Document:

PLEDGE
      AGREEMENT

     

    PLEDGE
      AGREEMENT (this
      "Agreement"),
      dated
      as of December 31, 2007, made by each entity listed as a pledgor on the
      signature pages hereto (each a "Pledgor"
      and
      collectively, the "Pledgors"),
      in
      favor of Castlerigg
      Master Investments Ltd.,
      a
      company organized under the laws of the British Virgin Islands, in its capacity
      as collateral agent (in such capacity, the "Collateral
      Agent")
      for the
"Buyers"
      (as
      defined below) party to the Securities Purchase Agreement, dated as of the
      date
      hereof (as amended, restated or otherwise modified from time to time, the
"Securities
      Purchase Agreement").

     

    WITNESSETH:

     

    WHEREAS,
      RxElite,
      Inc.,
      a
      Delaware corporation (the "Company"),
      and
      each party listed as a "Buyer" on the Schedule of Buyers attached to the
      Securities Purchase Agreement (collectively, the "Buyers")
      are
      parties to the Securities Purchase Agreement, pursuant to which the Company
      has
      agreed to sell, and the Buyers have agreed to purchase, the Notes (as defined
      therein);

     

    WHEREAS,
      it is a condition precedent to the Buyers purchasing the Notes that the Pledgors
      shall have executed and delivered to the Collateral Agent for the benefit of
      itself and the Buyers this Agreement to secure all of the Company's obligations
      under the Securities Purchase Agreement, the Notes issued pursuant thereto
      (as
      such Notes may be amended, restated, replaced or otherwise modified from time
      to
      time in accordance with the terms thereof, collectively, the "Notes")
      and the
      other "Transaction Documents" (as defined in the Securities Purchase Agreement,
      the "Transaction
      Documents"),
      on
      such terms and conditions as are set forth herein;

     

    WHEREAS,
      each of the Pledgors other than the Company (i) shall have executed a Guaranty,
      dated as of the date hereof, in favor of the Collateral Agent (the “Guaranty”),
      guaranteeing all present and future obligations of the Company under the
      Securities Purchase Agreement, the Notes and the other Transaction Documents
      on
      such terms and conditions as are set forth therein and (ii) shall have executed,
      together with the Company, a Security Agreement granting the Collateral Agent
      a
      first priority perfected lien in all of their personal property (the "Security
      Agreement") on such terms and conditions as are set forth therein; 

     

    WHEREAS,
      the Pledgors are mutually dependent on each other in the conduct of their
      respective businesses as an integrated operation, with the credit needed from
      time to time by each Pledgor often being provided through financing obtained
      by
      the other Pledgors and the ability to obtain such financing being dependent
      on
      the successful operations of all of the Pledgors as a whole; and

     

    WHEREAS,
      each Pledgor has determined that the execution, delivery and performance of
      this
      Agreement directly benefits, and is in the best interest of, such
      Pledgor.

     

    NOW,
      THEREFORE, in consideration of the premises and the agreements herein and in
      order to induce the Buyers to enter into the Securities Purchase Agreement,
      each
      Pledgor agrees with the Collateral Agent as follows:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      1. Definitions
      and Rules of Interpretation.

     

    (a) Definitions.
      Reference is made to the Securities Purchase Agreement and the Notes for a
      statement of terms thereof. All terms used in this Agreement which are defined
      in the Securities Purchase Agreement or the Notes or in Article 8 or Article
      9
      of the Uniform Commercial Code as in effect from time to time in the State
      of
      New York (the "Code"),
      and
      which are not otherwise defined herein shall have the same meanings herein
      as
      set forth therein; provided,
      that
      terms used herein which are defined in the Code as in effect in the State of
      New
      York on the date hereof shall continue to have the same meaning notwithstanding
      any replacement or amendment of such statute. In the event that any such term
      is
      defined in both the Securities Purchase Agreement or the Notes and the Code,
      the
      definition of such term in the Securities Purchase Agreement or the Notes shall
      control.

     

    (b) Rules
      of Interpretation.
      Except
      as otherwise expressly provided in this Agreement, the following rules of
      interpretation apply to this Agreement: (i) the singular includes the plural
      and
      the plural includes the singular; (ii) "or" and "any" are not exclusive and
      "include" and "including" are not limiting; (iii) a reference to any agreement
      or other contract includes permitted supplements and amendments; (iv) a
      reference to a law includes any amendment or modification to such law and any
      rules or regulations issued thereunder; (v) a reference to a person includes
      its
      permitted successors and assigns; and (vi) a reference in this Agreement to
      an
      Article, Section, Annex, Exhibit or Schedule is to the Article, Section, Annex,
      Exhibit or Schedule of this Agreement.

     

    SECTION
      2. Pledge
      and Grant of Security Interest. As collateral security for all of the
      Obligations (as defined in Section 3 hereof), each of the Pledgors hereby
      pledges and assigns and grants to the Collateral Agent a continuing security
      interest in, and Lien on, all of such Pledgor's right, title and interest in
      and
      to the following (collectively, the "Collateral"):

     

    (a) all
      present, as set forth in Schedule
      I,
      and all
      future, issued and outstanding shares of capital stock, or other equity or
      investment securities of, or partnership, membership, or joint venture interests
      in, each Subsidiary (as defined in the Securities Purchase Agreement), whether
      now owned or hereafter acquired by such Pledgor and whether or not evidenced
      or
      represented by any stock certificate, certificated security or other instrument,
      together with the certificates representing such equity interests, all options
      and other rights, contractual or otherwise, in respect thereof and all
      dividends, distributions, cash, instruments, investment property and any other
      property (including, but not limited to, any stock dividend and any distribution
      in connection with a stock split) from time to time received, receivable or
      otherwise distributed in respect of or in exchange for any or all of the
      foregoing and all cash and noncash proceeds thereof (collectively, the
"Pledged
      Shares"); 

     

    (b) all
      present and future increases, profits, combinations, reclassifications, and
      substitutes and replacements for all or part of the foregoing Collateral
      heretofore described;

     

    (c) all
      investment property, financial assets, securities, capital stock, other equity
      interests, stock options and commodity contracts of such Pledgor, all notes,
      debentures, bonds, promissory notes or other evidences of indebtedness payable
      or owing to such Pledgor, and all other assets now or hereafter received or
      receivable with respect to the foregoing;

    
      
        
        

      

      
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    (d) all
      securities entitlements of such Pledgor in any and all of the foregoing;
      and

     

    (e) all
      proceeds (including proceeds of proceeds) of any and all of the
      foregoing;

     

    in
      each
      case, whether now owned or hereafter acquired by such Pledgor and howsoever
      its
      interest therein may arise or appear (whether by ownership, security interest,
      Lien, claim or otherwise).

     

    Notwithstanding
      anything herein to the contrary, the term "Collateral"
      shall
      not include in the case of a Subsidiary organized under the laws of a
      jurisdiction other than the United States, any of the states thereof or the
      District of Columbia (a "Foreign
      Subsidiary"),
      more
      than 65% (or
      such
      greater percentage that,
      due
      to a change in applicable law after the date hereof, (i) would not reasonably
      be
      expected to cause the undistributed earnings of such Foreign Subsidiary as
      determined for United States federal income tax purposes to be treated as a
      deemed dividend to such Foreign Subsidiary's United States parent and (ii)
      would
      not reasonably be expected to cause any
      material
      adverse tax consequences) of the issued and outstanding shares of Capital
      Stock of such Foreign Subsidiary entitled to vote (within the meaning of Treas.
      Reg. Section 1.956-2(c)(2)) (it being understood and agreed that the Collateral
      shall include 100% of
      the
      issued and outstanding shares of Capital
      Stock of such Foreign Subsidiary not entitled to vote (within the meaning of
      Treas. Reg. Section 1.956-2(c)(2)) or other equity interest of such Foreign
      Subsidiary). "Capital
      Stock"
      means
      (i) with respect to any Person that is a corporation, any and all shares,
      interests, participations or other equivalents (however designated and whether
      or not voting) of corporate stock, and (ii) with respect to any Person that
      is
      not a corporation, any and all partnership, membership or other equity interests
      of such Person. "Person"
      means an
      individual, corporation, limited liability company, partnership, association,
      joint-stock company, trust, unincorporated organization, joint venture or other
      enterprise or entity or Governmental Authority. "Governmental
      Authority"
      means
      any nation or government, any Federal, state, city, town, municipality, county,
      local or other political subdivision thereof or thereto and any department,
      commission, board, bureau, instrumentality, agency or other entity exercising
      executive, legislative, judicial, taxing, regulatory or administrative powers
      or
      functions of or pertaining to government.

     

    The
      Pledgors agree that the pledge of the shares of Capital Stock acquired by a
      Pledgor of any and all Persons now or hereafter existing who is a Foreign
      Subsidiary may be supplemented by one or more separate pledge agreements, deeds
      of pledge, share charges, or other similar agreements or instruments, executed
      and delivered by the relevant Pledgors in favor of the Collateral Agent, which
      pledge agreements will provide for the pledge of such shares of Capital Stock
      in
      accordance with the laws of the applicable foreign jurisdiction. With respect
      to
      such shares of Capital Stock, the Collateral Agent may, at any time and from
      time to time, in its sole discretion, take actions in such foreign jurisdictions
      that will result in the perfection of the Lien created in such shares of Capital
      Stock.

    
      
        
        

      

      
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    SECTION
      3. Security
      for Obligations. The security interest created hereby in the Collateral
      constitutes continuing collateral security for all of the following obligations,
      whether now existing or hereafter incurred (the "Obligations"):

     

    (a) (i)
      the
      payment by the Company, as and when due and payable (by scheduled maturity,
      required prepayment, acceleration, demand or otherwise), of all amounts from
      time to time owing by it in respect of the Securities Purchase Agreement, the
      Notes and the other Transaction Documents, and (ii) the payment by each of
      the
      Guarantors (as defined in the Guaranty), as and when due and payable of all
      “Guaranteed Obligations” under (and as defined in) the Guaranty, including,
      without limitation, (A) all principal of and interest on the Notes (including,
      without limitation, all interest that accrues after the commencement of any
      bankruptcy proceeding of the Pledgors, whether or not the payment of such
      interest is unenforceable or is not allowable due to the existence of such
      bankruptcy proceeding), and (B) all fees, commissions, expense reimbursements,
      indemnifications and all other amounts due or to become due under any of the
      Transaction Documents; and

     

    (b) the
      due
      performance and observance by each Pledgor of all of its other obligations
      from
      time to time existing in respect of any of the Transaction Documents for so
      long
      as the Notes are outstanding.

     

    SECTION
      4. Delivery
      of the Collateral.

     

    (a) All
      certificates currently representing the Pledged Shares shall be delivered to
      the
      Collateral Agent on or prior to the date of execution and delivery of this
      Agreement. All other promissory notes, certificates and instruments constituting
      Collateral from time to time or required to be pledged to the Collateral Agent
      pursuant to the terms of this Agreement (the "Additional
      Collateral")
      shall
      be delivered to the Collateral Agent promptly upon receipt thereof by or on
      behalf of any of the Pledgors. All such promissory notes, certificates and
      instruments shall be held by the Collateral Agent pursuant hereto and shall
      be
      delivered in suitable form for transfer by delivery or shall be accompanied
      by
      duly executed instruments of transfer or assignment or undated stock powers
      executed in blank, all in form and substance reasonably satisfactory to the
      Collateral Agent. If any Collateral consists of uncertificated securities,
      unless the immediately following sentence is applicable thereto, the Pledgors
      shall cause the Collateral Agent (or its designated custodian, nominee or other
      designee) to become the registered holder thereof, or cause each issuer of
      such
      securities to agree that it will comply with instructions originated by the
      Collateral Agent (or its designated custodian, nominee or other designee) with
      respect to such securities without further consent by the Pledgors. If any
      Collateral consists of securities entitlements, the Pledgors shall transfer
      such
      securities entitlements to the Collateral Agent (or its designated custodian,
      nominee or other designee) or cause the applicable securities intermediary
      to
      agree that it will comply with entitlement orders by the Collateral Agent (or
      its designated custodian, nominee or other designee) without further consent
      by
      the Pledgors. 

     

    (b) Promptly
      upon the receipt by any Pledgor of any Additional Collateral, a Pledge
      Amendment, duly executed by such Pledgor, in substantially the form of
Annex
      I
      hereto
      (a "Pledge
      Amendment"),
      shall
      be delivered to the Collateral Agent, in respect of the Additional Collateral
      which is or are to be pledged pursuant to this Agreement, which Pledge Amendment
      shall from and after delivery thereof constitute part of Schedule
      I
      hereto.
      Each Pledgor hereby authorizes the Collateral Agent to attach each Pledge
      Amendment to this Agreement and agrees that all promissory notes, certificates
      or instruments listed on any Pledge Amendment shall for all purposes hereunder
      constitute Collateral and such Pledgor shall be deemed upon delivery thereof
      to
      have made the representations and warranties set forth in Section
      5
      with
      respect to such Additional Collateral as of the date of the Pledge
      Amendment.

     

    
      
        
        

      

      
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    (c) If
      any
      Pledgor shall receive, by virtue of such Pledgor's being or having been an
      owner
      of any Collateral, any (i) stock certificate (including, without limitation,
      any
      certificate representing a stock dividend or distribution in connection with
      any
      increase or reduction of capital, reclassification, merger, consolidation,
      sale
      of assets, combination of shares, stock split, spin-off or split-off),
      promissory note or other instrument, (ii) option or right, whether as an
      addition to, substitution for, or in exchange for, any Collateral, or otherwise,
      (iii) dividends payable in cash (except such dividends permitted to be
      retained by such Pledgor pursuant to Section
      7
      hereof)
      or in securities or other property or (iv) dividends, distributions, cash,
      instruments, investment property and other property in connection with a partial
      or total liquidation or dissolution or in connection with a reduction of
      capital, capital surplus or paid-in surplus, such Pledgor shall receive such
      stock certificate, promissory note, instrument, option, right, payment or
      distribution in trust for the benefit of the Collateral Agent, shall segregate
      it from such Pledgor's other property and shall deliver it forthwith to the
      Collateral Agent in the exact form received, with any necessary endorsement
      and/or appropriate stock powers duly executed in blank, to be held by the
      Collateral Agent as Collateral and as further collateral security for the
      Obligations.

     

    SECTION
      5. Representations
      and Warranties. Each Pledgor jointly and severally represents and warrants
      as of the date of this Agreement as follows:

     

    (a) Each
      Pledgor (i) is a corporation, limited liability company or limited partnership
      duly organized, validly existing and in good standing under the laws of the
      state or jurisdiction of its organization, and (ii) has all corporate, limited
      liability company or limited partnership power and authority to execute, deliver
      and perform this Agreement.

     

    (b) The
      execution, delivery and performance by each Pledgor of this Agreement (i) have
      been duly authorized by all necessary corporate, limited liability company
      or
      limited partnership action, (ii) do not and will not contravene its charter
      or
      bylaws, its limited liability company or operating agreement or its certificate
      of partnership or partnership agreement, as applicable, or any applicable law
      or
      any material contractual restriction binding on or affecting it or any of its
      properties, and (iii) do not and will not result in or require the creation
      of
      any Lien upon or with respect to any of its properties, other than pursuant
      to
      this Agreement.

     

    (c) The
      issuers of the Pledged Shares set forth in Schedule
      I
      hereto
      are the
      Pledgors' only Subsidiaries existing on the date hereof. The
      Pledged Shares have been duly authorized and validly issued, are fully paid
      and
      nonassessable and the holders thereof are not entitled to any preemptive first
      refusal or other similar rights.
      Except
      as noted in Schedule
      I
      hereto,
      the Pledged Shares constitute 100% of the issued shares of capital stock,
      partnership interests or membership or other equity interests, as applicable,
      of
      the Subsidiaries. All other shares of stock constituting Collateral will be,
      when issued, duly authorized and validly issued, fully paid and
      nonassessable.

    
      
        
        

      

      
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    (d) The
      Pledgors are and will be at all times the legal and beneficial owners of the
      Collateral free and clear of any Lien, other than Permitted Liens.

     

    (e) The
      exercise by the Collateral Agent of any of its rights and remedies hereunder
      will not contravene any law or any material contractual restriction binding
      on
      or affecting any Pledgor or any of the properties of any Pledgor and will not
      result in or require the creation of any Lien upon or with respect to any of
      the
      properties of any Pledgor other than pursuant to this Agreement and the other
      Transaction Documents.

     

    (f) No
      authorization or approval or other action by, and no notice to or filing with,
      any Governmental Authority is required to be obtained by any Pledgor for (i)
      the
      due execution, delivery and performance by any Pledgor of this Agreement, (ii)
      the grant by any Pledgor, or the perfection of the security interest and Lien
      purported to be created hereby in the Collateral (other than the filing of
      financing statements), or (iii) the exercise by the Collateral Agent of any
      of
      its rights and remedies hereunder, except as may be required in connection
      with
      any sale of any Collateral by laws affecting the offering and sale of securities
      generally.

     

    (g) This
      Agreement creates a valid security interest and Lien in favor of the Collateral
      Agent in the Collateral, as security for the Obligations. The Collateral Agent's
      filing of financing statements and/or having possession of the promissory notes
      evidencing the Collateral, the certificates representing the Pledged Shares
      and
      all other certificates, instruments and cash constituting Collateral from time
      to time results in the perfection of the security interest in such Collateral.
      Such security interest and Lien is, or in the case of Collateral in which any
      of
      the Pledgors obtains rights after the date hereof, will be, a perfected Lien.
      All action necessary to perfect and protect such security interest and Lien
      has
      been duly taken, except
      for the filing of financing statements and/or the Collateral Agent's having
      possession of certificates, instruments, securities entitlements and cash
      constituting Collateral
      after
      the date hereof.

     

    SECTION
      6. Covenants
      as to the Collateral. So long as any Obligations shall remain outstanding
      and the Securities Purchase Agreement and the other Transaction Documents shall
      not have been terminated, each Pledgor will, unless the Collateral Agent shall
      otherwise consent in writing:

     

    (a) keep
      adequate records concerning the Collateral owned or purported to be owned by
      it,
      and permit, subject to Section 4 (i) of the Securities Purchase Agreement,
      the
      Collateral Agent, or any designees or representatives thereof at time or from
      time to time during reasonable hours after prior written notice to examine
      and
      make copies of and abstracts from such records;

     

    (b) at
      the
      Pledgors' joint and several expense, promptly deliver to the Collateral Agent
      a
      copy of each material notice or other material communication received by any
      Pledgor in respect of the Collateral;

    
      
        
        

      

      
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    (c) at
      the
      Pledgors' joint and several expense, defend the Collateral Agent's right, title
      and security interest in and to the Collateral against the claims of any Person
      (other than the holders of Permitted Liens);

     

    (d) at
      the
      Pledgors' joint and several expense, at any time and from time to time, promptly
      execute and deliver all further instruments and documents and take all further
      action that may be necessary or that the Collateral Agent may reasonably request
      in order to (i) perfect and protect, or maintain the perfection of, the
      security interest and Lien purported to be created hereby, (ii) enable the
      Collateral Agent to exercise and enforce its rights and remedies hereunder
      in
      respect of the Collateral or (iii) otherwise effect the purposes of this
      Agreement, including, without limitation, delivering to the Collateral Agent
      irrevocable proxies in respect of the Collateral for exercise pursuant to
      Section 7 hereof;

     

    (e) not
      sell,
      assign (by operation of law or otherwise), exchange or otherwise dispose of
      any
      Collateral or any interest therein except in the ordinary course of business
      or
      as expressly permitted by the Securities Purchase Agreement or the
      Notes;

     

    (f) not
      create or suffer to exist any Lien upon or with respect to any Collateral,
      except for Permitted Liens;

     

    (g) not
      make
      or consent to any amendment or other modification or waiver with respect to
      any
      Collateral or enter into any agreement or permit to exist any restriction with
      respect to any Collateral other than pursuant to the Transaction
      Documents;

     

    (h) except
      as
      expressly permitted by the Securities Purchase Agreement, not permit the
      issuance of (i) any additional shares of any class of capital stock, partnership
      interests, member interests or other equity of any Subsidiary, (ii) any
      securities convertible voluntarily by the holder thereof or automatically upon
      the occurrence or non-occurrence of any event or condition into, or exchangeable
      for, any such shares of capital stock of any Subsidiary or (iii) any warrants,
      options, contracts or other commitments entitling any Person to purchase or
      otherwise acquire any such shares of capital stock of any
      Subsidiary;

     

    (i) not
      issue
      any stock certificate, certificated security or other instrument to evidence
      or
      represent any shares of capital stock, any partnership interest or membership
      interest of any Subsidiary described in Schedule
      I
      hereto,
      except as issued in accordance with the Transaction Document or as previously
      issued and delivered to Collateral Agent in accordance with the terms of this
      Agreement; and

     

    (j) not
      take
      or fail to take any action which would in any manner impair the validity or
      enforceability of the Collateral Agent's security interest in and Lien on any
      Collateral.

    
      
        
        

      

      
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    SECTION
      7. Voting
      Rights, Dividends, Etc. in Respect of the Collateral.

     

    (a) So
      long
      as no Event of Default (as defined in the Notes) (an "Event
      of Default") shall
      have occurred and be continuing:

     

    (i) each
      Pledgor may exercise any and all voting and other consensual rights pertaining
      to any Collateral for any purpose not inconsistent with the terms of this
      Agreement, the Securities Purchase Agreement or the other Transaction
      Documents;

     

    (ii) the
      Pledgors may receive and retain any and all dividends, interest or other
      distributions paid in respect of the Collateral to the extent permitted by
      the
      Securities Purchase Agreement; provided,
      however,
      that
      any and all (A) dividends and interest paid or payable other than in cash in
      respect of, and instruments and other property received, receivable or otherwise
      distributed in respect of or in exchange for, any Collateral, (B) dividends
      and
      other distributions paid or payable in cash in respect of any Collateral in
      connection with a partial or total liquidation or dissolution or in connection
      with a reduction of capital, capital surplus or paid-in surplus, and (C) cash
      paid, payable or otherwise distributed in redemption of, or in exchange for,
      any
      Collateral, together with any dividend, distribution, interest or other payment
      which at the time of such dividend, distribution, interest or other payment
      was
      not permitted by the Securities Purchase Agreement, shall be, and shall
      forthwith be delivered to the Collateral Agent to hold as, Collateral and shall,
      if received by any of the Pledgors, be received in trust for the benefit of
      the
      Collateral Agent, shall be segregated from the other property or funds of the
      Pledgors, and shall be forthwith delivered to the Collateral Agent in the exact
      form received with any necessary indorsement and/or appropriate stock powers
      duly executed in blank, to be held by the Collateral Agent as Collateral and
      as
      further collateral security for the Obligations; and

     

    (iii) the
      Collateral Agent will execute and deliver (or cause to be executed and
      delivered) to a Pledgor all such proxies and other instruments as such Pledgor
      may reasonably request for the purpose of enabling such Pledgor to exercise
      the
      voting and other rights which it is entitled to exercise pursuant to paragraph
      (i) of this Section
      7(a)
      and to
      receive the dividends, distributions, interest and other payments which it
      is
      authorized to receive and retain pursuant to paragraph (ii) of this Section
      7(a),
      in each
      case, to the extent that the Collateral Agent has possession of such
      Collateral.

     

    (b) Upon
      the
      occurrence and during the continuance of an Event of Default:

     

    (i) all
      rights of each Pledgor to exercise the voting and other consensual rights which
      it would otherwise be entitled to exercise pursuant to paragraph (i) of
      subsection (a) of this Section
      7,
      and to
      receive the dividends, distributions, interest and other payments which it
      would
      otherwise be authorized to receive and retain pursuant to paragraph (ii) of
      subsection (a) of this Section 7,
      shall
      cease, and all such rights shall thereupon become vested in the Collateral
      Agent
      which shall thereupon have the sole right to exercise such voting and other
      consensual rights and to receive and hold as Collateral such dividends,
      distributions, interest and other payments;

    
      
        
        

      

      
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    (ii) without
      limiting the generality of the foregoing, the Collateral Agent may at its option
      exercise any and all rights of conversion, exchange, subscription or any other
      rights, privileges or options pertaining to any of the Collateral as if it
      were
      the absolute owner thereof, including, without limitation, the right to
      exchange, in its discretion, any and all of the Collateral upon the merger,
      consolidation, reorganization, recapitalization or other adjustment of any
      issuer of the Collateral or upon the exercise by any issuer of the Collateral
      of
      any right, privilege or option pertaining to any Collateral, and, in connection
      therewith, to deposit and deliver any and all of the Collateral with any
      committee, depository, transfer collateral agent, registrar or other designated
      collateral agent upon such terms and conditions as it may determine; and

     

    (iii) all
      dividends, distributions, interest and other payments which are received by
      any
      Pledgor contrary to the provisions of paragraph (i) of this Section
      7(b)
      shall be
      received in trust for the benefit of the Collateral Agent, shall be segregated
      from other funds of such Pledgor, and shall be forthwith paid over to the
      Collateral Agent as Collateral in the exact form received with any necessary
      indorsement and/or appropriate stock powers duly executed in blank, to be held
      by the Collateral Agent as Collateral and as further collateral security for
      the
      Obligations.

     

    SECTION
      8. Additional
      Provisions Concerning the Collateral.

     

    (a) Each
      Pledgor hereby (i) authorizes the Collateral Agent to file one or more financing
      or continuation statements, and amendments thereto, relating to the Collateral,
      without the signature of such Pledgor where permitted by law, (ii) ratifies
      such
      authorization to the extent that the Collateral Agent has filed any such
      financing or continuation statements, or amendments thereto, without the
      signature of such Pledgor prior to the date hereof and (iii) authorizes the
      Collateral Agent to execute any agreements, instruments or other documents
      in
      such Pledgor's name and to file such agreements, instruments or other documents
      to perfect, protect or enforce the security interest and Lien of the Collateral
      Agent in the Collateral or as provided under Article 8 or Article 9 of the
      Code
      in any appropriate filing office. 

     

    (b) Each
      Pledgor hereby irrevocably appoints the Collateral Agent as its attorney-in-fact
      and proxy, with full authority in the place and stead and in its name or
      otherwise, from time to time in the Collateral Agent's discretion to take any
      action and to execute any instrument which the Collateral Agent may deem
      necessary or advisable to accomplish the purposes of this Agreement (subject
      to
      the rights of such Pledgor under Section
      7(a)
      hereof),
      including, without limitation, to receive, indorse and collect all instruments
      made payable to such Pledgor representing any dividend, interest payment or
      other distribution in respect of any Collateral and to give full discharge
      for
      the same. This power is coupled with an interest and is irrevocable until the
      termination of this Agreement in accordance with Section 13(e)
      hereof.

     

    (c) If
      any
      Pledgor fails to perform any agreement or obligation contained herein, the
      Collateral Agent itself may perform, or cause performance of, such agreement
      or
      obligation, and the expenses of the Collateral Agent incurred in connection
      therewith shall be jointly and severally payable by the Pledgors pursuant to
      Section
      10
      hereof
      and shall be secured by the Collateral.

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    (d) Other
      than the exercise of reasonable care to assure the safe custody of the
      Collateral while held hereunder, the Collateral Agent shall have no duty or
      liability to preserve rights pertaining thereto and shall be relieved of all
      responsibility for the Collateral upon surrendering it or tendering surrender
      of
      it to any of the Pledgors. The Collateral Agent shall be deemed to have
      exercised reasonable care in the custody and preservation of the Collateral
      in
      its possession if the Collateral is accorded treatment substantially equal
      to
      that which the Collateral Agent accords its own property, it being understood
      that the Collateral Agent shall not have responsibility for (i) ascertaining
      or
      taking action with respect to calls, conversions, exchanges, maturities, tenders
      or other matters relating to any Collateral, whether or not the Collateral
      Agent
      has or is deemed to have knowledge of such matters, or (ii) taking any necessary
      steps to preserve rights against any parties with respect to any
      Collateral.

     

    (e) The
      powers conferred on the Collateral Agent hereunder are solely to protect its
      interest in the Collateral and shall not impose any duty upon it to exercise
      any
      such powers. Except for the safe custody of any Collateral in its possession
      and
      the accounting for monies actually received by it hereunder, the Collateral
      Agent shall have no duty as to any Collateral or as to the taking of any
      necessary steps to preserve rights against prior parties or any other rights
      pertaining to any Collateral.

     

    (f) Upon
      the
      occurrence and during the continuation of an Event of Default, the Collateral
      Agent may at any time in its discretion (i) without notice to the Pledgors,
      transfer or register in the name of the Collateral Agent or any of its nominees
      any or all of the Collateral, subject only to the revocable rights of the
      Pledgors under Section
      7(a)
      hereof,
      and (ii) exchange certificates or instruments constituting Collateral for
      certificates or instruments of smaller or larger denominations. 

     

    SECTION
      9. Remedies
      Upon Default. If any Event of Default shall have occurred and be
      continuing:

     

    (a) The
      Collateral Agent may exercise in respect of the Collateral, in addition to
      other
      rights and remedies provided for herein or otherwise available to it, all of
      the
      rights and remedies of a secured party on default under the Code then in effect
      in the State of New York; and without limiting the generality of the foregoing
      and without notice except as specified below, sell the Collateral or any part
      thereof in one or more parcels at public or private sale, at any exchange or
      broker's board or elsewhere, at such price or prices and on such other terms
      as
      the Collateral Agent may deem commercially reasonable. The Pledgors agree that,
      to the extent notice of sale shall be required by law, at least ten (10) days'
      notice to any of the Pledgors of the time and place of any public sale or the
      time after which any private sale is to be made shall constitute reasonable
      notification. The Collateral Agent shall not be obligated to make any sale
      of
      Collateral regardless of notice of sale having been given. The Collateral Agent
      may adjourn any public or private sale from time to time by announcement at
      the
      time and place fixed therefor, and such sale may, without further notice, be
      made at the time and place to which it was so adjourned.

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    
      (b) Each
        Pledgor recognizes that it may be impracticable to effect a public sale of
        all
        or any part of the Pledged Shares or any other securities constituting
        Collateral and that the Collateral Agent may, therefore, determine to make
        one
        or more private sales of any such securities to a restricted group of purchasers
        who will be obligated to agree, among other things, to acquire such securities
        for its own account, for investment and not with a view to the distribution
        or
        resale thereof. Each Pledgor acknowledges that any such private sale may
        be at
        prices and on terms less favorable to the seller than the prices and other
        terms
        which might have been obtained at a public sale and, notwithstanding the
        foregoing, agrees that such private sales shall be deemed to have been made
        in a
        commercially reasonable manner and that the Collateral Agent shall have no
        obligation to delay sale of any such securities for the period of time necessary
        to permit the issuer of such securities to register such securities for public
        sale under the Securities Act of 1933, as amended (the "Securities
        Act").
        Each
        Pledgor further acknowledges and agrees that any offer to sell such securities
        which has been (i) publicly advertised on a bona fide basis in a newspaper
        or
        other publication of general circulation in the financial community of New
        York,
        New York (to the extent that such an offer may be so advertised without prior
        registration under the Securities Act) or (ii) made privately in the manner
        described above to not less than fifteen (15) bona fide
        offerees
        shall be deemed to involve a "public disposition" for the purposes of Section
        9-610 of the Code (or any successor or similar, applicable statutory provision)
        as then in effect in the State of New York, notwithstanding that such sale
        may
        not constitute a "public offering" under the Securities Act, and that the
        Collateral Agent may, in such event, bid for the purchase of such
        securities.

       

    

    (c) Any
      cash
      held by the Collateral Agent as Collateral and all cash proceeds received by
      the
      Collateral Agent in respect of any sale of, collection from, or other
      realization upon, all or any part of the Collateral shall be applied (after
      payment of any amounts payable to the Collateral Agent pursuant to Section
      10
      hereof)
      by the Collateral Agent against, all or any part of the Obligations in such
      order as the Collateral Agent shall elect consistent with the provisions of
      the
      Securities Purchase Agreement.

     

    (d) In
      the
      event that the proceeds of any such sale, collection or realization are
      insufficient to pay all amounts to which the Collateral Agent is legally
      entitled, the Pledgors shall be jointly and severally liable for the deficiency,
      together with interest thereon at the highest rate specified in the Notes for
      interest on overdue principal thereof or such other rate as shall be fixed
      by
      applicable law, together with the costs of collection and the reasonable fees,
      costs and expenses of any attorneys employed by the Collateral Agent to collect
      such deficiency.

     

    SECTION
      10. Indemnity
      and Expenses.

     

    (a) Each
      of
      the Pledgors, jointly and severally, hereby agrees to indemnify and hold the
      Collateral Agent (and all of its officers, directors, employees, attorneys,
      and
      consultants) harmless from and against any and all claims, damages, losses,
      liabilities, obligations, penalties, fees, costs and expenses (including,
      without limitation, reasonable legal fees and disbursements of counsel) to
      the
      extent that they arise out of or otherwise result from this Agreement
      (including, without limitation, enforcement of this Agreement), except such
      claims, losses or liabilities arising or resulting directly from such Person's
      gross negligence or willful misconduct as determined by a court of competent
      jurisdiction.

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    
      (b) Each
        Pledgor shall be jointly and severally obligated for, and will upon demand
        pay
        to the Collateral Agent the reasonable amount of any and all out-of-pocket
        costs
        and expenses, including the reasonable fees and disbursements of the Collateral
        Agent's counsel and of any experts which the Collateral Agent may incur in
        connection with (i) the preparation, negotiation, execution, delivery,
        recordation, administration, amendment, waiver or other modification or
        termination of this Agreement, (ii) the custody, preservation, use or operation
        of, or the sale of, collection from, or other realization upon, any Collateral,
        (iii) the exercise or enforcement of any of the rights of the Collateral
        Agent
        hereunder, or (iv) the failure by any Pledgor to perform or observe any of
        the
        provisions hereof.

       

    

    SECTION
      11. Notices,
      Etc. All notices and other communications provided for hereunder shall be
      in
      writing and shall be mailed (by certified mail, postage prepaid and return
      receipt requested), sent by Federal Express or other recognized courier service
      (return receipt requested), telecopied or delivered, (a) if to any Pledgor,
      to
      it at the address specified for the Company in the Securities Purchase
      Agreement, or (b) if to the Collateral Agent, to it at the address specified
      in
      the Securities Purchase Agreement, or (c) as to either such Person at such
      other
      address as shall be designated by such Person in a written notice to such other
      Person complying as to delivery with the terms of this Section 11. All such
      notices and other communications shall be effective (i) if sent by certified
      mail, postage prepaid, return receipt requested, when received or three (3)
      Business Days after mailing, whichever first occurs, (ii) if telecopied, when
      transmitted and confirmation is received, provided same is on a Business Day
      and, if not, on the next Business Day or (iii) if delivered or sent by Federal
      Express or other recognized courier service (return receipt requested), upon
      delivery, provided same is on a Business Day and, if not, on the next Business
      Day. 

     

    SECTION
      12. Security
      Interest Absolute. All rights of the Collateral Agent, all Liens and all
      obligations of each of the Pledgors hereunder shall be absolute and
      unconditional irrespective of: (i) any lack of validity or enforceability of
      the
      Securities Purchase Agreement or any other Transaction Document, (ii) any change
      in the time, manner or place of payment of, or in any other term in respect
      of,
      all or any of the Obligations, or any other amendment or waiver of or consent
      to
      any departure from the Securities Purchase Agreement or any other Transaction
      Document, (iii) any exchange or release of, or non-perfection of any Lien on
      any
      Collateral, or any release or amendment or waiver of or consent to departure
      from any guaranty, for all or any of the Obligations, or (iv) any other
      circumstance which might otherwise constitute a defense available to, or a
      discharge of, any of the Pledgors in respect of the Obligations (other than
      the
      payment in full of the Obligations). All authorizations and agencies contained
      herein with respect to any of the Collateral are irrevocable and powers coupled
      with an interest.

     

    SECTION
      13. Miscellaneous.

     

    (a) No
      amendment of any provision of this Agreement shall be effective unless it is
      in
      writing and signed by each Pledgor and the Collateral Agent, and no waiver
      of
      any provision of this Agreement, and no consent to any departure by the Pledgors
      therefrom, shall be effective unless it is in writing and signed by the
      Collateral Agent, and then such waiver or consent shall be effective only in
      the
      specific instance and for the specific purpose for which given.

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    
      (b) No
        failure on the part of the Collateral Agent to exercise, and no delay in
        exercising, any right hereunder or under any other Transaction Document shall
        operate as a waiver hereof or thereof; nor shall any single or partial exercise
        of any such right preclude any other or further exercise hereof or thereof
        or
        the exercise of any other right. The rights and remedies of the Collateral
        Agent
        provided herein and in the other Transaction Documents are cumulative and
        are in
        addition to, and not exclusive of, any rights or remedies provided by law.
        The
        rights of the Collateral Agent under any Transaction Document against any
        party
        thereto are not conditional or contingent on any attempt by the Collateral
        Agent
        to exercise any of its rights under any other Transaction Document against
        such
        party or against any other Person.

       

    

    (c) Any
      provision of this Agreement which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining portions
      hereof or affecting the validity or enforceability of such provision in any
      other jurisdiction. 

     

    (d) This
      Agreement shall create a continuing security interest in and Lien on the
      Collateral and shall (i) remain in full force and effect until the termination
      of this Agreement in accordance with Section 13 (e) hereof and (ii) be
      binding on the Pledgors and their respective successors and assigns and shall
      inure, together with all rights and remedies of the Collateral Agent, to the
      benefit of the Collateral Agent and its successors, transferees and assigns.
      Without limiting the generality of clause (ii) of the immediately preceding
      sentence, the Collateral Agent may assign or otherwise transfer its rights
      and
      obligations under this Agreement and any other Transaction Document to any
      other
      Person pursuant to the terms of the Securities Purchase Agreement, and such
      other Person shall thereupon become vested with all of the benefits in respect
      thereof granted to the Collateral Agent herein or otherwise. Upon any such
      assignment or transfer, all references in this Agreement to the Collateral
      Agent
      shall mean the assignee of the Collateral Agent. None of the rights or
      obligations of any of the Pledgors hereunder may be assigned or otherwise
      transferred without the prior written consent of the Collateral Agent, and
      any
      such assignment or transfer without such consent shall be null and
      void.

     

    (e) Notwithstanding
      anything to the contrary in this Agreement, (i) this Agreement (along with
      all
      powers of attorney granted hereunder) and the security interests and Lien
      created hereby shall terminate and all rights to the Collateral shall revert
      to
      the Pledgors upon the repayment in full and/or complete conversion to equity
      securities of the Company of all indebtedness obligations owed by the Company
      to
      the Buyers under the Notes (including, without limitation, all principal,
      interest and fees related to the Notes), and (ii) the Collateral Agent will,
      upon each Pledgor's request and at each such Pledgor's expense, (A) return
      to
      such Pledgor such of the Collateral (to the extent delivered to the Collateral
      Agent) as shall not have been sold or otherwise disposed of or applied pursuant
      to the terms hereof, and (B) execute and deliver to such Pledgor, without
      recourse, representation or warranty, such documents as such Pledgor shall
      reasonably request to evidence such termination.

     

    (f) The
      internal laws, and not the laws of conflicts, of New York shall govern the
      enforceability and validity of this Agreement, the construction of its terms
      and
      the interpretation of the rights and duties of the parties, except as required
      by mandatory provisions of law and except to the extent that the validity and
      perfection or the perfection and the effect of perfection or non-perfection
      of
      the security interest and Lien created hereby, or remedies hereunder, in respect
      of any particular Collateral are governed by the law of a jurisdiction other
      than the State of New York.

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    (g) Each
      party to this Agreement hereby irrevocably and unconditionally submits, for
      itself and its property, to the exclusive jurisdiction of the United States
      District Court for the Southern District of New York sitting in Manhattan or
      the
      Commercial Division, Civil Branch of the Supreme Court of the State of Yew
      York
      sitting in New York County in connection with any suit, action or proceeding
      directly or indirectly arising out of, under or in connection with this
      Agreement or the other Transaction Documents or the transactions contemplated
      hereby or thereby. No party to this Agreement may move to (i) transfer any
      such
      suit, action or proceeding brought in such New York court or federal court
      to
      another jurisdiction, (ii) consolidate any such suit, action or proceeding
      brought in such New York court or federal court with a suit, action or
      proceeding in another jurisdiction or (iii) dismiss any such suit, action or
      proceeding brought in such New York court or federal court for the purpose
      of
      bringing the same in another jurisdiction. Each party to this Agreement agrees
      that a final judgment in any such suit, action or proceeding shall be conclusive
      and may be enforced in any other jurisdiction by suit on the judgment or in
      any
      other manner provided by law. Each party to this Agreement hereby irrevocably
      and unconditionally waives, to the fullest extent it may legally and effectively
      do so, any objection which it may now or hereafter have to the laying of venue
      of any suit, action or proceeding arising out of or relating to this Agreement
      or the other Transaction Documents, in any New York court sitting in the County
      of New York or any federal court sitting in the Southern District of New
      York.

     

    (h) Each
      Pledgor irrevocably consents to the service of process of any of the aforesaid
      courts in any such action, suit or proceeding by the mailing of copies thereof
      by registered or certified mail (or any substantially similar form of mail),
      postage prepaid, to such
      Pledgor at its address provided herein, such service to become effective when
      received or 10 days after such mailing, whichever first occurs.

     

    (i) Nothing
      contained herein shall affect the right of the Collateral Agent to serve process
      in any other manner permitted by law or commence legal proceedings or otherwise
      proceed against any Pledgor or any property of any Pledgor in any other
      jurisdiction.

     

    (j) Each
      Pledgor irrevocably and unconditionally waives any right it may have to claim
      or
      recover in any legal action, suit or proceeding referred to in this Section
      any
      special, exemplary, punitive or consequential damages.

     

    (k) EACH
      PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
      ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR
      PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
      THIS AGREEMENT OR OTHER TRANSACTION DOCUMENTS.

     

    (l) The
      headings herein are for convenience only, do not constitute a part of this
      Agreement and shall not be deemed to limit or affect any of the provisions
      hereof. The language used in this Agreement will be deemed to be the language
      chosen by the parties to express their mutual intent, and no rules of strict
      construction will be applied against any party.

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    (m) This
      Agreement may be executed in any number of counterparts and by different parties
      hereto in separate counterparts, each of which shall be deemed to be an
      original, but all of which taken together shall constitute one and the same
      agreement.

     

    (n) All
      of
      the obligations of the Pledgors hereunder are joint and several. The Collateral
      Agent may, in its sole and absolute discretion, enforce the provisions hereof
      against any of the Pledgors and shall not be required to proceed against all
      Pledgors jointly or seek payment from the Pledgors ratably. In addition, the
      Collateral Agent may, in its sole and absolute discretion, select the Collateral
      of any one or more of the Pledgors for sale or application to the Obligations,
      without regard to the ownership of such Collateral, and shall not be required
      to
      make such selection ratably from the Collateral owned by all of the Pledgors.
      The release or discharge of any Pledgor by the Collateral Agent shall not
      release or discharge any other Pledgor from the obligations of such Person
      hereunder.

     

    

    [Signature
      Page Follows]

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    In
      WITNESS WHEREOF,
      each
      Pledgor has caused this Agreement to be executed and delivered by its officer
      thereunto duly authorized, as of the date first above written.

     

    
      	RxElite,
              Inc.
	 	 
	 	 
	 	 
	By:	
              /s/
                Jonathan Houssian

            
	 	
              Name: Jonathan
                Houssian

            
	 	
              Title:  
                President and Chief Executive
                Officer

            

    

     

    

      Pledge
        Agreement

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              ACCEPTED
                BY:

            
	 
	
              CASTLERIGG
                MASTER INVESTMENTS LTD.

            
	 
	
              By:      SANDELL ASSET
                MANAGEMENT CORP. 

            
	 
	
              By:      /s/
                Patrick
                Burke                           
                

            
	
              Name:
                Patrick Burke

            
	
              Title:  
                Senior Managing Director

            

    

     

    

      Pledge
        Agreement<PAGE>
                                                                     Exhibit 4.8
                             Dated December 4, 2007

                        SOLARFUN POWER HOLDINGS CO., LTD.

                                       and

                   GOOD ENERGIES INVESTMENTS (JERSEY) LIMITED

                                       and

                   YONGHUA SOLAR POWER INVESTMENT HOLDING LTD.

                                       and

        CITIGROUP VENTURE CAPITAL INTERNATIONAL GROWTH PARTNERSHIP, L.P.

                                       and

           CITIGROUP VENTURE CAPITAL INTERNATIONAL CO-INVESTMENT, L.P.

                                       AND

                            WHF INVESTMENT CO., LTD.

                          SECOND SHAREHOLDERS AGREEMENT
                                       OF
                        SOLARFUN POWER HOLDINGS CO., LTD.

(LINKLATERS LOGO)

Linklaters LLP
1345 Avenue of the Americas
New York, NY 10105

Telephone (+1) 212 903 9000
Facsimile (+1) 212 903 9100

Ref L-A08677742

<PAGE>

1    DEFINITIONS...............................................................1

   1.1    DEFINITIONS..........................................................1
   1.2    ADDITIONAL DEFINITIONS...............................................5
   1.3    CONSTRUCTION.........................................................5

2    REPRESENTATIONS AND WARRANTIES............................................6

   2.1    REPRESENTATIONS AND WARRANTIES OF THE PARTIES........................6

3    CORPORATE GOVERNANCE......................................................7

   3.1    GENERAL..............................................................7
   3.2    GOOD ENERGIES NOMINEES TO THE BOARD..................................7
   3.3    COMMITTEES OF THE BOARD AND SUBSIDIARY DIRECTORS.....................8
   3.4    REMOVAL OF GOOD ENERGIES NOMINEES....................................8
   3.5    APPOINTMENT OF EXECUTIVE OFFICERS....................................8
   3.6    CONSULTATION RIGHT...................................................8
   3.7    CONTINUATION OF THE CHAIRMAN.........................................9

4    TRANSFER OF SHARES........................................................9

   4.1    GENERAL..............................................................9
   4.2    RIGHT OF FIRST REFUSAL..............................................10
   4.3    NO CIRCUMVENTION OF SHARE TRANSFER RESTRICTIONS.....................11

5    TERM AND TERMINATION.....................................................11

   5.1    TERM AND TERMINATION................................................11
   5.2    EFFECT OF TERMINATION...............................................11
   5.3    PARTY-SPECIFIC TERMINATION..........................................12

6    GOVERNING LAW AND RESOLUTION OF DISPUTES.................................12

   6.1    GOVERNING LAW.......................................................12
   6.2    DISPUTE RESOLUTION FORUM............................................12
   6.3    SPECIFIC PERFORMANCE................................................13
   6.4    WAIVER OF IMMUNITIES................................................13
   6.5    PERFORMANCE PENDING DISPUTE RESOLUTION..............................14
   6.6    SURVIVAL............................................................14

7    MISCELLANEOUS............................................................14

   7.1    NO PARTNERSHIP; AGENCY..............................................14
   7.2    ENTIRE AGREEMENT; FIRST SHAREHOLDERS AGREEMENT......................14
   7.3    BINDING EFFECT; BENEFIT.............................................14
   7.4    ASSIGNMENT..........................................................15
   7.5    AMENDMENT; WAIVER...................................................15
   7.6    NOTICES.............................................................15
   7.7    COUNTERPARTS........................................................16
   7.8    SEVERABILITY........................................................16
   7.9    FURTHER ACTS AND ASSURANCES.........................................16
   7.10   CONFLICT............................................................17

                                       1
<PAGE>
This SECOND SHAREHOLDERS AGREEMENT (this "AGREEMENT") dated as of December 4,
2007, is made by and among the shareholders listed on Schedule A hereto (each, a
"SHAREHOLDER" and collectively, the "SHAREHOLDERS"), GOOD ENERGIES INVESTMENTS
(JERSEY) LIMITED, a company organized under the laws of Jersey ("GOOD ENERGIES")
and SOLARFUN POWER HOLDINGS CO. LTD., a company incorporated in the Cayman
Islands (the "COMPANY").

WHEREAS:

(A)  Good Energies has previously entered into a Stock Purchase Agreement, dated
     December 4, 2007 (the "STOCK PURCHASE AGREEMENT"), by and among the
     Shareholders and Good Energies, pursuant to which Good Energies has agreed
     to purchase an aggregate total of 66,745,638 of the Company's ordinary
     shares of the Company, par value US$0.0001 per share ("ORDINARY SHARES")
     and 281,011 American Depositary Shares, each representing five (5) Ordinary
     Shares (the "AMERICAN DEPOSITARY SHARES");

(B)  In connection with the Stock Purchase Agreement, the Shareholders have
     agreed to enter into this Agreement;

(C)  Following the completion of the transactions set forth in the Stock
     Purchase Agreement (the "CLOSING"), the Shareholders will continue to own
     that number of Ordinary Shares and/or American Depositary Shares as set
     forth on SCHEDULE A (together with any other Ordinary Shares, American
     Depositary Shares or other Equity Securities of the Company that are
     Beneficially Owned by any Shareholder or Permitted Transferee during the
     term of this Agreement, the "SHARES"), and the Shareholders and Good
     Energies wish to provide for certain rights and obligations regarding the
     Company as set forth herein;

(D)  Certain of the Shareholders and other Persons have previously entered into
     a Shareholders Agreement, dated June 27, 2006 (the "FIRST SHAREHOLDERS
     AGREEMENT"); and

(E)  The Board of Directors of the Company, recognizing the benefit of having
     Good Energies as a strategic Shareholder in the Company to assist the
     Company in the development of its business and achieve the maximization of
     the value of the Company to all of its Shareholders and other
     constituencies, has determined that it is advisable and in the best
     interests of the Company for the Company to enter into this Agreement;

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth
below and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, and intending to be legally bound, the parties
hereto agree as follows:

1    DEFINITIONS

     1.1  DEFINITIONS

     The following terms shall have the following meanings for purposes of this
     Agreement:

          1.1.1     "AFFILIATE" means, with respect to any Person, any
                    other Person directly or indirectly controlling, controlled
                    by, or under common control with such Person (including any
                    Subsidiary) and "AFFILIATES" and "AFFILIATED" shall have

                                       1
<PAGE>

                    correlative meanings. For the purpose of this definition,
                    the term "CONTROL" (including with correlative meanings, the
                    terms "CONTROLLING", "CONTROLLED BY" and "UNDER COMMON
                    CONTROL WITH"), as used with respect to any Person, shall
                    mean the possession, directly or indirectly, of the power to
                    direct or cause the direction of the management and policies
                    of such Person, whether through the ownership of voting
                    securities or by contract or otherwise. Without prejudice to
                    the foregoing, any fund, collective investment scheme,
                    trust, partnership, including without limitation, any
                    co-investment partnership, special purpose or other vehicle
                    or any subsidiary or affiliate of any of the foregoing,
                    which is controlled by Citigroup Inc. or any of its direct
                    or indirect subsidiaries as well as any or all of Citigroup
                    Venture Capital International Growth Partnership, L.P. and
                    Citigroup Venture Capital International Partnership G.P.,
                    shall be deemed to be an "Affiliate" of CVCI.

          1.1.2     "ARTICLES OF ASSOCIATION" means the memorandum and
                    articles of association of the Company, including the
                    memorandum and articles of association amended and restated
                    in accordance with the Purchase Agreement and as amended
                    from time to time.

          1.1.3     "BANKRUPTCY EVENT" means with respect to any Person
                    (the "BANKRUPTCY PARTY"), (a) the commencement by it of a
                    Bankruptcy Proceeding with respect to itself or the consent
                    by it to be subject to a Bankruptcy Proceeding commenced by
                    another Person, (b) the commencement by another Person of a
                    Bankruptcy Proceeding with respect to the Bankruptcy Party
                    that remains unstayed or undismissed for a period of thirty
                    (30) consecutive days, (c) the appointment of or taking
                    possession by a Receiver over the Bankruptcy Party or any
                    substantial part of its property, (d) the making by the
                    Bankruptcy Party of a general assignment for the benefit of
                    its creditors or the admission by the Bankruptcy Party in
                    writing of its inability to generally pay its debts as they
                    become due, (e) the entry by a court having jurisdiction
                    over the Bankruptcy Party or a substantial part of its
                    property of an Order for relief under any Bankruptcy Law
                    which remains unstayed or undismissed for a period of thirty
                    (30) consecutive days, (i) adjudging the Bankruptcy Party
                    bankrupt or insolvent, (ii) approving as properly filed a
                    petition seeking the reorganization or other similar relief
                    with respect to the Bankruptcy Party, (iii) appointing a
                    Receiver over the Bankruptcy Party or any substantial part
                    of its property or (iv) otherwise ordering the winding up
                    and liquidation of the Bankruptcy Party or (f) the
                    occurrence of any event similar to (a), (b), (c), (d) or (e)
                    under any applicable Law with respect to the Bankruptcy
                    Party.

          1.1.4     "BANKRUPTCY LAW" means any bankruptcy, insolvency,
                    reorganization, composition, moratorium or other similar
                    Law.

          1.1.5     "BANKRUPTCY PROCEEDING" means a case or proceeding under any
                    Bankruptcy Law wherein a Person may be adjudicated bankrupt,
                    insolvent or become subject to an Order of reorganization,
                    arrangement, adjustment, winding up, dissolution,
                    composition or other similar Order.

                                       2
<PAGE>

          1.1.6     "BENEFICIAL OWNERSHIP" by a Person of any securities
                    includes ownership by any Person who, directly or
                    indirectly, through any contract, arrangement,
                    understanding, relationship or otherwise, has or shares (a)
                    voting power which includes the power to vote, or to direct
                    the voting of, such security, and/or (b) investment power
                    which includes the power to dispose, or to direct the
                    disposition, of such security, and shall otherwise be
                    interpreted in accordance with the term "beneficial
                    ownership" as determined under Rule 13d-3 under the
                    Securities Exchange Act of 1934, as amended. The terms
                    "BENEFICIALLY OWN" and "BENEFICIAL OWNER" have
                    correlative meanings

          1.1.7     "BOARD" means the board of directors of the Company.

          1.1.8     "BUSINESS DAY" means a day other than Saturday, Sunday or
                    any day on which banks located in New York, Hong Kong or PRC
                    are authorized or obligated to close.

          1.1.9     "CAUSE" means, with respect to a Director, (a) such
                    Director's or officer's willful or continued failure to
                    substantially perform his or her duties, (b) such Director's
                    or officer's conviction or under formal investigation in a
                    criminal proceeding (other than traffic violations or other
                    minor infractions), (c) such Director's or other officer's
                    being censured or subject to equivalent action by any
                    internationally recognized securities exchange, or (d) such
                    Director or officer being subject to a Bankruptcy Event.

          1.1.10    "CVCI" means Citigroup Venture Capital International Growth
                    Partnership, L.P., and Citigroup Venture Capital
                    International Co-Investment, L.P., each a limited
                    partnership organized under the laws of the Cayman Islands.

          1.1.11    "DIRECTOR" means a director of the Company (including any
                    duly appointed alternate director).

          1.1.12    "ENCUMBRANCE" means (a) any mortgage, charge (whether fixed
                    or floating), pledge, lien, hypothecation, assignment, deed
                    of trust, title retention, security interest or other
                    encumbrance of any kind securing, or conferring any priority
                    of payment in respect of, any obligation of any Person,
                    including any right granted by a transaction which, in legal
                    terms, is not the granting of security but which has an
                    economic or financial effect similar to the granting of
                    security under applicable Law, (b) any lease, sub-lease,
                    occupancy agreement, easement or covenant granting a right
                    of use or occupancy to any Person, (c) any proxy, power of
                    attorney, voting trust agreement, interest, option, right of
                    first offer, negotiation or refusal or Transfer restriction
                    in favor of any Person and (d) any adverse claim as to
                    title, possession or use.

          1.1.13    "EQUITY SECURITIES" means the capital stock, membership
                    interests, partnership interests, registered capital or
                    other ownership interest in any Person or any options,
                    warrants or other securities that are directly or indirectly
                    convertible into, or exercisable or exchangeable for, such
                    capital stock, membership interests, partnership interests,
                    registered capital or other

                                       3
<PAGE>

                    ownership interests (whether or not such derivative
                    securities are issued by such Person) and includes the
                    Shares.

          1.1.14    "GOVERNMENT AUTHORITY" means any court, tribunal,
                    arbitrator, authority, agency, commission, official or other
                    instrumentality of the United States, the PRC and the Cayman
                    Island, any other country or territory or any province,
                    state, country, city or other political subdivision of the
                    United States, the PRC and the Cayman Islands or any other
                    country or territory.

          1.1.15    "LAW" means any law, treaty, statute, ordinance, code, rule
                    or regulation of any Government Authority or any Order.
                    "Law" also includes the rules of any stock exchange or
                    self-regulatory organization upon which the Company's Equity
                    Securities are listed or included for quotation.

          1.1.16    "ORDER" means any writ, judgment, decree, injunction, award
                    or similar order of any Government Authority (in each case
                    whether preliminary or final).

          1.1.17    "ORDINARY SHARES" has the meaning given in the recitals and
                    includes any subdivisions, combinations, splits or
                    reclassifications of such "Ordinary Shares".

          1.1.18    "PARTIES" means collectively the Shareholders, the Company,
                    Good Energies and any Person who becomes a party to this
                    Agreement under Clause 4.1(a). Each of the Parties shall be
                    referred to as a "PARTY."

          1.1.19    "PERMITTED TRANSFEREE" means with respect to any Person, (i)
                    such Person's Affiliates, (ii) any investment funds managed
                    by such Person's Affiliates or any Subsidiary of such Person
                    or, (iii) any Affiliate or Subsidiary of such Person's
                    parent entity.

          1.1.20    "PERSON" means an individual, firm, corporation,
                    partnership, association, limited liability company, trust
                    or estate or any other entity or organization whether or not
                    having separate legal existence, including any Government
                    Authority.

          1.1.21    "PRC" or "CHINA" each means the People's Republic of China.

          1.1.22    "PUBLIC TRANSFEREE" means any Person to whom Shares are
                    Transferred on a public market; provided, that such Transfer
                    has not been directed to a particular Person with whom a
                    Shareholder has an understanding, agreement or arrangement
                    (written or otherwise) regarding such Transfer.

          1.1.23    "RECEIVER" means any receiver, liquidator, trustee,
                    administrator, sequestrator or other similar official.

          1.1.24    "SHAREHOLDERS" has the meaning stated in the preamble and
                    shall include any Permitted Transferee.

          1.1.25    "SUBSIDIARY" means, with respect to any Person, any entity
                    which such Person controls, directly or indirectly. For
                    purposes of this definition, "control" has the meaning set
                    forth above under the definition of "Affiliate."

                                       4
<PAGE>

          1.1.26    "TRANSFER" means to sell, exchange, assign, pledge, charge,
                    grant a security interest, make a hypothecation, gift or
                    other encumbrance, or enter into any contract therefor, or
                    into any voting trust or other agreement or arrangement with
                    respect to the transfer of voting rights or any other legal
                    or beneficial interest in any of the Shares, create any
                    other claim thereto or make any other transfer or
                    disposition whatsoever, whether voluntary or involuntary,
                    affecting the right, title, interest or possession in, to or
                    of such Shares, and "TRANSFER", "TRANSFERS" and
                    "TRANSFERRED" shall have correlative meanings.

     1.2  ADDITIONAL DEFINITIONS

          The following terms shall have the meanings defined in the indicated
          Clause for purposes of this Agreement:

<TABLE>
<S>                                 <C>    <C>                               <C>
AGREEMENT...........................1      ICC...............................12
AMERICAN DEPOSITARY SHARES..........1      ORDINARY SHARES....................1
BANKRUPTCY PARTY....................2      RULES.............................12
BENEFICIAL OWNER....................3      SHAREHOLDER........................1
BENEFICIALLY OWN....................3      SHAREHOLDERS.......................1
CLOSING.............................1      SHAREHOLDERS MEETING...............7
CONTRACT............................9      SHARES.............................1
GOOD ENERGIES.......................1      STOCK PURCHASE AGREEMENT...........1
GOOD ENERGY NOMINEES................7

</TABLE>

     1.3  CONSTRUCTION

          1.3.1     Whenever used in this Agreement, except as otherwise
                    expressly provided or unless the context otherwise requires,
                    any noun or pronoun shall be deemed to include the plural as
                    well as the singular and to cover all genders.

          1.3.2     Unless otherwise specified, words such as "herein,"
                    "hereof," "hereby," "hereunder" and words of similar import
                    refer to this Agreement as a whole and not to any particular
                    clause or sub-clause of this Agreement, and references
                    herein to "articles" or "clauses" refer to articles or
                    clauses of this Agreement.

          1.3.3     Unless otherwise specified, references herein to the word
                    "including" shall be deemed to be followed by words "without
                    limitation" or "but not limited to," as applicable, or words
                    of similar import.

          1.3.4     The word "or" shall not be interpreted to be exclusive. If
                    any translated version of this Agreement differs from the
                    English version, the English version shall control.

          1.3.5     The table of contents and headings in this Agreement are
                    intended solely for convenience of reference and shall be
                    given no effect in the construction or interpretation of
                    this Agreement.

          1.3.6     Whenever this Agreement refers to a number of days, such
                    number shall refer to calendar days unless Business Days are
                    specified.

                                       5
<PAGE>
2    REPRESENTATIONS AND WARRANTIES

     2.1  REPRESENTATIONS AND WARRANTIES OF THE PARTIES

          Each Party represents and warrants, severally and not jointly, to each
          other Party that as of the date of this Agreement:

          2.1.1     such Party has the full power and authority to enter into,
                    execute and deliver this Agreement and to perform the
                    transactions contemplated hereby and, if such Party is not a
                    natural Person, such Party is duly incorporated or organized
                    and existing and in good standing under the laws of the
                    jurisdiction of its incorporation or organization;

          2.1.2     the execution and delivery by such Party of this Agreement
                    and the performance by such Party of the transactions
                    contemplated hereby have been duly authorized by all
                    necessary corporate or other action of such Party;

          2.1.3     assuming the due authorization, execution and delivery
                    hereof by each of the other Parties, this Agreement
                    constitutes the legal, valid and binding obligation of such
                    Party, enforceable against such Party in accordance with its
                    terms, except as such enforceability may be limited by
                    applicable Bankruptcy Laws affecting creditors' rights
                    generally;

          2.1.4     the execution, delivery and performance of this Agreement by
                    such Party and the consummation of the transactions
                    contemplated hereby will not (i) violate any provision of
                    the organizational or governance documents of such Party;
                    (ii) require such Party to obtain any consent, approval or
                    action of, or make any filing with or give any notice to,
                    any Government Authority in such Party's country of
                    organization or any other Person pursuant to any instrument,
                    contract or other agreement to which such Party is a party
                    or by which such Party is bound, other than any such
                    consent, approval, action or filing that has already been
                    duly obtained or made; (iii) conflict with or result in any
                    material breach or violation of any of the terms and
                    conditions of, or constitute (or with notice or lapse of
                    time or both would constitute) a default under any
                    instrument, contract or other agreement to which such Party
                    is a party or by which such Party is bound; (iv) violate any
                    Order against, or binding upon, such Party or upon its
                    respective securities, properties or businesses; or (v)
                    violate any Law of such Party's country of organization or
                    any other country in which it maintains its principal
                    office; and

          2.1.5     such Party, such Party's assets and such Party's business
                    and record keeping practices are not in violation of any
                    Law, the violation of which would, at any time (including
                    after the Closing) have a material adverse effect upon (i)
                    such Party, (ii) such Party's ability to perform its
                    obligations hereunder or (iii) any of the other Party's
                    hereto.

                                        6
<PAGE>

3    Corporate Governance

     3.1  General

          From and after the date hereof, each Shareholder shall vote its Shares
          at any regular or special meeting of shareholders of the Company or in
          connection with any written consent of the shareholders of the Company
          (a "SHAREHOLDERS MEETING"), and shall take, subject to applicable Law,
          all other actions necessary or required to give effect to the
          provisions of this Agreement and to procure that the Articles of
          Association (and any such organizational documents of any Subsidiary
          of the Company) do not at any time conflict with any provision of this
          Agreement. In all other respects, each Shareholder shall be entitled
          to vote in such Shareholder's own best interests.

     3.2  GOOD ENERGIES NOMINEES TO THE BOARD

          3.2.1     Subject to applicable Law:

                    (i)  in connection with any election for members of the
                         Board at any Shareholders Meeting, the Company shall,
                         at the request of Good Energies, include person(s)
                         designated by Good Energies in the slate of directors
                         to be considered by the Shareholders for election as
                         directors (the "GOOD ENERGIES NOMINEE(S)") in
                         accordance with Clause 3.2.2; and

                    (ii) the Company shall take no action intended to diminish
                         the prospects of such Good Energies Nominees being
                         elected to the Board or increase the prospects of such
                         Good Energies Nominees being removed from the Board.

          3.2.2

                    (i)  If Good Energies and its Affiliates Beneficially Own
                         less than 5% of the Equity Securities of the Company at
                         the time of any Shareholders Meeting, Good Energies
                         shall not designate any Good Energies Nominees at such
                         Shareholders Meeting;

                    (ii) if Good Energies and its Affiliates Beneficially Own at
                         least 5% but less than 16% of the Equity Securities of
                         the Company at the time of any Shareholders Meeting,
                         Good Energies shall designate one Good Energies Nominee
                         at such Shareholders Meeting; and

                    (iii)if Good Energies and its Affiliates Beneficially Own at
                         least 16% of the Equity Securities of the Company at
                         the time of any Shareholders Meeting, Good Energies
                         shall designate two Good Energies Nominees at such
                         Shareholders Meeting.

          3.2.3     Each Shareholder shall vote its Shares at any Shareholders
                    Meeting called for the purpose of electing the Good Energies
                    Nominees to elect such Good Energies Nominees, and shall
                    take all other actions necessary or required to

                                        7
<PAGE>

                    ensure the election to the Board of the persons nominated to
                    the Board by Good Energies.

     3.3  COMMITTEES OF THE BOARD AND SUBSIDIARY DIRECTORS

          3.3.1     Subject to applicable Law:

                    (i)  the Company shall consider at least one (1) Good
                         Energies Nominee to be appointed to each committee or
                         sub-committee of the Board; and

                    (ii) the Company shall consider at least one (1) person
                         nominated by Good Energies, which may be a Good
                         Energies Nominee, to be appointed to serve as a
                         director on the board of directors of any Subsidiary of
                         the Company and, to the extent practicable, on the
                         board of directors of each joint venture to which the
                         Company is a party.

          Appointment or replacement of any such Nominee shall be at the
          discretion of the Board as may be in the best interests of the Company
          and its shareholders, provided that the Board shall consider in good
          faith whether the appointment of any person so proposed by Good
          Energies would be in the best interests of the Company.

          3.3.2     The Company, if requested by Good Energies, shall appoint an
                    observer to any committee or sub-committee of the Board or
                    the Board of Directors of any Subsidiary or joint venture to
                    which the Company is a party.

     3.4  REMOVAL OF GOOD ENERGIES NOMINEES

          Where Good Energies wishes to remove any Good Energies Nominee, each
          of the Shareholders shall vote its Shares at any Shareholders Meeting
          or in any written consent of Shareholders so as to effect such
          preference. Except as provided in the previous sentence, no
          Shareholder shall vote its Shares for the removal of a Good Energies
          Nominee.

     3.5  APPOINTMENT OF EXECUTIVE OFFICERS

          Owing to Good Energies' familiarity with the industry in which the
          Company operates, and to ensure the Company secures the best
          management team possible, Good Energies shall have the right from
          time-to-time to propose to the Board, for the Board's consideration,
          nominees for the executive officer positions of the Company, including
          the Chief Executive Officer, Chief Technology Officer and Chief
          Business Development Officer. Appointment or replacement of any such
          officer shall be at the discretion of the Board as may be in the best
          interests of the Company and its shareholders, provided that the Board
          shall consider in good faith whether the appointment of any person so
          proposed by Good Energies would be in the best interests of the
          Company.

     3.6  CONSULTATION RIGHT

          From and after the date hereof, (x) subject to applicable Law and to
          the extent practicable, the Company will consult with Good Energies
          prior to taking each of the following actions, and (y) each
          Shareholder shall vote its Shares at any Shareholders Meeting, and
          shall use its best efforts to take or refrain from taking, subject to
          applicable

                                        8
<PAGE>

          Law, all other actions necessary or required such that each of the
          following actions on the part of the Company or any Subsidiary shall
          not be taken unless Good Energies has consented in advance:

          3.6.1     the entry into any contract, agreement, understanding,
                    whether oral or written (a "CONTRACT") that would have a
                    value or potential liability to the Company in excess of 5%
                    of the Company's net assets as of the time such contract is
                    entered into or is otherwise likely to be material to the
                    Company;

          3.6.2     the engagement of any business other than photovoltaic
                    business or a change in the nature or scope of the business
                    of the Company or any Subsidiary;

          3.6.3     any joint ventures, strategic alliances, partnerships or
                    similar arrangement with any third party;

          3.6.4     any recapitalization, merger, asset swap, share sale or
                    transfer of substantially all of the rights to intellectual
                    properties or other assets, or any other extraordinary
                    transaction;

          3.6.5     any amendment to the Articles of Association or any other
                    constitutional documents, including without limitation
                    increase and decrease in the capitalization of the Company
                    or any Subsidiary; and

          3.6.6     entry into any agreement or understanding to do any of the
                    foregoing.

     3.7  CONTINUATION OF THE CHAIRMAN

          The other Parties, in recognition of the contributions of Mr. Yonghua
          Lu, Chairman of the Company, hereby confirm that Mr. Lu will continue
          to serve as the Chairman of the Company until at least the second
          (2nd) anniversary of the date hereof. Mr. Yonghua Lu acknowledges such
          term.

4    TRANSFER OF SHARES

     4.1  GENERAL

          4.1.1     Without Good Energies' prior written consent, for a period
                    of one (1) year from the date hereof (the "LOCKUP PERIOD"),
                    Yonghua Solar Power Investment Holding Ltd. agrees that
                    neither it nor any  Permitted Transferee of Yonghua Solar
                    Power Investment Holding Ltd. shall, directly or indirectly,
                    make or permit any Transfer of Shares Beneficially Owned by
                    Yonghua Solar Power Investment Holding Ltd.or such
                    Permitted Transferee to any Person other than a Permitted
                    Transferee of Yonghua Solar Power Investment Holding Ltd..

          4.1.2     During the one year period immediately following the Lockup
                    Period, neither Yonghua Solar Power Investment Holding Ltd.
                    nor any of its Permitted Transferees shall, directly or
                    indirectly, make or permit any Transfer of Shares
                    Beneficially Owned by Yonghua Solar Power Investment Holding
                    Ltd.or such Permitted Transferee to any Person (each such
                    transfer, an "UNRESTRICTED

                                        9
<PAGE>
                    TRANSFER"), except to the extent that the aggregate of all
                    Unrestricted Transfers does not exceed 50% of the total
                    Shares Benefically Owned by Yonghua Solar Power Investment
                    Holding Ltd. and its Permitted Transferees immediately
                    following Closing.

          4.1.3     Even to the extent otherwise restricted from making a
                    Transfer of Shares pursuant to Sections 4.1.1and 4.1.2,
                    Yonghua Solar Power Investment Holding Ltd. and any of its
                    Permitted Transferees shall be permitted to Transfer Shares
                    to a Permitted Transferee if all the following conditions
                    are met: (a) prior to such Transfer, the Permitted
                    Transferee has agreed in writing to be bound by the terms
                    and conditions of this Agreement by signing a copy of this
                    Agreement in which case such transferee shall be considered
                    a Shareholder and a Party to this Agreement except when such
                    transferee is already a Party to this Agreement, (b) the
                    Transfer complies in all respects with the terms of this
                    Agreement and (c) the Transfer complies in all respects with
                    applicable securities and other Laws. Any Transfer of Shares
                    by any Shareholder in violation of the preceding sentence
                    shall be null and void, and the Company shall not register
                    and the Shareholders shall procure that no transfer agent
                    registers such Transfer.

     4.2  RIGHT OF FIRST REFUSAL

          Good Energies shall have a right of first refusal (the "RIGHT OF FIRST
          REFUSAL") with respect to any proposed Transfer of Shares (other than
          a Transfer to a Permitted Transferee or a Public Transferee) by
          Yonghua Solar Power Investment Holding Ltd. or any of its Permitted
          Transferees. In the event that Yonghua Solar Power Investment Holding
          Ltd. or any of its Permitted Transferees (for the purpose of this
          Clause, the "COVERED TRANSFEROR") receives an offer from a bona fide
          Third Party (the "THIRD PARTY PURCHASER") to purchase any Shares, the
          Covered Transferor shall be required to send Good Energies a written
          notice (the "RIGHT OF FIRST REFUSAL NOTICE") prior to the consummation
          of such Transfer of Shares to the Third Party Purchaser. The Right of
          First Refusal Notice shall set forth the number of Shares that the
          Covered Transferor proposes to Transfer, the price per share to be
          received for the Shares and any other proposed terms and conditions
          relating to such Transfer and the identity (including name and
          address) of the Third Party Purchaser. The Right of First Refusal
          Notice shall certify that the Covered Transferor has received a firm
          offer from the Third Party Purchaser and in good faith believes a
          binding agreement for the Transfer is obtainable on the terms set
          forth in the Right of First Refusal Notice. The Right of First Refusal
          Notice shall also include a copy of any written proposal, term sheet
          or letter of intent or other agreement relating to the proposed
          Transfer.

          The delivery of a Right of First Refusal Notice shall constitute an
          offer, which shall be irrevocable for ten (10) days from the date of
          the Right of First Refusal Notice (the "RIGHT OF FIRST REFUSAL NOTICE
          PERIOD") by the Covered Transferor to Transfer to Good Energies the
          Shares subject to the Right of First Refusal Notice (the "OFFERED
          SHARES")

                                       10
<PAGE>

          on the terms and conditions set forth therein. Good Energies shall
          have the right, but not the obligation, to accept such offer to
          purchase all or part of the Offered Shares free of Encumbrances by
          giving a written notice of its acceptance of such offer (an
          "ACCEPTANCE NOTICE") to the Covered Transferor prior to the expiration
          of the Right of First Refusal Notice Period. Delivery of an Acceptance
          Notice by Good Energies to the Covered Transferor shall constitute a
          contract between Good Energies and the Covered Transferor for the
          Transfer of the Offered Shares on the terms and conditions set forth
          therein. The failure of Good Energies to give an Acceptance Notice
          within the Right of First Refusal Notice Period shall be deemed a
          rejection of its Right of First Refusal with respect to the subject
          Transfer.

          The closing of any Transfer of Shares between a Covered Transferor and
          Good Energies pursuant to this Clause 4.2 shall take place within ten
          (10) days from the last day of the Right of First Refusal Notice
          Period; provided, that if such Transfer is subject to any prior
          approval or other consent required by applicable Law or stock exchange
          rule, the time period during which the closing of such Transfer may
          occur shall be extended until the expiration of ten (10) days after
          all such approvals and consents shall have been granted but in no case
          later than ninety (90) days from the last day of the Right of First
          Refusal Notice Period. Each Party to such Transfer shall use
          commercially reasonable efforts to obtain all such approvals and
          consents.

     4.3  NO CIRCUMVENTION OF SHARE TRANSFER RESTRICTIONS

          Each Party agrees that the Transfer restrictions in this Agreement may
          not be avoided by the holding of Shares directly or indirectly through
          a Person that can itself be sold in order to dispose of an interest in
          Shares free of such restrictions. Any Transfer of any shares (or other
          interest) held by any Person Controlling a Shareholder shall be
          treated as being a Transfer of the Shares held by that Shareholder,
          and the provisions of this Agreement that apply in respect of the
          Transfer of Shares shall thereupon apply in respect of the Shares so
          held by that the Shareholder.

5    TERM AND TERMINATION

     5.1  TERM AND TERMINATION

          This Agreement shall remain in effect until:

          5.1.1     the Company has been dissolved, liquidated and wound up;

          5.1.2     such time as Good Energies and its Affiliates Beneficially
                    Own less than 5% of the Equity Securities of the Company; or

          5.1.3     the Parties have agreed in writing to terminate this
                    Agreement.

     5.2  EFFECT OF TERMINATION

          Following any termination of this Agreement, this Agreement shall have
          no further force or effect, provided that no such termination shall
          relieve any Party of any liability for a willful breach of this
          Agreement prior to such termination.

                                       11
<PAGE>

     5.3  PARTY-SPECIFIC TERMINATION

          The rights and obligations of individual Shareholders under this
          Agreement shall terminate if such Shareholder and its Affiliates holds
          less than the lesser of (a) 5% of the Equity Securities of the Company
          and (b) less than half the percentage of Equity Securities of the
          Company such Shareholder shall hold upon Closing. No such termination
          shall relieve any Shareholder of any liability for a willful breach of
          this Agreement prior to such termination.

6    GOVERNING LAW AND RESOLUTION OF DISPUTES

     6.1  GOVERNING LAW

          This Agreement and any disputes, claims or controversies arising from,
          related to or in connection with this Agreement shall be construed in
          accordance with the Laws of the State of New York.

     6.2  DISPUTE RESOLUTION FORUM

          6.2.1     If there is any dispute, claim or controversy arising from,
                    related to or in connection with this Agreement, or the
                    breach, termination or invalidity hereof, the Parties shall
                    first attempt to resolve such dispute, controversy or claim
                    through friendly consultations. If the dispute, claim or
                    controversy is not resolved through friendly consultations
                    within thirty (30) days after a Party has delivered a
                    written notice to another Party requesting the commencement
                    of consultation, then the dispute, claim or controversy
                    shall be finally settled by arbitration conducted by the
                    International Chamber of Commerce (the "ICC") in accordance
                    with the Arbitration Rules of the ICC then in effect and as
                    may be amended by the rest of this Clause 6.2 (the "RULES").
                    There shall be three (3) arbitrators of whom the plaintiff
                    and the defendant shall each nominate one (1) in accordance
                    with the Rules. The two (2) named arbitrators shall nominate
                    the third arbitrator within thirty (30) days of the
                    nomination of the second arbitrator. If any arbitrator has
                    not been named within the time limits specified in the
                    Rules, such appointment shall be made by the International
                    Court of Arbitration of the ICC upon the written request of
                    either Party within thirty (30) days of such request. The
                    arbitration shall be held and the award shall be rendered in
                    Hong Kong. Each Party shall cooperate in good faith to
                    expedite (to the maximum extent practicable) the conduct of
                    any arbitral proceedings commenced under this Agreement.

          6.2.2     Prompt resolution of any dispute is important to both
                    parties, and the parties agree that the arbitration of any
                    dispute shall be conducted expeditiously. The arbitrator(s)
                    are instructed and directed to assume case management
                    initiative and control over the arbitration process
                    (including scheduling of events, pre-hearing discovery and
                    activities, and the conduct of the hearing), in order to

                                       12
<PAGE>

                    complete the arbitration as expeditiously as is reasonably
                    practical for obtaining a just resolution of the dispute.

          6.2.3     The arbitrator(s) shall follow and apply the applicable law.
                    The arbitrator(s) shall grant such legal or equitable
                    remedies and relief in compliance with applicable law that
                    the arbitrator(s) deem just and equitable, but only to the
                    extent that such remedies or relief could be granted by a
                    state or federal court and as otherwise limited by the terms
                    in this Agreement. No punitive damages may be awarded by the
                    arbitrator(s). No court action may be maintained seeking
                    punitive damages.

          6.2.4     The award shall be final and binding upon the Parties, and
                    shall be the exclusive remedy between the Parties regarding
                    any claims, counterclaims, issues, or accountings presented
                    to the arbitral tribunal. To the fullest extent allowed by
                    applicable Law, each Party hereby waives any right to appeal
                    such award. Judgment upon the award may be entered in any
                    court having jurisdiction thereof, and for purposes of
                    enforcing any arbitral award made hereunder, each Party
                    irrevocably submits to the jurisdiction of any court sitting
                    where any of such Party's material assets may be found. Any
                    arbitration proceedings, decisions or awards rendered
                    hereunder shall be governed by the United Nations Convention
                    on the Recognition and Enforcement of Foreign Arbitral
                    Awards of June 10, 1958, as amended, and the Parties agree
                    that any award rendered hereunder shall not be deemed a
                    domestic arbitration under the laws of any jurisdiction.

          6.2.5     By agreeing to arbitration, the Parties do not intend to
                    deprive any court of its jurisdiction to issue a
                    pre-arbitral injunction, pre-arbitral attachment or other
                    order in aid of arbitration proceedings and the enforcement
                    of any award.

          6.2.6     The costs of the arbitration, as defined in the Rules, shall
                    be allocated between the Parties by the arbitrators and
                    shall be set forth in the arbitral award. Any amounts
                    subject to the dispute, controversy or claim that are
                    ultimately awarded to a Party under this Clause 6.2 shall
                    bear interest at the rate of six percent per annum from the
                    earlier of (i) the date of the request for arbitration and
                    (ii) the date such amount would have become due and owing
                    but for the dispute, controversy or claim until the date the
                    arbitral award is paid in full.

     6.3  SPECIFIC PERFORMANCE

          Each Party hereby acknowledges that the remedies at law of the other
          Parties for a breach or threatened breach of this Agreement would be
          inadequate and, in recognition of this fact, any Party, without
          posting any bond, and in addition to all other remedies that may be
          available, shall be entitled in accordance with Clause 6.2.3 to seek
          equitable relief in the form of specific performance, injunctions or
          any other equitable remedy.

     6.4  WAIVER OF IMMUNITIES

                                       13
<PAGE>

          Each Party irrevocably waives any right that it has or may hereafter
          acquire, in any jurisdiction, to claim for itself or its revenues,
          assets or properties, immunity from service of process, suit, the
          jurisdiction of any court, an interlocutory order or injunction or the
          enforcement of the same against its property in such court, attachment
          prior to judgment, attachment in aid of execution of an arbitral award
          or judgment (interlocutory or final) or any other legal process.

     6.5  PERFORMANCE PENDING DISPUTE RESOLUTION

          Unless otherwise terminated in accordance with the terms hereof, this
          Agreement and the rights and obligations of the Parties hereunder
          shall remain in full force and effect during the pendency of any
          proceeding under Clause 6.2.

     6.6  SURVIVAL

          Unless otherwise terminated in accordance with the terms hereof, this
          Article 6 shall survive the termination or expiration of this
          Agreement.

7    MISCELLANEOUS

     7.1  NO PARTNERSHIP; AGENCY

          The Shareholders expressly do not intend hereby to form an agency
          relationship or partnership either general or limited, under any
          jurisdiction's agency, partnership or other similar law. The
          Shareholders do not intend to be agents or partners of each other, or
          agents of or partners to any third party, or to create any other
          fiduciary relationship among themselves, solely by virtue of their
          status as Shareholders. To the extent that any Shareholder, by word or
          action, improperly represents to another Person that any Shareholder
          is an agent or partner of another Shareholder or that the Company is a
          partnership, the Shareholder making such representation shall be
          liable to any other Shareholder that incurs any Losses arising out of
          or relating to such representation.

     7.2  ENTIRE AGREEMENT; FIRST SHAREHOLDERS AGREEMENT

          7.2.1     This Agreement constitutes the whole agreement among the
                    parties hereto and thereto relating to the subject matter
                    hereof and thereof and supersedes all prior agreements or
                    understandings both oral and written among all of the
                    parties hereto and thereto relating to the subject matter
                    hereof and thereof.

          7.2.2     The First Shareholders Agreement shall remain unamended and
                    in full force.

     7.3  BINDING EFFECT; BENEFIT

          This Agreement shall inure to the benefit of and be binding upon the
          Parties and their respective heirs, successors, legal representatives
          and permitted assigns. Nothing in this Agreement, expressed or
          implied, is intended to confer on any Person other than the Parties,
          and their respective heirs, successors, legal representatives and
          permitted assigns, any rights, remedies, obligations or liabilities
          under or by reason of this Agreement.

                                       14
<PAGE>

     7.4  ASSIGNMENT

          7.4.1     Except as set out in Section 7.4.1, no Party may assign,
                    delegate or otherwise transfer any of its rights or
                    obligations under this Agreement without the written consent
                    of the other Parties.

          7.4.2     Notwithstanding Section 7.4.1, any Party may, without the
                    written consent of the other Parties, assign, delegate or
                    otherwise transfer any of its rights or obligations under
                    this Agreement to a Permitted Transferee, in connection with
                    a Transfer to such Transferee, provided (a) prior to such
                    Transfer, the Permitted Transferee has agreed in writing to
                    be bound by the terms and conditions of this Agreement by
                    signing a copy of this Agreement in which case such
                    transferee shall be considered a Shareholder and a Party to
                    this Agreement, and (b) timely notice is provided to the
                    other Parties.

     7.5  AMENDMENT; WAIVER

          7.5.1     This Agreement may not be amended, modified or supplemented
                    except by a written instrument executed by each of the
                    Parties.

          7.5.2     No waiver of any provision of this Agreement shall be
                    effective unless set forth in a written instrument signed by
                    the Party waiving such provision. No failure or delay by a
                    Party in exercising any right, power or remedy hereunder
                    shall operate as a waiver thereof, nor shall any single or
                    partial exercise of the same preclude any other or further
                    exercise thereof or the exercise of any other right, power
                    or remedy. Without limiting the foregoing, no waiver by a
                    Party of any breach by any other Party of any provision
                    hereof shall be deemed to be a waiver of any subsequent
                    breach of that or any other provision hereof. The rights and
                    remedies herein provided shall be cumulative and not
                    exclusive of any rights, powers or remedies provided at law
                    or in equity.

     7.6  NOTICES

          Each notice, demand or other communication given or made under this
          Agreement shall be in writing and delivered or sent to the relevant
          Party at its address or fax number set out below (or such other
          address or fax number as the addressee has by five days prior written
          notice specified to the other Parties). Any notice, demand or other
          communication so addressed to the relevant Party shall be deemed to
          have been delivered (a) if delivered in person or by messenger, when
          proof of delivery is obtained by the delivering Party; (b) if sent by
          post within the same country, on the third day following posting, and
          if sent by post to another country, on the fifth day following
          posting, and (c) if given or made by fax, upon dispatch and the
          receipt of a transmission report confirming dispatch. The initial
          address and facsimile for the Parties for the purposes of this
          Agreement are:

                    (i)  If to the Shareholders, to the address set forth on
                         SCHEDULE A hereto.

                    (ii) If to Good Energies, to:

                         Good Energies Investments (Jersey) Limited

                                       15
<PAGE>

                                         9 Hope Street
                                         St. Helier
                                         Jersey, Channel Islands JE2 3NS
                                         Facsimile No.: 44 1534 754 510
                                         Attn: John Hammill

                          with a courtesy copy to:

                                         Linklaters LLP
                                         Unit 29 Level 25
                                         China World Tower 1
                                         No. 1 Jian Guo Men Wai Avenue
                                         Beijing, PRC
                                         Facsimile No.: +86 (10) 6505-8582
                                         Attn: Paul Chow and Mathew Lewis

                    (iii) If to the Company, to:

                                         Solarfun Power Holdings Co., Ltd.
                                         No. 666 Linyang Road
                                         Qidong City, Jiangsu Province PRC
                                         Facsimile No.: +86 (21) 6309-0999
                                         Attn: Mr. Min Cao

                          with a courtesy copy to:

                                         Shearman & Sterling LLP
                                         2318 China World Tower 1
                                         No. 1 Jian Guo Men Wai Avenue
                                         Beijing, PRC 100004 Facsimile
                                         No.: +86 (10) 6505-1818
                                         Attn: Alan Seem, Esq.

     7.7  COUNTERPARTS

          This Agreement may be signed in any number of counterparts including
          counterparts transmitted by facsimile, each of which shall be deemed
          an original with the same effect as if the signatures thereto and
          hereto were upon the same instrument.

     7.8  SEVERABILITY

          If any provision contained in this Agreement shall for any reason be
          determined to be partially or wholly invalid, illegal or unenforceable
          by any court of competent jurisdiction, such provision shall be of no
          force and effect to the extent so determined, but the invalidity,
          illegality or unenforceability of such provision shall have no effect
          upon and shall not impair the validity, legality or enforceability of
          any other provision of this Agreement.

     7.9  FURTHER ACTS AND ASSURANCES

                                       16
<PAGE>

          Each Party shall give such further assurance, provide such further
          information, take such further actions and execute and deliver such
          further documents and instruments as are, in each case, within its
          power to give, provide and take so as to give full force and effect to
          the provisions of this Agreement.

     7.10 CONFLICT

          In case of any inconsistency between the Articles of Association and
          this Agreement, the Shareholders will use their best efforts to amend
          the Articles of Association to ensure that the Articles of Association
          are consistent with this Agreement.

                      [Signatures follow on the next page]

                                       17
<PAGE>
IN WITNESS WHEREOF, each of the Parties hereto have caused this Agreement to be
duly executed by its respective authorized officers as of the date set forth
above:

                                     YONGHUA SOLAR POWER INVESTMENT HOLDING LTD.

                                       by:    /s/ Yonghua Lu
                                             --------------------------
                                       Name:  Yonghua Lu
                                       Title:

                                     CITIGROUP VENTURE CAPITAL INTERNATIONAL
                                     GROWTH PARTNERSHIP, L.P.

                                     BY: CITIGROUP VENTURE CAPITAL
                                     INTERNATIONAL PARTNERSHIP G.P. LIMITED, AS
                                     GENERAL PARTNER

                                       by:    /s/ Michael Robinson
                                             --------------------------
                                       Name:  Michael Robinson
                                       Title:

                                     CITIGROUP VENTURE CAPITAL INTERNATIONAL
                                     CO-INVESTMENT, L.P.

                                     BY: CITIGROUP VENTURE CAPITAL
                                     INTERNATIONAL PARTNERSHIP G.P. LIMITED, AS
                                     GENERAL PARTNER

                                       by:    /s/ Michael Robinson
                                             --------------------------
                                       Name:  Michael Robinson
                                       Title:

                                     WHF INVESTMENT CO., LTD.

                                       by:    /s/ Hanfei Wang
                                             --------------------------
                                       Name:  Hanfei Wang
                                       Title:

                                     BRILLIANT ORIENT INTERNATIONAL LIMITED

                                       18

<PAGE>

                                       by:    /s/ Xihong Deng
                                             --------------------------
                                       Name:  Xihong Deng
                                       Title:

                                     LC FUND III, L.P.

                                       by:    /s/ Zhu Linan
                                             --------------------------
                                       Name:  Zhu Linan
                                       Title:

                                     GOOD ENERGIES INVESTMENTS (JERSEY) LIMITED

                                       by:    /s/ John Hammill
                                             --------------------------
                                       Name:  John Hammill
                                       Title:

                                       by:    /s/ Fintan Kennedy
                                             --------------------------
                                       Name:  Fintan Kennedy
                                       Title:

                                     SOLARFUN POWER HOLDINGS CO., LTD.

                                       by:    /s/ Yonghua Lu
                                             --------------------------
                                       Name:  Yonghua Lu
                                       Title:

                                       19

<PAGE>

                                                                      SCHEDULE A

<Table>
<Caption>
------------------------------------------------------------------------------------------------------------------------------------
             SHAREHOLDER                                  ADDRESS FOR NOTICES                   NUMBER OF ORDINARY SHARES (INCLUDING
                                                                                                ORDINARY SHARES HELD IN THE FORM OF
                                                                                                AMERICAN DEPOSITARY SHARES) HELD BY
                                                                                                 SHAREHOLDER FOLLOWING THE CLOSING
------------------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>                                            <C>
Yonghua Solar Power Investment Holding Ltd.      No. 666 Linyang Road                           38,634,750 Ordinary Shares
                                                 Qidong City, Jiangsu Province
                                                 PRC
                                                 Facsimile No.: +86(10)6505-8582
                                                 Attn: Yonghua Lu (CHINESE CHARACTERS)

Citigroup Venture Capital International Growth   c/o Citigroup Venture Capital International    24,368,382 Ordinary Shares
Partnership, L.P.                                Asia Limited
                                                 25/F, Two Exchange Square
                                                 Connaught Road, Central
                                                 Hong Kong
                                                 Facsimile No: (852) 2868-6667
                                                 Attn:  Timothy Chang and Anthony Lam

Citigroup Venture Capital International          c/o Citigroup Venture Capital International    1,329,794 Ordinary Shares
Co-Investment, L.P.                              Asia Limited
                                                 25/F, Two Exchange Square
                                                 Connaught Road, Central
                                                 Hong Kong
                                                 Facsimile No: (852) 2868-6667
                                                 Attn:  Timothy Chang and Anthony Lam
</TABLE>

                                       1

<PAGE>

<TABLE>
<S>                                              <C>                                            <C>
WHF Investment Co., Ltd.                         No. 666 Linyang Road1                          6,271,875 Ordinary Shares
                                                 Qidong City, Jiangsu Province
                                                 PRC
                                                 Facsimile No.: +86(10)6505-8582
                                                 Attn: Hanfei Wang (CHINESE CHARACTERS)

Yongfa Solar Power Investment Holding Ltd.       No. 666 Linyang Road                           0 Ordinary Shares
                                                 Qidong City, Jiangsu Province
                                                 PRC
                                                 Facsimile No.: +86(10)6505-8582
                                                 Attn: Haijuan Yu (CHINESE CHARACTERS)

Yongliang Solar Power Investment Holding Ltd.    No. 666 Linyang Road                           0 Ordinary Shares
                                                 Qidong City, Jiangsu Province
                                                 PRC
                                                 Facsimile No.: +86(10)6505-8582
                                                 Attn: Yongliang Gu (CHINESE CHARACTERS)

</TABLE>

                                       2

<PAGE>

<TABLE>
<S>                                              <C>                                            <C>
Brilliant Orient Limited                         7th Floor, Tower A                             2,529,096 American Depositary Shares
                                                 Raycom Info. Tech Center
                                                 No. 2 Ke Yue Yuan Nan Lu
                                                 Beijing 100080, PRC

LC Fund III L.P.                                 c/o Legend Capital Limited                     1,000,000 American Depositary Shares
                                                 10th Floor, Tower A                            and 4,467,207 Ordinary Shares
                                                 Raycom Info. Tech Center
                                                 No. 2 Ke Yue Yuan Nan Lu
                                                 Zhong Guan Cun Haidian District
                                                 Beijing 100080, PRC
                                                 Facsimile No.: +86(10)6250-9105
                                                 Attn: Mr. Zhu Linan
</Table>

                                       3

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