the following provisions: 

  

	 	2.3.1	any Disposal shall be notified in advance to the Company and Westhouse in writing at least five Business Days prior to the entry into of any agreement or undertaking relating to the
same; and 

  

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	 	2.3.2	if Mr. Bai wishes or is required (as the case may be) to make a Disposal pursuant to clause 2.2.1 he shall (i) notify the Company and Westhouse in advance (in accordance
with clause 2.3.1) of the intention to effect such a Disposal and (ii) in the case of a sale or transfer of Shares, instruct Westhouse to arrange for the sale or transfer of such Shares (the “Locked-In Shares”) at not less than
the minimum price which he requests for the Locked-In Shares (the “Specified Price”) and if Westhouse fails to arrange for the sale or transfer of the Locked-In Shares at a price not less than the Specified Price within five Dealing
Days of being instructed to do so and otherwise in accordance with usual market procedures and terms of sale (including commission) then Mr. Bai shall be entitled to sell all or any of the Locked-In Shares otherwise than through Westhouse
within a further five Dealing Days thereafter provided that the Locked-In Shares are not sold at a price less than the Specified Price; 

 subject always to the Company and Westhouse having the right, at their reasonable discretion, to waive the notice period under clause 2.3.1. 
  

	3.	DEPOSIT OF SHARE CERTIFICATE 

 In addition and without prejudice to the provisions of clause 2 and by way of security in respect of the performance of Mr. Bai’s obligations
under clause 2 Mr. Bai shall within 5 Business Days of the date of this Deed and in any event no later than 2 Business Days prior to the date of Admission deposit the share certificate representing the Shares held by him in the Company with the
Company’s Solicitors to be dealt with in accordance with the terms of the Deposit Letter. 
  

	4.	CONFIDENTIALITY 

 Each party
undertakes to each other party that it will not at any time hereafter use, divulge or communicate to any person, except to its professional representatives or advisers or as may be required by law or any legal or regulatory authority, any
confidential information concerning the business or affairs of each other party or of any member of the group of companies to which the other party belongs which may have or may in the future come to its knowledge and each of the parties shall use
its reasonable endeavours to prevent the publication or disclosure of any confidential information concerning such matters. 
  

	5.	WAIVER AND REMEDIES 

 The failure to exercise or delay in exercising a right or remedy provided by this Deed or by law does not constitute a waiver of the right or remedy or a waiver of other rights or remedies. A waiver of a breach of any
of the terms of this Deed or of a default under this Deed does not constitute a waiver of any other breach or default and shall not affect the other terms of this Deed. A waiver of a breach of any of the terms of this Deed or of a default under this
Deed will not prevent a party from subsequently requiring compliance with the waived obligation. The rights and remedies provided by this Deed are cumulative and (subject as otherwise provided in this Deed) are not exclusive of any rights or
remedies provided by law. 
  

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	6.	LANGUAGE 

 This Deed is drawn up in
the English language. If this Deed is translated into another language, the English language text shall in any event prevail. 
  

	7.	TIME OF THE ESSENCE 

 Any time, date or period mentioned in this Deed may be extended by mutual agreement between the parties hereto but as regards any time, date or period originally fixed or any time, date or period so extended time
shall be of the essence. 
  

	8.	ASSIGNMENT 

 The benefit of this Deed
may not be assigned by any party without the prior written consent of each of the other parties (provided that Westhouse may assign its rights under this Deed to a subsidiary or parent company of Westhouse or to any other entity, whether new or
existing, carrying on all or substantially all of the business of Westhouse following the reorganisation or transfer of the business and assets of Westhouse, without such consent), but subject thereto this Deed shall be binding upon and ensure for
the benefit of the respective executors, administrators, heirs, successors and assignees of the parties 
  

	9.	COSTS AND EXPENSES 

 Save as provided in the Placing Agreement, each party shall pay its own costs relating to the negotiation, preparation, execution and implementation by it of this Deed and of each document referred to in it.

  

	10.	VARIATION 

 No variation of this Deed
shall be valid unless it is in writing and signed by or on behalf of each of the parties. 
  

	11.	SEVERANCE 

  

	 	11.1	If any provision of this Deed shall be found by any court or administrative body of competent jurisdiction to be invalid or unenforceable, such invalidity or unenforceability shall
not affect the other provisions of this Deed which shall remain in full force and effect. 

  

	 	11.2	If any provision of this Deed is so found to be invalid or unenforceable but would be valid or enforceable if some part of the provision were deleted, the provision in question
shall apply with such modification(s) as may be necessary to make it valid and enforceable. 

  

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	12.	NOTICES 

  

	12.1	Any notices or other communication requiring to be given or served under or in connection with this Deed shall be in writing (which term shall include a communication by post, fax
and/or email) and shall be sufficiently given or served if delivered: 

  

			
	in the case of the Company or Mr Bai to:
		
	Address:	  	No. 8 Baoqun Road, YaoZhuang, Jiashan, Zhejiang 314117, PRC
		
	Fax:	  	0086-573-4773063
		
	Attention:	  	Bai Xiao Shu
		
	with a copy to:	  	
		
	Address:	  	Pinsent Masons, Dashwood House, 69 Old Broad Street, London EC2M 1NR
		
	Fax:	  	+44(0) 20 7418 7050
		
	Attention:	  	Jon Harris or Sean Page
		
	if to Westhouse:	  	
		
	Address:	  	12th Floor, 1 Angel Court, London EC2R 7HJ
		
	Fax:	  	+44(0) 20 7796 4875
		
	Attention:	  	Tim Feather

 or to the parties’ respective registered offices (if different) or as otherwise notified by
them from time to time (in accordance with the provisions of this clause 12). 
  

	12.2	Any such notice shall be delivered by hand or sent by fax transmission or pre-paid first class post and, in the absence of evidence of earlier receipt, if delivered by fax shall
conclusively be deemed to have been given or served at the time of printout of a transmission report showing that the correct number of pages has been sent without error and if sent by post shall conclusively be deemed to have been received 48 hours
after the time of posting if posted in the United Kingdom to a United Kingdom address or, if posted in the United Kingdom to a non United Kingdom address (or outside the United Kingdom to a United Kingdom address), it shall conclusively be deemed to
have been received 7 days after the date of posting. 

  

	13.	COUNTERPARTS 

 This Deed may be
executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed and delivered shall be an original, but all of the counterparts shall together constitute one and the same instrument.

  

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	14.	RIGHTS OF THIRD PARTIES (EXCLUSION) 

 No term of this Deed shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by a third party, but this does not affect any right or
remedy of a third party which exists or is available apart from under that Act. 
  

	15.	GOVERNING LAW AND JURISDICTION 

  

	15.1	The construction, validity and performance of this Deed shall be governed by English Law and the parties irrevocably submit to the non-exclusive jurisdiction of the Courts of
England. 

  

	15.2	Each of Mr. Bai and the Company hereby agrees that process by which any proceedings are commenced in England and Wales may be served on them by being delivered to the
Company’s Solicitors and each of Mr. Bai and the Company hereby appoints the Company’s Solicitors as his or its agent for this purpose. 

  

	15.3	Nothing in this clause 15 affects the right of Westhouse to serve process in any other manner permitted bylaw. 

 This document has been executed as a deed on the date stated at the beginning of it. 
  

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	 EXECUTED as a DEED by 
 RENESOLA LIMITED 
 acting by one of its directors

		
	Director:	 	 /s/ Xianshou Li


  

											
	EXECUTED as a DEED by	 		 		 		 		 	
	HANSON WESTHOUSE LLP	 		 		 		 		 	
	acting by        /s/                           
         	 	, a member and	 		 		 		 	
	        /s                              
                      	 	, a member	 		 		 		 	

  

	
	 /s/

	Member
	
	 /s/

	Member

  

			
	SIGNED as a DEED by /s/ Xiaoshu Bai
	BAI XIAO SHU        )	 	
	in the presence of:    )	 	

  

			
	Witness Name:	 	Jie Li
	Witness Signature:	 	 /s/ Jie Li

	Address:	 	 No. 8 Baoqun Road Yaozhuang
 Jiashan, Zhejiang, PRC


	Occupation:	 	Employee

  

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