Document:

Exhibit 4.1

 

RENESOLA LTD

 

Warrant
To Purchase Shares

 

Warrant No.: ______________________

 

Date of Issuance: September __, 2013 (the
“Issuance Date”)

 

ReneSola Ltd, a company
with limited liability organized under the laws of the British Virgin Islands (the “Company”), hereby certifies
that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, ___________________________,
the registered holder hereof or its permitted assigns, as the case may be, as the holder of this Warrant (the “Holder”),
is entitled, subject to the terms and conditions set forth below, to purchase from the Company up to an aggregate of [●]
(subject to adjustment as provided herein) fully paid and nonassessable Shares (as defined below)(such Shares issuable upon exercise
hereof, the “Warrant Shares”), at the purchase price per Share equal to the Exercise Price (as defined below)
then in effect, upon exercise of this Warrant to purchase Shares (including any Warrant to purchase Shares issued in exchange,
transfer or replacement hereof, the “Warrant”). To the extent permitted by applicable laws and regulations,
the right to purchase the Warrant Shares is exercisable, in whole or in part, by the Holder at any time or times on or after the
Issuance Date (the “Initial Exercisability Date”), until 11:59 p.m., New York time on the Expiration
Date (as defined below). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth
in Section 16. This Warrant is one of the warrants (the “Financing Warrants”) issued pursuant to (i) that
certain Placement Agent Agreement, dated as of September 11, 2013, by and between the Company and Roth Capital Partners, LLC (the
“Placement Agent Agreement”) and (ii) the Company’s
Registration Statement on Form F-3, as amended (File No. 333-189650)
(the “Registration Statement”) pertaining to
the sale by the Company to certain investors of an aggregate of 15,000,000 ADSs (representing 30,000,000 Shares) and concurrent
issuance of warrants to purchase an aggregate 10,500,000 Shares).

 

1.           EXERCISE
OF WARRANT.

 

(a)          Mechanics
of Exercise. Subject to the terms and conditions hereof (including, without limitation,
the limitations set forth in Section 1(g)), this Warrant may be exercised by the Holder on any Trading Day on or after the
Initial Exercisability Date (each, an “Exercise Day”), in whole or in part, by delivery (whether via facsimile
or otherwise) of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”),
of the Holder’s election to exercise this Warrant. Within one (1) Trading Day following the Exercise Day, the Holder shall
deliver payment to the Company of an amount equal to the Exercise Price then in effect on the Exercise Day multiplied by the number
of Warrant Shares thereby purchased at the election of the Holder (the “Aggregate Exercise Price”) in cash or
via wire transfer of immediately available funds (or to the extent exercised in accordance with the Cashless Exercise provisions
set forth in Section 1(e) below, by Cashless Exercise). The Holder shall not be required to deliver the original of this Warrant
in order to effect an exercise hereunder. Execution and delivery of an Exercise Notice with respect to less than all of the Warrant
Shares shall have the same effect as cancellation of the original of this Warrant and issuance of a new Warrant evidencing the
right to purchase the remaining number of Warrant Shares. Execution and delivery of an Exercise Notice for all of the then-remaining
Warrant Shares shall have the same effect as cancellation of the original of this Warrant after delivery of the Warrant Shares
in accordance with the terms hereof. On or before the first (1st) Business Day following the date on which the Company has received
an Exercise Notice, the Company shall transmit by facsimile an acknowledgment of confirmation of receipt of such Exercise Notice,
in the forms attached hereto as Exhibit B-1 and Exhibit B-2, as applicable, to the Company’s transfer
agent (the “Registrar Service Provider”) (including a copy of the certified register of the Company reflecting
the issuance of the Shares) with a copy, in each case, to the Holder. Subject to the Holder’s obligation to deliver the Aggregate
Exercise Price, on or before the third (3rd) Trading Day following the date on which the Company has received such Exercise Notice
(subject to the Company’s receipt of the Aggregate Exercise Price), the Company shall cause the Registrar Service Provider
to deposit the number of Warrant Shares thereby purchased to an account designated by the Holder. No fractional Warrant Shares
are to be issued upon the exercise of this Warrant, but rather the number of Shares to be issued shall be rounded up to the nearest
whole number. The Holder, by its acceptance of this Warrant, acknowledges that any failure to deliver the Aggregate Exercise Price
shall be a breach by the Holder of this Warrant.

 

    	 

    	 

    

  

(b)          ADS
Conversion. Notwithstanding anything herein to the contrary, with respect to any exercise
of this Warrant or other event in which the Company or any other Person shall be required to deliver Shares to the Holder in accordance
herewith, at the option of the Holder (as evidenced by a written notice of the Holder to the Company), the Holder may elect to
accept American Depositary Shares (“ADSs”) in lieu of such Shares with respect thereto. If the Holder shall
elect to receive ADSs in lieu of Warrant Shares, the Holder shall indicate such in the Exercise Notice. On or before the third
(3rd) Trading Day following the date on which the Company has received such Exercise Notice, the Company shall (x) cause the Registrar
Service Provider to deposit the number of Warrant Shares thereby purchased at the election of the Holder with the custodian for
the Depositary (the “Custodian”), and (y) either (A) provided that the Depositary is participating in The Depository
Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such
aggregate number of American Depositary Receipts (“ADRs”) evidencing such ADSs to which the Holder is entitled
pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal
at Custodian system, Direct Registration System and/or Profile Modification System, as applicable, or (B) if the Depositary is
not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the Holder or, at the Holder’s
instruction pursuant to the Exercise Notice, the Holder’s agent or designee, in each case, sent by reputable express courier
to the address as specified in the applicable Exercise Notice, an ADR certificate, without any restrictive legend except to the
extent required by law, registered in the Company’s register of members in the name of the Holder or its designee (as indicated
in the applicable Exercise Notice), for the number of ADSs to which the Holder is entitled pursuant to such exercise. Upon delivery
of an Exercise Notice, if applicable the Holder shall be deemed for all corporate purposes to have become the holder of record
of the ADSs evidenced by ADRs thereby purchased at the election of the Holder, irrespective of the date such ADRs are credited
to the Holder’s DTC account or the date of delivery of the ADR certificates evidencing such ADSs (as the case may be). No
fractional ADSs or ADRs are to be issued upon the deposit of the Warrant Shares, and any remainder shall be delivered to the Holder
in Warrant Shares. The Company shall pay any and all taxes and fees which may be payable with respect to the issuance and delivery
of the Warrant Shares to the Custodian upon exercise of this Warrant and the issuance of the ADSs and related ADRs by the Depositary
upon exercise of this Warrant.

 

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(c)          Exercise
Price. For purposes of this Warrant, “Exercise Price” means $3.02
per Share, subject to adjustment as provided herein.

 

(d)          Company’s
Failure to Timely Deliver Securities. If the Company shall fail, for any reason or
for no reason, within the later of (i) three (3) Trading Days after receipt of the Exercise Notice and (ii) one (1) Trading Day
after the Company’s receipt of the Aggregate Exercise Price (such later date, the “Share Delivery Deadline”),
to register such underlying Shares on the Company’s register of members and deposit such Shares with the Custodian, or to
cause the Depositary to issue to the Holder an ADR certificate for the number of ADSs to which the Holder is entitled or to credit
the Holder’s balance account with DTC for such number of ADSs to which the Holder is entitled upon the Holder’s exercise
of this Warrant (as required by Section 1(a) above) (a “Delivery Failure”), and if on or after such Share
Delivery Deadline the Holder purchases (in an open market transaction or otherwise) ADSs to deliver in satisfaction of a sale by
the Holder of all or any portion of the number of shares in the form of ADSs, or a sale of a number of ADSs equal to all or any
portion of the number of ADRs, issuable upon such exercise that the Holder so anticipated receiving from the Company, then, provided
that the failure to timely deliver the ADSs shall not have been solely caused by the Holder, in addition to all other remedies
available to the Holder, the Company shall, within three (3) Trading Days after the Holder’s request, which shall be accompanied
by a reasonably detailed statement of the Holder’s purchases, and in the Holder’s discretion, either (i) pay cash to
the Holder in an amount equal to the Holder’s total purchase price (including reasonable brokerage commissions and other
reasonable out-of-pocket expenses, if any) for the ADSs so purchased (including, without limitation, by any other Person in respect,
or on behalf, of the Holder) (the “Buy-In Price”), at which point the Company’s obligation under Section 1(b)
to so issue and deliver such ADR certificate or credit the Holder’s balance account with DTC for the number of ADSs to which
the Holder is entitled upon the Holder’s exercise hereunder (as the case may be) (and to issue such ADRs) shall terminate,
or (ii) promptly honor its obligation to so issue and deliver to the Holder an ADR certificate or certificates or credit the Holder’s
balance account with DTC for the number of ADSs to which the Holder is entitled upon the Holder’s exercise hereunder and
pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of ADSs
multiplied by (B) the lowest Closing Sale Price of the ADSs on any Trading Day during the period commencing on the date of the
applicable Exercise Notice and ending on the date immediately preceding the date of such issuance and payment under this clause
(ii) Notwithstanding anything to the contrary herein, if the Warrant is exercised for Shares and delivery of such Shares occurs
after the Share Delivery Date, the provisions of this Section relating to ADSs shall apply, mutatis mutundis, to Shares,
and any references in the provisions requiring the payment of the Buy-In Price with respect to failure to deliver ADSs and the
purchase of ADSs by the Holder, shall apply, mutatis mutundis, to Shares.

 

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(e)          Cashless
Exercise. Notwithstanding anything contained herein to the contrary (other than Section 1(f)
below), if at the time of exercise hereof (i) a registration statement is not effective (or the prospectus contained therein is
not available for use) for the issuance by the Company of all of the Warrant Shares (without regard to any limitations on exercise
set forth therein) or (ii), if applicable, a registration statement on Form F-6 covering the ADSs is not effective or available
for use for the issuance of all of the ADSs (“ADS Registration Statement”) then issuable hereunder (without
regard to any limitations on exercise set forth herein), then, in lieu of the Holder making the cash payment otherwise contemplated
to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, the Holder shall instead receive upon
such exercise the “Net Number” of Shares determined according to the following formula (a “Cashless Exercise”):

 

 

	Net Number   =  	
        (A×B)-(A×C)

        D

 

For purposes of the foregoing
formula:

 

A =    the total number of Shares
with respect to which this Warrant is then being exercised.

 

B =     (x)
the sum of the VWAP of the ADSs of each of the ten (10) Trading Days ending at the close of business on the Principal Market immediately
prior to the time of exercise as set forth in the applicable Exercise Notice, divided by (y) ten (10) and divided by two (2) (each
two shares forming an ADS effective on the date hereof, subject to adjustment upon any change in the ratio of Shares to ADS).

 

C =     the
Exercise Price then in effect for the applicable Warrant Shares.

 

D =    the
VWAP of the ADSs at the close of business on the Principal Market on the date of the delivery of the applicable Exercise Notice
divided by two (2) (each two shares forming an ADS effective on the date hereof, subject to adjustment upon any change in the ratio
of Shares to ADS).

 

(f)          Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares
to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Shares that are not disputed
and resolve such dispute in accordance with Section 13.

 

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(g)          Limitations
on Exercises. Notwithstanding anything to the contrary contained in this Warrant,
this Warrant shall not be exercisable by the Holder hereof to the extent (but only to the extent) that after giving effect to such
exercise the Holder (together with any of its affiliates and any individual or entity that, together with the Holder, would form
a “group” under Section 13(d) of the Exchange Act (as defined in the Placement Agent Agreement)), would beneficially
own in excess of 9.99% (the “Maximum Percentage”) of the Shares. For purposes of the foregoing sentence, the
number of Shares beneficially owned by the Holder and its affiliates shall include the number of Shares issuable upon exercise
of this Warrant with respect to which such determination is being made, but shall exclude the number of Shares which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its affiliates
and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its affiliates.
To the extent the above limitation applies, the determination of whether this Warrant shall be exercisable (vis-à-vis other
convertible, exercisable or exchangeable securities owned by the Holder or any of its affiliates) and of which such securities
shall be convertible, exercisable or exchangeable (as the case may be, as among all such securities owned by the Holder) shall,
subject to such Maximum Percentage limitation, be determined on the basis of the first submission to the Company for conversion,
exercise or exchange (as the case may be). No prior inability to exercise this Warrant pursuant to this paragraph shall have any
effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability.
For the purposes of this paragraph, beneficial ownership and all determinations and calculations (including, without limitation,
with respect to calculations of percentage ownership) shall be determined in accordance with Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder. The provisions of this paragraph shall be implemented in a manner otherwise
than in strict conformity with the terms of this paragraph to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Maximum Percentage beneficial ownership limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such Maximum Percentage limitation. The limitations contained in this paragraph
shall apply to a successor Holder of this Warrant. The holders of Shares shall be third party beneficiaries of this paragraph and
the Company may not waive this paragraph without the consent of holders of a majority of its Shares. For any reason at any time,
upon the written or oral request of the Holder, the Company shall within two (2) Business Days confirm orally and in writing (including
by facsimile or e-mail) to the Holder the number of Shares then outstanding, including by virtue of any prior conversion or exercise
of convertible or exercisable securities into Shares, including, without limitation, pursuant to this Warrant or securities issued
pursuant to the Placement Agent Agreement. By written notice to the Company, any Holder may increase or decrease the Maximum Percentage
to any other percentage not in excess of 9.99% specified in such notice; provided that (i) any such increase will not be effective
until the 61st day after such notice is delivered to the Company, and (ii) any such increase or decrease will apply only to the
Holder sending such notice and not to any other holder of Financing Warrants.

 

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(h)          Insufficient
Authorized Shares. The Company shall at all times (x) keep reserved for issuance under
this Warrant such number of Shares at least equal to the maximum number of Shares as shall be necessary to satisfy the Company’s
obligation to issue Shares hereunder (without regard to any limitation otherwise contained herein with respect to the number of
Shares that may be acquirable upon exercise of this Warrant) and (y) have available under one or more registration statement(s)
on Form F-6 of the Company (collectively, the “ADS Registration Statement”), which ADS Registration Statement
shall be effective and available for such issuance, the maximum number of ADSs issuable in exchange for such Warrant Shares hereunder
(without regard to any limitation otherwise contained herein with respect to the number of Shares that may be acquirable upon exercise
of this Warrant). If, notwithstanding the foregoing, and not in limitation thereof, at any time while any of the Financing Warrants
remains outstanding the Company does not have a sufficient number of authorized, unreserved and/or available Shares to satisfy
its obligation to reserve for issuance upon exercise of the Financing Warrants at least a number of Shares (and such ADSs and ADRs
available to be issued pursuant to the ADS Registration Statement (the “Required Reserve Amount”) equal to the
number of Shares, ADSs and ADRs as shall from time to time be necessary to effect the exercise of all of the Financing Warrants
then outstanding (an “Authorized Share Failure”), then the Company shall immediately take all actions reasonably
necessary to, as applicable, increase the Company’s authorized Shares to an amount sufficient to allow the Company to reserve
the Required Reserve Amount of Shares for all the Financing Warrants then outstanding and/or if sufficient ADSs or ADRs are not
available to be issued pursuant to the ADS Registration Statement then in effect, take all necessary actions, including an amendment
to the ADS Registration Statement, to increase the number of ADSs and/or ADRs available to an amount sufficient to allow the Company
to reserve the Required Reserve Amount of ADSs and/or ADRs for all the Financing Warrants then outstanding. Without limiting the
generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure with
respect to Shares, but in no event later than ninety (90) days after the occurrence of such Authorized Share Failure, the Company
shall hold a meeting of its shareholders for the approval of an increase in the number of authorized Shares. In connection with
such meeting, the Company shall provide each shareholder with a proxy statement and shall use its reasonable best efforts to solicit
its shareholders’ approval of such increase in authorized Shares and to procure, to the extent permitted by law and the constitutional
documents of the Company, its board of directors to recommend to the shareholders that they approve such proposal. In the event
that the Company is prohibited from issuing Shares, ADSs or ADRs upon an exercise of this Warrant due to the failure by the Company
to have sufficient Shares, ADSs or ADRs available out of the authorized but unissued Shares or available ADSs or ADRs (such aggregate
number of ADRs that are not issuable due to any such failures, the “Authorization Failure ADRs”), then upon
such exercise, in lieu of delivering such Authorization Failure ADRs to the Holder, the Company shall pay cash in exchange for
the cancellation of such portion of this Warrant exercisable into such Authorized Failure ADRs at a price equal to the greater
of (i) the sum of (A) the product of (x) such number of Authorization Failure ADRs and (y) the greatest Closing Sale Price of the
ADRs on any Trading Day during the period commencing on the date the Holder delivers the applicable Exercise Notice with respect
to such Authorization Failure ADRs to the Company and ending on the date immediately preceding the date of such issuance and payment
under this Section 1(h) and (B) to the extent the Holder purchases (in an open market transaction or otherwise) ADRs to deliver
in satisfaction of a sale by the Holder of Authorization Failure ADRs, any reasonable brokerage commissions and other reasonable
out-of-pocket expenses, if any, of the Holder incurred in connection therewith, and (ii) to the extent the Holder purchases (in
an open market transaction or otherwise) ADRs to deliver in satisfaction of a sale by the Holder of Authorization Failure ADRs,
any actual and documented costs in connection with such purchases plus reasonable brokerage commissions and other reasonable out-of-pocket
expenses, if any, of the Holder incurred in connection therewith Notwithstanding anything to the contrary contained herein, if
the Warrant is exercised for Shares and delivery of such Shares cannot be made as otherwise contemplated in this Section with respect
to ADSs, the provisions of this Section related to ADSs shall apply, mutatis mutundis, to Shares, and any references in
this provisions requiring the payment of cash with respect to failure to deliver ADSs, shall apply, mutatis mutundis, to
Shares.

 

2.           ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and number
of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 2.

 

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(a)          Share
Dividends and Splits. Without limiting any provision of Section 2(b), Section 3
or Section 4, if the Company, at any time on or after the Issuance
Date, (i) declares and pays a share dividend on one or more classes of its then outstanding Shares or otherwise makes a distribution
on any class of share capital that is payable in Shares, (ii) subdivides (by any share split, share dividend, recapitalization
or otherwise) or reclassifies one or more classes of its then-outstanding Shares into a larger number of shares or (iii) combines
(by combination, reverse share split or otherwise) or reclassifies one or more classes of its then outstanding Shares into a smaller
number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the
number of Shares outstanding immediately before the record date for such dividend, distribution or the effective date of such subdivision,
combination or reclassification, and of which the denominator shall be the number of Shares outstanding immediately after such
dividend, distribution, subdivision, combination or reclassification, as the case may be. Any adjustment made pursuant to clause
(i) of this paragraph shall become effective immediately after the record date for the determination of shareholders entitled to
receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective
immediately after the effective date of such subdivision, combination or reclassification. If any event requiring an adjustment
under this paragraph occurs during the period that an Exercise Price is calculated hereunder, then the calculation of such Exercise
Price shall be adjusted appropriately to reflect such event.

 

(b)          Adjustment
Upon Issuance of Shares. If and whenever on or after the Issuance Date, the Company
issues or sells, or in accordance with this Section 2 is deemed to
have issued or sold, any Shares (including the issuance or sale of Shares owned or held by or for the account of the Company, but
excluding any Excluded Securities issued or sold or deemed to have been issued or sold) (each, a “Subsequent Placement”)
for a consideration per Share less than a price equal to the Exercise Price then in effect immediately prior to such issue or sale
or deemed issuance or sale (such Exercise Price then in effect is referred to as the “Applicable Price”) (the
foregoing a “Dilutive Issuance”), then immediately after such Dilutive Issuance, the Exercise Price then in
effect shall be reduced to an amount equal to the product of (A) the Exercise Price in effect immediately
prior to such Dilutive Issuance and (B) the quotient determined by dividing (1) the sum of (I) the product derived by
multiplying the Exercise Price then in effect immediately prior to such Dilutive Issuance and the number of Shares deemed outstanding
immediately prior to such Dilutive Issuance plus (II) the net consideration, if any, received by the Company upon such Dilutive
Issuance (as determined and, if applicable, adjusted, pursuant to Section 2(b)(iv) below), by (2) the product derived by multiplying
(I) the Exercise Price in effect immediately prior to such Dilutive Issuance by (II) the sum of (x) the number of Shares
deemed outstanding immediately prior to such Dilutive Issuance and (y) the number of Shares issued (or deemed issued in such Dilutive
Issuance pursuant to Sections 2(b)(i) and 2(b)(ii) below, regardless of whether such Options or Convertible Securities are
actually convertible or exercisable at such time, but excluding any Shares issued (or deemed issued pursuant to Sections 2(b)(i)
and 2(b)(ii) below) under any Secondary Securities (as defined below), if any). For all purposes of the foregoing
(including, without limitation, determining the adjusted Exercise Price and consideration per share under this Section 2(b)),
the following shall be applicable:

 

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(i)          Issuance
of Options. If the Company in any manner grants or sells any Options and the lowest
price per share (before giving effect to any anti-dilution adjustment) for which one Share is issuable upon the exercise of any
such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option is
less than the Applicable Price, then such Share shall be deemed to be outstanding and to have been issued and sold by the Company
at the time of the granting or sale of such Option for such price per share. For purposes of this Section 2(b)(i), the “lowest
price per share for which one Share is issuable upon the exercise of any such Options or upon conversion, exercise or exchange
of any Convertible Securities issuable upon exercise of any such Option” shall be equal to (1) the lower of (x) the sum of
the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one Share upon the granting
or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable
upon exercise of such Option and (y) the lowest exercise price (before giving effect to any anti-dilution adjustment) set forth
in such Option for which one Share is issuable upon the exercise of any such Options or upon conversion, exercise or exchange of
any Convertible Securities issuable upon exercise of any such Option minus (2) the sum of all amounts paid or payable to the holder
of such Option (or any other Person) upon the granting or sale of such Option, upon exercise of such Option and upon conversion,
exercise or exchange of any Convertible Security issuable upon exercise of such Option plus the value of any other consideration,
other than the Shares received upon exercise pursuant to the terms thereof, received or receivable by, or benefit conferred on,
the holder of such Option (or any other Person). For the avoidance of doubt, the fair market value of the portion of any such Option
surrendered by a holder of an Option in exchange for one Share in any cashless exercise or net share settlement shall be deemed
to be the consideration received by the Company for such Share issued upon exercise of such Option and shall be determined in accordance
with Section 2(b)(iv) below. Except as contemplated below, no further adjustment of the Exercise Price shall be made upon
the actual issuance of such Shares or of such Convertible Securities upon the exercise of such Options or upon the actual issuance
of such Shares upon conversion, exercise or exchange of such Convertible Securities.

 

(ii)         Issuance
of Convertible Securities. If the Company in any manner issues or sells any Convertible
Securities and the lowest price per share (before giving effect to any anti-dilution adjustments) for which one Share is issuable
upon the conversion, exercise or exchange thereof is less than the Applicable Price, then such Share shall be deemed to be outstanding
and to have been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities for such price
per share. For the purposes of this Section 2(b)(ii), the “lowest price per share for which one Share is issuable upon
the conversion, exercise or exchange thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration
(if any) received or receivable by the Company with respect to one Share upon the issuance or sale of the Convertible Security
and upon conversion, exercise or exchange of such Convertible Security (before giving effect to any anti-dilution adjustments)
and (y) the lowest conversion price set forth in such Convertible Security for which one Share is issuable upon conversion, exercise
or exchange thereof (before giving effect to any anti-dilution adjustments) minus (2) the sum of all amounts paid or payable to
the holder of such Convertible Security (or any other Person) upon the issuance or sale of such Convertible Security plus the value
of any other consideration, other than the Share received upon conversion pursuant to the terms thereof, received or receivable
by, or benefit conferred on, the holder of such Convertible Security (or any other Person). Except as contemplated below, no further
adjustment of the Exercise Price shall be made upon the actual issuance of such Shares upon conversion, exercise or exchange of
such Convertible Securities, and if any such issue or sale of such Convertible Securities is made upon exercise of any Options
for which adjustment of this Warrant has been or is to be made pursuant to other provisions of this Section 2(b), except as
contemplated below, no further adjustment of the Exercise Price shall be made by reason of such issue or sale.

 

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(iii)        Change
in Option Price or Rate of Conversion. If the purchase or exercise price provided
for in any Options, the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible
Securities, or the rate at which any Convertible Securities are convertible into or exercisable or exchangeable for Shares increases
or decreases at any time, the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise
Price which would have been in effect at such time had such Options or Convertible Securities provided for such increased or decreased
purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially granted,
issued or sold. For purposes of this Section 2(b)(iii), if the terms of any Option or Convertible Security that was outstanding
as of the date of issuance of this Warrant are increased or decreased in the manner described in the immediately preceding sentence,
then such Option or Convertible Security and the Shares deemed issuable upon exercise, conversion or exchange thereof shall be
deemed to have been issued as of the date of such increase or decrease. Notwithstanding the foregoing, no adjustment pursuant to
this Section 2(b) shall be made with respect to any adjustment to the class of Shares covered by Section 2(a) above or
this Section 2(b) to the extent an analogous adjustment is made pursuant to the terms hereof. No adjustment pursuant to this
Section 2(b) shall be made if such adjustment would result in an increase of the Exercise Price then in effect. 

 

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(iv)        Calculation
of Consideration Received. If any Option and/or Convertible Security and/or Adjustment
Right is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined
by the Holder, the “Primary Security,” and such other securities, the “Secondary Securities”),
together comprising one integrated transaction, the Primary Security issued or sold in such integrated transaction shall be deemed
to have been issued for consideration equal to the difference of (A) the aggregate consideration received by the Company to purchase
such Primary Security and the Secondary Securities, minus (B) the product of (x) solely with respect to the Secondary Securities,
the sum of (I) the Black Scholes Consideration Value of such Option, if any, (II) the fair market value (as determined by the Holder)
or the Black Scholes Consideration Value, as applicable, of such Adjustment Right, if any, and (III) the fair market value (as
determined by the Holder) of such Convertible Security, if any, in each case, as determined on a per share basis in accordance
with this Section 2(b)(iv) multiplied by (y) the aggregate number of Shares issued (or deemed issued
pursuant to Sections 2(b)(i) and 2(b)(ii) below, regardless of whether such Options or Convertible Securities are actually
convertible or exercisable at such time) in such Dilutive Issuance pursuant to such Secondary Securities. If any Shares,
Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received
therefor (for the purpose of determining the consideration paid for such Shares, Option or Convertible Security, but not for the
purpose of the calculation of the Black Scholes Consideration Value) will be deemed to be the net amount of consideration received
by the Company therefor. If any Shares, Options or Convertible Securities are issued or sold for a consideration other than cash
(for the purpose of determining the consideration paid for such Shares, Option or Convertible Security, but not for the purpose
of the calculation of the Black Scholes Consideration Value), the amount of such consideration received by the Company will be
the fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the
amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security
for each of the five (5) Trading Days immediately preceding the date of receipt. If any Shares, Options or Convertible Securities
are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity
(for the purpose of determining the consideration paid for such Shares, Option or Convertible Security, but not for the purpose
of the calculation of the Black Scholes Consideration Value), the amount of consideration therefor will be deemed to be the fair
value of such portion of the net assets and business of the non-surviving entity as is attributable to such Shares, Options or
Convertible Securities, as the case may be. The fair value of any consideration other than cash or publicly traded securities (for
the purpose of determining the consideration paid for such Shares, Option or Convertible Security, but not for the purpose of the
calculation of the Black Scholes Consideration Value) will be determined jointly by the Company and the Holder. If such parties
are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation
Event”), the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10th)
day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination
of such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser
shall be borne by the Company.

 

(v)         Record
Date. If the Company takes a record of the holders of Shares for the purpose of entitling
them (A) to receive a dividend or other distribution payable in Shares, ADSs, Options or in Convertible Securities or (B) to
subscribe for or purchase Shares, ADSs, Options or Convertible Securities, then such record date will be deemed to be the date
of the issue or sale of the Shares deemed to have been issued or sold upon the declaration of such dividend or the making of such
other distribution or the date of the granting of such right of subscription or purchase (as the case may be).

 

(c)          Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant
to paragraph (a) of this Section 2, the number of Warrant Shares that
may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the
aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise
Price in effect immediately prior to such adjustment (without regard to any limitations on exercise contained herein).

 

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(d)          Holder's
Right of Alternative Exercise Price Following Issuance of Certain Options or Convertible Securities.
In addition to and not in limitation of the other provisions of this Section 2,
if the Company in any manner issues or sells any Options or Convertible Securities after the Issuance Date that are convertible
into or exchangeable or exercisable for Shares at a price which varies or may vary with the market price of the Shares, including
by way of one or more reset(s) to a fixed price, but exclusive of such formulations reflecting customary anti-dilution provisions
(such as share splits, share combinations, share dividends and similar transactions) and customary “change of control”
or similar share make-whole provisions (each of the formulations for such variable price being herein referred to as, the “Variable
Price”), the Company shall provide written notice thereof via facsimile and e-mail to the Holder on the date of issuance
of such Convertible Securities or Options. From and after the date the Company issues any such Convertible Securities or Options
with a Variable Price, the Holder shall have the right, but not the obligation, in its sole discretion to substitute the Variable
Price for the Exercise Price upon exercise of this Warrant by designating in the Exercise Notice delivered upon any exercise of
this Warrant that solely for purposes of such exercise the Holder is relying on the Variable Price rather than the Exercise Price
then in effect. The Holder's election to rely on a Variable Price for a particular exercise of this Warrant shall not obligate
the Holder to rely on a Variable Price for any future exercises of this Warrant.

 

(e)          ADS
and ADRs. For the purpose of this Section 2, any ADSs and ADRs issued or issuable
(or deemed issued or issuable) in connection with any issuance of Shares, Options or Convertible Securities, as applicable, shall
be evaluated solely based on any underlying Shares as if such underlying Shares had never been exchanged for ADSs represented by
ADRs in connection therewith. As of the Issuance Date, each ADS represents two (2) Shares.

 

(f)          Calculations.
All calculations under this Section 2 shall be made by rounding to
the nearest cent or the nearest 1/100th of a share, as applicable. The number of Shares outstanding at any given time
shall not include shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered
an issue or sale of Shares.

 

3.           RIGHTS
UPON DISTRIBUTION OF ASSETS. Except with respect to any dividend or other distribution
covered by Section 2(a) above, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of Shares or ADSs, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, share or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of Shares and/or ADSs, as
applicable, acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including
without limitation, the Maximum Percentage) immediately before the date on which a record is taken for such Distribution, or, if
no such record is taken, the date as of which the record holders of Shares and/or ADSs are to be determined for the participation
in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distributions would
result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution
to such extent (or the beneficial ownership of any such Shares and/or ADSs as a result of such Distribution to such extent) and
such Distribution to such extent shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right
thereto would not result in the Holder exceeding the Maximum Percentage).

 

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4.           PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)          Purchase
Rights. Except with respect to any dividend or other distribution covered by Sections 2(a)
above, if at any time the Company grants, issues or sells any Options, Convertible Securities or rights to purchase share, warrants,
securities or other property pro rata to the record holders of any class of Shares or ADSs (the “Purchase Rights”),
then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which
the Holder could have acquired if the Holder had held the number of Shares and/or ADSs, as applicable, acquirable upon complete
exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage)
immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record holders of Shares and/or ADSs are to be determined for the grant, issue or sale
of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right
would result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such Shares and/or ADSs as a result of such Purchase Right to such extent) and
such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the Maximum Percentage).

 

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(b)          Assumption
Fundamental Transactions; Change of Control Events. The Company shall not enter into
or be party to a Fundamental Transaction (other than a Change of Control) (an “Assumption Fundamental Transaction”)
unless the Successor Entity (if the Successor Entity is not the Company) assumes in writing all of the obligations of the Company
under this Warrant and the other Transaction Documents (as defined below) in accordance with the provisions of this Section 4(b),
including agreements to deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Warrant, including, without limitation, which is exercisable for
a corresponding number of shares of share capital equivalent to the Shares acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction (other than a Change
of Control), and with an exercise price which applies the exercise price hereunder to such shares of share capital (but taking
into account the relative value of the Shares pursuant to such Assumption Fundamental Transaction and the value of such shares
of share capital, such adjustments to the number of shares of share capital and such exercise price being for the purpose of protecting
the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction (other than a Change of
Control)). Upon the consummation of each Fundamental Transaction (other than a Change of Control), the Successor Entity (if the
Successor Entity is not the Company) shall succeed to, and be substituted for (so that from and after the date of the applicable
Fundamental Transaction (other than a Change of Control), the provisions of this Warrant and the other Transaction Documents referring
to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect
as if such Successor Entity had been named as the Company herein. Upon consummation of each Fundamental Transaction (other than
a Change of Control), the Successor Entity (if the Successor Entity is not the Company) shall deliver to the Holder confirmation
that there shall be issued upon exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction
(other than a Change of Control), in lieu of the Shares (or other securities, cash, assets or other property (except such items
still issuable under Section 3 and Section 4(a) above, which shall continue to be receivable thereafter, mutatis mutandis
to give effect to the Change of Control)) issuable upon the exercise of this Warrant prior to the applicable Fundamental Transaction
(other than a Change of Control), such shares of common stock (or its equivalent) of the Successor Entity (including its Parent
Entity) which the Holder would have been entitled to receive upon the happening of the applicable Assumption Fundamental Transaction
had this Warrant been exercised immediately prior to the applicable Assumption Fundamental Transaction (without regard to any limitations
on the exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant. Notwithstanding the foregoing,
and without limiting Section 1(f) hereof, the Holder may elect, at its sole option, by delivery of written notice to the Company
to waive this Section 4(b) to permit the Assumption Fundamental Transaction without the assumption of this Warrant. Prior
to the consummation of any Change of Control pursuant to which holders of Shares or ADSs are entitled to receive securities or
other assets with respect to or in exchange for Shares or ADSs (a “Change of Control Event”), the Company shall
make appropriate provision to ensure that the Holder will thereafter have the right to receive upon an exercise of this Warrant
at any time after the consummation of the applicable Change of Control but prior to the Expiration Date, in lieu of the shares
of the Shares or ADSs (or other securities, cash, assets or other property (except such items still issuable under Sections 4(a)
above, which shall continue to be receivable thereafter)) issuable upon the exercise of the Warrant prior to such Change of Control,
such shares of share, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription
rights) which the Holder would have been entitled to receive upon the happening of the applicable Change of Control had this Warrant
been exercised immediately prior to the applicable Change of Control (without regard to any limitations on the exercise of this
Warrant). Provision made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder
(it being understood that the Holder’s consent thereto shall not be unreasonably withheld or delayed).

 

(c)          Black
Scholes Value. Notwithstanding the foregoing and the provisions of Section 4(b)
above, at the request of the Holder delivered at any time commencing on the earliest to occur of (x) the public disclosure of any
Change of Control, (y) the consummation of any Change of Control and (z) the Holder first becoming aware of any Change of Control
through the date later of (A) the Trading Day immediately prior to the date of consummation of such Change of Control and (B) ninety
(90) days after the public disclosure of the consummation of such Change of Control by the Company pursuant to a Current Report
on Form 6-K filed with the United States Securities and Exchange Commission (the “SEC”), the Company or the
Successor Entity (as the case may be) shall purchase this Warrant from the Holder on the date of the
consummation of such Change of Control (or, if such request is delivered after the date of consummation of such Change of Control,
on the fifth (5th) Trading Day after the date of such request) by paying to the Holder cash in an amount equal
to the Black Scholes Value.

 

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(d)          Application.
The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions and Change of Control
Events and shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without regard to
any limitations on the exercise of this Warrant (provided that the Holder shall continue to be entitled to the benefit of the Maximum
Percentage, applied however with respect to shares of share capital registered under the Exchange Act and thereafter receivable
upon exercise of this Warrant (or any such other warrant)).

 

5.            NONCIRCUMVENTION.
The Company hereby covenants and agrees that the Company will not, by amendment of its memorandum and articles of association or
other governing documents or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all reasonably
necessary action as may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the
Company (i) shall not increase the par value of any Shares receivable upon the exercise of this Warrant above the Exercise
Price then in effect, (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and non-assessable Shares upon the exercise of this Warrant, and (iii) shall, so long as any of the
Financing Warrants is outstanding, take all action necessary to reserve and keep available out of its authorized and unissued Shares,
solely for the purpose of effecting the exercise of the Financing Warrants, the maximum number of Shares as shall from time to
time be necessary to effect the exercise of the Financing Warrants then outstanding (without regard to any limitations on exercise).

 

6.            WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided
herein, the Holder, solely in its capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be
deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to
confer upon the Holder, solely in its capacity as the Holder of this Warrant, any of the rights of a shareholder of the Company
or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of share, reclassification
of share, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights,
or otherwise, prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise
of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to
purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder of the Company, whether such liabilities
are asserted by the Company or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the
Holder with copies of the same notices and other information given to the shareholders of the Company generally, to the extent
such notices and other information are not filed with or furnished to the Securities and Exchange Commission, contemporaneously
with the giving thereof to the shareholders.

 

7.            REISSUANCE
OF WARRANTS.

 

(a)          Transfer
of Warrant. If this Warrant is to be transferred, the Holder shall surrender this
Warrant to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance
with Section 7(d)), registered as the Holder may request, representing the right to purchase the number of Warrant Shares
being transferred by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant are being transferred,
a new Warrant (in accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares
not being transferred.

 

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(b)          Lost,
Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant (as to which a written certification and the indemnification
contemplated below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking
by the Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of
this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing
the right to purchase the Warrant Shares then underlying this Warrant.

 

(c)          Exchangeable
for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by
the Holder at the principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing
in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will
represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender;
provided, however, no warrants for fractional Shares shall be given.

 

(d)          Issuance
of New Warrants. Whenever the Company is required to issue a new Warrant pursuant
to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated
on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new
Warrant being issued pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when
added to the number of Shares underlying the other new Warrants issued in connection with such issuance, does not exceed the number
of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant
which is the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

 

8.            NOTICES.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance
with Section 12 of the Placement Agent Agreement. The Company shall provide the Holder with prompt written notice of all actions
taken pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefor. Without limiting
the generality of the foregoing, the Company will give written notice to the Holder (i) promptly following each adjustment of the
Exercise Price and the number of Warrant Shares, setting forth in reasonable detail, and certifying, the calculation of such adjustment(s)
and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record (A) with respect
to any dividend or distribution upon the Shares, (B) with respect to any grants, issuances or sales of any Options, Convertible
Securities or rights to purchase shares, warrants, securities or other property to holders of Shares, in each case, as a class
or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in each
case that such information shall be made known to the public prior to or in conjunction with such notice being provided to the
Holder and (iii) at least ten (10) Trading Days prior to the consummation of any Fundamental Transaction. To the extent that any
notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of its Subsidiaries,
the Company shall simultaneously file such notice with the SEC pursuant to a Current Report on Form 6-K. It is expressly understood
and agreed that the time of execution specified by the Holder in each Exercise Notice shall be definitive and may not be disputed
or challenged by the Company absent manifest error.

 

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9.           AMENDMENT
AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant
(other than Section 1(g)) may be amended and the Company may take any action herein prohibited, or omit to perform any act
herein required to be performed by it, only if the Company has obtained the written consent of the Holder. No waiver shall be effective
unless it is in writing and signed by an authorized representative of the waiving party.

 

10.         SEVERABILITY.
If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without material
change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties
or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good
faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which
comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

11.         GOVERNING
LAW. This Warrant shall be
governed by and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation
and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any
choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause
the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing
suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations to
the Holder or to enforce a judgment or other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

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12.         CONSTRUCTION;
HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the
Holder and shall not be construed against any Person as the drafter hereof. The headings of this Warrant are for convenience of
reference and shall not form part of, or affect the interpretation of, this Warrant. Terms used in this Warrant but defined in
the other Transaction Documents shall have the meanings ascribed to such terms on the Issuance Date in such other Transaction Documents
unless otherwise consented to in writing by the Holder.

 

13.         DISPUTE
RESOLUTION. In the case of a dispute as to the determination of the Exercise
Price, the Closing Bid Price, the Closing Sale Price or fair market value or the arithmetic calculation of the number of Warrant
Shares and/or ADRs (as the case may be), the Company or the Holder (as the case may be) shall submit the disputed determinations
or arithmetic calculations (as the case may be) via facsimile (i) within two (2) Business Days after receipt of the applicable
notice giving rise to such dispute to the Company or the Holder (as the case may be) or (ii) if no notice gave rise to such dispute,
at any time after the Holder learned of the circumstances giving rise to such dispute (including, without limitation, as to whether
any issuance or sale or deemed issuance or sale was an issuance or sale or deemed issuance or sale of Excluded Securities). If
the Holder and the Company are unable to agree upon such determination or calculation (as the case may be) of the Exercise Price,
the Closing Sale Price or fair market value or the number of Warrant Shares and/or ADSs (as the case may be) within three (3) Business
Days of such disputed determination or arithmetic calculation being submitted to the Company or the Holder (as the case may be),
then the Company shall, within two (2) Business Days submit via facsimile (a) the disputed determination of the Exercise Price,
the Closing Bid Price, the Closing Sale Price or fair market value (as the case may be) to an independent, reputable investment
bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the number of Warrant Shares
and/or ADSs to the Company’s independent, outside accountant. The Company shall cause at its expense the investment bank
or the accountant (as the case may be) to perform the determinations or calculations (as the case may be) and notify the Company
and the Holder of the results no later than ten (10) Business Days from the time it receives such disputed determinations or calculations
(as the case may be). Such investment bank’s or accountant’s determination or calculation (as the case may be) shall
be binding upon all parties absent demonstrable error.

 

14.         REMEDIES,
CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies
provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant and the other Transaction
Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein
shall limit the right of the Holder to pursue actual and consequential damages for any failure by the Company to comply with the
terms of this Warrant. The Company covenants to the Holder that there shall be no characterization concerning this instrument other
than as expressly provided herein (it being understood that nothing contained herein is intended to affect the Company’s
ability to comply with applicable accounting or tax standards, rules, regulations or pronouncements, in each case as it shall deem
appropriate or advisable). Amounts set forth or provided for herein with respect to payments, exercises and the like (and the computation
thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any
other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder
will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore
agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to
all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without
any bond or other security being required. The Company shall provide all information and documentation to the Holder that is reasonably
requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of this Warrant
(including, without limitation, compliance with Section 2 hereof).
The issuance of shares and certificates for shares as contemplated hereby upon the exercise of this Warrant shall be made without
charge to the Holder or such shares for any issuance or transfer tax or other costs in respect thereof, provided that the Company
shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any
certificate in a name other than the Holder or its agent on its behalf.

 

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15.         TRANSFER.
This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.

 

16.         CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the
following meanings:

 

(a)          “Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance
or sale (or deemed issuance or sale in accordance with Section 2) of
Shares (other than rights of the type described in Section 3 and Section 4 hereof) that could result in a decrease in
the net consideration received by the Company in connection with, or with respect to, such securities (including, without limitation,
any cash settlement rights, cash adjustment or other similar rights).

 

(b)          “Approved
Share Plan” means any employee benefit plan which has been approved by the board of directors of the Company prior to
or subsequent to the date hereof pursuant to which Shares, ADSs, standard options to purchase Shares and/or ADSs, stock and/or
ADS appreciation rights, restricted stock and/or ADS units and/or similar equity compensation benefits may be issued to any employee,
officer, consultant or director for services provided to the Company or any Subsidiary in their capacity as such.

 

(c)          “Black
Scholes Consideration Value” means the value of the applicable Option, Convertible Security or Adjustment Right (as the
case may be) as of the date of issuance thereof calculated using the Black Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg utilizing (i) an underlying price per Share equal to the quotient of (x) the Closing Sale Price of the ADSs
on the Trading Day immediately preceding the public announcement of the execution of definitive documents with respect to the issuance
of such Option or Convertible Security (as the case may be) divided by (y) the number of Shares underlying one (1) ADS as of the
Trading Day immediately preceding the public announcement of the execution of definitive documents with respect to the issuance
of such Option or Convertible Security (as the case may be), (ii) a risk-free interest rate corresponding to the U.S. Treasury
rate for a period equal to the remaining term of such Option, Convertible Security or Adjustment Right (as the case may be) as
of the date of issuance of such Option, Convertible Security or Adjustment Right (as the case may be), (iii) a zero cost of borrow
and (iv) an expected volatility equal to the greater of 80% and the 30 day volatility obtained from the HVT function on Bloomberg
(determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the date of issuance of
such Option, Convertible Security or Adjustment Right (as the case may be).

 

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(d)          “Black
Scholes Value” means the value of the unexercised portion of this Warrant remaining on the date of the Holder’s
request pursuant to Section 4(c), which value is calculated using the Black Scholes Option Pricing Model obtained from the
“OV” function on Bloomberg utilizing (i) an underlying price per Share equal to the quotient of (x) the greater of
(1) the highest Closing Sale Price of the ADSs during the period beginning on the Trading Day immediately preceding the announcement
of the applicable Change of Control (or the consummation of the applicable Change of Control, if earlier) and ending on the Trading
Day of the Holder’s request pursuant to Section 4(c) and (2) the sum of the price per ADS being offered in cash in the
applicable Change of Control (if any) plus the value of the non-cash consideration being offered in the applicable Change of Control
(if any), divided by (y) the number of Shares underlying one (1) ADS as of the Trading Day of the Holder’s request pursuant
to Section 4(c), (ii) a strike price equal to the Exercise Price in effect on the date of the Holder’s request pursuant
to Section 4(c), (iii) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the greater
of (1) the remaining term of this Warrant as of the date of the Holder’s request pursuant to Section 4(c) and (2) the
remaining term of this Warrant as of the date of consummation of the applicable Change of Control or as of the date of the Holder’s
request pursuant to Section 4(c) if such request is prior to the date of the consummation of the applicable Change of Control,
(iv) a zero cost of borrow and (v) an expected volatility equal to the greater of 80% and the 30 day volatility obtained from the
HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the
earliest to occur of (x) the public disclosure of the applicable Change of Control, (y) the consummation of the applicable Change
of Control and (z) the date on which the Holder first became aware of the applicable Change of Control. For purposes of any given
date of determination with respect to this definition occurring prior to the Adjustment Time, each of the adjustments to occur
at the Adjustment Time hereunder shall be deemed to have occurred on the Trading Day immediately prior to such date of determination,
mutatis mutandis.

 

(e)          “Bloomberg”
means Bloomberg, L.P.

 

(f)          “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in California, New York, the British
Virgin Islands and the People’s Republic of China are authorized or required by law to remain closed.

 

(g)          “Change
of Control” means any Fundamental Transaction other than (i) any consolidation or merger by a direct or indirect, wholly
owned Subsidiary of the Company with or into the Company such that the Company is the surviving entity, (ii) any reorganization,
recapitalization or reclassification of the Shares and/or ADSs in which holders of the Company’s voting power immediately
prior to such reorganization, recapitalization or reclassification continue after such reorganization, recapitalization or reclassification
to hold publicly traded securities and, directly or indirectly, are, in all material respects, the holders of the voting power
of the surviving entity (or entities with the authority or voting power to elect the members of the board of directors (or their
equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification,
(iii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company
or any of its Subsidiaries, (iv) any Fundamental Transaction described in clauses (1) or (2) of the definition thereof involving
any Subsidiary of the Company that is not a “significant subsidiary” (as defined in Rule 1-02 of Regulation S-X) (other
than a series of related transactions), or (v) any Fundamental Transaction with respect to a Subsidiary formed for the purpose
of developing a solar project, which Subsidiary is intended to be sold in connection with the sale of such solar project.

 

    	19

    	 

    

  

(h)          “Closing
Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price and
last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal
Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as
the case may be) then the last bid price or last trade price, respectively, of such security prior to 4:00:00 p.m., New York City
time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such
security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or
trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing
bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for
such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security
by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported
in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Bid Price or the Closing
Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the
Closing Sale Price (as the case may be) of such security on such date shall be the fair market value as mutually determined by
the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then
such dispute shall be resolved in accordance with the procedures in Section 13. All such determinations shall be appropriately
adjusted for any share dividend, share split, share combination or other similar transaction during such period.

 

(i)          “Convertible
Securities” means any shares or other security (other than Options) that is at any time and under any circumstances,
directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire,
any Shares or ADSs.

 

(j)          “Depositary”
means Bank of New York Mellon, the depositary for the Company’s ADSs and ADRs.

 

(k)          “Eligible
Market” means the Principal Market, the NYSE MKT, the Nasdaq Global Market, the Nasdaq Capital Market or the Nasdaq Global
Select Market.

 

(l)          “Excluded
Securities” means (i) Shares or ADSs or standard options to purchase Shares or ADSs issued to directors, consultants,
officers or employees of the Company or any Subsidiary in their capacity as such pursuant to an Approved Share Plan (as defined
above); (B) Shares or ADSs issued upon the conversion or exercise of Convertible Securities (other than standard options to purchase
Shares or ADSs issued pursuant to an Approved Share Plan that are covered by clause (i) above) issued prior to the date hereof,
provided that the conversion price of any such Convertible Securities (other than standard options to purchase Shares or ADRs issued
pursuant to an Approved Share Plan that are covered by clause (i) above) is not lowered, none of such Convertible Securities (other
than standard options to purchase Shares or ADSs issued pursuant to an Approved Share Plan that are covered by clause (i) above)
are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such Convertible Securities
(other than standard options to purchase Shares or ADSs issued pursuant to an Approved Share Plan that are covered by clause (i)
above) are otherwise materially changed in any manner that adversely affects the Holder; (C) the Firm ADSs (as defined in the Placement
Agent Agreement as of the Issuance Date); provided that the terms thereof are not amended on or after the issuance thereof, (D)
the Shares issuable upon exercise of the Financing Warrants; provided that the terms thereof are not amended on or after the issuance
thereof and (E) the Offered Securities (as defined in the Placement Agent Agreement as of the Issuance Date); provided that the
terms thereof are not amended on or after the issuance thereof.

 

    	20

    	 

    

  

(m)          “Expiration
Date” means fourth (4th) anniversary of the Initial Exercisability Date or, if such date falls on a day on which trading
does not take place on the Principal Market (a “Holiday”), the next date that is not a Holiday.

 

(n)          “Fundamental
Transaction” means that (i) the Company or any of its Subsidiaries shall, directly or indirectly, in one or more related
transactions, (1) consolidate or merge with or into (whether or not the Company or any of its Subsidiaries is the surviving corporation)
any other Person, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its
respective properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange offer
that is accepted by the holders of more than 50% of the outstanding shares of Voting Shares of the Company (not including any shares
of Voting Shares of the Company held by the Person or Persons making or party to, or associated or affiliated with the Persons
making or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other
Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Shares of the Company (not including
any shares of Voting Shares of the Company held by the other Person or other Persons making or party to, or associated or affiliated
with the other Persons making or party to, such stock or share purchase agreement or other business combination), or (ii) any “person”
or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act and the rules
and regulations promulgated thereunder) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding Voting
Shares of the Company.

 

(o)          “Options”
means any rights, warrants or options to subscribe for or purchase Shares, ADSs or Convertible Securities, but excluding any Excluded
Securities.

 

(p)          “Shares”
means (i) the Company’s Shares, no par value per share, and (ii) any share capital into which such Shares shall have
been changed or any share capital resulting from a reclassification of such Shares.

 

(q)          “Shares
Deemed Outstanding” means, at any given time, the number of Shares actually outstanding at such time (including, without
limitation, any Shares underlying any ADSs outstanding at such time), but excluding any Shares and ADSs owned or held by or for
the account of the Company.

 

    	21

    	 

    

  

(r)          “Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common equity
or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity,
the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(s)          “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

(t)          “Principal
Market” means the New York Stock Exchange.

 

(u)          “Subsidiary”
means any Person in which the Company, directly or indirectly, (i) owns any of the outstanding share capital or holds any equity
or similar interest of such Person or (ii) controls or operates all or any part of the business, operations or administration of
such Person, and all of the foregoing.

 

(v)         “Successor
Entity” means the Person (or, if applicable, the Parent Entity) formed by, resulting from or surviving any Fundamental
Transaction or the Person (or, if applicable, the Parent Entity) with which such Fundamental Transaction shall have been entered
into.

 

(w)          “Trading
Day” means any day on which the ADSs are traded on the Principal Market, or, if the Principal Market is not the principal
trading market for the ADSs, then on the principal securities exchange or securities market on which the ADSs are then traded,
provided that “Trading Day” shall not include any day on which the ADSs are scheduled to trade on such exchange or
market for less than 4.5 hours or any day that the ADSs are suspended from trading during the final hour of trading on such exchange
or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market,
then during the hour ending at 4:00 p.m., New York time).

 

(x)          “Transaction
Documents” means, collectively, this Warrant, the other Warrants, the Placement Agent Agreement and each of the other
agreements and instruments entered into or delivered by any of the parties hereto and thereto in connection with the transactions
contemplated hereby and thereby, as may be amended from time to time.

 

(y)          “Voting
Shares” of a Person means share capital of such Person of the class or classes pursuant to which the holders thereof
have the general voting power to elect, or the general power to appoint, at least a majority of the board of directors, managers
or trustees of such Person (irrespective of whether or not at the time share capital of any other class or classes shall have or
might have voting power by reason of the happening of any contingency).

 

(z)          “VWAP”
means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or,
if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities
market on which such security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00
p.m., New York time, as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does not
apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board
for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported
by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average
of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in
the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If VWAP cannot be calculated for such security
on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually determined
by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then
such dispute shall be resolved in accordance with the procedures in Section 13. All such determinations shall be appropriately
adjusted for any share dividend, share split, share combination or other similar transaction during such period.

 

[Signature page follows]

 

    	22

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to purchase Shares to be duly executed as of the Issuance Date set out above.

 

	 	ReneSola Ltd
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

EXHIBIT A

 

EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE Shares

 

RENESOLA
LTD

 

The undersigned holder
hereby exercises the right to purchase _________________ of the Shares (“Warrant Shares”) of ReneSola Ltd, a
company with limited liability organized under the laws of the British Virgin Islands (the “Company”), evidenced
by a Warrant to purchase Shares represented by American Depositary Shares, No. _______ (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

1.            Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

		_______________	a “Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

		_______________	a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

2.            Payment
of Exercise Price. In the event that Cash Exercise applies with respect to the Warrant Shares to be issued pursuant hereto,
the Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms
of the Warrant.

 

3.            Delivery
of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________ Warrant Shares
to be issued pursuant hereto in accordance with the terms of the Warrant.

 

4.            Delivery
of ADSs. The Company shall deliver to Holder, or its designee or agent as specified below, _______ American Depositary Shares
(or American Depositary Receipts representing the ADSs) underlying the Warrants Shares in accordance with the terms of the Warrant.

 

_______ Delivery shall be made to Holder,
or for its benefit, to the following address:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

_______ Delivery shall be made to Holder,
or for its benefit, through the Deposit/Withdrawal at Custodian system, Direct Registration System and/or Profile Modification
System, as applicable, of the Depository Trust Company as follows:

 

    	 

    	 

    

 

	Name of DTC Participant acting for

undersigned:	 
	 	 
	DTC Participant Account No.:	 
	 	 
	Account No. for undersigned at DTC	 
	Participant (f/b/o information):	 
	 	 
	Onward Delivery Instructions of	 
	undersigned:	 
	 	 
	Contact person at DTC Participant:	 
	 	 
	Daytime telephone number of contact	 
	person at DTC Participant:	 

 

	Date: _____________ __, _______	 
	 	 
	Name of Registered Holder	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

EXHIBIT B-1

 

ACKNOWLEDGMENT

 

The Company hereby
acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of Shares in accordance
with the Registrar Service Provider Instructions dated _________, 20__, from the Company and acknowledged and agreed to by _______________.

 

Please take this Acknowledgement,
together with such prior Registrar Service Provider Instruction, as your instruction to (i) register the Shares noted below to
be issued pursuant to this Exercise Notice at par, (ii) update the register of members of the Company and (iii) prepare new share
certificates and deliver the same to the recipients as detailed below:

 

	Number of 

Shares	 	Name of shareholder	 	Name and place of recipient
	 	 	 	 	 
	 	 	[INSERT DEPOSITARY NAME]	 	[INSERT DEPOSITARY ADDRESS]

 

Please promptly fax a copy of the updated
register of members to [INSERT DEPOSITARY NAME] at ________________.

 

	 	ReneSola Ltd
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

EXHIBIT B-2

 

ACKNOWLEDGMENT

 

The Company hereby
acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of ADSs evidenced by ADRs
in accordance with the instructions set forth in this Exercise Notice and the Depositary Instructions dated _________, 20__, from
the Company and acknowledged and agreed to by _______________.

 

	 	ReneSola Ltd
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES
PURCHASE AGREEMENT (this “Agreement”), dated as of September 11, 2013, is by and among ReneSola Ltd, a company
with limited liability organized under the laws of the British Virgin Islands with its registered office located at the offices
of Harneys Corporate Services Limited, Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, British Virgin Islands and with its
principal executive offices located at No. 8 Baoqun Road, Yaozhuang County, Jiashan Town, Zhejiang Province, the People’s
Republic of China (the “Company”), and each of the investors who have delivered a separate signature page
hereto (individually, a “Buyer” and collectively, the “Buyers”).

 

RECITALS

 

A.           The
Company and Roth Capital Partners, LLC (the “Placement Agent”) desire to enter into a certain placement agent
agreement (the “Placement Agent Agreement”), pursuant to which the Placement Agent will agree to act as the
Company’s exclusive placement agent for the sale of an aggregate of 15,000,000 American Depositary Shares, each representing
two (2) shares, no par value per share, of the Company (each a “Share” and each American Depositary Share, an
“ADS”) together with warrants exercisable to initially purchase up to 10,500,000 additional Shares, in the form
attached hereto as Exhibit A (the “Warrants”). These securities will be sold together as a bundle
and will be referred to herein as the “Bundled Securities.” Each of the Bundled Securities consists of
one ADS and a four-year Warrant to purchase 35% of an ADS at an exercise price of $6.04 per ADS or $3.02 per Share. The Bundled
Securities will be purchased in minimum increments of ten (10) ADSs (such that each Warrant shall initially be exercisable to purchase
up to seven (7) Shares for every ten (10) ADSs purchased).

 

B.           In
connection with the execution of the Placement Agent Agreement, the Company and each Buyer desire to enter into this transaction
to purchase the Securities pursuant to a currently effective (i) shelf registration statement of the Company on Form F-3, as amended
(File No. 333-189650) (the “Shelf Registration Statement”) and (ii) a registration statement on Form F-6, as
amended, which has registered not less than 52,000,000 ADSs issuable upon deposit of Shares (File No. 333-162257) (the “ADS
Registration Statements,” and together with the Shelf Registration Statement, the “Registration Statements”).

 

C.           Each
Buyer desires to subscribe and purchase, and the Company desires to sell the aggregate number of ADSs (the “Purchased
ADSs”) and the aggregate number of Warrants (the “Purchased Warrants”; the Shares issuable upon exercise
of the Warrants shall be referred to as the “Warrant Shares”) set forth on such Buyer’s respective signature
page hereto. The Purchased ADSs and the ADSs representing the Warrant Shares may be evidenced by American Depositary Receipts (the
“ADRs”) to be issued pursuant to the Deposit Agreement entered into among the Company, The Bank of New York
Mellon, as depositary (the “Depositary”), and the owners and holders from time to time of the ADSs (the “Deposit
Agreement”). The ADSs representing the Warrant Shares are collectively referred to herein as the “Warrant Share
ADSs,” and the Purchased ADSs and the Warrant Share ADSs are collectively referred to herein as the “ADS Securities.”
The Purchased Warrants, the Warrant Shares and the ADS Securities are collectively referred to herein as the “Securities.”

 

    	 

    	 

    

 

D.           The
Company and each Buyer desire to enter into this Agreement upon the terms and conditions hereof.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and each Buyer hereby agree as follows:

 

1.            PURCHASE
AND SALE OF PURCHASED ADSs AND WARRANTS.

 

(a)          Purchased
ADSs and Warrants. Upon the terms and subject to the conditions in this Agreement, the Company shall issue or cause to be issued
and sell to each Buyer, and each Buyer severally, but not jointly, shall subscribe for and purchase from the Company on the Closing
Date (as defined below) the number of ADS Securities set forth on such Buyer’s signature page hereto.

 

(b)          Closing.
The closing (the “Closing”) of the subscription and purchase of the Purchased ADSs and the Purchased Warrants
by each of the Buyers shall occur at the offices of Morrison & Foerster LLP, Suite 3501-3502, Bund Center, No. 222, Yan An
Road East, Shanghai 200002, P.R.C. The date and time of the Closing (the “Closing Date”) shall be 7:00 A.M.
Pacific time, on the third (3rd) Business Day after the date hereof (or such earlier date as is mutually agreed to by
the Company and each Buyer). As used herein “Business Day” means any day other than a Saturday, Sunday or other
day on which commercial banks in California, New York, the British Virgin Islands and the People’s Republic of China (the
“PRC”) are authorized or required by law to remain closed.

 

(c)          Purchase
Price. The aggregate purchase price for the Purchased ADSs and the Purchased Warrants to be purchased by each Buyer shall be
the amount set forth on such Buyer’s signature page (the “Purchase Price”).

 

(d)          Payment
of Purchase Price; Deliveries. On the Closing Date, as to each Buyer, (i) such Buyer shall pay the aggregate Purchase Price
to the Company for the Purchased ADSs and the Purchased Warrants by wire transfer of immediately available funds to an account
designated by the Company not less than two (2) business days prior to the Closing Date and (ii) the Company shall, as to
each Buyer, deliver or cause to be delivered to the Placement Agent on behalf of such Buyer the ADSs to be purchased by such Buyer
by authorizing the release of the ADSs to the Placement Agent’s clearing firm via DWAC delivery prior to the release
of the federal funds wire to the Company for payment of such ADSs and by delivering physical warrant certificates evidencing the
Purchased Warrants. Thereafter, the Placement Agent shall deliver, or cause to be delivered to each such Buyer, the Purchased ADSs
and the Purchased Warrants to be purchased by such Buyer in accordance with the instructions provided by the Buyer on its executing
broker’s account and the Placement Agent shall deliver, or cause to be delivered, to the Company, the aggregate purchase
price for the Purchased ADSs and Purchased Warrants purchased by such Buyer, minus any applicable fees and disbursements (including
the any commissions payable to the Placement Agent pursuant to the Placement Agent Agreement). The Company acknowledges and agrees
that the settlement procedure described above is being provided to the Company as an accommodation solely upon the Company’s
request.

 

    	- 2 -

    	 

    

  

2.           BUYER’S
REPRESENTATIONS AND WARRANTIES.

 

Each Buyer, severally
and not jointly, represents and warrants to the Company with respect to only itself that:

 

(a)          Organization;
Authority. Such Buyer is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization with the requisite power and authority to enter into and to consummate the transactions contemplated by this
Agreement and the other Transaction Documents (as defined below) to which it is a party and otherwise to carry out its obligations
hereunder and thereunder.

 

(b)          Validity;
Enforcement. This Agreement has been duly and validly authorized, executed and delivered by or on behalf of such Buyer and
(assuming due authorization, execution and delivery by the other parties hereto) constitutes a legal, valid and binding agreement
of such Buyer enforceable against such Buyer in accordance with its terms, except as such enforceability may be limited by general
principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating
to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(c)          No
Conflicts. The execution, delivery and performance by such Buyer of this Agreement and the other Transaction Documents and
the consummation by such Buyer of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational
or constitutional documents of such Buyer, (ii) conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which such Buyer is a party or (iii) result in a violation of any law, rule, regulation,
order, judgment or decree (including federal and state securities laws) applicable to such Buyer, except, in the case of clauses
(ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably
be expected to have a material adverse effect on the ability of such Buyer to consummate the transactions contemplated hereby and
thereby.

  

(d)          Certain
Trading Activities. Such Buyer has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding
with such Buyer, engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as
defined below) involving the Company’s securities) during the period commencing as of the time that such Buyer was first
contacted by the Placement Agent regarding the specific investment in the Company contemplated by this Agreement and ending immediately
prior to the execution of this Agreement by such Buyer. “Short Sales” means (i) all “short sales”
as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “1934
Act”) (but shall not be deemed to include the location and/or reservation of borrowable Shares
or ADSs) and (ii) any other transaction that would have the effect, directly or indirectly, of establishing a “short position”
with respect to the Shares or ADSs, including, without limitation, derivative transactions such as cash-settled total return swap
and option transactions. As used herein, “Person” means an individual, a limited liability company, a
partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity, any Governmental Entity
or other self-regulatory organization or body, any other entity and a government or any department or agency thereof, and “Governmental
Entity” means any nation, state, county, city, town, village, district, or other political jurisdiction of any nature,
federal, state, local, municipal, foreign, or other government, governmental or quasi-governmental authority of any nature (including
any governmental agency, branch, department, official, or entity and any court or other tribunal), multi-national organization
or body; or body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, regulatory, or taxing
authority or power of any nature or instrumentality of any of the foregoing, including any entity or enterprise owned or controlled
by a government or a public international organization or any of the foregoing.

 

    	- 3 -

    	 

    

  

(e)          No
Brokers and Finders. Other than the Placement Agent, such Buyer has not been contacted by any Person or is not a party to any
agreement, arrangement or understanding pursuant to which, as a result of the transactions contemplated by this Agreement, any
Person will have any valid right, interest or claim against or upon the Company or any of its Subsidiaries (as defined in the Placement
Agent Agreement) for any commission, fee or other compensation.

 

(f)          Acknowledgment
Regarding Buyer’s Purchase of Securities. Such Buyer is not (i) an “affiliate” (as such term is defined in
Rule 144 promulgated under the United States Securities Act of 1933, as amended (the “1933 Act”) of the Company
or any of its Subsidiaries or (ii) to its knowledge, a “beneficial owner” of the Company (as such term is defined in
Rule 13d-3 under the 1934 Act.

 

(g)          Experience.
(i) Such Buyer is knowledgeable, sophisticated and experienced in financial and business matters, in making, and is qualified to
make, decisions with respect to investments in shares representing an investment decision like that involved in the purchase of
the Purchased ADSs and the Purchased Warrants, including, without limitation, investments in securities issued by the Company and
comparable entities, and such Buyer has undertaken an independent analysis of the merits and the risks of an investment in the
Purchased ADSs and the Purchased Warrants, based on such Buyer’s own financial circumstances; (ii) such Buyer has had the
opportunity to request, receive, review and consider all information it deems relevant in making an informed decision to purchase
the Purchased ADSs and the Purchased Warrants and to ask questions of, and receive answers from, the Company concerning such information;
(iii) such Buyer has, in connection with its decision to purchase the number of the Purchased ADSs and the Purchased Warrants as
set forth on such Buyer’s signature page hereto, relied solely upon all reports, schedules, forms, statements and other documents
required to be filed by the Company with the United States Securities and Exchange Commission (the “SEC”) pursuant
to the reporting requirements of the 1934 Act (all of the foregoing filed prior to the date hereof and all exhibits included therein
and financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter referred
to as the “SEC Documents”), and the representations and warranties of the Company contained herein, and such
Buyer has not relied on the Placement Agent in negotiating the terms of its investment in the Purchased ADSs and the Purchased
Warrants and, in making a decision to purchase the Purchased ADSs and the Purchased Warrants, and such Buyer has not received or
relied on any communication, investment advice or recommendation from the Placement Agent; (iv) such Buyer has had an opportunity
to discuss this investment with representatives of the Company and ask questions of them, but has not relied on any communication
or recommendation from any representative of the Company and (v) such Buyer is an institutional investor that is an “institutional
accredited investor” (an “Accredited Investor”) within the meaning of Rule 501(a)(1), (2), (3) or (7)
under the 1933 Act, as modified by the Dodd Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, H.R. 4173),
and (vi) such Buyer is able to bear the economic is able to bear the economic risk of an investment in the Securities and
has an adequate income independent of any income produced from an investment in the Securities and has sufficient net worth to
sustain a loss of all of its investment in the Securities without economic hardship if such a loss should occur.

 

    	- 4 -

    	 

    

  

3.           REPRESENTATIONS
AND WARRANTIES OF THE COMPANY.

 

The Company represents
and warrants to each of the Buyers that each of the representations and warranties made by the Company in the Placement Agent Agreement
under Sections 2, 3 and 4 thereof are true, correct, accurate, complete and not misleading as of the date of this Agreement
and as of the Closing Date as if repeated on such day by reference to the facts and circumstances subsisting at that date and on
the basis that any reference in the representations and warranties, whether express or implied, to the date of this Agreement is
substituted by a reference to that date, except as otherwise indicated, and are incorporated herein by reference in its entirety.
For purposes of this Section 3, (i) each reference to “Placement Agent,” as the case may be, shall be replaced,
to the extent applicable, with the term “Buyer” as such term is defined herein, (ii) each reference to “Offered
ADSs” shall be replaced with the term “Purchased ADSs” as such term is defined herein, (iii) each reference to
“Offered Securities” shall be replace with the term “Securities” as such term is defined herein, (iv) each
reference to “Offered Warrants” shall be replaced with the term “Purchased Warrants” as such term is defined
herein and (v) terms used in or incorporated by reference in this Section 3 but not otherwise defined in this Agreement shall
have the same meaning as given to them in the Placement Agent Agreement.

 

4.           COVENANTS.

 

Reference is made to
Section 7 of the Placement Agent Agreement, which contains certain agreements and covenants made by the Company to the Placement
Agent. The Company hereby covenants and agrees with each Buyer to do, take action, forego from taking action and otherwise perform
and observe each and every such covenant in Section 7 of the Placement Agreement for the benefit of the Buyers as if all such
covenants were set forth herein in their entirety. For purposes of this Section 4, (i) each reference to “Placement
Agent,” as the case may be, shall be replaced, to the extent applicable, with the term “Buyer” as such term is
defined herein, (ii) each reference to “Offered ADSs” shall be replaced with the term “Purchased ADSs”
as such term is defined herein, (iii) each reference to “Offered Securities” shall be replace with the term “Securities”
as such term is defined herein, (iv) each reference to “Offered Warrants” shall be replaced with the term “Purchased
Warrants” as such term is defined herein and (v) terms used in or incorporated by reference in this Section 4 but not
otherwise defined in this Agreement shall have the same meaning as given to them in the Placement Agent Agreement.

 

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5.           REGISTER;
TRANSFER AGENT INSTRUCTIONS; DEPOSITARY INSTRUCTIONS; LEGEND.

 

(a)          Register.
The Company shall maintain at its registered office (or such other office or agency of the Company as it may designate by notice
to each holder of the Securities), a register of holders for the Warrants in which the Company shall record the name and address
of the Person in whose name the Warrants have been issued (including the name and address of each transferee) and the number of
the Warrant Shares issuable upon exercise of the Warrants held by such Person. The Company shall keep the register open and available
at all times during business hours for inspection of any Buyer or its legal representatives.

 

(b)          Registrar
Service Provider Instructions. The Company shall issue irrevocable (unless revocation is required to comply with applicable
laws) instructions to Capita Registrars Limited, the registrar service provider of the Company (the “Registrar Service
Provider”), in the form previously provided to the Company (the “Irrevocable Registrar Service Provider Instructions”)
to deposit shares with the principal London office of The Bank of New York Mellon, the custodian for the Depositary (or any successor
custodian thereto, the “Custodian”), as applicable, for the Warrant Shares in such amounts as specified from
time to time by each Buyer to the Company in connection upon the exercise of the Warrants. The Company represents and warrants
that no instruction other than the Irrevocable Registrar Service Provider Instructions referred to in this Section 5(b) will
be given by the Company to the Registrar Service Provider with respect to the Securities, and that the Securities shall otherwise
be freely transferable on the books and records of the Company. If a Buyer effects a sale, assignment or transfer of the Warrant
Shares (other than any sale, assignment or transfer of ADS Securities with respect thereto), the Company shall, to the extent permitted
by applicable law, permit the transfer and shall promptly instruct the Registrar Service Provider to deposit shares with the Custodian
as specified by such Buyer to effect such sale, transfer or assignment. The Company acknowledges that a breach by it of its obligations
hereunder will cause irreparable harm to each Buyer. Accordingly, the Company acknowledges that the remedy at law for a breach
of its obligations under this Section 5(b) will be inadequate and agrees, in the event of a breach or threatened breach by
the Company of the provisions of this Section 5(b), that each Buyer shall be entitled, in addition to all other available
remedies, to an order and/or injunction restraining any breach and requiring immediate issuance and transfer, without the necessity
of showing economic loss and without any bond or other security being required. The Company shall use reasonably best efforts to
cause its counsel to issue the legal opinion referred to in the Irrevocable Registrar Service Provider Instructions to the Registrar
Service Provider to the extent reasonably required or requested by the Registrar Service Provider in connection with the transfer
of the Warrant Shares. Any fees (with respect to the Registrar Service Provider, counsel to the Company or otherwise) associated
with such deposit or the issuance of such opinion shall be borne by the Company.

 

(c)          Depositary
Instructions. At or prior to the Closing the Company shall issue irrevocable instructions to the Depositary in the form previously
provided to the Company (the “Irrevocable Depositary Instructions”) to execute and deliver ADRs or credit ADSs
to the applicable balance accounts at DTC, as applicable, registered in the name of each Buyer or its respective nominee(s), for
the ADS Securities in such amounts as specified from time to time by each Buyer to the Company. If a Buyer effects a sale, assignment
or transfer of the ADS Securities, the Company shall, to the extent permitted by applicable law, permit the transfer and shall
promptly instruct the Depositary to execute and deliver one or more ADRs or credit ADSs to the applicable balance accounts at DTC
in such name and in such denominations as specified by such Buyer to effect such sale, transfer or assignment. The Company acknowledges
that a breach by it of its obligations hereunder will cause irreparable harm to each Buyer. Accordingly, the Company acknowledges
that the remedy at law for a breach of its obligations under this Section 5(c) will be inadequate and agrees, in the event
of a breach or threatened breach by the Company of the provisions of this Section 5(c), that each Buyer shall be entitled,
in addition to all other available remedies, to an order and/or injunction restraining any breach and requiring immediate issuance
and transfer, without the necessity of showing economic loss and without any bond or other security being required. At or prior
to the Closing, the Company shall use reasonable best efforts to cause its counsel to issue the legal opinion referred to in the
Irrevocable Depositary Instructions to the Depositary to the extent required or requested by the Depositary. Any fees (with respect
to the Depositary, counsel to the Company or otherwise) associated with the issuance of any ADSs or ADRs or the issuance of such
opinion shall be borne by the Company.

 

    	- 6 -

    	 

    

  

(d)          Legends.
Except as set forth in the Warrants, certificates and any other instruments evidencing the Securities shall not bear any restrictive
or other legend.

 

(e)          Warrant
Agreement. Notwithstanding any of the foregoing provisions of this Section 5, to the extent of any inconsistency between
the terms hereof the terms of the Warrant Agreement, the terms of the Warrant Agreement shall prevail.

 

6.           ADDITIONAL
CLOSING DELIVERIES OF THE COMPANY.

 

Each Buyer’s
obligation to effect the closing of the transactions contemplated hereby shall be expressly conditioned upon satisfaction in full
of each of the conditions to the obligations of the Placement Agent to effect the transactions contemplated by the Placement Agent
Agreement as set forth in Section 8 thereof.

 

7.           TERMINATION.

 

In the event that the
Closing shall not have occurred with respect to a Buyer within five (5) days after the date hereof, then such Buyer shall have
the right to terminate its obligations under this Agreement with respect to itself at any time on or after the close of business
on such date without liability of such Buyer to any other party; provided, however, (i) the right to terminate this Agreement
under this Section 7 shall not be available to such Buyer if the failure of the transactions contemplated by this Agreement
to have been consummated by such date is the result of such Buyer’s breach of this Agreement and (ii) the abandonment of
the sale and purchase of the Purchased ADSs and Warrants shall be applicable only to such Buyer providing such written notice.
Nothing contained in this Section 7 shall be deemed to release any party from any liability for any breach by such party of
the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party to compel specific
performance by any other party of its obligations under this Agreement or the other Transaction Documents.

 

In addition, each Buyer
shall have the right to terminate its respective obligations under this Agreement by giving notice to the Company as hereinafter
specified at any time at or prior to the Closing Date, if in the discretion of such Buyer, (i) trading in the Company’s ADSs
shall have been suspended by the SEC or the NYSE or trading in securities generally on the NASDAQ Global Market, NYSE or NYSE Amex
shall have been suspended, (ii) minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities
shall have been required, on the NASDAQ Global Market, NYSE or NYSE Amex, by such exchange or by order of the SEC or any other
governmental authority having jurisdiction, (iii) a banking moratorium shall have been declared by United States federal or state
or the PRC authorities, (iv) there shall have occurred any attack on, outbreak or escalation of hostilities or act of terrorism
involving the United States or the PRC, any declaration by the United States or the PRC of a national emergency or war, any substantial
change or development involving a prospective substantial change in United States or the PRC or other international political,
financial or economic conditions or any other calamity or crisis, or (v) the Company suffers any loss by strike, fire, flood, earthquake,
accident or other calamity, whether or not covered by insurance, or (vi) in the judgment of such Buyer, there has been, since the
time of execution of this Agreement or since the respective dates as of which information is given in the Prospectus, any material
adverse change in the assets, properties, condition, financial or otherwise, or in the results of operations, business affairs
or business prospects of the Company and its subsidiaries considered as a whole, whether or not arising in the ordinary course
of business. Any such termination shall be without liability of any party to any other party except that the provisions of Section 8
(including, without limitation, Section 8(c)) hereof shall at all times be effective and shall survive such termination.

 

    	- 7 -

    	 

    

  

8.           MISCELLANEOUS.

 

(a)          Governing
Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the State of New York, for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law. The Company has appointed CT Corporation System,
located at 111 Eighth Avenue, New York, New York 10011 (the “Authorized Agent”) as its authorized agent upon
whom process may be served in any such legal suit, action or proceeding. Such appointment shall be irrevocable. The Authorized
Agent has agreed to act as said agent for service of process and the Company agrees to take any and all action, including the filing
of any and all documents and instruments and the payment of any further fees, which may be necessary to continue such appointment
in full force and effect as aforesaid. The Company further agrees that service of process upon the Authorized Agent and written
notice of said service to the Company shall be deemed in every respect effective service of process upon the Company in any such
legal suit, action or proceeding. Nothing herein shall affect the right of the Placement Agent or any person controlling the Placement
Agent to serve process in any other manner permitted by law. The provisions of this Section 8 are intended to be effective
upon the execution of this Agreement without any further action by the Company and the introduction of a true copy of this Agreement
into evidence shall be conclusive and final evidence as to such matters. The Company further agrees to take any and all actions
as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of seven (7)
years from the date of this Agreement. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST,
A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY. The choice of the laws of the State of New York as the governing law of this Agreement and the Deposit
Agreement is a valid choice of law and would be recognized and given effect to in any action brought before a court of competent
jurisdiction in the British Virgin Islands, except for those laws (i) which such court considers to be procedural in nature, (ii)
which are revenue or penal laws or (iii) the application of which would be inconsistent with public policy, as such term is interpreted
under the laws of the British Virgin Islands. The Company, any of its Subsidiaries, or any of their respective properties, assets
or revenues does not have any right of immunity under the British Virgin Islands, the PRC or New York law, from any legal action,
suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from set-off or counterclaim, from
the jurisdiction of any British Virgin Islands, New York or United States federal court, from service of process, attachment upon
or prior to judgment or attachment in aid of execution of judgment, or from execution of a judgment or other legal process or proceeding
for the giving of any relief or for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities
or any other matter under or arising out of or in connection with this Agreement or the Deposit Agreement; and, to the extent that
the Company, any of its Subsidiaries, or any of their respective properties, assets or revenues may have or may hereafter become
entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, the Company hereby
waives such right to the extent permitted by law and hereby consents to such relief and enforcement as provided in this Agreement
and the other Transaction Documents.

  

(b)          Disclosure
of Transactions and Other Material Information. On or before 8:30 a.m., New York City time, on the date of this Agreement, the
Company shall issue a press release and/or file a Current Report on Form 6-K describing the terms of the transactions contemplated
by the Transaction Documents in the form required by the 1934 Act and attaching the material Transaction Documents (including,
without limitation, this Agreement (and all schedules and exhibits to this Agreement), the "Public Announcement").
From and after the Public Announcement, no Buyer shall be in possession of any material, nonpublic information received from the
Company, any of its Subsidiaries or any of their respective officers, directors, employees or agents, that is not disclosed in
the Public Announcement. The Company shall not, and shall cause each of its subsidiaries and its and each of their respective officers,
directors, employees and agents, not to, provide any Buyer with any material, nonpublic information regarding the Company or any
of its subsidiaries from and after the Public Announcement without the express prior written consent of such Buyer. If a Buyer
has, or believes it has, received any such material, nonpublic information regarding the Company or any of its subsidiaries from
the Company, any of its subsidiaries or any of their respective officers, directors, affiliates or agents, it may provide the Company
with written notice thereof. The Company shall, within two (2) Trading Days of receipt of such notice, make public disclosure of
such material, nonpublic information. In the event of a breach of the foregoing covenant by the Company, any of its subsidiaries,
or any of its or their respective officers, directors, employees and agents, in addition to any other remedy provided herein or
in the Transaction Documents, a Buyer shall have the right to make a public disclosure, in the form of a press release, public
advertisement or otherwise, of such material, nonpublic information without the prior approval by the Company, its Subsidiaries,
or any of its or their respective officers, directors, employees or agents. No Buyer shall have any liability to the Company, its
subsidiaries, or any of its or their respective officers, directors, employees, stockholders or agents for any such disclosure.
To the extent that the Company delivers any material, non-public information to a Buyer without such Buyer's consent, the Company
hereby covenants and agrees that such Buyer shall not have any duty of confidentiality with respect to, or a duty not to trade
on the basis of, such material, non-public information.

 

    	- 8 -

    	 

    

  

(c)          Fees.
The Company shall reimburse Hudson Bay Master Fund Ltd. (a Buyer) or its designee(s) (in addition to any other expense amounts
paid to any Buyer or its counsel prior to the date of this Agreement) for all costs and expenses incurred in connection with the
transactions contemplated by the Transaction Documents (including all legal fees and disbursements in connection therewith, documentation
and implementation of the transactions contemplated by the Transaction Documents and due diligence in connection therewith), which
amount may be withheld by such Buyer from its Purchase Price at the Closing to the extent not previously reimbursed by the Company.
Notwithstanding the foregoing, in no event will the fees of counsel of Hudson Bay reimbursed by the Company pursuant to this Section 8(c)
exceed $25,000 without the prior approval from the Company. The Company shall be responsible for the payment of any placement agent's
fees, financial advisory fees, or broker's commissions (other than for Persons engaged by any Buyer) relating to or arising out
of the transactions contemplated hereby, including, without limitation, any fees or commissions payable to the Placement Agent.
The Company shall pay, and hold each Buyer harmless against, any liability, loss or expense (including, without limitation, reasonable
attorney's fees and out-of-pocket expenses) arising in connection with any claim relating to any such payment. Except as otherwise
set forth in the Transaction Documents, each party to this Agreement shall bear its own expenses in connection with the sale of
the Securities to the Buyers.

 

(d)          No
Consideration. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any
provision of any of the Transaction Documents unless the same consideration (other than the reimbursement of legal fees) also is
offered to all of the parties to the Transaction Documents.

 

(e)          Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that
any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an
executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

(f)          Headings;
Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine,
feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,” “include”
and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,”
“hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision
in which they are found.

 

    	- 9 -

    	 

    

  

(g)          Severability;
Usury. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a
court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended
to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision
shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues
to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).
Notwithstanding anything to the contrary contained in this Agreement or any other Transaction Document (and without implication
that the following is required or applicable), it is the intention of the parties that in no event shall amounts and value paid
by the Company and/or any of its Subsidiaries (as the case may be), or payable to or received by any of the Buyers, under the Transaction
Documents (including without limitation, any amounts that would be characterized as “interest” under applicable law)
exceed amounts permitted under any applicable law. Accordingly, if any obligation to pay, payment made to any Buyer, or collection
by any Buyer pursuant the Transaction Documents is finally judicially determined to be contrary to any such applicable law, such
obligation to pay, payment or collection shall be deemed to have been made by mutual mistake of such Buyer, the Company and its
Subsidiaries and such amount shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest,
as the case may be, as would not be so prohibited by the applicable law. Such adjustment shall be effected, to the extent necessary,
by reducing or refunding, at the option of such Buyer, the amount of interest or any other amounts which would constitute unlawful
amounts required to be paid or actually paid to such Buyer under the Transaction Documents. For greater certainty, to the extent
that any interest, charges, fees, expenses or other amounts required to be paid to or received by such Buyer under any of the Transaction
Documents or related thereto are held to be within the meaning of “interest” or another applicable term to otherwise
be violative of applicable law, such amounts shall be pro-rated over the period of time to which they relate.

 

    	- 10 -

    	 

    

  

(h)          Entire
Agreement; Amendments. This Agreement, the other Transaction Documents and the schedules and exhibits attached hereto and thereto
and the instruments referenced herein and therein supersede all other prior oral or written agreements between the Buyers, the
Company, their affiliates and Persons acting on their behalf solely with respect to the matters contained herein and therein, and
this Agreement, the other Transaction Documents, the schedules and exhibits attached hereto and thereto and the instruments referenced
herein and therein contain the entire understanding of the parties solely with respect to the matters covered herein and therein;
provided, however, nothing contained in this Agreement or any other Transaction Document shall (or shall be deemed to) (i)
have any effect on any agreements any Buyer has entered into with the Company or any of its Subsidiaries prior to the date hereof
with respect to any prior investment made by such Buyer in the Company or (ii) waive, alter, modify or amend in any respect any
obligations of the Company or any of its Subsidiaries, or any rights of or benefits to any Buyer or any other Person, in any agreement
entered into prior to the date hereof between or among the Company and/or any of its Subsidiaries and any Buyer and all such agreements
shall continue in full force and effect. Except as specifically set forth herein or therein, neither the Company nor any Buyer
makes any representation, warranty, covenant or undertaking with respect to such matters. For clarification purposes, the Recitals
are part of this Agreement. No provision of this Agreement may be amended other than by an instrument in writing signed by the
Company and each of the Buyers. No waiver shall be effective unless it is in writing and signed by an authorized representative
of the waiving party. The Company has not, directly or indirectly, made any agreements with any Buyers relating to the terms or
conditions of the transactions contemplated by the Transaction Documents except as set forth in the Transaction Documents. Without
limiting the foregoing, the Company confirms that, except as set forth in this Agreement, no Buyer has made any commitment or promise
or has any other obligation to provide any financing to the Company, any of its Subsidiaries or otherwise. As a material inducement
for each Buyer to enter into this Agreement, the Company expressly acknowledges and agrees that no due diligence or other investigation
or inquiry conducted by a Buyer, any of its advisors or any of its representatives shall affect such Buyer’s right to rely
on, or shall modify or qualify in any manner or be an exception to any of, the Company’s representations and warranties contained
in this Agreement or any other Transaction Document. “Transaction Documents” means, collectively, this Agreement,
the Placement Agent Agreement, the Warrants, the Irrevocable Registrar Service Provider Instructions, the Irrevocable Depositary
Instructions and each of the other agreements and instruments entered into or delivered by any of the parties hereto in connection
with the transactions contemplated hereby and thereby, as may be amended from time to time.

 

(i)          Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); (iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically or otherwise)
by the sending party and the sending party does not receive an automatically generated message from the recipient’s e-mail
server that such e-mail could not be delivered to such recipient); or (iv) one (1) Business Day after deposit with an overnight
courier service with next day delivery specified, in each case, properly addressed to the party to receive the same. The addresses
and facsimile numbers for such communications shall be:

 

If to the Company:

 

No. 8 Baoqun Road

Yaozhuang Town, Jiashan County

Zhejiang Province 314117

People’s Republic of China

Telephone: +86 (21) 6280-9180

Facsimile: +86 (21) 6280 5600

E-mail: henry.wang@renesola.com

Attention: Henry Wang

  

    	- 11 -

    	 

    

 

With a copy (for informational
purposes only) to:

 

Kirkland & Ellis LLP

26th Floor, Gloucester Tower

The Landmark

15 Queen’s Road Central

Hong Kong

Telephone: + (852) 3761-3318

Facsimile: + (852) 3761-3301

E-mail: david.zhang@kirkland.com

  benjamin.su@kirkland.com

Attention: David T. Zhang, Esq. and
Benjamin Su, Esq.

 

If to the Registrar
Service Provider:

 

Capita Registrars Limited

The Registry

34 Beckenham Road

Beckenham

Kent

BR3 4TU

United Kingdom

Telephone: +44 (20) 8639 2474

Email: shand@capitaregistrars.com

Attention: Shaun Hand

 

If to a Buyer, to its address and facsimile
number set forth on such Buyer’s signature page, with copies to such Buyer’s representatives as set forth therein,

 

with a copy (for informational
purposes only) to:

 

Morrison & Foerster LLP

755 Page Mill Road

Palo Alto, CA 94304-1018

Telephone: +001 (650) 813-5600

Facsimile: +001 (650) 494-0792

E-mail: CForrester@mofo.com

Attention: Christopher M. Forrester,
Esq.

 

or to such other address and/or facsimile
number and/or to the attention of such other Person as the recipient party has specified by written notice given to each other
party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such
notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine
containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by an
overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier
service in accordance with clause (i), (ii) or (iv) above, respectively. A copy of the e-mail transmission containing the time,
date and recipient e-mail address shall be rebuttable evidence of receipt by email in accordance with clause (iii) above.

 

    	- 12 -

    	 

    

  

(j)          Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns, including any assignee of any of the Securities. The Company shall not assign this Agreement or any rights or obligations
hereunder without the prior written consent of each of the Buyers, including, without limitation, by way of a Fundamental Transaction
(as defined in the Warrants) (unless the Company is in compliance with the applicable provisions governing Fundamental Transactions
set forth in the Warrants). Provided a Buyer provides the Company with prior written notice thereof, a Buyer may assign some or
all of its rights hereunder in connection with any transfer of any of its Securities without the consent of the Company, in which
event such assignee shall be deemed to be a Buyer hereunder with respect to such assigned rights.

 

(k)          No
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, other than
the Indemnitees referred to in Section 8(n).

 

(l)          Survival.
The representations, warranties, agreements and covenants shall survive the Closing. Each Buyer shall be responsible only for its
own representations, warranties, agreements and covenants hereunder.

 

(m)        Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

(n)          Indemnification.

 

(i)          In
consideration of each Buyer’s execution and delivery of the Transaction Documents and acquiring the Securities thereunder
and in addition to all of the Company’s other obligations under the Transaction Documents, the Company shall defend, protect,
indemnify and hold harmless each Buyer and each holder of any Securities and all of their shareholders, partners, members, officers,
directors, employees and direct or indirect investors and any of the foregoing Persons’ agents or other representatives (including,
without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”)
from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages,
and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification
hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”),
incurred by any Indemnitee as a result of, or arising out of, or relating to (a) any misrepresentation or breach of any representation
or warranty made by the Company in any of the Transaction Documents, (b) any breach of any covenant, agreement or obligation of
the Company contained in any of the Transaction Documents, or (c) any cause of action, suit or claim brought or made against such
Indemnitee by a third party (including for these purposes a derivative action brought on behalf of the Company or any of its Subsidiaries)
and arising out of or resulting from (i) the execution, delivery, performance or enforcement of any of the Transaction Documents,
(ii) any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of the issuance
of the Securities, or (iii) the status of such Buyer or holder of the Securities as an investor in the Company pursuant to the
transactions contemplated by the Transaction Documents. To the extent that the foregoing undertaking by the Company may be unenforceable
for any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities
which is permissible under applicable law.

 

    	- 13 -

    	 

    

  

(ii)         Promptly
after receipt by an Indemnitee under this Section 8(n) of notice of the commencement of any action or proceeding (including
any governmental action or proceeding) involving an Indemnified Liability, such Indemnitee shall, if a claim in respect thereof
is to be made against the Company under this Section 8(n), deliver to the Company a written notice of the commencement thereof,
and the Company shall have the right to participate in, and, to the extent the Company so desires, to assume control of the defense
thereof with counsel mutually satisfactory to the Company and the Indemnitee; provided, however, that an Indemnitee shall have
the right to retain its own counsel with the reasonable fees and expenses of such counsel to be paid by the Company if: (i) the
Company has agreed in writing to pay such fees and expenses; (ii) the Company shall have failed promptly to assume the defense
of such Indemnified Liability and to employ counsel reasonably satisfactory to such Indemnitee in any such Indemnified Liability;
or (iii) the named parties to any such Indemnified Liability (including any impleaded parties) include both such Indemnitee and
the Company, and such Indemnitee shall have been advised by counsel that a conflict of interest is likely to exist if the same
counsel were to represent such Indemnitee and the Company (in which case, if such Indemnitee notifies the Company in writing that
it elects to employ separate counsel at the expense of the Company, then the Company shall not have the right to assume the defense
thereof and such counsel shall be at the expense of the Company), provided further, that in the case of clause (iii) above the
Company shall not be responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for such Indemnitee.
The Indemnitee shall reasonably cooperate with the Company in connection with any negotiation or defense of any such action or
Indemnified Liability by the Company and shall furnish to the Company all information reasonably available to the Indemnitee which
relates to such action or Indemnified Liability. The Company shall keep the Indemnitee reasonably apprised at all times as to the
status of the defense or any settlement negotiations with respect thereto. The Company shall not be liable for any settlement of
any action, claim or proceeding effected without its prior written consent, provided, however, that the Company shall not
unreasonably withhold, delay or condition its consent. The Company shall not, without the prior written consent of the Indemnitee,
consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such Indemnitee of a release from all liability in respect to such Indemnified
Liability or litigation, and such settlement shall not include any admission as to fault on the part of the Indemnitee. Following
indemnification as provided for hereunder, the Company shall be subrogated to all rights of the Indemnitee with respect to all
third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written
notice to the Company within a reasonable time of the commencement of any such action shall not relieve the Company of any liability
to the Indemnitee under this Section 8(n), except to the extent that the Company is materially and adversely prejudiced in
its ability to defend such action.

 

(iii)        The
indemnification required by this Section 8(n) shall be made by periodic payments of the amounts thereof during the course
of the investigation or defense, as and when bills are received or Indemnified Liabilities are incurred.

 

    	- 14 -

    	 

    

  

(iv)        The
indemnity agreement contained herein shall be in addition to (A) any cause of action or similar right of the Indemnitee against
the Company or others, and (B) any liabilities the Company may be subject to pursuant to the law.

 

(o)          Construction.
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. No specific representation or warranty shall limit the generality
or applicability of a more general representation or warranty. Each and every reference to share prices, Shares, ADSs and any other
numbers in this Agreement that relate to the Shares or ADSs shall be automatically adjusted for share splits, share dividends,
share combinations, recapitalizations and other similar transactions that occur with respect to the Shares or ADSs, as applicable,
after the date of this Agreement.

 

(p)          Remedies.
Each Buyer and each holder of any Securities shall have all rights and remedies set forth in the Transaction Documents and all
rights and remedies which such holders have been granted at any time under any other agreement or contract and all of the rights
which such holders have under any law. Any Person having any rights under any provision of this Agreement shall be entitled to
enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any
provision of this Agreement and to exercise all other rights granted by law. Furthermore, the Company recognizes that in the event
that it fails to perform, observe, or discharge any or all of its obligations under the Transaction Documents, any remedy at law
may prove to be inadequate relief to the Buyers. The Company therefore agrees that the Buyers shall be entitled to seek specific
performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any court of competent jurisdiction
in any such case without the necessity of proving actual damages and without posting a bond or other security.

 

(q)          Withdrawal
Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) the Transaction
Documents, whenever any Buyer exercises a right, election, demand or option under a Transaction Document and the Company does not
timely perform its related obligations within the periods therein provided, then such Buyer may rescind or withdraw, in its sole
discretion from time to time upon written notice to the Company, any relevant right, election or demand in whole or in part without
prejudice to its future actions and rights.

 

(r)          Payment
Set Aside; Currency. To the extent that the Company makes a payment or payments to any Buyer hereunder or pursuant to any of
the other Transaction Documents or any of the Buyers enforce or exercise their rights hereunder or thereunder, and such payment
or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent
or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company,
a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, foreign, state or federal
law, common law or equitable cause of action), then to the extent of any such restoration of the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement
or setoff had not occurred. Unless otherwise expressly indicated, all dollar amounts referred to in this Agreement and the other
Transaction Documents are in United States Dollars (“U.S. Dollars”), and all amounts owing under this Agreement
and all other Transaction Documents shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be
converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange
Rate” means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Agreement,
the U.S. Dollar exchange rate as published in the H.10 statistical release of the Federal Reserve Board on the relevant date of
calculation.

 

    	- 15 -

    	 

    

  

(s)          Judgment
Currency.

 

(i)          If
for the purpose of obtaining or enforcing judgment against the Company in connection with this Agreement or any other Transaction
Document in any court in any jurisdiction it becomes necessary to convert into any other currency (such other currency being hereinafter
in this Section 8(s) referred to as the “Judgment Currency”) an amount due in U.S. Dollars under this Agreement,
the conversion shall be made at the Exchange Rate prevailing on the Trading Day immediately preceding:

 

(1)         the
date of actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other
jurisdiction that will give effect to such conversion being made on such date; or

 

(2)         the
date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as
of which such conversion is made pursuant to this Section 8(s)(i)(2) being hereinafter referred to as the “Judgment
Conversion Date”).

 

For purposes of this Agreement,
“Trading Day” means any day on which the ADSs are traded on the New York Stock Exchange, or, if such market is not
the principal trading market for the ADSs, then on the principal securities exchange or securities market on which the ADSs are
then traded, provided that “Trading Day” shall not include any day on which the ADSs are scheduled to trade on such
exchange or market for less than 4.5 hours or any day that the ADSs are suspended from trading during the final hour of trading
on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange
or market, then during the hour ending at 4:00 p.m., New York time.

 

(ii)         If
in the case of any proceeding in the court of any jurisdiction referred to in Section 8(s)(i)(2) above, there is a change
in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the Exchange Rate prevailing on the date of payment, will produce the amount of U.S. Dollars which could have been purchased
with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment
Conversion Date.

 

    	- 16 -

    	 

    

  

(iii)        Any
amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained
for any other amounts due under or in respect of this Agreement.

 

(t)          Independent
Nature of Buyers’ Obligations and Rights. The obligations of each Buyer under the Transaction Documents are several and
not joint with the obligations of any other Buyer, and no Buyer shall be responsible in any way for the performance of the obligations
of any other Buyer under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action
taken by any Buyer pursuant hereto or thereto, shall be deemed to constitute the Buyers’, and the Company acknowledges that
the Buyers do not so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create
a presumption that the Buyers are in any way acting in concert or as a group or entity with respect to such obligations or the
transactions contemplated by the Transaction Documents or any matters, and the Company acknowledges that the Buyers are not acting
in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or the transactions
contemplated by the Transaction Documents. The decision of each Buyer to purchase the Securities pursuant to the Transaction Documents
has been made by such Buyer independently of any other Buyer. Each Buyer acknowledges that no other Buyer has acted as agent for
such Buyer in connection with such Buyer making its investment hereunder and that no other Buyer will be acting as agent of such
Buyer in connection with monitoring such Buyer’s investment in the Securities or enforcing its rights under the Transaction
Documents. The Company and each Buyer confirm that each Buyer has independently participated with the Company in the negotiations
of the transactions contemplated hereby with the advice of its own counsel and advisors. Each Buyer shall be entitled to independently
protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of any other Transaction
Documents, and it shall not be necessary for any other Buyer to be joined as an additional party in any proceeding for such purpose.
The use of a single agreement to effectuate the purchase and sale of the Securities contemplated hereby was solely in the control
of the Company, not the action or decision of any Buyer, and was done solely for the convenience of the Company and not because
it was required or requested to do so by any Buyer. It is expressly understood and agreed that each provision contained in this
Agreement and in each other Transaction Document is between the Company and each Buyer, solely, and not between the Company and
the Buyers collectively and not between and among the Buyers.

 

(u)          Taxes.

 

(i)          Without
limiting any other provision of this Agreement, any and all payments by the Company in the Transaction Documents shall be made
free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings,
and all liabilities with respect thereto (collectively referred to as “Taxes”) unless the Company is required
to withhold or deduct any amounts for, or on account of Taxes pursuant to any applicable law. If the Company shall be required
to deduct any Taxes from or in respect of any sum payable under any of the Transaction Documents to any Buyer, (i) the sum payable
shall be increased by the net amount (taking into account any tax credits or other tax benefits available to such Buyer) by which
the sum payable would otherwise have to be increased (the “make-whole amount”) to ensure that after making all
required deductions (including deductions applicable to the make-whole amount and all tax credits or other tax benefits available
to such Buyer) such Buyer would receive an amount equal to the sum it would have received had no such deductions been made, (ii)
the Company shall make such deductions and (iii) the Company shall pay the full amount withheld or deducted to the relevant governmental
authority within the time required. Upon the request of the Company, such Buyer shall provide the Company with such duly completed
and executed forms or certificates prescribed by law or treaty as a basis for claiming an exemption from, or a reduction of, any
Taxes imposed on payments made under the Transaction Documents.

 

    	- 17 -

    	 

    

  

(ii)         In
addition, the Company agrees to pay to the relevant governmental authority in accordance with applicable law any present or future
stamp or documentary taxes or any other excise or property taxes, charges or similar levies that arise from any payment made hereunder
or in connection with the execution, delivery, registration or performance of, or otherwise with respect to, this Agreement (“Other
Taxes”).

 

(iii)        The
Company shall deliver to each Buyer official receipts, if any, in respect of any Taxes and Other Taxes payable hereunder promptly
after payment of such Taxes and Other Taxes or other evidence of payment reasonably acceptable to each such Buyer.

 

(iv)        If
the Company fails to pay any amounts in accordance with this Section 8(u), the Company shall indemnify each Buyer within ten
(10) calendar days after written demand therefor, for the full amount of any Taxes or Other Taxes, plus any related interest or
penalties, that are paid by the applicable Buyer to the relevant governmental authority as a result of such failure.

 

(v)         The
obligations of the Company under this Section 8(u) shall survive the termination of this Agreement and the payment of all
amounts payable hereunder.

 

(v)         Most
Favored Nation. The Company hereby represents and warrants as of the date hereof and covenants and agrees from and after the
date hereof that none of the terms offered to any other Person (including, without limitation, any Buyer) with respect to Bundled
Securities is or will be more favorable than the terms offered to the Buyers hereunder (other than as expressly contemplated hereby)
and in the event of any breach of this provision, this Agreement shall be, without any further action by any Buyer, the Placement
Agent or the Company, deemed amended and modified in an economically and legally equivalent manner such that each and every Buyer
shall receive the benefit of such more favorable terms.

 

[Signature
pages follow]

 

    	- 18 -

    	 

    

  

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first
written above.

 

	 	COMPANY:
	 	 
	 	Renesola ltd
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title

 

[Signature
Page to Securities Purchase Agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first
written above.

 

	 	BUYER:
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Address:
	 	 
	 	With a copy to:

 

_________ Purchased ADSs

 

_________ Purchased Warrants

 

Aggregate Purchase Price:
$__________

 

[Signature Page to Securities Purchase
Agreement]

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