Document:

Exhibit 4.1

 

	NO: 1016246	 

 

British Virgin Islands

BVI Business Companies Act, 2004

 

Memorandum of Association

and

Articles of Association

of

 

ReneSola Ltd

 

A COMPANY LIMITED BY SHARES

 

Incorporated on the 17th day of March, 2006

Amended and Restated on the 11th day of March,
2009

Amended and Restated on the 9th day of September,
2010

Amended and Restated on the 28th
day of August, 2013

Amended and Restated on 11th December 2020

Amended and Restated on 22 April 2021

 

HARNEYS CORPORATE SERVICES LIMITED

Craigmuir Chambers

Road Town

Tortola

British Virgin Islands

 

     

    - 1 -

    

 

TERRITORY OF THE BRITISH VIRGIN ISLANDS

 

THE BVI BUSINESS COMPANIES ACT, 2004

 

AMENDED AND RESTATED

 

MEMORANDUM OF ASSOCIATION

 

OF

 

ReneSola Ltd

 

a company
limited by shares

 

		1	DEFINITIONS AND INTERPRETATION

 

		1.1	In this Memorandum of Association and the attached Articles of Association, if not inconsistent with the
subject or context:

 

“Act”
means the BVI Business Companies Act, 2004 (No. 16 of 2004) and includes the regulations made under the Act;

 

“Articles”
means the attached Articles of Association of the Company;

 

“Board”
means the board of Directors of the Company or the Directors present at a duly convened meeting of the Directors at which a quorum is
present;

 

“business
day” means a weekday on which banks are generally open for business in the City of London;

 

“BVI Companies
Act” means the BVI Business Companies Act 2004 (as amended);

 

“clear days”
in relation to the period of a notice means that period excluding the day when the notice is given or deemed to be given and the day for
which it is given or on which it is to take effect;

 

“Directors”
mean those persons holding office as directors of the Company from time to time;

 

“Distribution” in
relation to a distribution by the Company to a Shareholder means the direct or indirect transfer of an asset, other than Shares, to or
for the benefit of the Shareholder, or the incurring of a debt to or for the benefit of a Shareholder, in relation to Shares held by a
Shareholder, and whether by means of the purchase of an asset, the purchase, redemption or other acquisition of Shares, a transfer of
indebtedness or otherwise, and includes a dividend;

 

“electronic” means
actuated by electric, magnetic, electro-magnetic, electro-chemical or electro-mechanical energy and “by electronic means”
means by any manner capable of being so actuated and shall include e-mail and/or other data transmission service;

 

“executed” includes
any mode of execution;

 

     

    - 2 -

    

 

“executive director”
means an Executive Chairman, Chief Executive Director, Joint Chief Executive Director, Managing Director, Joint Managing Director, Assistant
Managing Director or Chief Operations Officer of the Company or a Director who is the holder of any other employment or executive office
with the Company;

 

“held” means, in
relation to Shares, the Shares entered in the register of members as being held by a member and term “holds” and “holder”
shall be construed accordingly;

 

“month” means a calendar
month;

 

“Non Executive Director”
means any Director other than an Executive Director;

 

“paid up” means paid
up or credited as paid up and includes any sum paid by way of premium;

 

“recognised” clearing
house shall have the meaning ascribed by Section 285 of the Financial Services and Markets Act 2000;

 

“Person”
means individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons;

 

“Preferred
Shares” means the preferred shares of no par value of any class that the Company creates or has created;

 

“present in
person” means, in the case of an individual, that individual or his lawfully appointed attorney being present in person and,
in the case of a corporation, being present by duly authorised representative or lawfully appointed attorney and, in relation to meetings,
 “in person” shall be construed accordingly;

 

“recognized
clearing house” shall have the meaning ascribed by section 285 of the Financial Services and Markets Act 2000;

 

“recognised
investment exchange” shall have the meaning ascribed by section 285 of the Financial Services and Markets Act 2000;

 

“recognised
person” means a recognised clearing house or a nominee of a recognised clearing house or of a recognised investment exchange;

 

“Regulations”
means the Uncertificated Securities Regulations 2001 (SI 2001/3755);

 

“relevant
system” means a relevant system as referred to in the Regulations to include Crest;

 

“Memorandum”
means this Memorandum of Association of the Company;

 

“Registrar”
means the Registrar of Corporate Affairs appointed under section 229 of the Act;

 

     

    - 3 -

    

 

“Resolution of Directors”
means either:

 

		(a)	a resolution approved at a duly convened and constituted meeting of directors of the Company or of a committee
of directors of the Company by the affirmative vote of a majority of the directors present at the meeting who voted except that where
a director is given more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority;
or

 

		(b)	a resolution consented to in writing by all directors or by all members of a committee of directors of
the Company, as the case may be;

 

“Resolution of Shareholders”
means either:

 

		(a)	a resolution approved at a duly convened and constituted meeting of the Shareholders of the Company by
the affirmative vote of a majority of in excess of 50% of the votes of the Shares entitled to vote thereon which were present at the meeting
and were voted; or

 

		(b)	a resolution consented to in writing by a majority of in excess of 50% of the votes of Shares entitled
to vote thereon;

 

“Seal”
means any seal which has been duly adopted as the common seal of the Company;

 

“Securities”
means Shares and debt obligations of every kind of the Company, and including without limitation options, warrants and rights to acquire
Shares or debt obligations;

 

“Share”
means a share issued or to be issued by the Company;

 

“Shareholder”
means a Person whose name is entered in the register of members of the Company as the holder of one or more Shares or fractional Shares;

 

“Stock Exchanges”
means London Stock Exchange Plc and the New York Stock Exchange or any successor bodies carrying on their functions;

 

“Treasury
Share” means a Share that was previously issued but was repurchased, redeemed or otherwise acquired by the Company and not cancelled;

 

“UK CA 2006”
means the United Kingdom Companies Act 2006 including any modification, extension, re-enactment or renewal thereof and any regulations
made thereunder;

 

“UK Companies
Act” means the United Kingdom Companies Act 1985 including any modification, extension, re-enactment or renewal thereof and
any regulations made thereunder;

 

“United Kingdom”
means Great Britain and Northern Ireland.

 

“written” or any
term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic,
biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and “in writing”
shall be construed accordingly.

 

		1.2	In the Memorandum and the Articles, unless the context otherwise requires a reference to:

 

		(a)	a “Regulation”
is a reference to a regulation of the Articles;

 

		(b)	a “Clause”
is a reference to a clause of the Memorandum;

 

		(c)	voting by Shareholders is a reference to the casting of the votes attached to the Shares held by the Shareholder
voting;

 

		(d)	the Act, the Memorandum or the Articles is a reference to the Act or those documents as amended or, in
the case of the Act any re-enactment thereof; and

 

		(e)	the singular includes the plural and vice versa.

 

		1.3	Any words or expressions defined in the Act unless the context otherwise requires bear the same meaning
in the Memorandum and the Articles unless otherwise defined herein.

 

		1.4	Headings are inserted for convenience only and shall be disregarded in interpreting the Memorandum and
the Articles.

 

     

    - 4 -

    

 

		2	NAME

 

The name of the Company is ReneSola Ltd.

 

		3	STATUS

 

The Company is a company limited by shares.

 

		4	REGISTERED OFFICE AND REGISTERED AGENT

 

		4.1	The first registered office of the Company is at Craigmuir Chambers, Road Town, Tortola, British Virgin
Islands, the office of the first registered agent.

 

		4.2	The first registered agent of the Company is Harneys Corporate Services Limited of Craigmuir Chambers,
P.O. Box 71, Road Town, Tortola, British Virgin Islands.

 

		4.3	The Company may by Resolution of Shareholders or by Resolution of Directors change the location of its
registered office or change its registered agent.

 

		4.4	Any change of registered office or registered agent will take effect on the registration by the Registrar
of a notice of the change filed by the existing registered agent or a legal practitioner in the British Virgin Islands acting on behalf
of the Company.

 

		5	CAPACITY AND POWERS

 

		5.1	Subject to the Act and any other British Virgin Islands legislation, the Company has, irrespective of
corporate benefit:

 

		(a)	full capacity to carry on or undertake any business or activity, do any act or enter into any transaction;
and

 

		(b)	for the purposes of paragraph (a), full rights, powers and privileges.

 

		5.2	For the purposes of section 9(4) of the Act, there are no limitations on the business that the Company
may carry on.

 

		6	NUMBER AND CLASSES OF SHARES

 

		6.1	The Company is authorised to issue a maximum of 1,000,000,000 no par value Shares of a single class.

 

		6.2	The Company may issue fractional Shares and a fractional Share shall have the corresponding fractional
rights, obligations and liabilities of a whole Share of the same class or series of Shares.

 

		6.3	Shares may be issued in one or more series of Shares as the directors may by Resolution of Directors determine
from time to time.

 

		6.4	The directors of the Company may, subject to section 9 of the Act, by amending this Memorandum of Association
and, where necessary, the Articles, create additional classes of Shares and determine the rights, privileges, restrictions and conditions
thereof including without limitation, new classes of Preferred Shares or other Shares issued by the Company from time to time. To the
extent legally permitted, such number of Shares may be increased or decreased by Resolution of Directors, provided that no decrease shall
reduce the number of Shares of a class to a number less than the number of Shares of such class then issued and outstanding plus the number
of Shares of such class reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any
outstanding securities issued by the Company convertible into such class of Shares.

 

     

    - 5 -

    

 

		7	RIGHTS OF SHARES

 

		7.1	Each Share in the Company confers upon the Shareholder:

 

		(a)	the right to one vote at a meeting of the Shareholders or on any Resolution of Shareholders;

 

		(b)	the right to an equal share in any dividend paid by the Company; and

 

		(c)	the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

 

		7.2	The Company may by Resolution of Directors redeem, purchase or otherwise acquire all or any of the Shares
in the Company subject to Regulation 3 of the Articles.

 

		8	VARIATION OF RIGHTS

 

If at any time the Shares are divided
into different classes, the rights attached to any class may only be varied, whether or not the Company is in liquidation, with the consent
in writing of or by a resolution passed at a meeting by the holders of not less than 50% of the issued Shares in that class.

 

		9	RIGHTS NOT VARIED BY THE ISSUE OF SHARES PARI PASSU

 

The rights conferred upon the holders
of the Shares of any class shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed
to be varied by the creation or issue of further Shares ranking pari passu therewith or superior thereto.

 

		10	REGISTERED SHARES

 

		10.1	The Company shall issue registered Shares only.

 

		10.2	The Company is not authorised to issue bearer Shares, convert registered Shares to bearer Shares or exchange
registered Shares for bearer Shares.

 

		11	TRANSFER OF SHARES

 

		11.1	Subject to the provisions of Sub-Regulations 6.2 and 6.3 of the Articles, the Company shall, on receipt
of an instrument of transfer complying with Sub-Regulation 6.1 of the Articles, enter the name of the transferee of a Share in the register
of members unless the directors resolve to refuse or delay the registration of the transfer for reasons that shall be specified in a Resolution
of Directors.

 

		11.2	The directors may not resolve to refuse or delay the transfer of a Share unless the Shareholder has failed
to pay an amount due in respect of the Share.

 

		12	AMENDMENT OF THE MEMORANDUM AND THE ARTICLES

 

		12.1	Subject to paragraphs 6.4, 8 and 9, the Company may amend the Memorandum or the Articles by Resolution
of Shareholders or Resolution of Directors.

 

		12.2	Any amendment of the Memorandum or the Articles will take effect on the registration by the Registrar
of a notice of amendment, or restated Memorandum and Articles, filed by the registered agent.

 

     

    - 6 -

    

 

Signed for HARNEYS CORPORATE SERVICES LIMITED
of Craigmuir Chambers, Road Town, Tortola, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws
of the British Virgin Islands on 17 March 2006:

 

Incorporator

 

Sgd: Andrew Swapp

 

.......................................

Andrew Swapp

Authorised Signatory

HARNEYS CORPORATE SERVICES LIMITED

 

     

     

    

 

[ This page has been intentionally left blank
]

 

     

     

    

 

TERRITORY OF THE BRITISH VIRGIN ISLANDS

 

THE BVI BUSINESS COMPANIES ACT, 2004

 

AMENDED AND RESTATED

 

ARTICLES OF ASSOCIATION

 

OF

 

ReneSola Ltd

 

a company
limited by shares

 

		1.	REGISTERED SHARES

 

		1.1	Every Shareholder is entitled to a certificate signed by a director or officer of the Company, or any
other person authorised by Resolution of Directors, or under the Seal specifying the number of Shares held by him and the signature of
the director, officer or authorised person and the Seal may be facsimiles.

 

		1.2	Any Shareholder receiving a certificate shall indemnify and hold the Company and its directors and officers
harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent use or representation made by any
person by virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed on production of the worn
out certificate or on satisfactory proof of its loss together with such indemnity as may be required by Resolution of Directors.

 

		1.3	If several Persons are registered as joint holders of any Shares, any one of such Persons may give an
effectual receipt for any Distribution.

 

		2.	SHARES

 

		2.1	Shares and other Securities may be issued at such times, to such Persons, for such consideration and on
such terms as the directors may by Resolution of Directors determine.

 

		2.2	Section 46 of the Act (Pre-emptive rights) does not apply to the Company.

 

		2.3	A Share may be issued for consideration in any form, including money, a promissory note, or other written
obligation to contribute money or property, real property, personal property (including goodwill and know-how), services rendered or a
contract for future services.

 

		2.4	No Shares may be issued for a consideration other than money, unless a Resolution of Directors has been
passed stating:

 

		(a)	the amount to be credited for the issue of the Shares;

 

		(b)	the determination of the directors of the reasonable present cash value of the non-money consideration
for the issue; and

 

		(c)	that, in the opinion of the directors, the present cash value of the non-money consideration for the issue
is not less than the amount to be credited for the issue of the Shares.

 

     

    - 2 -

    

 

		2.5	The Company shall keep a register (the “register of members”) containing:

 

		(a)	the names and addresses of the Persons who hold Shares;

 

		(b)	the number of each class and series of Shares held by each Shareholder;

 

		(c)	the date on which the name of each Shareholder was entered in the register of members; and

 

		(d)	the date on which any Person ceased to be a Shareholder.

 

		2.6	The register of members may be in any such form as the directors may approve, but if it is in magnetic,
electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until the directors otherwise
determine, the magnetic, electronic or other data storage form shall be the original register of members.

 

		2.7	A Share is deemed to be issued when the name of the Shareholder is entered in the register of members.

 

		2.8	Nothing in these Articles shall require title to any shares or other securities of the Company to be evidenced
by a certificate if the BVI Companies Act and the rules of the Stock Exchanges permit otherwise.

 

		2.9	Subject to the BVI Companies Act and the rules of the Stock Exchanges, the Board without further
consultation with the holders of any Shares or securities of the Company may resolve that any class or series of Shares or other securities
of the Company from time to time in issue or to be issued (including shares in issue at the date of the adoption of these Articles) may
be issued, held, registered, converted to, transferred or otherwise dealt with in uncertificated form in accordance with the Regulations
and practices instituted by the operator of the relevant system and no provision of these Articles will apply to any uncertificated share
or other securities of the Company to the extent that they are inconsistent with the holding of such shares or other securities in uncertificated
form or the transfer of title to any such shares or other securities by means of a relevant system or any provision of the Regulations.

 

		2.10	Conversion of shares held in certificated form into shares held in uncertificated form, and vice versa,
may be made in such manner as the Board may, in its absolute discretion, thinks fit (subject always to the Regulations and the requirements
of the relevant system concerned). The Company shall enter on the register of members how many Shares are held by each Shareholder in
uncertificated form and in certificated form and shall maintain the register of members in each case as is required by the Regulations
and the relevant system concerned. Notwithstanding any provision of these Articles, a class or series of Shares shall not be treated as
two classes by virtue only of that class or series comprising both certificated Shares and uncertificated Shares or as a result of any
provision of these Articles or the Regulations which apply only in respect of certificated or uncertificated Shares.

 

		2.11	If a share certificate for certificated Shares is defaced, worn out, lost or destroyed it may be replaced
without fee but on such terms (if any) as to evidence and indemnity and to payment of any exceptional out-of-pocket expenses of the Company
in investigating such evidence and preparing such indemnity as the Board may think fit and, in case of defacement or wearing out, on delivery
up of the old certificate to the Company.

 

		2.12	All forms of certificate for share or loan capital or other securities of the Company (other than letters
of allotment, scrip certificates and other like documents) shall be issued under the Seal or in such other manner as the Board may authorise.
The Board may by Resolution of Directors determine, either generally or in any particular case or cases, that any signatures on any such
certificate need not be autographic but may be affixed to such certificate by some mechanical or electronic means or may be printed thereon
or that such certificate need not be signed by any person.

 

     

    - 3 -

    

 

		2.13	Any Shareholder receiving a share certificate for certificated Shares shall indemnify and hold the Company
and its Directors and officers harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent
use or representation made by any person by virtue of the possession thereof.

 

		2.14	If several persons are registered as joint holders of any Shares, any one of such persons may give an
effectual receipt for any dividend payable in respect of such Shares.

 

		3.	REDEMPTION OF SHARES AND TREASURY SHARES

 

		3.1	The Company may purchase, redeem or otherwise acquire and hold its own Shares save that the Company may
not, except pursuant to Sub-Regulation 3.7, purchase, redeem or otherwise acquire its own Shares without the consent of Shareholders whose
Shares are to be purchased, redeemed or otherwise acquired unless the Company is permitted by the Act or any other provision in the Memorandum
or Articles to purchase, redeem or otherwise acquire the Shares without their consent.

 

		3.2	The Company may only offer to purchase, redeem or otherwise acquire Shares if the Resolution of Directors
authorising the purchase, redemption or other acquisition contains a statement that the directors are satisfied, on reasonable grounds,
that immediately after the acquisition the value of the Company’s assets will exceed its liabilities and the Company will be able
to pay its debts as they fall due.

 

		3.3	Sections 60 (Process for acquisition of own shares), 61 (Offer to one or more shareholders)
and 62 (Shares redeemed otherwise than at the option of company) of the Act shall not apply to the Company.

 

		3.4	Shares that the Company purchases, redeems or otherwise acquires pursuant to this Regulation may be cancelled
or held as Treasury Shares except to the extent that such Shares are in excess of 50% of the issued Shares in which case they shall be
cancelled but they shall be available for reissue.

 

		3.5	All rights and obligations attaching to a Treasury Share are suspended and shall not be exercised by the
Company while it holds the Share as a Treasury Share.

 

		3.6	Treasury Shares may be transferred by the Company on such terms and conditions (not otherwise inconsistent
with the Memorandum and the Articles) as the Company may by Resolution of Directors determine.

 

		3.7	Where:

 

		(a)	the Company undertakes any division of the issued Shares pursuant to section 40A of the Act, and

 

		(b)	pursuant such division a Shareholder holds a total number of Shares which includes a fractional Share,

 

the Company may compulsorily redeem
such fractional Share so that (subsequent to such redemption) the Shareholder holds a whole number of Shares. Where the Company compulsorily
redeems a fractional Share under this Regulation, the price at which such fractional Share is redeemed shall be calculated on the basis
of US$1.50 per Share (rounded up to the nearest 1¢).

 

		4.	MORTGAGES AND CHARGES OF SHARES

 

		4.1	Shareholders may mortgage or charge their Shares.

 

		4.2	There shall be entered in the register of members at the written request of the Shareholder:

 

		(a)	a statement that the Shares held by him are mortgaged or charged;

 

     

    - 4 -

    

 

		(b)	the name of the mortgagee or chargee; and

 

		(c)	the date on which the particulars specified in subparagraphs (a) and (b) are entered in the
register of members.

 

		4.3	Where particulars of a mortgage or charge are entered in the register of members, such particulars may
be cancelled:

 

		(a)	with the written consent of the named mortgagee or chargee or anyone authorised to act on his behalf;
or

 

		(b)	upon evidence satisfactory to the directors of the discharge of the liability secured by the mortgage
or charge and the issue of such indemnities as the directors shall consider necessary or desirable.

 

		4.4	Whilst particulars of a mortgage or charge over Shares are entered in the register of members pursuant
to this Regulation:

 

		(a)	no transfer of any Share the subject of those particulars shall be effected;

 

		(b)	the Company may not purchase, redeem or otherwise acquire any such Share; and

 

		(c)	no replacement certificate shall be issued in respect of such Shares,

 

without the written consent of the named
mortgagee or chargee.

 

		5.	FORFEITURE

 

		5.1	Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in this Regulation
and for this purpose Shares issued for a promissory note, other written obligation to contribute money or property or a contract for future
services are deemed to be not fully paid.

 

		5.2	A written notice of call specifying the date for payment to be made shall be served on the Shareholder
who defaults in making payment in respect of the Shares.

 

		5.3	The written notice of call referred to in Sub-Regulation 5.2 shall name a further date not earlier than
the expiration of 14 days from the date of service of the notice on or before which the payment required by the notice is to be made and
shall contain a statement that in the event of non-payment at or before the time named in the notice the Shares, or any of them, in respect
of which payment is not made will be liable to be forfeited.

 

		5.4	Where a written notice of call has been issued pursuant to Sub-Regulation 5.3 and the requirements of
the notice have not been complied with, the directors may, at any time before tender of payment, forfeit and cancel the Shares to which
the notice relates.

 

		5.5	The Company is under no obligation to refund any moneys to the Shareholder whose Shares have been cancelled
pursuant to Sub-Regulation 5.4 and that Shareholder shall be discharged from any further obligation to the Company.

 

		6.	TRANSFER AND TRANSMISSION OF SHARES

 

		6.1	Subject to any limitations in the Memorandum, certificated Shares in the Company may be transferred by
a written instrument of transfer signed by the transferor and containing the name and address of the transferee, but in the absence of
such written instrument of transfer the Directors may accept such evidence of a transfer of Shares as they consider appropriate.

 

     

    - 5 -

    

 

		6.2	In the case of uncertificated Shares, and subject to the BVI Companies Act, a Shareholder shall be entitled
to transfer his Shares and other securities by means of a relevant system and the operator of the relevant system shall act as agent of
the Shareholders for the purposes of the transfer of Shares or other securities.

 

		6.3	Any provision in these Articles in relation to the Shares shall not apply to any uncertified Shares to
the extent that they are inconsistent with the holding of any Shares in uncertificated form, the transfer of title to any Shares by means
of a relevant system and any provision of the Regulations.

 

		6.4	The transferor of any Shares shall remain the holder of those Shares until the name of the transferee
is entered in the register as the holder of those Shares.

 

		6.5	The Register may be closed at such times and for such periods as the Board may from time to time determine,
not exceeding in whole thirty days in each year, upon notice being given by advertisement in a leading daily newspaper and in such other
newspaper (if any) as may be required by the BVI Companies Act and the practice of the Stock Exchanges.

 

		6.6	The Board may decline to register a transfer of any Share to a person known to be a minor, bankrupt or
person who is mentally disordered or a patient for the purpose of any statute relating to mental health.

 

		6.7	The Board may also decline to register any transfer unless:-.

 

		(a)	any written instrument of transfer, duly stamped (if so required), is lodged with the Company at the registered
office or such other place as the Board may appoint accompanied by the certificate for the Shares to which it relates (except in the case
of a transfer by a recognised person or a holder of such Shares in respect of whom the Company is not required by law to deliver a certificate
and to whom a certificate has not been issued in respect of such Shares);

 

		(b)	there is provided such evidence as the Board may reasonably require to show the right of the transferor
to make the transfer and, if the instrument of transfer is executed by some other person on his behalf, the authority of that person to
do so;

 

		(c)	any instrument of transfer is in respect of only one class or series of Share; and

 

		(d)	in the case of a transfer to joint holders, the number of joint holders to whom the Share is to be transferred
does not exceed four.

 

The Company may retain an instrument
of transfer which is registered but a transfer which the Directors refuse to register shall (except in the case of known or suspected
fraud) be returned to the person lodging it when notice of the refusal is given.

 

		6.8	If the Board declines to register a transfer it shall, within ten business days or such other period (if
any) as may be prescribed by the BVI Companies Act, send to the transferee notice of the refusal.

 

		6.9	No fee shall be charged by the Company for registering any transfer, probate, letters of administration,
certificate of death or marriage, power of attorney, distringas or stop notice, order of court or other instrument relating to or affecting
the title of any Share, or otherwise making any entry in the Register relating to any Share.

 

		6.10	The executor or administrator of a deceased Shareholder, the guardian of an incompetent member or the
trustee of a bankrupt Shareholder shall be the only person recognised by the Company as having any title to his Share but they shall not
be entitled to exercise any rights as a Shareholder of the Company until they have proceeded as set forth in the next following three
regulations.

 

		6.11	The production to the Company of any document which is evidence of probate of the will, or letters of
administration of the estate, or confirmation as executor, of a deceased Shareholder or of the appointment of a guardian of an incompetent
Shareholder or the trustee of a bankrupt Shareholder shall be accepted by the Company even if the deceased, incompetent or bankrupt Shareholder
is domiciled outside the British Virgin Islands if the document evidencing the grant of probate or letters of administration, confirmation
as executor, appointment as guardian or trustee in bankruptcy is issued by a foreign court which had competent jurisdiction in the matter.
For the purpose of establishing whether or not a foreign court had competent jurisdiction in such a matter the Directors may obtain appropriate
legal advice. The Directors may also require an indemnity to be given by the executor, administrator, guardian or trustee in bankruptcy.

 

     

    - 6 -

    

 

		6.12	Any person becoming entitled by operation of law or otherwise to a Share or Shares in consequence of the
death, incompetence or bankruptcy of any Shareholder may be registered as a Shareholder upon such evidence being produced as may reasonably
be required by the Directors and in the case of uncertificated Shares subject also to the facilities and requirements of the relevant
system concerned. An application by any such person to be registered as a Shareholder shall for all purposes be deemed to be a transfer
of Shares of the deceased, incompetent or bankrupt Shareholder and the Directors shall treat it as such.

 

		6.13	Any person who has become entitled to a Share or Shares in consequence of the death, incompetence or bankruptcy
of any Shareholder may, instead of being registered himself, request in writing that some person to be named by him be registered as the
transferee of such Share or Shares and such request shall likewise be treated as if it were a transfer.

 

		6.14	What amounts to incompetence on the part of a person is a matter to be determined by the court having
regard to all the relevant evidence and the circumstances of the case.

 

		7.	MEETINGS AND CONSENTS OF SHAREHOLDERS

 

		7.1	Any director of the Company may convene meetings of the Shareholders at such times and in such manner
and places within or outside the British Virgin Islands as the director considers necessary or desirable provided that once in every year
the directors shall convene an annual meeting of shareholders.

 

		7.2	Upon the written request of Shareholders entitled to exercise 10% or more of the voting rights in respect
of the matter for which the meeting is requested the directors shall convene a meeting of Shareholders.

 

		7.3	The director convening a meeting shall give not less than 14 days’ notice of a meeting of Shareholders
to:

 

		(a)	those Shareholders whose names on the date the notice is given appear as Shareholders in the register
of members of the Company and are entitled to vote at the meeting on a date to be determined by the directors; and

 

		(b)	the other directors.

 

		7.4	The director convening a meeting of Shareholders may fix as the record date for determining those Shareholders
that are entitled to vote at the meeting the date notice is given of the meeting, or such other date as may be specified in the notice,
being a date not earlier than the date of the notice.

 

		7.5	A meeting of Shareholders held in contravention of the requirement to give notice is valid if Shareholders
holding at least 90% of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and,
for this purpose, the presence of a Shareholder at the meeting shall constitute waiver in relation to all the Shares which that Shareholder
holds.

 

		7.6	The inadvertent failure of a director who convenes a meeting to give notice of a meeting to a Shareholder
or another director, or the fact that a Shareholder or another director has not received notice, does not invalidate the meeting.

 

     

    - 7 -

    

 

		7.7	A Shareholder may be represented at a meeting of Shareholders by a proxy who may speak and vote on behalf
of the Shareholder.

 

		7.8	The instrument appointing a proxy shall be produced at the place designated for the meeting before the
time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify an alternative
or additional place or time at which the proxy shall be presented.

 

		7.9	The instrument appointing a proxy shall be in substantially the following form or such other form as the
chairman of the meeting shall accept as properly evidencing the wishes of the Shareholder appointing the proxy.

 

ReneSola Ltd.

 

I/We being a Shareholder
of the above Company HEREBY APPOINT ............

 ..................... of .................................
or failing him .............................

of ................................... to be my/our proxy to vote for me/us at
the meeting

of Shareholders to be held on the ...... day of .........................., 20......
and at any

adjournment thereof.

 

(Any restrictions on
voting to be inserted here.)

 

Signed this ......
day of .........................., 20......

 

.................................

Shareholder

 

		7.10	The following applies where Shares are jointly owned:

 

		(a)	if two or more persons hold Shares jointly each of them may be present in person or by proxy at a meeting
of Shareholders and may speak as a Shareholder;

 

		(b)	if only one of the joint owners is present in person or by proxy he may vote on behalf of all joint owners;
and

 

		(c)	if two or more of the joint owners are present in person or by proxy they must vote as one.

 

		7.11	A Shareholder shall be deemed to be present at a meeting of Shareholders if he participates by telephone
or other electronic means and all Shareholders participating in the meeting are able to hear each other.

 

		7.12	A meeting of Shareholders is duly constituted if, at the commencement of the meeting, there are present
in person or by proxy not less than 50% of the votes of the Shares entitled to vote on Resolutions of Shareholders to be considered at
the meeting. A quorum may comprise a single Shareholder or proxy and then such person may pass a Resolution of Shareholders and a certificate
signed by such person accompanied where such person be a proxy by a copy of the proxy instrument shall constitute a valid Resolution of
Shareholders.

 

		7.13	If within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened
upon the requisition of Shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business day in the jurisdiction
in which the meeting was to have been held at the same time and place or to such other time and place as the directors may determine,
and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less
than one third of the votes of the Shares or each class or series of Shares entitled to vote on the matters to be considered by the meeting,
those present shall constitute a quorum but otherwise the meeting shall be dissolved.

 

     

    - 8 -

    

 

		7.14	At every meeting of Shareholders, the Chairman of the Board shall preside as chairman of the meeting.
If there is no Chairman of the Board or if the Chairman of the Board is not present at the meeting, the Shareholders present shall choose
one of their number to be the chairman. If the Shareholders are unable to choose a chairman for any reason, then the person representing
the greatest number of voting Shares present in person or by proxy at the meeting shall preside as chairman failing which the oldest individual
Shareholder or representative of a Shareholder present shall take the chair.

 

		7.15	The chairman may, with the consent of the meeting, adjourn any meeting from time to time, and from place
to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which
the adjournment took place.

 

		7.16	At any meeting of the Shareholders the chairman is responsible for deciding in such manner as he considers
appropriate whether any resolution proposed has been carried or not and the result of his decision shall be announced to the meeting and
recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution, he shall
cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then any Shareholder present in
person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such announcement
demand that a poll be taken and the chairman shall cause a poll to be taken. If a poll is taken at any meeting, the result shall be announced
to the meeting and recorded in the minutes of the meeting.

 

		7.17	Subject to the specific provisions contained in this Regulation for the appointment of representatives
of Persons other than individuals the right of any individual to speak for or represent a Shareholder shall be determined by the law of
the jurisdiction where, and by the documents by which, the Person is constituted or derives its existence. In case of doubt, the directors
may in good faith seek legal advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule,
the directors may rely and act upon such advice without incurring any liability to any Shareholder or the Company.

 

		7.18	Any Person other than an individual which is a Shareholder may by resolution of its directors or other
governing body authorise such individual as it thinks fit to act as its representative at any meeting of Shareholders or of any class
of Shareholders, and the individual so authorised shall be entitled to exercise the same rights on behalf of the Shareholder which he
represents as that Shareholder could exercise if it were an individual.

 

		7.19	The chairman of any meeting at which a vote is cast by proxy or on behalf of any Person other than an
individual may call for a notarially certified copy of such proxy or authority which shall be produced within 7 days of being so requested
or the votes cast by such proxy or on behalf of such Person shall be disregarded.

 

		7.20	Directors of the Company may attend and speak at any meeting of Shareholders and at any separate meeting
of the holders of any class or series of Shares.

 

		7.21	An action that may be taken by the Shareholders at a meeting may also be taken by a resolution consented
to in writing, without the need for any notice, but if any Resolution of Shareholders is adopted otherwise than by the unanimous written
consent of all Shareholders, a copy of such resolution shall forthwith be sent to all Shareholders not consenting to such resolution.
The consent may be in the form of counterparts, each counterpart being signed by one or more Shareholders. If the consent is in one or
more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the earliest date upon which Shareholders
holding a sufficient number of votes of Shares to constitute a Resolution of Shareholders have consented to the resolution by signed counterparts.

 

     

    - 9 -

    

 

		8.	DIRECTORS

 

		8.1	The first directors of the Company shall be appointed by the first registered agent within 6 months of
the date of incorporation of the Company; and thereafter, the directors shall be elected by Resolution of Shareholders.

 

		8.2	No person shall be appointed as a director, or nominated as a reserve director, of the Company unless
he has consented in writing to be a director or to be nominated as a reserve director.

 

		8.3	Subject to Sub-Regulation 8.1, the minimum number of directors shall be one and the maximum number shall
be ten.

 

		8.4	Each director holds office for the term, if any, fixed by the Resolution of Shareholders appointing him,
or until his earlier death, resignation, removal or retirement at the age of 70 years. If no term is fixed on the appointment of a director,
the director serves indefinitely until his earlier death, resignation, retirement or removal.

 

		8.5	The directors may at any time appoint any person to be a director either to fill a vacancy or as an addition
to the existing directors. Where the directors appoint a person as a director to fill a vacancy or as an additional director the term
shall not exceed the term that remained when the person who has ceased to be a director ceased to hold office or until the next annual
general meeting (where such appointment shall be approved by the Shareholders) whenever is earlier.

 

		8.6	A vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office prior
to the expiration of his term of office.

 

		8.7	Where the Company only has one Shareholder who is an individual and that Shareholder is also the sole
director of the Company, the sole Shareholder/director may, by instrument in writing, nominate a person who is not disqualified from being
a director of the Company as a reserve director of the Company to act in the place of the sole director in the event of his death.

 

		8.8	The nomination of a person as a reserve director of the Company ceases to have effect if:

 

		(a)	before the death of the sole Shareholder/director who nominated him,

 

		(i)	he resigns as reserve director, or

 

		(ii)	the sole Shareholder/director revokes the nomination in writing; or

 

		(b)	the sole Shareholder/director who nominated him ceases to be able to be the sole Shareholder/director
of the Company for any reason other than his death.

 

		8.9	The Company shall keep a register of directors containing:

 

		(a)	the names and addresses of the persons who are directors of the Company or who have been nominated as
reserve directors of the Company;

 

		(b)	the date on which each person whose name is entered in the register was appointed as a director, or nominated
as a reserve director, of the Company;

 

		(c)	the date on which each person named as a director ceased to be a director of the Company;

 

		(d)	the date on which the nomination of any person nominated as a reserve director ceased to have effect;
and

 

		(e)	such other information as may be prescribed by the Act.

 

     

    - 10 -

    

 

		8.10	The register of directors may be kept in any such form as the directors may approve, but if it is in magnetic,
electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until a Resolution of Directors
determining otherwise is passed, the magnetic, electronic or other data storage shall be the original register of directors.

 

		8.11	A director is not required to hold a Share as a qualification to office.

 

		8.12	Without prejudice to the provisions of retirement by rotation hereinafter contained, the office of a Director
shall be vacated in any of the events following, namely:

 

		(a)	if (not being an Executive Director whose contract precludes resignation) he resigns his office by notice
in writing delivered to the registered office or tendered at a meeting of the Board; or

 

		(b)	if the Board resolves that he is through physical or mental incapacity or mental disorder no longer able
to perform the functions of a Director; or

 

		(c)	if he fails, without leave, to attend (whether or not an alternate Director appointed by him attends)
three successive Board meetings or four Board meetings in any consecutive period of 12 months despite a notice being given to him prior
to such third or fourth meeting (as the case may be) that the provisions of this paragraph might apply and not less than two-thirds of
all the other Directors (excluding the Director concerned and, in his capacity as such, any alternate director appointed by the Director
concerned) resolving that his office should be vacated; or

 

		(d)	if he becomes bankrupt or insolvent or makes an arrangement or composition with his creditors or applies
to the Court for an interim order under section 253 of the United Kingdom Insolvency Act 1986 in connection with a voluntary arrangement;
or

 

		(e)	any event analogous to those listed in Regulation 8.15 under the laws of any other jurisdiction occurs
in relation to a Director; or

 

		(f)	if he is prohibited by law from being a Director; or

 

		(g)	if he ceases to be a Director by virtue of the BVI Companies Act or is removed from office pursuant to
these Articles.

 

In the case of Regulation 8.15 (b) to
(e) inclusive above, the Director shall be removed from office.

 

		8.13	A resolution of Directors declaring that a Director has vacated office under regulation 8.12 shall be
conclusive as to that fact and as to the ground of vacation as stated in the resolution.

 

		8.14	Without prejudice to any of the provisions for disqualification of Directors or for the retirement by
rotation hereinafter contained, the office of a Director shall be vacated if by notice in writing delivered to the registered office or
tendered at a meeting of the Board his resignation is requested by all of the other Directors (being not less than three in number) excluding
the Director concerned and, in his capacity as such, any alternate Director appointed by the Director concerned.

 

		8.15	At every annual meeting of Shareholders one-third of the Directors for the time being or, if their number
is not a multiple of three, then the number nearest to and not exceeding one-third shall retire from office.

 

		8.16	The Directors to retire on each occasion shall be those subject to retirement by rotation who have been
longest in office since their last election, but as between persons who became or were re-elected Directors on the same day those to retire
shall (unless they otherwise agree amongst themselves) be determined by lot. The Directors to retire on each occasion both as to number
and identity) shall be determined by the composition of the Board at the date of the notice convening the annual meeting of Shareholders,
and no Director shall be required to retire or be relieved from retiring by reason of any change in the number or identity of the Directors
after the date of such notice but before the close of the meeting.

 

     

    - 11 -

    

 

		8.17	A Director who retires at the annual meeting of Shareholders shall be eligible for re-election. If he
is not re-elected he shall retain office until the meeting elects someone in his place, or if it does not do so, until the end of the
meeting.

 

		8.18	Subject to the provisions of these Articles, the Company may by a Resolution of Shareholders at the meeting
at which a Director retires in the manner aforesaid fill the vacated office by electing a person and in default the retiring Director
shall, if willing to continue to act, be deemed to have been re-elected, unless at such meeting it is expressly resolved not to fill such
vacated office or unless a resolution for the re-election of such Director shall have been put to the meeting and lost.

 

		8.19	A Director may hold the office of an Executive Director or a Non Executive Director.

 

		8.20	An Executive Director shall receive such remuneration (whether by way of salary, commission, participation
in profits or otherwise) as the Board may determine, and either in addition to or in lieu of his remuneration as a Director.

 

		8.21	Each Director shall have the power to appoint any person to be his alternate Director and may at his discretion
remove such alternate Director. If such alternate Director is not another Director, such appointment, unless previously approved by the
Board, shall have effect only upon and subject to it being so approved. Any appointment or removal of an alternate Director shall be effected
by notice in writing signed by the appointor and delivered to the registered office or tendered at a meeting of the Board. An alternate
Director shall, if his appointor so requests, be entitled to receive notices of meetings of the Board or of committees of the Board to
the same extent as, but in lieu of, the Director appointing him and shall be entitled to such extent to attend at and vote as a Director
at any such meeting at which the Director appointing him is not personally present and to exercise and discharge all the functions, powers
and duties of his appointor as a Director and for the purposes of the proceedings at such meeting the provisions of these Articles shall
apply as if he were a Director.

 

		8.22	Every person acting as an alternate Director shall (except as regards power to appoint an alternate Director
and remuneration) be subject in all respects to the provisions of these Articles relating to Directors and shall alone be responsible
to the Company for his acts and defaults and shall not be deemed to be the agent of or for the Director appointing him. An alternate Director
may be paid expenses and shall be entitled to be indemnified by the Company to the same extent mutatis mutandis as if he were a Director
but shall not be entitled to receive from the Company any fee in his capacity as an alternate Director except only such part (if any)
of the remuneration otherwise payable to the Director appointing him as such Director may by notice in writing to the Company from time
to time direct.

 

		8.23	Every person acting as an alternate Director shall have one vote for each Director for whom he acts as
alternate (in addition to his own vote if he is also a Director). The signature of an alternate Director to any resolution in writing
of the Board or a committee of the Board shall, unless the notice of his appointment provides to the contrary, be as effective as the
signature of his appointor.

 

		8.24	An alternate Director shall ipso facto cease to be an alternate Director if his appointor ceases for any
reason to be a Director provided that, if at any meeting any Director retires by rotation or otherwise but is re-elected at the same meeting,
any appointment made by him pursuant to this regulation which was in force immediately before his retirement shall remain in force as
though he had not retired.

 

     

    - 12 -

    

 

		8.25	Each of the Directors shall be paid a fee at such rate as may from time to time be determined by the Board
provided that the aggregate of all such fees so paid to Directors (excluding amounts payable under any other regulation and any amount
payable under any service contract) shall not exceed $1,000,000 per annum, or such higher amount as may from time to time be determined
by Resolution of Shareholders.

 

		8.26	Each Director may be paid his reasonable travelling, hotel and incidental expenses of attending and returning
from meetings of the Board or committees of the Board or meetings of Shareholders or separate meetings of the holders of any class or
series of Shares or of debentures of the Company and shall be paid all expenses properly and reasonably incurred by him in the conduct
of the Company's business or in the discharge of his duties as a Director. Any Director who, by request, goes or resides abroad for any
purposes of the Company or who performs services which in the opinion of the Board go beyond the ordinary duties of a Director may be
paid such extra remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine
and such extra remuneration shall be in addition to any remuneration provided for by or pursuant to any other regulation.

 

		9.	POWERS OF DIRECTORS

 

		9.1	The business and affairs of the Company shall be managed by, or under the direction or supervision of,
the directors of the Company. The directors of the Company have all the powers necessary for managing, and for directing and supervising,
the business and affairs of the Company. The directors may pay all expenses incurred preliminary to and in connection with the incorporation
of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to
be exercised by the Shareholders.

 

		9.2	Each director shall exercise his powers for a proper purpose and shall not act or agree to the Company
acting in a manner that contravenes the Memorandum, the Articles or the Act. Each director, in exercising his powers or performing his
duties, shall act honestly and in good faith in what the director believes to be the best interests of the Company.

 

		9.3	If the Company is the wholly owned subsidiary of a holding company, a director of the Company may, when
exercising powers or performing duties as a director, act in a manner which he believes is in the best interests of the holding company
even though it may not be in the best interests of the Company.

 

		9.4	Any director which is a body corporate may appoint any individual as its duly authorised representative
for the purpose of representing it at meetings of the directors, with respect to the signing of consents or otherwise.

 

		9.5	The continuing directors may act notwithstanding any vacancy in their body.

 

		9.6	The directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness,
liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.

 

		9.7	All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts
for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as
shall from time to time be determined by Resolution of Directors.

 

		9.8	For the purposes of Section 175 (Disposition of assets) of the Act, the directors may by Resolution
of Directors determine that any sale, transfer, lease, exchange or other disposition is in the usual or regular course of the business
carried on by the Company and such determination is, in the absence of fraud, conclusive.

 

		10.	PROCEEDINGS OF DIRECTORS

 

		10.1	Any one director of the Company may call a meeting of the directors by sending a written notice to each
other director.

 

     

    - 13 -

    

 

		10.2	The directors of the Company or any committee thereof may meet at such times and in such manner and places
within or outside the British Virgin Islands as the directors may determine to be necessary or desirable.

 

		10.3	A director is deemed to be present at a meeting of directors if he participates by telephone or other
electronic means and all directors participating in the meeting are able to hear each other.

 

		10.4	A director shall be given not less than 3 days’ notice of meetings of directors, but a meeting of
directors held without 3 days’ notice having been given to all directors shall be valid if all the directors entitled to vote at
the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a director at a meeting shall constitute
waiver by that director. The inadvertent failure to give notice of a meeting to a director, or the fact that a director has not received
the notice, does not invalidate the meeting.

 

		10.5	A director may by a written instrument appoint an alternate who need not be a director and the alternate
shall be entitled to attend meetings in the absence of the director who appointed him and to vote in place of the director until the appointment
lapses or is terminated.

 

		10.6	A meeting of directors is duly constituted for all purposes if at the commencement of the meeting there
are present in person or by alternate not less than one-half of the total number of directors, unless there are only 2 directors in which
case the quorum is 2.

 

		10.7	If the Company has only one director the provisions herein contained for meetings of directors do not
apply and such sole director has full power to represent and act for the Company in all matters as are not by the Act, the Memorandum
or the Articles required to be exercised by the Shareholders. In lieu of minutes of a meeting the sole director shall record in writing
and sign a note or memorandum of all matters requiring a Resolution of Directors. Such a note or memorandum constitutes sufficient evidence
of such resolution for all purposes.

 

		10.8	At meetings of directors at which the Chairman of the Board is present, he shall preside as chairman of
the meeting. If there is no Chairman of the Board or if the Chairman of the Board is not present, the directors present shall choose one
of their number to be chairman of the meeting.

 

		10.9	An action that may be taken by the directors or a committee of directors at a meeting may also be taken
by a Resolution of Directors or a resolution of a committee of directors consented to in writing by all directors or by all members of
the committee, as the case may be, without the need for any notice. The consent may be in the form of counterparts each counterpart being
signed by one or more directors. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution
shall take effect on the date upon which the last director has consented to the resolution by signed counterparts.

 

		11.	COMMITTEES

 

		11.1	The directors may, by Resolution of Directors, designate one or more committees, each consisting of one
or more directors, and delegate one or more of their powers, including the power to affix the Seal, to the committee.

 

		11.2	The directors have no power to delegate to a committee of directors any of the following powers:

 

		(a)	to amend the Memorandum or the Articles;

 

		(b)	to designate committees of directors;

 

		(c)	to delegate powers to a committee of directors;

 

     

    - 14 -

    

 

		(d)	to appoint or remove directors (which does not include the power to nominate a director to the board or
recommend the removal of a director from the board);

 

		(e)	to appoint or remove an agent;

 

		(f)	to approve a plan of merger, consolidation or arrangement;

 

		(g)	to make a declaration of solvency or to approve a liquidation plan; or

 

		(h)	to make a determination that immediately after a proposed Distribution the value of the Company’s
assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

 

		11.3	Sub-Regulation 11.2(b) and (c) do not prevent a committee of directors, where authorised by
the Resolution of Directors appointing such committee or by a subsequent Resolution of Directors, from appointing a sub-committee and
delegating powers exercisable by the committee to the sub-committee.

 

		11.4	The meetings and proceedings of each committee of directors consisting of 2 or more directors shall be
governed mutatis mutandis by the provisions of the Articles regulating the proceedings of directors so far as the same are not
superseded by any provisions in the Resolution of Directors establishing the committee.

 

		11.5	Where the directors delegate their powers to a committee of directors they remain responsible for the
exercise of that power by the committee, unless they believed on reasonable grounds at all times before the exercise of the power that
the committee would exercise the power in conformity with the duties imposed on directors of the Company under the Act.

 

		12.	OFFICERS AND AGENTS

 

		12.1	The Company may by Resolution of Directors appoint officers of the Company at such times as may be considered
necessary or expedient. Any number of offices may be held by the same person.

 

		12.2	The officers shall perform such duties as are prescribed at the time of their appointment subject to any
modification in such duties as may be prescribed thereafter by Resolution of Directors. In the absence of any specific prescription of
duties it shall be the responsibility of the Chairman of the Board to preside at meetings of directors and Shareholders, the president
to manage the day to day affairs of the Company, the vice-presidents to act in order of seniority in the absence of the president but
otherwise to perform such duties as may be delegated to them by the president, the secretaries to maintain the register of members, minute
books and records (other than financial records) of the Company and to ensure compliance with all procedural requirements imposed on the
Company by applicable law, and the treasurer to be responsible for the financial affairs of the Company.

 

		12.3	The emoluments of all officers shall be fixed by Resolution of Directors.

 

		12.4	The officers of the Company shall hold office until their successors are duly appointed, but any officer
elected or appointed by the directors may be removed at any time, with or without cause, by Resolution of Directors. Any vacancy occurring
in any office of the Company may be filled by Resolution of Directors.

 

		12.5	The directors may, by Resolution of Directors, appoint any person, including a person who is a director,
to be an agent of the Company.

 

		12.6	An agent of the Company shall have such powers and authority of the directors, including the power and
authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the agent, except that no agent
has any power or authority with respect to the following:

 

     

    - 15 -

    

 

		(a)	to amend the Memorandum or the Articles;

 

		(b)	to change the registered office or agent;

 

		(c)	to designate committees of directors;

 

		(d)	to delegate powers to a committee of directors;

 

		(e)	to appoint or remove directors;

 

		(f)	to appoint or remove an agent;

 

		(g)	to fix emoluments of directors;

 

		(h)	to approve a plan of merger, consolidation or arrangement;

 

		(i)	to make a declaration of solvency or to approve a liquidation plan;

 

		(j)	to make a determination that immediately after a proposed Distribution the value of the Company’s
assets will exceed its liabilities and the Company will be able to pay its debts as they fall due; or

 

		(k)	to authorise the Company to continue as a company incorporated under the laws of a jurisdiction outside
the British Virgin Islands.

 

		12.7	The Resolution of Directors appointing an agent may authorise the agent to appoint one or more substitutes
or delegates to exercise some or all of the powers conferred on the agent by the Company.

 

		12.8	The directors may remove an agent appointed by the Company and may revoke or vary a power conferred on
him.

 

		13	TAKEOVER PROVISIONS

 

		13.1	Except with the consent of the Board, when:-

 

		(a)	any person acquires, whether by a series of transactions over a period of time or not, Shares which (taken
together with Shares held or acquired by persons acting in concert with him) carry 30% or more of the voting rights of the Company; or

 

		(b)	any person who, together with persons acting in concert with him, holds not less than 30% but not more
than 50% of the voting rights and such person, or any person acting in concert with him, acquires additional Shares which increase his
percentage of the voting rights;

 

such person (“the offeror”)
shall extend an offer, on the basis set out in this Regulation 13, to the holders of all the issued shares in the Company.

 

		13.2	Any offer made under this Regulation must be conditional only upon the offeror having received acceptances
in respect of Shares which, together with Shares acquired or agreed to be acquired before or during the offer, will result in the offeror
and any person acting in concert with it holding Shares carrying more than 50% of the voting rights.

 

		13.3	No acquisition of Shares which would give rise to a requirement for any offer under this Regulation may
be made or registered if the making or implementation of such offer would or might be dependent on the passing of a resolution at any
meeting of Shareholders of the Company or upon any other conditions, consents or arrangements.

 

     

    - 16 -

    

 

		13.4	Offers made under this Regulation must, in respect of each class of Share capital involved, be in cash
or be accompanied by a cash alternative at not less than the highest price paid by the offeror or any person acting in concert with it
for Shares of that class during the offer period and within 12 months prior to its commencement. The cash offer or the cash alternative
must remain open after the offer has become or is declared unconditional as to acceptances for not less than 14 days after the date on
which it would otherwise have expired.

 

		13.5	No nominee of an offeror or persons acting in concert with it may be appointed as a Director, nor may
an offeror and persons acting in concert with it exercise the votes attaching to any Shares held in the Company until the offer document
has been posted.

 

		13.6	Any offer required to be made pursuant to this Reglation 13 shall be made on terms that would be required
by the then current United Kingdom City Code on Takeovers and Mergers (“the City Code”), save to the extent that the
board otherwise determines. In relation to any offer required to be made pursuant to this Regulation 13, any matter which under the City
Code would fall to be determined by the Panel shall be determined by the board in its absolute discretion or by such person appointed
by the board to make such determination.

 

		13.7	Except with the consent of the board, Shareholders shall comply with the requirements of the City Code,
as may from time to time be published by the United Kingdom Panel on Takeovers and Mergers (“the Panel”), in relation
to any dealings in any Shares of the Company and in relation to their dealings with the Company in relation to all matters. Any matter
which under the City Code would fall to be determined by the Panel shall be determined by the Board in its absolute discretion or by such
person appointed by the Board to make such determination. Any notice which under the City Code is required to be given to the Panel or
any person (other than the Company) shall be given to the Company at its registered office.

 

		13.8	If at any time the Board is satisfied that any Shareholder having incurred an obligation under this Regulation
13 to extend an offer to the holders of all the issued Shares shall have failed so to do, or that any Shareholders is in default of any
other obligation imposed upon Shareholders pursuant to this Regulation 13, then the Board may, in its absolute discretion at any time
thereafter by notice (a “direction notice”) to such Shareholders and any other Shareholders acting in concert with
such Shareholders (together “the defaulters”) direct that:

 

		(a)	in respect of the Shares held by the defaulters (the “default shares”) the defaulters
shall not be entitled to vote at a general meeting either personally or by proxy or to exercise any other right conferred by membership
in relation to meetings of the Company;

 

		(b)	except in a liquidation of the Company, no payment shall be made of any sums due from the Company on the
default shares, whether in respect of capital or dividend or otherwise, and the Company shall not meet any liability to pay interest on
any such payment when it is finally paid to the Shareholders;

 

		(c)	no other distribution shall be made on the default shares.

 

The Board may at any time give notice
cancelling a direction notice.

 

		13.9	In construing this Regulation 13, words and expressions used in or defined in the City Code shall bear
the same meanings given by the City Code.

 

		14.	CONFLICT OF INTERESTS

 

		14.1	A director of the Company shall, forthwith after becoming aware of the fact that he is interested in a
transaction entered into or to be entered into by the Company, disclose the interest to all other directors of the Company.

 

     

    - 17 -

    

 

		14.2	For the purposes of Sub-Regulation 14.1, a disclosure to all other directors to the effect that a director
is a member, director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual
and is to be regarded as interested in any transaction which may, after the date of the entry into the transaction or disclosure of the
interest, be entered into with that entity or individual, is a sufficient disclosure of interest in relation to that transaction.

 

		14.3	A director of the Company who is interested in a transaction entered into or to be entered into by the
Company may:

 

		14.4	vote on a matter relating to the transaction;

 

		14.5	attend a meeting of directors at which a matter relating to the transaction arises and be included among
the directors present at the meeting for the purposes of a quorum; and

 

		14.6	sign a document on behalf of the Company, or do any other thing in his capacity as a director, that relates
to the transaction,

 

and, subject to compliance with the
Act shall not, by reason of his office be accountable to the Company for any benefit which he derives from such transaction and no such
transaction shall be liable to be avoided on the grounds of any such interest or benefit.

 

		15.	INDEMNIFICATION

 

		15.1	Subject to the limitations hereinafter provided the Company shall indemnify against all expenses, including
legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative
or investigative proceedings any person who:

 

		(a)	is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings,
whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a director of the Company; or

 

		(b)	is or was, at the request of the Company, serving as a director of, or in any other capacity is or was
acting for, another body corporate or a partnership, joint venture, trust or other enterprise.

 

		(c)	The indemnity in Sub-Regulation 15.1 only applies if the person acted honestly and in good faith with
a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that
their conduct was unlawful.

 

		15.2	For the purposes of Sub-Regulation 15.1(c), a director acts in the best interests of the Company if he
acts in the best interests of

 

(a)            the
Company’s holding company; or

 

(b)            a
Shareholder or Shareholders of the Company;

 

in either case, in the circumstances
specified in Sub-Regulation 15.1 or the Act, as the case may be.

 

		15.3	The decision of the directors as to whether the person acted honestly and in good faith and with a view
to the best interests of the Company and as to whether the person had no reasonable cause to believe that his conduct was unlawful is,
in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved.

 

		15.4	The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a
nolle prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view
to the best interests of the Company or that the person had reasonable cause to believe that his conduct was unlawful.

 

     

    - 18 -

    

 

		15.5	Expenses, including legal fees, incurred by a director in defending any legal, administrative or investigative
proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on
behalf of the director to repay the amount if it shall ultimately be determined that the director is not entitled to be indemnified by
the Company in accordance with Sub-Regulation 15.1.

 

		15.6	Expenses, including legal fees, incurred by a former director in defending any legal, administrative or
investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking
by or on behalf of the former director to repay the amount if it shall ultimately be determined that the former director is not entitled
to be indemnified by the Company in accordance with Sub-Regulation 15.1 and upon such terms and conditions, if any, as the Company deems
appropriate.

 

		15.7	The indemnification and advancement of expenses provided by, or granted pursuant to, this section is not
exclusive of any other rights to which the person seeking indemnification or advancement of expenses may be entitled under any agreement,
Resolution of Shareholders, resolution of disinterested directors or otherwise, both as acting in the person’s official capacity
and as to acting in another capacity while serving as a director of the Company.

 

		15.8	If a person referred to in Sub-Regulation 15.1 has been successful in defence of any proceedings referred
to in Sub-Regulation 15.1, the person is entitled to be indemnified against all expenses, including legal fees, and against all judgments,
fines and amounts paid in settlement and reasonably incurred by the person in connection with the proceedings.

 

		15.9	The Company may purchase and maintain insurance in relation to any person who is or was a director, officer
or liquidator of the Company, or who at the request of the Company is or was serving as a director, officer or liquidator of, or in any
other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise, against any liability
asserted against the person and incurred by the person in that capacity, whether or not the Company has or would have had the power to
indemnify the person against the liability as provided in the Articles.

 

		16	RECORDS

 

		16.1	The Company shall keep the following documents at the office of its registered agent:

 

		(a)	the Memorandum and the Articles;

 

		(b)	the register of members, or a copy of the register of members;

 

		(c)	the register of directors, or a copy of the register of directors;
and

 

		(d)	copies of all notices and other documents filed by the Company with the Registrar of Corporate Affairs
in the previous 10 years.

 

		16.2	Until the directors determine otherwise by Resolution of Directors the Company shall keep the original
register of members and original register of directors at the office of its registered agent.

 

		16.3	If the Company maintains only a copy of the register of members
or a copy of the register of directors at the office of its registered agent, it shall:

 

		(a)	within 15 days of any change in either register, notify the registered agent in writing of the change;
and

 

		(b)	provide the registered agent with a written record of the physical address of the place or places at which
the original register of members or the original register of directors is kept.

 

     

    - 19 -

    

 

		16.4	The Company shall keep the following records at the office of its registered agent or at such other place
or places, within or outside the British Virgin Islands, as the directors may determine:

 

		(a)	minutes of meetings and Resolutions of Shareholders and classes
of Shareholders; and

 

		(b)	minutes of meetings and Resolutions of Directors and committees
of directors.

 

		16.5	Where any original records referred to in this Regulation are maintained other than at the office of the
registered agent of the Company, and the place at which the original records is changed, the Company shall provide the registered agent
with the physical address of the new location of the records of the Company within 14 days of the change of location.

 

		16.6	The records kept by the Company under this Regulation shall be in written form or either wholly or partly
as electronic records complying with the requirements of the Electronic Transactions Act, 2001 (No. 5 of 2001) as from time to time
amended or re-enacted.

 

		17	REGISTER OF CHARGES

 

The Company shall maintain at the office
of its registered agent a register of charges in which there shall be entered the following particulars regarding each mortgage, charge
and other encumbrance created by the Company:

 

		17.1	the date of creation of the charge;

 

		17.2	a short description of the liability secured by the charge;

 

		17.3	a short description of the property charged;

 

		17.4	the name and address of the trustee for the security or, if there is no such trustee, the name and address
of the chargee;

 

		17.5	unless the charge is a security to bearer, the name and address of the holder of the charge; and

 

		17.6	details of any prohibition or restriction contained in the instrument creating the charge on the power
of the Company to create any future charge ranking in priority to or equally with the charge.

 

		18	SEAL

 

The Company shall have a Seal an impression
of which shall be kept at the office of the registered agent of the Company. The Company may have more than one Seal and references herein
to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The directors shall provide
for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided
herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one director or other
person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may
be general or specific and may refer to any number of sealings. The directors may provide for a facsimile of the Seal and of the signature
of any director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force
and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.

 

		19	DISTRIBUTIONS BY WAY OF DIVIDEND

 

		19.1	The directors of the Company may, by Resolution of Directors, authorise a Distribution by way of dividend
at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the Distribution, the
value of the Company’s assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

 

     

    - 20 -

    

 

		19.2	Dividends may be paid in money, shares, or other property.

 

		19.3	Notice of any dividend that may have been declared shall be given to each Shareholder as specified in
Sub-Regulation 22 and all dividends unclaimed for 3 years after having been declared may be forfeited by Resolution of Directors for the
benefit of the Company.

 

		19.4	No dividend shall bear interest as against the Company and no dividend shall be paid on Treasury Shares.

 

		20	ACCOUNTS AND AUDIT

 

		20.1	The Company shall keep records that are sufficient to show and explain the Company’s transactions and that will, at any time,
enable the financial position of the Company to be determined with reasonable accuracy.

 

		20.2	The Company may by Resolution of Shareholders call for the directors to prepare periodically and make
available a profit and loss account and a balance sheet. The profit and loss account and balance sheet shall be drawn up so as to give
respectively a true and fair view of the profit and loss of the Company for a financial period and a true and fair view of the assets
and liabilities of the Company as at the end of a financial period.

 

		20.3	The first auditors shall be appointed by Resolution of Directors; subsequent auditors shall be appointed
by Resolution of Shareholders or by Resolution of Directors.

 

		20.4	The auditors may be Shareholders, but no director or other officer shall be eligible to be an auditor
of the Company during their continuance in office.

 

		20.5	The remuneration of the auditors of the Company may be fixed by Resolution of Directors.

 

		20.6	The auditors shall examine each profit and loss account and balance sheet required to be laid before a
meeting of the Shareholders or otherwise given to Shareholders and shall state in a written report whether or not:

 

		(a)	in their opinion the profit and loss account and balance sheet
give a true and fair view respectively of the profit and loss for the period covered by the accounts, and of the assets and liabilities
of the Company at the end of that period; and

 

		(b)	all the information and explanations required by the auditors
have been obtained.

 

		20.7	The report of the auditors shall be annexed to the accounts and shall be read at the meeting of Shareholders
at which the accounts are laid before the Company or shall be otherwise given to the Shareholders.

 

		20.8	Every auditor of the Company shall have a right of access at all times to the books of account and vouchers
of the Company, and shall be entitled to require from the directors and officers of the Company such information and explanations as he
thinks necessary for the performance of the duties of the auditors.

 

		20.9	The auditors of the Company shall be entitled to receive notice of, and to attend any meetings of Shareholders
at which the Company’s profit and loss account and balance sheet are to be presented.

 

		21	NOTICES

 

		21.1	Any notice, information or written statement to be given by the Company to Shareholders may be given by
personal service or by mail addressed to each Shareholder at the address shown in the register of members.

 

		21.2	Any summons, notice, order, document, process, information or written statement to be served on the Company
may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered office, or by leaving it
with, or by sending it by registered mail to, the registered agent of the Company.

 

     

    - 21 -

    

 

		21.3	Service of any summons, notice, order, document, process, information or written statement to be served
on the Company may be proved by showing that the summons, notice, order, document, process, information or written statement was delivered
to the registered office or the registered agent of the Company or that it was mailed in such time as to admit to its being delivered
to the registered office or the registered agent of the Company in the normal course of delivery within the period prescribed for service
and was correctly addressed and the postage was prepaid.

 

		22	VOLUNTARY LIQUIDATION

 

The Company may by Resolution of Shareholders
or by Resolution of Directors appoint a voluntary liquidator.

 

		23	CONTINUATION

 

The Company may by Resolution of Shareholders
or by a resolution passed unanimously by all directors of the Company continue as a company incorporated under the laws of a jurisdiction
outside the British Virgin Islands in the manner provided under those laws.

 

		24	DISCLOSURE OF INTEREST IN SHARES AND FAILURE TO DISCLOSE

 

		24.1	Subject to any requirement under the Act, the provisions of Chapter 5 of the Disclosure and Transparency
Rules which relate to the requirement of persons to disclose their interests in shares, shall apply to the Company as if its Home
State (as defined in such rules) was the United Kingdom and such rules shall be deemed to be incorporated into these Regulations
and shall bind the Company and the Shareholders (other than the Depository).

 

		24.2	Subject to any requirement under the Act, the provisions of section 793 of the UK CA 2006 shall be deemed
to be incorporated into these Regulations and shall bind the Company and the Shareholders and references in such section to “a public
company” shall be deemed to be references to the Company.

 

		24.3	Where notice is served by the Company under section 793 of the UK CA 2006 (a “section 793 notice”)
on a Shareholder, or another person whom the Company knows or has reasonable cause to believe to be interested in shares held by that
Shareholder, and the Shareholder or other person has failed in relation to any shares (the “default shares”, which
expression includes any shares issued to such Shareholder after the date of the section 793 notice in respect of those shares) to give
the Company the information required within 14 days following the date of service of the section 793 notice, the Board may serve on the
holder of such default shares a notice (a "disenfranchisement notice") whereupon the following sanctions apply, unless
the Board otherwise decides:

 

		24.3.1	the Shareholder shall not be entitled in respect of the default shares to be present or to vote (either
in person or by proxy) at a General Meeting or at a separate meeting of the holders of a class of shares or on a poll or to exercise other
rights conferred by membership in relation to the meeting or poll; and

 

		24.3.2	where the default shares represent at least 0.25 per cent in nominal value of the issued shares of their
class (calculated exclusive of any shares held as Treasury Shares):

 

		(a)	a dividend (or any part of a dividend) or other amount payable in respect of the default shares shall
be withheld by the Company, which has no obligation to pay interest on it; and

 

		(b)	no transfer of any of the default shares shall be registered
unless:

 

     

    - 22 -

    

 

		(i)	the transfer is an excepted transfer; or

 

		(ii)	the Shareholder is not himself in default in supplying the information required and the Shareholder proves
to the satisfaction of the Board that no person in default in supplying the information required is interested in any of the shares the
subject of the transfer; or

 

		(iii)	registration of the transfer is required by any Relevant System,

 

(and, for the purpose of ensuring this
Regulation 24.3.2(b) can apply to all shares held by the holder, the Company may, in accordance with the regulations of any Relevant
System, issue written notification to the operator of the Relevant System requiring the conversion into certificated form of any shares
held by the holder in uncertificated form).

 

		25	REMOVAL OF SANCTIONS

 

The sanctions under Regulation 24 shall
cease to apply seven days after the receipt by the Company of:

 

		25.1	notice of registration of an excepted transfer, in relation to the default shares the subject of the excepted
transfer; and

 

		25.2	all information required by the section 793 notice, in a form satisfactory to the Board, in relation to
any default shares.

 

		26	NOTICE TO PERSON OTHER THAN A SHAREHOLDER

 

Where, on the basis of information obtained
from a Shareholder in respect of a share held by him, the Company issues a section 793 notice to another person, it shall at the same
time send a copy of the section 793 notice to the Shareholder, but the accidental omission to do so, or the non-receipt by the Shareholder
of the copy, does not invalidate or otherwise affect the application of Regulation 25.

 

		27	INTEREST IN SHARES, FAILURE TO GIVE INFORMATION AND EXCEPTED TRANSFERS

 

		27.1	For the purpose of Regulations 24 to 26:

 

		27.1.1	“interested” has the same meaning as in Part 22 of the UK CA 2006;

 

		27.1.2	reference to a person having failed to give the Company the information required by a section 793 notice,
or being in default in supplying such information, includes:

 

		(a)	reference to his having failed or refused to give all or any part of it; and

 

		(b)	reference to his having given information which he knows to be false in a material particular or having
recklessly given information which is false in a material particular; and

 

		27.1.3	“excepted transfer” means, in relation to
shares held by a Shareholder:

 

		(a)	a transfer pursuant to acceptance of a takeover offer for the Company (within the meaning of section 428(1) of
the UK Companies Act or section 974 of the UK CA 2006, whichever is in force at the relevant date); or

 

		(b)	a transfer where the Directors are satisfied that the transfer is made pursuant to a bona fide sale of
the whole of the beneficial ownership of the shares to a party unconnected with the member or with any person appearing to be interested
in such shares including any such sale made through a recognised investment exchange (as defined in the Financial Services and Markets
Act 2000) (being a statute in force in the UK as may be amended or re-enacted from time to time) or another stock exchange outside the
United Kingdom on which shares in the capital of the Company are normally traded. For the purposes of this sub-paragraph any associate
(as that term is defined in Section 435 of the UK Insolvency Act 1986) shall be included amongst the persons who are connected with
the member or any person appearing to be interested in such shares.

 

     

    - 23 -

    

 

		27.2	Regulations 24 to 27 are in addition to and without prejudice to the BVI Companies Act.

 

Signed for HARNEYS CORPORATE SERVICES LIMITED
of Craigmuir Chambers, Road Town, Tortola, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws
of the British Virgin Islands on 17 March 2006:

 

Incorporator

 

Sgd: Andrew Swapp

 

.......................................

Andrew Swapp

Authorised Signatory

HARNEYS CORPORATE SERVICES LIMITEDExhibit 10.1

 

RENESOLA LTD

 

2007 SHARE INCENTIVE PLAN
AS AMENDED

AND RESTATED AS OF JANUARY 21, 2009,

AUGUST 20, 2010

AUGUST 29, 2016

AND December 21, 2020

 

ARTICLE 1

 

PURPOSE

 

The purpose of this 2007 Share Incentive
Plan, as amended and restated as of January 21, 2009, August 20, 2010, August 29, 2016 and December 21, 2020 (the “Plan”),
is to promote the success and enhance the value of ReneSola Ltd, a company incorporated under the laws of the British Virgin Islands (the
 “Company”) by linking the personal interests of the members of the Board, Employees, and Consultants to those of the
Company’s shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns
to the Company’s shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract,
and retain the services of members of the Board, Employees, and Consultants upon whose judgment, interest, and special effort the successful
conduct of the Company’s operation is largely dependent.

 

ARTICLE 2

 

DEFINITIONS
AND CONSTRUCTION

 

Wherever the following terms are
used in the Plan, they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall
include the plural where the context so indicates.

 

2.1 “Applicable
Laws” means (i) the laws of the British Virgin Islands as they relate to the Company and its Shares; (ii) the legal requirements
relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations
and government orders; and (iii) the rules of any applicable stock exchange or national market system, of any jurisdiction applicable
to Awards granted to residents therein.

 

 2.2 “Article” means an article of this Plan.

 

 2.3 “Award” means an Option, Restricted Share or Restricted Share Units award granted to a participant pursuant to the Plan.

 

2.4 “Award Agreement”
means any written agreement, contract, or other instrument or document evidencing an Award, including through electronic medium.

 

 2.5 “Board” means the Board of Directors of the Company from time to time.

 

 2.6 “Change in Control” means a change in ownership or control of the Company effected through either of the following transactions:

 

(a) the direct or indirect
acquisition by any person or related group of persons (other than an acquisition from or by the Company or by a Company-sponsored employee
benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing more than fifty percent (50%)
of the total combined voting power of the Company’s outstanding securities pursuant to a tender or exchange offer made directly
to the Company’s shareholders which a majority of the Incumbent Board (as defined below) who are not affiliates or associates of
the offeror under Rule 12b-2 promulgated under the Exchange Act do not recommend such shareholders accept, or

 

(b) the individuals who, as of
the Effective Date, are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least fifty percent
(50%) of the Board; provided that if the election, or nomination for election by the Company’s shareholders, of any new member
of the Board is approved by a vote of at least fifty percent (50%) of the Incumbent Board, such new member of the Board shall be considered
as a member of the Incumbent Board.

 

 2.7 “Code” means the Internal Revenue Code of 1986 of the United States, as amended.

 

 2.8 “Committee” means the committee of the Board described in Article 9.

 

2.9 “Consultant”
means any consultant or adviser if: (a) the consultant or adviser renders bona fide services to a Service Recipient; (b) the services
rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and
do not directly or indirectly promote or maintain a market for the Company’s securities; and (c) the consultant or adviser
is a natural person who has contracted directly with the Service Recipient to render such services.

 

2.10 “Corporate
Transaction” means any of the following transactions, provided, however, that the Committee shall determine under (d) and (e)
whether multiple transactions are related, and its determination shall be final, binding and conclusive:

 

(a) an amalgamation, arrangement
or consolidation or scheme of arrangement in which the Company is not the surviving entity, except for a transaction the principal purpose
of which is to change the jurisdiction in which the Company is incorporated;

 

    1

     

    

 

 (b) the sale, transfer or other disposition of all or substantially all of the assets of the Company;

 

 (c) the completion of a voluntary or insolvent liquidation or dissolution of the Company;

 

(d) any reverse takeover or series
of related transactions culminating in a reverse takeover (including, but not limited to, a tender offer followed by a reverse takeover)
in which the Company is the surviving entity but (A) the Shares of the Company outstanding immediately prior to such takeover are converted
or exchanged by virtue of the takeover into other property, whether in the form of securities, cash or otherwise, or (B) in which securities
possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred
to a person or persons different from those who held such securities immediately prior to such takeover or the initial transaction culminating
in such takeover, but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate
Transaction; or

 

(e) acquisition in a single
or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee
benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing more than fifty
percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such transaction or
series of related transactions that the Committee determines shall not be a Corporate Transaction.

 

2.11 “Disability”
means that the Participant qualifies to receive long-term disability payments under the Service Recipient’s long-term disability
insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant
is covered by such policy. If the Service Recipient to which the Participant provides service does not have a long-term disability plan
in place, “Disability” means that a Participant is unable to carry out the responsibilities and functions of the position
held by the Participant by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90)
consecutive days. A Participant will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment
sufficient to satisfy the Committee in its discretion.

 

 2.12 “Effective Date” shall have the meaning set forth in Section 10.1.

 

2.13 “Employee”
means any person, including an officer or member of the Board of the Company, any Parent or Subsidiary of the Company, who is in the
employ of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and
the manner and method of performance. The payment of a director’s fee by a Service Recipient shall not be sufficient to constitute
 “employment” by the Service Recipient.

 

 2.14 “Exchange Act” means the Securities Exchange Act of 1934 of the United States, as amended.

 

 2.15 “Fair Market Value” means, as of any date, the value of Shares determined as follows:

 

(a) If the Shares are listed
on one or more established stock exchanges or national market systems, including without limitation, The New York Stock Exchange, its
Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal
exchange or system on which the Shares are listed (as determined by the Committee) on the date of determination (or, if no closing sales
price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported),
as reported in The Wall Street Journal or such other source as the Committee deems reliable;

 

(b) If the Shares are regularly
quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, its Fair Market Value
shall be the closing sales price for such shares as quoted on such system or by such securities dealer on the date of determination, but
if selling prices are not reported, the Fair Market Value of a Share shall be the mean between the high bid and low asked prices for the
Shares on the date of determination (or, if no such prices were reported on that date, on the last date such prices were reported), as
reported in The Wall Street Journal or such other source as the Committee deems reliable; or

 

(c) In the absence of an established
market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof shall be determined by the Committee
in good faith and in its discretion by reference to (i) the placing price of the latest private placement of the Shares and the development
of the Company’s business operations and the general economic and market conditions since such latest private placement, (ii) other
third party transactions involving the Shares and the development of the Company’s business operation and the general economic
and market conditions since such sale, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information
as the Committee determines to be indicative of Fair Market Value, relevant.

 

2.16 “Incentive
Share Option” means an Option that is intended to meet the requirements of Section 422 of the Code or any successor provision
thereto.

 

 2.17 “Independent Director” means a member of the Board who is not an Employee of the Company.

 

2.18 “Non-Employee
Director” means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3)
under the Exchange Act, or any successor definition adopted by the Board.

 

 2.19 “Non-Qualified Share Option” means an Option that is not intended to be an Incentive Share Option.

 

2.20 “Option”
means a right granted to a Participant pursuant to Article 5 of the Plan to purchase a specified number of Shares at a specified price
during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option.

 

 2.21 “Participant” means a person who, as a member of the Board, Consultant or Employee, has been granted an Award pursuant to the Plan.

 

    2

     

    

 

 2.22 “Parent” means a parent corporation under Section 424(e) of the Code.

 

 2.23 “Plan” means this 2007 Share Incentive Award Plan, as it may be amended from time to time.

 

2.24 “Related Entity”
means any business, corporation, partnership, limited liability company or other entity in which the Company, a Parent or Subsidiary
of the Company holds a substantial ownership interest, directly or indirectly but which is not a Subsidiary and which the Board designates
as a Related Entity for purposes of the Plan.

 

2.25 “Restricted
Share” means a Share awarded to a Participant pursuant to Article 6 that is subject to certain restrictions and may be subject
to risk of forfeiture.

 

 2.26 “Restricted Share Unit” means the right granted to a Participant pursuant to Article 6 to receive a Share at a future date.

 

 2.27 “Securities Act” means the Securities Act of 1933 of the United States, as amended.

 

2.28 “Service Recipient”
means the Company, any Parent or Subsidiary of the Company and any Related Entity to which a Participant provides services as an Employee,
Consultant or as a Director.

 

 2.29 “Share” means a share of the Company, and such other securities of the Company that may be substituted for Shares pursuant to Article 8.

 

2.30 “Subsidiary”
means any corporation or other entity of which a majority of the outstanding voting shares or voting power is beneficially owned directly
or indirectly by the Company.

 

2.31 “Trading Date”
means the closing of the first sale to the general public of the Shares pursuant to an effective registration statement under Applicable
Law, which results in the Shares being publicly traded on one or more established stock exchanges or national market systems.

 

ARTICLE 3

 

SHARES
SUBJECT TO THE PLAN

 

 3.1 Number of Shares.

 

(a) Subject to the provisions
of Article 8 and Section 3.1(b), the maximum aggregate number of Shares which may be issued pursuant to all Awards (including Incentive
Share Options) is 22,500,000 Shares.

 

(b) To the extent that an Award
terminates, expires, or lapses for any reason, any Shares subject to the Award shall again be available for the grant of an Award pursuant
to the Plan. To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution for, any outstanding awards
of any entity acquired in any form or combination by the Company or any Parent or Subsidiary of the Company shall not be counted against
Shares available for grant pursuant to the Plan. Shares delivered by the Participant or withheld by the Company upon the exercise of any
Award under the Plan, in payment of the exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder,
subject to the limitations of Section 3.1(a). If any Restricted Shares are forfeited by the Participant or repurchased by the Company,
such Shares may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). Notwithstanding the provisions
of this Section 3.1(b), no Shares may again be optioned, granted or awarded if such action would cause an Incentive Share Option to fail
to qualify as an incentive share option under Section 422 of the Code.

 

3.2 
Shares Distributed. Any Shares issued pursuant to an Award may consist, in whole or in part, of authorized and unissued
Shares, treasury Shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, in the discretion of the Committee,
American Depository Shares in an amount equal to the number of Shares which otherwise would be distributed pursuant to an Award may be
distributed in lieu of Shares in settlement of any Award. If the number of Shares represented by an American Depository Share is other
than on a one-to-one basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution of American Depository Shares
in lieu of Shares.

 

ARTICLE 4

 

ELIGIBILITY
AND PARTICIPATION

 

4.1 Eligibility. Persons
eligible to participate in this Plan include Employees, Consultants, and all members of the Board, as determined by the Committee.

 

4.2 Participation.
Subject to the provisions of the Plan, the Committee may, from time to time, select from among all eligible individuals, those to whom
Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be granted an
Award pursuant to this Plan.

 

4.3 Jurisdictions.
In order to assure the viability of Awards granted to Participants employed in various jurisdictions, the Committee may provide for such
special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in
the jurisdiction in which the Participant resides or is employed. Moreover, the Committee may approve such supplements to, or amendments,
restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby affecting
the terms of the Plan as in effect for any other purpose; provided, however, that no such supplements, amendments, restatements,
or alternative versions shall increase the share limitations contained in Section 3.1 of the Plan. Notwithstanding the foregoing, the
Committee may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws.

 

    3

     

    

 

ARTICLE 5

 

OPTIONS

 

 5.1 General. The Committee is authorized to grant Options to Participants on the following terms and conditions:

 

(a) Exercise Price. The
exercise price per Share subject to an Option shall be determined by the Committee and set forth in the Award Agreement which may be
a fixed or variable price related to the Fair Market Value of the Shares; provided, however, that no Option may be granted to an
individual subject to taxation in the United States at less than the Fair Market Value on the date of grant. The exercise price per Share
subject to an Option may be adjusted in the absolute discretion of the Committee, the determination of which shall be final, binding
and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Law or any exchange rule, a repricing of Options
mentioned in the preceding sentence shall be effective without the approval of the Company’s shareholders or the approval of the
Participants. Notwithstanding the foregoing, the exercise price per Share subject to an Option shall not be increased without the approval
of the Participants.

 

(b) Time and Conditions of
Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part, including exercise
prior to vesting; provided that the term of any Option granted under the Plan shall not exceed ten years, except as provided
in Section 11.1. The Committee shall also determine any conditions, if any, that must be satisfied before all or part of an Option may
be exercised.

 

(c) Payment. The Committee
shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including, without limitation
(i) cash or check denominated in U.S. Dollars, (ii) to the extent permissible under the Applicable Laws, cash or check in Chinese Renminbi,
(iii) cash or check denominated in any other local currency as approved by the Committee, (iv) Shares held for such period of time as
may be required by the Committee in order to avoid adverse financial accounting consequences and having a Fair Market Value on the date
of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, (v) after the Trading Date the delivery
of a notice that the Participant has placed a market sell order with a broker with respect to Shares then issuable upon exercise of the
Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction
of the Option exercise price; provided that payment of such proceeds is then made to the Company upon settlement of such
sale, (vi) other property acceptable to the Committee with a Fair Market Value equal to the exercise price, or (vii) any combination
of the foregoing. Notwithstanding any other provision of the Plan to the contrary, no Participant who is a member of the Board or an
 “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the
exercise price of an Option in any method which would violate Section 13(k) of the Exchange Act.

 

(d) Evidence of Grant.
All Options shall be evidenced by an Award Agreement between the Company and the Participant. The Award Agreement shall include such
additional provisions as may be specified by the Committee.

 

5.2 Incentive Share Options.
Incentive Share Options may be granted to Employees of the Company, a Parent or Subsidiary of the Company. Incentive Share Options may
not be granted to Employees of a Related Entity or to Independent Directors or Consultants. The terms of any Incentive Share Options
granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the following additional provisions of
this Section 5.2:

 

 (a) Expiration of Option. An Incentive Share Option may not be exercised to any extent by anyone after the first to occur of the following events:

 

 (i) Ten years from the date it is granted, unless an earlier time is set in the Award Agreement;

 

(ii)
Three months after the Participant’s termination of employment as an Employee (save in the case of termination on account
of Disability or death); and

 

(iii)
One year after the date of the Participant’s termination of employment or service on account of Disability or death. Upon the Participant’s
Disability or death, any Incentive Share Options exercisable at the Participant’s Disability or death may be exercised by the Participant’s
legal representative or representatives, by the person or persons entitled to do so pursuant to the Participant’s last will and
testament, or, if the Participant fails to make testamentary disposition of such Incentive Share Option or dies intestate, by the person
or persons entitled to receive the Incentive Share Option pursuant to the applicable laws of descent and distribution.

 

(b) Individual Dollar Limitation.
The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Share
Options are first exercisable by a Participant in any calendar year may not exceed U.S.$100,000 or such other limitation as imposed by
Section 422(d) of the Code, or any successor provision. To the extent that Incentive Share Options are first exercisable by a Participant
in excess of such limitation, the excess shall be considered Non-Qualified Share Options.

 

(c) Ten Percent Owners.
An Incentive Share Option shall be granted to any individual who, at the date of grant, owns Shares possessing more than ten percent
of the total combined voting power of all classes of shares of the Company only if such Option is granted at a price that is not less
than 110% of Fair Market Value on the date of grant and the Option is exercisable for no more than five years from the date of grant.

 

(d) Transfer Restriction.
The Participant shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive Share Option within
(i) two years from the date of grant of such Incentive Share Option or (ii) one year after the transfer of such Shares to the Participant.

 

    4

     

    

 

(e) Expiration of Incentive
Share Options. No Award of an Incentive Share Option may be made pursuant to this Plan after the tenth anniversary of the Effective
Date.

 

 (f) Right to Exercise. During a Participant’s lifetime, an Incentive Share Option may be exercised only by the Participant.

 

ARTICLE 6

 

RESTRICTED
SHARES AND RESTRICTED SHARE UNITS

 

6.1 Grant of Restricted
Shares. The Committee is authorized to make Awards of Restricted Shares and/or Restricted Share Units to any Participant selected
by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. All Awards of Restricted Shares
shall be evidenced by an Award Agreement.

 

6.2 Issuance and Restrictions.
Restricted Shares shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including,
without limitation, limitations on the right to vote Restricted Shares or the right to receive dividends on the Restricted Share). These
restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such installments, or otherwise,
as the Committee determines at the time of the grant of the Award or thereafter.

 

6.3 Forfeiture/Repurchase.
Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of employment or
service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited
or repurchased in accordance with the Award Agreement; provided, however, that the Committee may (a) provide in any Restricted
Share Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Shares will be waived in whole
or in part in the event of terminations resulting from specified causes, and (b) in other cases waive in whole or in part restrictions
or forfeiture and repurchase conditions relating to Restricted Shares.

 

6.4 Certificates for Restricted
Shares. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as the Committee shall determine. If certificates
representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend referring
to the terms, conditions, and restrictions applicable to such Restricted Shares, and the Company may, at its discretion, retain physical
possession of the certificate until such time as all applicable restrictions lapse.

 

6.5 Restricted Share Units.
At the time of grant, the Committee shall specify the date or dates on which the Restricted Share Units shall become fully vested and
nonforfeitable, and may specify such conditions to vesting as it deems appropriate. At the time of grant, the Committee shall specify
the maturity date applicable to each grant of Restricted Share Units which shall be no earlier than the vesting date or dates of the
Award and may be determined at the election of the grantee. On the maturity date, the Company shall, subject to Sections 7.4 and 7.5,
transfer to the Participant one unrestricted, fully transferable Share for each Restricted Share Unit scheduled to be paid out on such
date and not previously forfeited.

 

ARTICLE 7

 

PROVISIONS
APPLICABLE TO AWARDS

 

7.1 Award Agreement.
Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations for each Award which
may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and
the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award.

 

7.2 Limits on Transfer.
No right or interest of a Participant in any Award may be pledged, encumbered, or hypothecated to or in favor of any party other than
the Company or a Subsidiary, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than
the Company or a Subsidiary. Except as otherwise provided by the Committee, no Award shall be assigned, transferred, or otherwise disposed
of by a Participant other than by will or the laws of descent and distribution. The Committee by express provision in the Award or an
amendment thereto may permit an Award (other than an Incentive Share Option) to be transferred to, exercised by and paid to certain persons
or entities related to the Participant, including but not limited to members of the Participant’s family, charitable institutions,
or trusts or other entities whose beneficiaries or beneficial owners are members of the Participant’s family and/or charitable
institutions, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures
as the Committee may establish. Any permitted transfer shall be subject to the condition that the Committee receive evidence satisfactory
to it that the transfer is being made for estate and/or tax planning purposes (or to a “blind trust” in connection with the
Participant’s termination of employment or service with the Company or a Subsidiary to assume a position with a governmental, charitable,
educational or similar non-profit institution) and on a basis consistent with the Company’s lawful issue of securities.

 

7.3 Beneficiaries.
Notwithstanding Section 7.2, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights
of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal
guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the
Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide, and
to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community
property state, a designation of a person other than the Participant’s spouse as his or her beneficiary with respect to more than
50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s
spouse. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant
to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed
or revoked by a Participant at any time provided the change or revocation is filed with the Committee.

 

    5

     

    

 

7.4 Share Certificates.
Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates evidencing Shares
pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance and delivery
of such certificates is in compliance with all Applicable Laws, regulations of governmental authorities and, if applicable, the requirements
of any exchange on which the Shares are listed or traded. All Share certificates delivered pursuant to the Plan are subject to any stop-
transfer orders and other restrictions as the Committee deems necessary or advisable to comply with all Applicable Laws, and the rules
of any national securities exchange or automated quotation system on which the Shares are listed, quoted, or traded. The Committee may
place legends on any Share certificate to reference restrictions applicable to the Share. In addition to the terms and conditions provided
herein, the Board may require that a Participant make such reasonable covenants, agreements, and representations as the Board, in its
discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Committee shall have the right to
require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including
a window-period limitation, as may be imposed in the discretion of the Committee.

 

7.5 Paperless Administration.
Subject to Applicable Laws, the Committee may make Awards, provide applicable disclosure and procedures for exercise of Awards by an
internet website or interactive voice response system for the paperless administration of Awards.

 

7.6 Foreign Currency.
A Participant may be required to provide evidence that any currency used to pay the exercise price of any Award were acquired and taken
out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control laws
and regulations. In the event the exercise price for an Award is paid in Chinese Renminbi or other foreign currency, as permitted by
the Committee, the amount payable will be determined by conversion from U.S. dollars at the official rate promulgated by the People’s
Bank of China for Chinese Renminbi, or for jurisdictions other than the People’s Republic of China, the exchange rate as selected
by the Committee on the date of exercise.

 

ARTICLE 8

 

CHANGES
IN CAPITAL STRUCTURE

 

8.1 Adjustments. In
the event of any distribution, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, reorganization
of the Company, including the Company becoming a subsidiary in a transaction not involving a Corporate Transaction, spin-off, recapitalization
or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting the Shares
or the share price of a Share, the Committee shall make such proportionate and equitable adjustments, if any, to reflect such change
with respect to (a) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments
of the limitations in Section 3.1 and substitutions of shares in a parent or surviving company); (b) the terms and conditions of
any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and
(c) the grant or exercise price per share for any outstanding Awards under the Plan. The form and manner of any such adjustments shall
be determined by the Committee in its sole discretion.

 

8.2 Acceleration upon a
Change of Control. Except as may otherwise be provided in any Award Agreement or any other written agreement entered into by and
between the Company and a Participant, if a Change of Control occurs and a Participant’s Awards are not converted, assumed, or
replaced by a successor, such Awards shall become fully exercisable and all forfeiture restrictions on such Awards shall lapse. Upon,
or in anticipation of, a Change of Control, the Committee may in its sole discretion provide for (i) any and all Awards outstanding hereunder
to terminate at a specific time in the future and shall give each Participant the right to exercise such Awards during a period of time
as the Committee shall determine, (ii) either the purchase of any Award for an amount of cash equal to the amount that could have been
attained upon the exercise of such Award or realization of the Participant’s rights had such Award been currently exercisable or
payable or fully vested (and, for the avoidance of doubt, if as of such date the Committee determines in good faith that no amount would
have been attained upon the exercise of such Award or realization of the Participant’ s rights, then such Award may be terminated
by the Company without payment), (iii) the replacement of such Award with other rights or property selected by the Committee in its sole
discretion or the assumption of or substitution of such Award by the successor or surviving corporation, or a parent or subsidiary thereof,
with appropriate adjustments as to the number and kind of Shares and prices, or (iv) provide for payment of Awards in cash based on the
value of Shares on the date of the Change of Control plus reasonable interest on the Award through the date such Award would otherwise
be vested or have been paid in accordance with its original terms, if necessary to comply with Section 409A of the Code.

 

8.3 Outstanding Awards
 – Corporate Transactions. In the event of a Corporate Transaction, each Award will terminate upon the consummation of the Corporate
Transaction, unless the Award is assumed by the successor entity or Parent thereof in connection with the Corporate Transaction. Except
as provided otherwise in an individual Award Agreement, in the event of a Corporate Transaction and:

 

(a)
the Award either is (x) assumed by the successor entity or Parent thereof or replaced with a comparable Award (as determined by
the Committee) with respect to shares of the capital stock (or equivalent) of the successor entity or Parent thereof or (y) replaced with
a cash incentive program of the successor entity which preserves the compensation element of such Award existing at the time of the Corporate
Transaction and provides for subsequent payout in accordance with the same vesting schedule applicable to such Award, then such Award
(if assumed), the replacement Award (if replaced), or the cash incentive program automatically shall become fully vested, exercisable
and payable and be released from any restrictions on transfer (other than transfer restrictions applicable to Options) and repurchase
or forfeiture rights, immediately upon termination of the Participant’s employment or service with all Service Recipient within
twelve (12) months of the Corporate Transaction without cause; and

 

(b) For each Award that is neither
assumed nor replaced, such portion of the Award shall automatically become fully vested and exercisable and be released from any repurchase
or forfeiture rights (other than repurchase rights exercisable at Fair Market Value) for all of the Shares at the time represented by
such portion of the Award, immediately prior to the specified effective date of such Corporate Transaction, provided that the Participant
remains an Employee, Consultant or Director on the effective date of the Corporate Transaction.

 

8.4 Outstanding Awards
 – Other Changes. In the event of any other change in the capitalization of the Company or corporate change other than those
specifically referred to in this Article 8, the Committee may, in its absolute discretion, make such adjustments in the number and class
of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant or exercise price of each
Award as the Committee may consider appropriate to prevent dilution or enlargement of rights.

 

    6

     

    

 

8.5 No Other Rights.
Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares
of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation,
merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the
Committee under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the number of shares subject to an Award or the grant or exercise
price of any Award.

 

ARTICLE 9

 

ADMINISTRATION

 

9.1 Committee. The
Plan shall be administered by the Compensation Committee of the Board; provided, however that the Compensation Committee
may delegate to a committee of one or more members of the Board the authority to grant or amend Awards to Participants other than Independent
Directors and executive officers of the Company. The Committee shall consist of at least two individuals, each of whom qualifies as a
Non-Employee Director. Reference to the Committee shall refer to the Board if the Compensation Committee has not been established or
ceases to exist and the Board does not appoint a successor Committee. Notwithstanding the foregoing, the full Board, acting by majority
of its members in office shall conduct the general administration of the Plan if required by Applicable Law, and with respect to Awards
granted to Independent Directors and for purposes of such Awards the term “Committee” as used in the Plan shall be deemed
to refer to the Board.

 

9.2 Action by the Committee.
A majority of the Committee shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum
is present, and acts approved in writing by a majority of the Committee in lieu of a meeting, shall be deemed the acts of the Committee.
Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member
by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified public accountants, or any
executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan.

 

9.3 Authority of Committee.
Subject to any specific designation in the Plan, the Committee has the exclusive power, authority and discretion to:

 

 (a) Designate Participants to receive Awards;

 

 (b) Determine the type or types of Awards to be granted to each Participant;

 

 (c) Determine the number of Awards to be granted and the number of Shares to which an Award will relate;

 

(d) Determine the terms and conditions
of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price, or purchase price, any restrictions
or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and
accelerations or waivers thereof, any provisions related to non-competition and recapture of gain on an Award, based in each case on such
considerations as the Committee in its sole discretion determines;

 

(e)
Determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award
may be paid in, cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered;

 

 (f) Prescribe the form of each Award Agreement, which need not be identical for each Participant;

 

 (g) Decide all other matters that must be determined in connection with an Award;

 

 (h) Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan;

 

 (i) Interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement;

 

 (j) Reduce the exercise price per Share subject to an Option; and

 

(k) Make all other decisions and
determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable to administer the Plan.

 

9.4 Decisions Binding.
The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and
determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties.

 

ARTICLE 10

 

EFFECTIVE
AND EXPIRATION DATE

 

10.1 Effective Date.
The Plan, as amended and restated, is effective on December 21, 2020, the date of shareholders’ approval at the annual general
meeting of the Company (the “Effective Date”).

 

10.2 Expiration Date.
The Plan, as amended and restated, will expire on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of the
Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the
terms of the Plan and the applicable Award Agreement.

 

    7

     

    

 

ARTICLE 11

 

AMENDMENT, MODIFICATION, AND TERMINATION

 

11.1 Amendment,
Modification, and Termination. With the approval of the Board, at any time and from time to time, the Committee may terminate,
amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with Applicable
Laws, or stock exchange rules, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a
degree as required, and (b) shareholder approval is required for any amendment to the Plan that (i) increases the number of Shares
available under the Plan (other than any adjustment as provided by Article 8), (ii) permits the Committee to grant Options with an
exercise price that is below Fair Market Value on the date of grant, (iii) permits the Committee to extend the expiration date of
the Plan, (iv) permits the Committee to extend the exercise period for an Option beyond ten years from the date of grant, or (v)
results in a material increase in benefits or a change in eligibility requirements.

 

11.2 Awards
Previously Granted. Except with respect to amendments made pursuant to Section 11.1, no termination, amendment, or modification
of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written
consent of the Participant.

 

ARTICLE 12

 

GENERAL
PROVISIONS

 

12.1 No Rights to Awards.
No Participant, employee, or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company
nor the Committee is obligated to treat Participants, employees, and other persons uniformly.

 

12.2 No Shareholders Rights.
No Award gives the Participant any of the rights of a Shareholder of the Company unless and until Shares are in fact issued to such person
in connection with such Award.

 

12.3 Taxes. No Shares
shall be delivered under the Plan to any Participant until such Participant has made arrangements acceptable to the Committee for the
satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or any Subsidiary shall have
the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy
all applicable taxes (including the Participant’s payroll tax obligations) required or permitted by law to be withheld with respect
to any taxable event concerning a Participant arising as a result of this Plan. The Committee may in its discretion and in satisfaction
of the foregoing requirement allow a Participant to elect to have the Company withhold Shares otherwise issuable under an Award (or allow
the return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the
Plan, the number of Shares which may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or which may
be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company) in order to satisfy
the Participant’s federal, state, local and foreign income and payroll tax liabilities with respect to the issuance, vesting, exercise
or payment of the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair Market
Value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding
rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income.

 

12.4 No Right to Employment
or Services. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the Service Recipient
to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the
employ or service of any Service Recipient.

 

12.5 Unfunded Status of
Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any payments not yet
made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights
that are greater than those of a general creditor of the Company or any Subsidiary.

 

12.6 Indemnification.
To the extent allowable pursuant to applicable law, each member of the Committee or of the Board shall be indemnified and held harmless
by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection
with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved
by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction
of judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity,
at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing
right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant
to the Company’s Memorandum of Association and Articles of Association, as a matter of law, or otherwise, or any power that the
Company may have to indemnify them or hold them harmless.

 

12.7
Relationship to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits
pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary
except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

 

 12.8 Expenses. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries.

 

12.9 Titles and Headings.
The titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of any conflict, the text
of the Plan, rather than such titles or headings, shall control.

 

12.10 Fractional Shares.
No fractional Share shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional
shares or whether such fractional shares shall be eliminated by rounding up or down as appropriate.

 

    8

     

    

 

12.11 Government and Other
Regulations. The obligation of the Company to make payment of awards in Shares or otherwise shall be subject to all Applicable Laws
and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares
paid pursuant to the Plan under the Securities Act or any other similar law in any applicable jurisdiction. If the Shares paid pursuant
to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or other Applicable Laws, the Company
may restrict the transfer of such Shares in such manner as it deems advisable to ensure the availability of any such exemption.

 

12.12 Governing Law.
The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the British Virgin Islands.

 

12.13 Section
409A. To the extent that the Committee determines that any Award granted under the Plan is or may become subject to Section 409A
of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the
Code. To the extent applicable, the Plan and the Award Agreements shall be interpreted in accordance with Section 409A of the Code
and the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation
any such regulation or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the
contrary, in the event that following the Effective Date the Committee determines that any Award may be subject to Section 409A of
the Code and related U.S. Department of Treasury guidance (including such U.S. Department of Treasury guidance as may be issued
after the Effective Date), the Committee may adopt such amendments to the Plan and the applicable Award agreement or adopt other
policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the
Committee determines is necessary or appropriate to (a) exempt the Award from Section 409A of the Code and /or preserve the intended
tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code
and related U.S. Department of Treasury guidance.

 

12.14 Appendices. The
Committee may approve such supplements, amendments or appendices to the Plan as it may consider necessary or appropriate for purposes
of compliance with applicable laws or otherwise and such supplements, amendments or appendices shall be considered a part of the Plan;
provided, however, that no such supplements shall increase the share limitations contained in Section 3.1 of the Plan.

 

    9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}]]