Document:

exv10w12

Exhibit 10.12

INDEMNIFICATION AGREEMENT

INDEMNIFICATION AGREEMENT (this “Agreement”) dated as of January 15, 2010, by and among Nobao
Renewable Energy Holdings Limited, a Cayman Islands company (the “Company”), and Chen Xiaobing, a
citizen of the United States of America with passport number of 095303866 (the “Director” or
“Indemnitee”).

RECITALS

     A. The Company and the Indemnitee recognize the continued difficulty in obtaining liability
insurance for its directors and officers, the significant increases in the cost of such insurance
and the general reductions in the coverage of such insurance.

     B. The Company and the Indemnitee further recognize the substantial increase in corporate
litigation in general, which subjects directors, officers, employees, controlling persons,
stockholders, agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.

     C. The Indemnitee does not regard the current protection available as adequate under the
present circumstances, and Indemnitee and other directors and officers of the Company may not be
willing to serve in such capacities without additional protection.

     D. The Company (i) desires to attract and retain highly qualified individuals and entities,
such as the Director, to serve the Company and, in part, in order to induce the Director to be
involved with the Company and (ii) wishes to provide for the indemnification and advancing of
expenses to each Indemnitee to the maximum extent permitted by law as provided herein.

     E. In view of the considerations set forth above, the Company desires that each Indemnitee be
indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and each Indemnitee hereby agree as follows:

     1. Indemnification.

          (a) Indemnification of Expenses.

               (i) Third-Party Claims. Subject to Section 8 below, the Company shall indemnify and
hold harmless the Director to the fullest extent permitted by law if the Director was or is or
becomes a party to or witness, or is threatened to be made a party to or witness, any threatened,
pending or completed action, suit, proceeding or alternative dispute resolution mechanism, or any
hearing, inquiry or investigation that such Director reasonably believes might lead to the
instigation of any such action, suit, proceeding or alternative dispute resolution mechanism,
whether civil, criminal, administrative, investigative or other (hereinafter a “Claim”) (other than
an action by right of the Company) by reason of the fact that the Director is or was a director or
officer of the Company, or any subsidiary of the Company, or is or was serving at the request of
the Company as a director or officer of another corporation, partnership, limited liability
company, joint venture, trust or other enterprise, or by reason of any action or inaction on the
part of the Director while serving in such capacity (hereinafter, an “Agent”) or as a direct or
indirect result of any Claim made by any stockholder of the Company against the Director and
arising out of or related to any round of financing of the Company (including but not limited to
Claims regarding non-participation, or non-pro rata participation, in such round by such
stockholder),

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or made by a third party against the Director based on any misstatement or omission of a
material fact by the Company in violation of any duty of disclosure imposed on the Company by
federal or state securities or common laws (hereinafter an “Indemnification Event”) against any and
all expenses (including attorneys’ fees and all other costs, expenses and obligations), judgments,
fines, penalties and amounts paid in settlement (if, and only if, such settlement is approved in
advance by the Company, which approval shall not be unreasonably withheld) (the “Expenses”)
actually and reasonably incurred by the Director in connection with investigating, defending or
participating in (including on appeal) such Claim if the Director acted in good faith and in a
manner he reasonably believed to be in, or not opposed to, the best interests of the Company and,
with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct
was unlawful.

               (ii) Derivative Actions. If the Director is a person who was or is a party or is
threatened to be made a party to any Claim by or in the right of the Company to procure a judgment
in its favor by reason of the fact that he or she is or was an Agent of the Company, or by reason
of anything done or not done by him or her in any such capacity, the Company shall indemnify the
Director against any amounts paid in settlement of any such Claim and all Expenses actually and
reasonably incurred by him or her in connection with the investigation, defense, settlement or
appeal of such Claim if he or she acted in good faith and in a manner he or she reasonably believed
to be in, or not opposed to, the best interests of the Company; except that no
indemnification under this subsection shall be made in respect of any claim, issue or matter as to
which such person shall have been finally adjudged to be liable to the Company by a court of
competent jurisdiction due to willful misconduct of a culpable nature in the performance of his
duty to the Company, unless and only to the extent that the court in which such proceeding was
brought shall determine upon application that, despite the adjudication of liability but in view of
all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for
such amounts which such other court shall deem proper.

          (b) Reviewing Party. Notwithstanding the foregoing, (i) the obligations of the
Company under Section 1(a) shall be subject to the condition that the Reviewing Party (as described
in Section 10(e) hereof) shall not have determined that the Indemnitee would not be permitted to be
indemnified under applicable law or pursuant to Section 8 hereof, and (ii) each Indemnitee
acknowledges and agrees that the obligation of the Company to make an advance payment of Expenses
to an Indemnitee pursuant to Section 2(a) (an “Expense Advance”) shall be subject to the condition
that, if, when and to the extent that the Reviewing Party determines that such Indemnitee would not
be permitted to be so indemnified under applicable law or Section 8 hereof, the Company shall be
entitled to be reimbursed by the Indemnitee (who each hereby agree to promptly reimburse the
Company) for all such amounts theretofore paid; provided, however, that if the Indemnitee has
commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure
a determination that such Indemnitee should be indemnified under applicable law or Section 8
hereof, any determination made by the Reviewing Party that the Indemnitee would not be permitted to
be indemnified under applicable law shall not be binding and the Indemnitee shall not be required
to reimburse the Company for any Expense Advance until a final judicial determination is made with
respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). The
Indemnitee’s obligation to reimburse the Company for any Expense Advance shall be unsecured and no
interest shall be charged thereon. If there has not been a Change in Control (as defined in
Section 10(c) hereof), the Reviewing Party shall be selected by the a majority of the Board of
Directors (excluding the Director), and if there has been such a Change in Control (other than a
Change in Control which has been approved by a majority of the Company’s Board of Directors (other
than the Director) who were directors immediately prior to such Change in Control), the Reviewing
Party shall be the Independent Legal Counsel referred to in Section 1(e) hereof. If there has been
no determination by the Reviewing Party or if the Reviewing Party determines that Indemnitee
substantively would not be permitted to be indemnified in whole or in part under applicable law or
Section 8 hereof, the Indemnitee shall have the right to commence litigation seeking an initial
determination by the court or challenging

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any such determination by the Reviewing Party or any aspect thereof, including the legal or
factual bases therefor, and the Company hereby consents to service of process and to appear in any
such proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and
binding on the Company and the Indemnitee.

          (c) Contribution. If the indemnification provided for in Section 1(a) above for any
reason other than the statutory limitations of applicable law or as provided in Section 8, is held
by a court of competent jurisdiction to be unavailable to an Indemnitee in respect of any losses,
claims, damages, expenses or liabilities in which the Company is jointly liable with such
Indemnitee, as the case may be (or would be jointly liable if joined), then the Company, in lieu of
indemnifying the Indemnitee thereunder, shall contribute to the amount actually and reasonably
incurred and paid or payable by the Indemnitee as a result of such losses, claims, damages,
expenses or liabilities in such proportion as is appropriate to reflect (i) the relative benefits
received by the Company and the Indemnitee, and (ii) the relative fault of the Company and such
Indemnitee in connection with the action or inaction that resulted in such losses, claims, damages,
expenses or liabilities, as well as any other relevant equitable considerations. The relative
fault of the Company and the Indemnitee shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company or the Indemnitee
and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent the circumstances resulting in such losses, claims, damages, expenses or liabilities.

     The Company and the Indemnitee agree that it would not be just and equitable if contribution
pursuant to this Section 1(c) were determined by pro rata or per capita allocation or by any other
method of allocation which does not take account of the equitable considerations referred to in the
immediately preceding paragraph. No person found guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act of 1933, as amended (the “Securities Act”))
shall be entitled to contribution from any person who was not found guilty of such fraudulent
misrepresentation.

          (d) Survival Regardless of Investigation. The indemnification and contribution
provided for in this Section 1 will remain in full force and effect regardless of any investigation
made by or on behalf of the Indemnitee.

          (e) Change in Control. The Company agrees that if there is a Change in Control of the
Company (other than a Change in Control which has been approved by a majority of the Company’s
Board of Directors who were directors immediately prior to such Change in Control) then, with
respect to all matters thereafter arising concerning the rights of Indemnitee to payments of
Expenses under this Agreement or any other agreement or under the Company’s Memorandum and
Articles of Association, as amended (the “M&A”), Independent Legal Counsel (as defined in Section
10(d) hereof) shall be selected by the Indemnitee and approved by the Company (which approval shall
not be unreasonably withheld) to determine all such matters. The Company agrees to abide by the
determination of the Independent Legal Counsel and to pay the reasonable fees of the Independent
Legal Counsel referred to above and to fully indemnify such counsel against any and all expenses
(including attorneys’ fees), claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto.

          (f) Mandatory Payment of Expenses. Notwithstanding any other provision of this
Agreement, to the extent an Indemnitee has been successful on the merits or otherwise, in the
defense of any Claim referred to in Section 1(a) hereof or in the defense of any claim, issue or
matter therein, such Indemnitee shall be indemnified against all Expenses actually and reasonably
incurred by such Indemnitee in connection herewith.

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     2. Expenses; Indemnification Procedure.

          (a) Advancement of Expenses. Subject to Section 8 and except as prohibited by
applicable law, the Company shall advance all Expenses incurred by an Indemnitee in connection with
the investigation, defense, settlement or appeal of any Claim to which such Indemnitee is a party
or is threatened to be made a party by reason of the fact that the Director is or was an Agent of
the Company or by reason of anything done or not done by him or her in any such capacity. The
Indemnitee hereby undertakes to promptly repay such amounts advanced only if, and to the extent
that, it shall ultimately be determined that such Indemnitee is not entitled to be indemnified by
the Company under the provisions of this Agreement, the M&A, applicable law or otherwise. The
advances to be made hereunder shall be paid by the Company to the Indemnitee as soon as practicable
but in any event no later than thirty days after written demand by the Indemnitee therefor to the
Company.

          (b) Notice/Cooperation by Indemnitee. The Indemnitee shall give the Company notice in
writing promptly after receipt of notice of commencement of any Claim, or the threat of the
commencement of any Claim, made against such Indemnitee for which indemnification will or could be
sought under this Agreement. Notice to the Company shall be directed to the Chief Executive
Officer of the Company at the address shown on the signature page of this Agreement (or such other
person and/or address as the Company shall designate in writing to the Indemnitee).

          (c) No Presumptions. For purposes of this Agreement, the termination of any Claim by
judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea
of nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee did not
meet any particular standard of conduct or have any particular belief or that a court has
determined that indemnification is not permitted by applicable law. In addition, neither the
failure of the Reviewing Party to have made a determination as to whether the Indemnitee has met
any particular standard of conduct or had any particular belief, nor an actual determination by the
Reviewing Party that the Indemnitee had not met such standard of conduct or did not have such
belief, prior to the commencement of legal proceedings by the Indemnitee to secure a judicial
determination that the Indemnitee should be indemnified under applicable law, shall be a defense to
the Indemnitee’s claim or create a presumption that the Indemnitee had not met any particular
standard of conduct or did not have any particular belief.

          (d) Notice to Insurers. If, at the time of the receipt by the Company of a notice of
a Claim pursuant to Section 2(b) hereof, the Company has liability insurance in effect which may
cover such Claim, the Company shall give prompt written notice of the commencement of such Claim to
the insurers in accordance with the procedures set forth in each of the policies. The Company
shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of
the Indemnitee, all amounts payable as a result of such action, suit, proceeding, inquiry or
investigation in accordance with the terms of such policies.

          (e) Selection of Counsel. In the event the Company shall be obligated hereunder to
pay the Expenses of any Claim, the Company shall be entitled to assume the defense of such Claim,
with counsel reasonably approved by the Indemnitee, upon the delivery to such Indemnitee of written
notice of its election to do so. After delivery of such notice, approval of such counsel by the
Indemnitee and the retention of such counsel by the Company, the Company will not be liable to such
Indemnitee under this Agreement for any fees of counsel subsequently incurred by such Indemnitee
with respect to the same Claim; provided that, (i) the Indemnitee shall have the right to employ
such Indemnitee’s counsel in any such Claim at the Indemnitee’s expense; (ii) the Indemnitee shall
have the right to employ its own counsel in connection with any such proceeding, at the expense of
the Company, if such counsel serves in a review, observer, advice and counseling capacity and does
not otherwise materially control or participate in the defense of such proceeding; and (iii) if (A)
the employment of counsel by the Indemnitee has been

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previously authorized by the Company, (B) such Indemnitee shall have reasonably concluded that
there is a conflict of interest between the Company and such Indemnitee in the conduct of any such
defense, or (C) the Company shall not in fact continue to retain such counsel to defend such Claim,
then the fees and expenses of the Indemnitee’s counsel shall be at the expense of the Company.

     3. Additional Indemnification Rights; Nonexclusivity.

          (a) Scope. The Company hereby agrees to indemnify the Director to the fullest extent
permitted by law (except as provided in Section 8) with respect to Claims for Indemnification
Events, even if such indemnification is not specifically authorized by the other provisions of this
Agreement or any other agreement, the M&A or by statute. In the event of any change after the date
of this Agreement in any applicable law, statute or rule which expands the right of a Cayman
Islands company to indemnify a member of its Board of Directors or an officer, it is the intent of
the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by
such change. In the event of any change in any applicable law, statute or rule which narrows the
right of a Cayman Islands company to indemnify a member of its Board of Directors or an officer,
such change, to the extent not otherwise required by such law, statute or rule to be applied to
this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations
hereunder except as set forth in Section 8 hereof.

          (b) Nonexclusivity. Notwithstanding anything in this Agreement, the indemnification
provided by this Agreement shall be in addition to any rights to which the Indemnitee may be
entitled under the M&A, any agreement, any vote of stockholders or disinterested directors, the
laws of the Cayman Islands, or otherwise. Notwithstanding anything in this Agreement, the
indemnification provided under this Agreement shall continue as to each Indemnitee for any action
the Director took or did not take while serving in an indemnified capacity even though such
Director may have ceased to serve in such capacity and such indemnification shall inure to the
benefit of each Indemnitee from and after the Director’s first day of service as a director with
the Company or affiliation with a director from and after the date the Director commences services
as a director with the Company.

     4. No Duplication of Payments. The Company shall not be liable under this Agreement
to make any payment in connection with any Claim made against any Indemnitee to the extent such
Indemnitee has otherwise actually received payment (under any insurance policy, M&A or otherwise)
of the amounts otherwise indemnifiable hereunder.

     5. Partial Indemnification. If any Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for any portion of Expenses incurred in connection with
any Claim, but not, however, for all of the total amount thereof, the Company shall nevertheless
indemnify the Indemnitee for the portion of such Expenses to which such Indemnitee is entitled.

     6. Mutual Acknowledgement. The Company and each Indemnitee acknowledge that in
certain instances, federal law or applicable public policy may prohibit the Company from
indemnifying its directors, officers, employees, controlling persons, agents or fiduciaries under
this Agreement or otherwise.

     7. Liability Insurance. To the extent the Company maintains liability insurance
applicable to directors, the Company shall use commercially reasonable efforts to provide that
Director shall be covered by such policies in such a manner as to provide the Indemnitee the same
rights and benefits as are accorded to the most favorably insured of the Company’s directors, if
such Indemnitee is a director.

     8. Exceptions. notwithstanding any other provision herein to the contrary, the
Company shall not be obligated pursuant to the terms of this Agreement:

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          (a) Claims Under Section 16(b). To indemnify either Indemnitee for expenses and the
payment of profits or an accounting thereof arising from the purchase and sale by such Indemnitee
of securities in violation the provisions of Section 16(b) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), or any similar provisions of any federal, state or local statutory
law;

          (b) Unauthorized Settlements. To indemnify the Indemnitee hereunder for any amounts
paid in settlement of a proceeding unless the Company consents in advance in writing to such
settlement, which consent shall not be unreasonably withheld.

          (c) Unlawful Indemnification. To indemnify an Indemnitee if a final decision by a
court having jurisdiction in the matter shall determine that such indemnification is not lawful.
In this respect, the Company and the Indemnitee have been advised that the Securities and Exchange
Commission takes the position that indemnification for liabilities arising under the federal
securities laws is against public policy and is, therefore, unenforceable and that claims for
indemnification should be submitted to appropriate courts for adjudication.;

          (d) Fraud. To indemnify an Indemnitee if a final decision by a court having
jurisdiction in the matter shall determine that the Indemnitee has committed fraud on the Company;
or

          (e) Insurance. To indemnify any Indemnitee for which payment is actually and fully
made to the Indemnitee under a valid and collectible insurance policy; or

          (f) Company Contracts. To indemnify an Indemnitee with respect to any Claim related
to any dispute or breach arising under any contract or similar obligation between the Company and
such Indemnitee.

     9. Period of Limitations. No legal action shall be brought and no cause of action
shall be asserted by or in the right of the Company against the Director, the Director’s estate,
spouse, heirs, executors or personal or legal representatives after the expiration of five (5)
years from the date of accrual of such cause of action, and any claim or cause of action of the
Company shall be extinguished and deemed released unless asserted by the timely filing of a legal
action within such five (5) year period; provided, however, that if any shorter period of
limitations is otherwise applicable to any such cause of action, such shorter period shall govern.

     10. Construction of Certain Phrases.

          (a) For the purposes of this Agreement, references to the “Company” shall include, in addition
to the resulting corporation, any constituent corporation (including any constituent of a
constituent) absorbed in a consolidation or merger which, if its separate existence had continued,
would have had power and authority to indemnify its directors and officers, so that if the Director
is or was or may be deemed a director or officer of such constituent corporation, or is or was or
may be deemed to be serving at the request of such constituent corporation as a director or officer
of another corporation, partnership, joint venture, employee benefit plan, trust or other
enterprise, each Indemnitee shall stand in the same position under the provisions of this Agreement
with respect to the resulting or surviving corporation as the Director would have with respect to
such constituent corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to “other enterprises” shall include employee
benefit plans; references to “fines” shall include any excise taxes assessed on the Director with
respect to an employee benefit plan; and references to “serving at the request of the Company”
shall include any service as a director or officer of the Company which imposes duties on, or
involves services

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by, such director or officer with respect to an employee benefit plan, its participants or its
beneficiaries; and if the Director acted in good faith and in a manner the Director reasonably
believed to be in the interest of the participants and beneficiaries of an employee benefit plan,
the Director shall be deemed to have acted in a manner “not opposed to the best interests of the
Company” as referred to in this Agreement.

          (c) For purposes of this Agreement a “Change in Control” shall be deemed to have occurred if
(i) any “person” (as such term is used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act),
other than a trustee or other fiduciary holding securities under an employee benefit plan of the
Company or a corporation owned directly or indirectly by the stockholders of the Company in
substantially the same proportions as their ownership of stock of the Company, becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing more than 30% of the total voting power represented by the
Company’s then outstanding Voting Securities, (ii) during any period of two consecutive years,
individuals who at the beginning of such period constitute the Board of Directors of the Company
and any new director whose election by the Board of Directors or nomination for election by the
Company’s stockholders was approved by a vote of at least a majority of the directors then still in
office who either were directors at the beginning of the period or whose election or nomination for
election was previously so approved, cease for any reason to constitute a majority thereof, or
(iii) the stockholders of the Company approve a merger or consolidation of the Company with any
other corporation other than a merger or consolidation which would result in the Voting Securities
of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into Voting Securities of the surviving entity) at least
two-thirds (2/3) of the total voting power represented by the Voting Securities of the Company or
such surviving entity outstanding immediately after such merger or consolidation, or (iv) the
stockholders of the Company approve a plan of complete liquidation of the Company or an agreement
for the sale or disposition by the Company of (in one transaction or a series of transactions) all
or substantially all of the Company’s assets; provided that in no event shall a Change in
Control be deemed to include (i) a merger, consolidation or reorganization of the Company for the
purpose of changing the Company’s jurisdiction of incorporation and in which there is no
substantial change in the shareholders of the Company or its successor (as the case may be), or
(ii) the Company’s first firm commitment underwritten public offering of any of its securities to
the general public pursuant to (i) a registration statement filed under the Securities Act, or (ii)
the securities laws applicable to an offering of securities in another jurisdiction pursuant to
which such securities will be listed on an internationally recognized securities exchange (the
“IPO”).

          (d) For purposes of this Agreement, “Independent Legal Counsel” shall mean an attorney or firm
of attorneys, selected in accordance with the provisions of Section 1(e) hereof, who shall not have
otherwise performed services for the Company or any Indemnitee within the last two (2) (other than
with respect to matters concerning the right of any Indemnitee under this Agreement, or of other
indemnitee under similar indemnity agreements).

          (e) For purposes of this Agreement, a “Reviewing Party” shall mean any appropriate person or
body consisting of a member or members of the Company’s Board of Directors (other than the
Director) or any other person or body appointed by the Board of Directors who is not a named party
to the particular Claim for which Indemnitee is seeking indemnification, or Independent Legal
Counsel.

          (f) For purposes of this Agreement, “Voting Securities” shall mean any securities of the
Company that vote generally in the election of directors.

     11. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall constitute an original.

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     12. Binding Effect; Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their respective successors,
assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise
to all or substantially all of the business and/or assets of the Company and personal and legal
representatives. The Company shall require and cause any successor (whether direct or indirect by
purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of
the business and/or assets of the Company, by written agreement in form and substance reasonably
satisfactory to each Indemnitee, expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform if no such
succession had taken place. This Agreement shall continue in effect with respect to Claims
relating to Indemnifiable Events regardless of whether any Indemnitee continues to serve as a
director or officer of the Company or of any other enterprise, including subsidiaries of the
Company, at the Company’s request.

     13. Attorneys’ Fees. Subject to Section 8 and except as prohibited by applicable law,
in the event that any action is instituted by an Indemnitee under this Agreement or under any
liability insurance policies maintained by the Company to enforce or interpret any of the terms
hereof or thereof, such Indemnitee shall be entitled to be paid all Expenses actually and
reasonably incurred by such Indemnitee with respect to such action if such Indemnitee is ultimately
successful in such action. In the event of an action instituted by or in the name of the Company
under this Agreement to enforce or interpret any of the terms of this Agreement, the Indemnitee
shall be entitled to be paid Expenses actually and reasonably incurred by such Indemnitee in
defense of such action (including costs and expenses incurred with respect to Indemnitee
counterclaims and cross-claims made in such action), and shall be entitled to the advancement of
Expenses with respect to such action, in each case only to the extent that such Indemnitee is
ultimately successful in such action.

     14. Notice. All notices and other communications required or permitted hereunder
shall be in writing, shall be effective when given, and shall in any event be deemed to be given
(a) five (5) days after deposit with the U.S. Postal Service or other applicable postal service, if
delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one
business day after the business day of deposit with Federal Express or similar overnight courier,
freight prepaid, or (d) one day after the business day of delivery by facsimile transmission, if
deliverable by facsimile transmission, with copy by first class mail, postage prepaid, and shall be
addressed if to the Indemnitee, at the Director’s addresses as set forth beneath his signature to
this Agreement and if to the Company at the address of its principal corporate offices (attention:
Chief Executive Officer), with a copy to Building No. 4, 150 Yong He Road, Shanghai, China, 200072
(attention: Sun Kwok Ping), or at such other address as such party may designate by ten (10) days’
advance written notice to the other party hereto.

     15. Severability. The provisions of this Agreement shall be severable in the event
that any of the provisions hereof (including any provision within a single section, paragraph or
sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise
unenforceable, and the remaining provisions shall remain enforceable to the fullest extent
permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any provision held to be
invalid, void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall
be construed so as to give effect to the intent manifested by the provision held invalid, illegal
or unenforceable.

     16. Choice of Law. This Agreement shall be governed by and its provisions construed
and enforced in accordance with the laws of the Cayman Islands, without regard to the conflict of
laws principles thereof.

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     17. Subrogation. In the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee who
shall execute all documents required and shall do all acts that may be necessary to secure such
rights and to enable the Company effectively to bring suit to enforce such rights.

     18. Amendment and Termination. Except as provided in Section 21, no amendment,
modification, termination or cancellation of this Agreement shall be effective unless it is in
writing signed by the parties to be bound thereby. Notice of same shall be provided to all parties
hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver.

     19. No Construction as Employment Agreement. Nothing contained in this Agreement
shall be construed as giving the Indemnitee any right to be retained in the employ or service of
the Company or any of its subsidiaries.

     20. Corporate Authority. The Board of Directors of the Company and its members in
accordance with the Cayman Islands law have approved the terms of this Agreement.

     21. Termination of Agreement. This Agreement shall terminate and be of no further
force or effect upon the closing of the IPO, provided that each Indemnitee will be entitled to all
of the benefits and rights accorded such party under this Agreement with respect to any Claims for
any Indemnification Events arising or related to events, circumstances and actions or omissions
which have occurred or alleged and to have occurred prior to the closing of the IPO.

[The remainder of this page is intentionally left blank.]

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     IN WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement on and as
of the day and year first above written.

	 	 	 	 	 	 
	COMPANY:	Nobao Renewable Energy Holdings Limited

 	 
	 	By  	 	/s/ Sun Kwok Ping 	 
	 
	 	Title 	 	 
	 
	 
	DIRECTOR: 	As Individual:

 	 
	 	/s/ Chen
Xiaobing 	 
	 
	 	Name: Chen Xiaobing 

	 
	 	Address:

A2302, SP Tower, Tsinghua Science Park, Beijing 100084 Chinaexv10w13

Exhibit 10.13

Execution Copy

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE LAWS OF ANY OTHER
JURISDICTION. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR A COMPARABLE
DOCUMENT UNDER THE LAWS OF ANY OTHER JURISDICTION OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED.

EASTERN WELL HOLDINGS LIMITED

June 24, 2009

WARRANT TO PURCHASE

ORDINARY SHARES

     This Warrant is issued to Sun Kwok Ping (the “Holder”) by EASTERN WELL HOLDINGS
LIMITED, a Hong Kong company (the “Company”), in connection with the purchase by the Holder
of Ordinary Shares, par value US$0.001 per share (“Ordinary Shares”), of the Company
pursuant to the Series A Preferred Share Purchase Agreement, dated as of June 18, 2009 (as may be
amended from time to time, the “Purchase Agreement”), by and among the Holder, the Company
and the other parties thereto. Capitalized terms not otherwise defined herein shall have the
meanings given to such terms in the Purchase Agreement. All accounting terms not otherwise defined
herein have the meanings assigned under IFRS.

     1. Purchase During Exercise Period. Subject to the terms and conditions set forth
in this Warrant, the Holder shall be entitled, at any time during the Exercise Period, to purchase
from the Company, at a price of US$0.001 per share (the “Exercise Price”), a number of
fully paid Ordinary Shares equal to the “Adjustment Number” (as defined below). Subject to Section
4(c), the Adjustment Number shall be the number of Ordinary Shares, if issued to the Holder on the
Closing Date, would result in the Percentage Interest equal to a new number, which in no event
shall exceed 77.5% of the Company’s aggregate equity interest immediately after Closing on a
fully-diluted basis, to be determined in accordance with the Adjusted Post Money Valuation. After
the Adjust Post Money Valuation is available, the Adjustment Number shall be certain Ordinary
Shares, obtained by the number of Ordinary Shares then outstanding on an as-converted basis (giving
effect to the conversion and exchange of all securities or rights that are convertible or
exchangeable into Ordinary Shares, including the Shares implied by ESOP but excluding the Shares
issued upon exercise of the Warrants), multiplied by a percentage, which is a percentage, obtained
by dividing (i) Series A Purchase Price by (ii) the Initial Post Money Valuation, minus another
percentage, obtained by dividing (iii) Series A Purchase Price by (iv) the Adjusted Post Money
Valuation, with the exchange rate between United States Dollar and Renminbi is USD1 = RMB6.82.

 

 

     2. Termination. Subject to Section 4(c), the Exercise Period shall not commence, and
the rights under this Warrant shall terminate and shall not be exercisable, if it is determined in
accordance with Section hereof that the Adjusted Post-Money Valuation lowers the Initial Post-Money
Valuation.

     3. Determination of Adjusted Post-Money Valuation.

     (a) Adjusted Post-Money Valuation. Simultaneously with the delivery of the financial
statements for the 2009 Fiscal Year pursuant to Section 8.1 of the Shareholders Agreement, but in
any event within 60 days after the end of the 2009 Fiscal Year of the Company, the Company shall
deliver to the Holder, together with such financial statements, (i) an audited statement of profits
and losses for the 2009 Fiscal Year (divided into two periods, i.e. a period from January 1, 2009
to December 31, 2009, and another period from January 1, 2010 to February 28, 2010), audited by the
accounting firm agreed by the Company and the Holder, prepared in accordance with the IFRS, (ii) a
statement of revenue and cost breakdown by project for the 2009 Fiscal Year issued by the Company
and confirmed by the accounting firm in writing, setting forth in reasonable detail the calculation
of Adjusted Post-Money Valuation. The Holder shall have the right to object to the determination of
Adjusted Post-Money Valuation in accordance with Section 3(b) below.

     (b) Objection Procedure

     (i) Unless the Holder gives written notice to the Company of its objection (an
“Objection”) to the Company’s calculation of the Adjusted Post-Money Valuation
within 30 days following its receipt of the financial statements and accompanying chief
financial officer’s certificate, the Company’s calculation shall be final and binding upon
the parties for purposes of this Warrant. If the Holder waives in writing its right to
deliver an Objection with respect to any such determination, the applicable determination
shall be final and binding upon the parties as of the date of delivery of such waiver. Any
Objection shall specify in reasonable detail the nature of any disagreement so asserted.
Upon request of the Holder, the Company shall promptly provide a representative of the
Holder such access to the books and records of the Company and its Subsidiaries as are
reasonably necessary to confirm the Company’s calculation of the Adjusted Post-Money
Valuation and the Holder agrees to maintain any such information in strict confidence
(except for such disclosure to advisors or otherwise as appropriate in connection with the
proceedings referred to below in clause (ii)). During the 15-day period following the
delivery of an Objection, the Company and the Holder shall attempt in good faith to resolve
any differences which they may have with respect to any matter specified in the Objection.

     (ii) If at the end of such 15-day period, the Company and the Holder shall have
failed to reach written agreement with respect to all matters specified in any Objection,
any matter that remains in dispute shall promptly be submitted to an independent accounting
firm of internationally recognized standing (the “Accountant”) designated by the
Company and the Holder within ten days after

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the expiration of such 15-day period, or, if they cannot agree on an accounting firm, such
dispute shall be promptly referred to the HKIAC and an independent accounting firm of
internationally recognized standing shall be appointed thereby. The Accountant shall
consider only the matters specified in the Objection. The Accountant shall act promptly to
resolve all matters specified in the Objection, and shall give its decision within 30 days
after the referral of the matter to it. Upon resolution by the Accountant of all matters
specified in the Objection, the Accountant shall determine the Adjusted Post-Money
Valuation and/or whether the Adjusted Post Money Valuation is lower than the Initial Post
Money Valuation, as applicable, on the basis of the matters it has resolved. The
Accountant’s decisions and determinations with respect to all matters specified in the
Objection and its determination as to Adjusted Post Money Valuation shall be final and
binding upon the Company and the Holder. The costs and expenses of the Accountant shall be
borne equally by the Company, on the one hand, and the Holder, on the other hand.

     4. Covenants.

     Without limiting any other covenant of the Company to operate its business in the ordinary
course of business consistent with past practice, under the Purchase Agreement, the Memorandum and
Articles of Association of the Company, and the Shareholders Agreement:

     (a) the Company shall not change any method of accounting or accounting practice or policy,
other than (i) pursuant to guidance provided by any applicable regulatory authority, with the
Holder’s consent, or (ii) as recommended by the Company’s independent auditors, with the Holder’s
consent, which consent shall not be unreasonably withheld; and

     (b) the Company shall not (i) directly or indirectly change the allocation of items of
revenue, income and/or gain between, or the principles applied to allocate items of revenue, income
and/or gain in, EMC related profits on the one hand, and other items of income or gain on the other
hand, or (ii) otherwise artificially affect the Adjusted Post Money Valuation.

     (c) If there is any change to any Accounting Rules prior to an IPO of the Company, the Company
shall employ the adjusted Accounting Rules to re-calculate the Adjusted Post Money Valuation and
deliver the re-calculated Adjusted Post Money Valuation to the Holder within 60 days after such
change. The Adjusted Post Money Valuation can be re-calculated from time to time prior to the IPO
of the Company, due to change of the Accounting Rules. Determination of the re-calculated Adjusted
Post Money Valuation shall be in accordance with Section 3 of this Warrant.

     (d) If the Adjusted Post Money Valuation is adjusted prior to the IPO, and if, accordingly,
the Holder is not entitled to exercise this Warrant, any and all Ordinary Shares that have been
subscribed by the Holder by exercising this Warrant shall be

3

 

redeemed by the Company with the Exercise Price, or shall be cancelled pursuant to applicable
Laws in a way satisfactory to the Holder.

	 	5.	 	Definitions. As used herein, the following terms shall have the following
meanings:

     (a) “Adjusted Post Money Valuation” means the post money valuation of the Company as
of the Closing Date, equaling to the audited and consolidated Net Profit for 2009 Fiscal Year of
the Company multiplied by X, where X is determined in accordance with the following formula. The
exchange rate between United States Dollar and Renminbi is USD1 = RMB6.82.

X = (A
/ B) * 5.8 + (C / B) * 3.4

     A = EMC Gross Profit for the 2009 Fiscal Year;

     B = Normal Business Gross Profit for the 2009 Fiscal Year;

     C = other Gross Profit for the 2009 Fiscal Year, i.e. B minus A;

     (b) “Initial Post Money Valuation” means the post money valuation of the Company as of
the Closing Date, subject to adjustment, equaling to the audited and consolidated Net Profit for
2009 Fiscal Year of the Company, which is RMB100,000,000 initially, multiplied by X, which is 5.56
initially, and the exchange rate between United States Dollar and Renminbi is USD1 = RMB6.82.

     (c) “Exercise Period” means the period beginning on the date (if any) that it is
determined in accordance with Section 3 hereof that the Adjusted Post Money Valuation exceeds the
Initial Post Money Valuation and ending at 5:00 p.m., Beijing time on the tenth anniversary of the
date hereof, or if such date is not a Business Day, then 5:00 p.m., Beijing time on the following
Business Day, or ending at the tenth anniversary of the date of publication of the final
re-calculated Adjusted Post Money Valuation in accordance with Section 4(c) hereof, whichever is
longer.

     (d) “2009
Fiscal Year” commences on January 1, 2009, ending on February 28, 2010.

     (e) “Percentage Interest” of the Holder means, as of the Closing Date, the quotient,
expressed as a percentage, obtained by dividing (i) the number of Ordinary Shares then owned by the
Holder on an as-converted basis (giving effect to the conversion and exchange of all securities or
rights of the Holder that are convertible or exchangeable into Ordinary Shares, including the
Shares implied by ESOP but excluding the Shares issued upon exercise of the Warrants) by (ii) the
number of Ordinary Shares then outstanding on an as-converted basis (giving effect to the
conversion and exchange of all securities or rights that are convertible or exchangeable into
Ordinary Shares, including the Shares implied by ESOP but excluding the Shares issued upon exercise
of the Warrants). After the Adjust Post Money Valuation is available, the Percentage

4

 

Interest shall be adjusted to a percentage, obtained by the Holder’s Percentage Interest as of the
Closing, plus that percentage implied by the Adjustment Number.

     (f) “Accounting Rules” means the accounting policies and critical accounting estimates
and assumptions (including without limitation, those descriptions under Note 3 from Page 10 to Page
23 and Note 5 from Page 24 to Page 25 in the report attached as Exhibit C hereto) employed by
PricewaterhouseCoopers in connection with preparation of the Company’s consolidated 2008 audit
report.

     (g) “IPO” means the first firmly underwritten registered public offering by the
Company of its Ordinary Shares pursuant to a registration statement that is filed with and declared
effective by a Governmental Authority in a jurisdiction.

     (h) “EMC” means energy management contracts projects, which are central heating
and cooling refurbishment and replacements for existing buildings and installation projects for new
buildings. In the EMC, the Company (including the PRC Companies) designs, manufactures and installs
ground-source heat pump (“GSHP”) systems under long-term (which shall be no less than 10 years)
service contracts, which have an annual energy management fee, to large scale commercial
businesses, such as hotels and supermarkets. The Company (including the PRC Companies) will retain
the title to various GSHP related equipment and facilities until expiration of term under a service
contract. For avoidance of confusion, EMC shall include, but not limited to, the long term service
contracts described in the report attached as Exhibit C hereto. China Environment Fund III, L.P.
shall reserve the right to determine whether a contract constitutes an EMC. However, such
determination shall not be made in conflict with the provisions hereof.

     (i) “EMC Gross Profit” means gross profit generated only from the EMC.

     (j) “EPC” means engineering-procurement construction projects. In the EPC, the
Company (including the PRC Companies) designs and installs central heating/cooling/hot water system
using its GSHP technology on a single project basis, charging an upfront fee to large scale
commercial customers, including large office buildings, industrial parks, and financial centres. By
the completion of the project, customers must settle the payment to and assume ownership of the
system from the Company.

     (k) “Net Profit” means Normal Business Gross Profit minus distribution costs
minus administrative expenses (excluding other gains) plus finance income minus tax. The accounting
terms used herein shall have the meaning ascribed to them in the report attached as Exhibit C
hereto.

     (1) “Normal Business Gross Profit” means gross profit generated only from the
Normal Business.

     (m) “Normal Business” means heat pump related sales contracts, EPC, EMC and other
heat pump related businesses.

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     6. Methods of Exercise.

	     During the Exercise Period, the Holder may exercise, in whole or in part, the purchase
rights pursuant to this Warrant by either of the following methods:

     (a) Cash Exercise. The Holder may exercise by delivering a notice of exercise, in the
form attached as Exhibit A hereto (a “Notice of Exercise”) to the Company at its principal
office and paying to the Company an amount (i) in cash (by check or wire transfer of immediately
available funds), (ii) by cancellation of indebtedness of the Company owed to the Holder, or (iii)
by a combination of (i) and (ii), equal to the aggregate Exercise Price for the number of Ordinary
Shares being purchased by such Holder.

     (b) Net Exercise. Alternatively, the Holder may exercise by:

     (i) delivering a Notice of Exercise to the Company at its principal
offices; and

     (ii) receiving such lesser number of Ordinary Shares calculated in accordance
with the formula below representing the satisfaction of the payment to the Company of an
amount equal to the aggregate Exercise Price for the number of Ordinary Shares being
purchased.

In the event a Holder chooses to exercise the purchase rights pursuant to this Warrant in
accordance with this Section 6(b) (a “Net Exercise”), the Company shall issue to such
Holder a number of Ordinary Shares computed using the following formula:

X = [Y * (A-B)]/A

where:

X = the number of Ordinary Shares to be issued to the Holder

Y = the number of Ordinary Shares purchasable under this Warrant or, if only a
portion of the Warrant is being exercised, the number of Ordinary Shares for which
this Warrant is being exercised (at the date of such calculation)

A = the fair market value of one Ordinary Share (at the date of such
calculation)

B = the Exercise Price (as adjusted to the date of such calculation).

For purposes of this Section 6(b), the fair market value of an Ordinary Share shall be the average
of the closing prices of the Ordinary Shares quoted (i) in the over-the-counter market in which the
Ordinary Shares are traded, or (ii) on any exchange or electronic securities market on which the
Ordinary Shares are listed for trading, as applicable, for the 30 trading days prior to the date of
determination of fair market value (or such shorter

6

 

period of time during which such Ordinary Shares were traded over-the-counter or on such exchange).
If the Ordinary Shares are not traded on the over-the-counter market, an exchange or an electronic
securities market, the fair market value of an Ordinary Share shall be determined by dividing:

     (i) the cash price at which a willing seller would sell and a willing
buyer would buy all of the issued and outstanding Ordinary Shares in a transaction
negotiated at arm’s length by unaffiliated third parties, each being apprised of and
considering all relevant facts, circumstances and factors, and neither acting under
compulsion or time constraints, by

     (ii) the number of then issued and outstanding Ordinary Shares.

In the case of any determination of the fair market value of the Ordinary Shares pursuant to this
Section 6(b), fair market value shall not include any discount (i) by reason of such Ordinary
Shares representing a minority interest, or (ii) to reflect the fact that such Ordinary Shares are
illiquid and subject to the restrictions on transfer set forth in this Warrant and the Shareholders
Agreement.

If the Company and the Holder cannot agree on the fair market value of an Ordinary Share within 30
days after the date upon which the Holder delivers a Notice of Exercise to the Company at its
principal offices (the “Negotiation Period”), the valuation shall be made by an appraiser
of internationally recognized standing designated jointly by the Company and the Holder within ten
days after the expiration of the Negotiation Period or, if they cannot so agree on an appraiser,
such dispute shall be promptly referred to the HKIAC and an appraiser of nationally recognized
standing shall be appointed thereby. The valuation shall be made by such appraiser within 20 days
of its designation by the HKIAC. Any valuation made by an appraiser under this Section 6(b) shall
be determinative of such value and binding upon the Company and the Holder. The cost of such
valuation shall be borne equally by the Company and the Holder, but each party shall bear its own
legal expenses, if any, incurred in connection therewith.

     (c) Partial Exercise. This Warrant may be exercised for less than the full
number of Ordinary Shares, in which case the number of Ordinary Shares receivable upon the exercise
of this Warrant as a whole, and the sum payable upon the exercise of this Warrant as a whole, shall
be proportionately reduced.

     7. Certificates for Ordinary Shares. Upon the exercise of any of the purchase rights
pursuant to this Warrant, one or more certificates for the number of Ordinary Shares so issued
shall be issued and delivered by the Company to the Holder as soon as practicable thereafter, and
in any event within ten days of the delivery by the Holder to the Company of the Notice of
Exercise. The date of delivery of such certificates is referred to herein as the “Delivery
Date.”

     8. Dividend, Subdivision, Combination, Reclassification, Reorganization, Consolidation,
Merger or Sale of Assets. The number of and kind of securities that may

7

 

be issued pursuant to this Warrant and the Exercise Price shall be subject to adjustment from time
to time as follows:

     (a) In case of any reclassification, capital reorganization, or change in the shares of the
Company, or consolidation or merger of the Company with or into another corporation, or the sale of
all or substantially all of the assets of the Company to another corporation pursuant to which the
holders of Ordinary Shares shall be entitled to receive shares, securities, cash or other property
with respect to or in exchange for Ordinary Shares, then, as a condition to such reclassification,
reorganization, change, consolidation, merger or sale, the Company shall make appropriate provision
so that the Holder (or its permitted transferees) shall have the right at any time prior to the
expiration of the Exercise Period to acquire, at a total per-share price equal to that payable
pursuant to this Warrant, the kind and amount of shares, securities, cash or other property
receivable in connection with such reclassification, reorganization, change, consolidation, merger
or sale by a holder of the same number of Ordinary Shares as were purchasable by the Holder
immediately prior to such reclassification, reorganization, change, consolidation, merger or sale.
In any such case, appropriate provisions shall be made with respect to the rights and interest of
the Holder so that the provisions hereof shall thereafter be applicable with respect to any shares,
securities, cash or other property deliverable upon exercise hereof, and appropriate adjustments
shall be made to the purchase price per Ordinary Share payable hereunder, provided that the
aggregate purchase price shall remain the same.

     The Company will not effect any such consolidation, merger or sale, unless prior to the
consummation thereof, the successor corporation (if other than the Company) resulting from such
consolidation or merger or the corporation purchasing such assets in such sale shall assume, by
written instrument mailed or delivered to the Holder at the last address of the Holder appearing on
the books of the Company, the obligation to deliver to the Holder such shares, securities, cash or
other property as, in accordance with the foregoing provisions, the Holder may be entitled to
purchase. If a purchase, tender or exchange offer is made to and accepted by the holders of more
than 50% of the outstanding Ordinary Shares, the Company shall not effect any consolidation, merger
or sale with the Person having made such offer or with any Affiliate of such Person, unless prior
to the consummation of such consolidation, merger or sale the Holder shall have been given a
reasonable opportunity to then elect to receive pursuant to this Warrant either the stock,
securities, cash or other property then issuable with respect to the Ordinary Shares or the stock,
securities, cash or other property, or the equivalent, issued to holders of Ordinary Shares in
accordance with such offer.

     (b) If the Company shall, at any time or from time to time, (i) declare a dividend on the
Ordinary Shares payable in shares of its capital stock, (ii) subdivide the outstanding Ordinary
Shares, (iii) combine the outstanding Ordinary Shares into a smaller number of shares, or (iv)
issue any shares of its capital stock in a reclassification of the Ordinary Shares (including any
such reclassification in connection with a consolidation or merger in which the Company is the
continuing corporation), then in each such case, the Exercise Price in effect at the time of the
record date for such dividend or of the effective date of such subdivision, combination or
reclassification, and the number and

8

 

kind of shares of capital stock issuable on such date shall be proportionately adjusted so that the
holder of any Warrant exercised after such date shall be entitled to receive, upon payment of the
same aggregate amount as would have been payable before such date, the aggregate number and kind of
shares of capital stock which, if such Warrant had been exercised immediately prior to such date,
such Holder would have owned upon such exercise and been entitled to receive by virtue of such
dividend, subdivision, combination or reclassification. Any such adjustment shall become effective
immediately after the record date of such dividend or the effective date of such subdivision,
combination or reclassification. Such adjustment shall be made successively whenever any event
listed above shall occur. If a dividend is declared and such dividend is not paid, the Exercise
Price shall again be adjusted to be the Exercise Price in effect immediately prior to such record
date.

     (c) Notice of Adjustment. When any adjustment is required to be made in the number or
kind of shares purchasable upon exercise of this Warrant, or in the Exercise Price, the Company
shall provide the Holder with not less than 20 days’ prior written notice of the date on which the
event requiring such adjustment is to take place and information, reasonably detailed, regarding
the pertinent facts of such event, as well as the calculation of the adjusted Exercise Price and
the adjusted number of Ordinary Shares or securities, cash or other property thereafter purchasable
upon exercise of this Warrant.

     (d) Adjustment by Board of Directors. If any event occurs as to which, in the opinion
of the Board of Directors of the Company, the provisions of this Section 8 are not strictly
applicable or if strictly applicable would not fairly protect the rights of the Holder in
accordance with the essential intent and principles of such provisions, then the Board of Directors
shall make an adjustment in the application of such provisions, in accordance with such essential
intent and principles, so as to protect such rights as aforesaid, but in no event shall any
adjustment have the effect of increasing the Exercise Price as otherwise determined pursuant to any
of the provisions of this Section 8, except in the case of a combination of shares of a type
contemplated in Section 8(a), and then in no event to an amount larger than the Exercise Price as
adjusted pursuant to Section 8(a).

     (e) Officer’s Statement as to Adjustments. Whenever the Exercise Price shall be
adjusted as provided in this Section 8, the Company shall forthwith file at each office designated
for the exercise of this Warrant, a statement, signed by the chief financial officer of the Company
(or an officer holding a comparable position), showing in reasonable detail the facts requiring
such adjustment and the Exercise Price that will be effective after such adjustment.

     9. No Dilution or Impairment. The Company will not, by amendment of its Memorandum
and Articles of Association, or through reorganization, consolidation, merger, dissolution, sale of
assets or any other voluntary action, avoid or seek to avoid the observance or performance of any
of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Holder against dilution or other impairment. Without limiting the
generality of the foregoing, the Company will not increase the par value of any shares receivable
pursuant to this Warrant

9

 

above the amount payable therefor upon such exercise, and at all times will take all such action as
may be necessary or appropriate in order that the Company may validly and legally issue fully paid
shares pursuant to this Warrant.

     10. No Fractional Shares or Scrip. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such
fractional shares the Company shall make a cash payment therefor on the basis of the Exercise
Price then in effect.

     11. Representations, Warranties and Covenants of the Company

     (a) Corporate Actions. The Company represents and warrants to the Holder that all
corporate actions on the part of the Company, its officers, directors and shareholders necessary
for the sale and issuance of this Warrant have been taken.

     (b) Issuance of Shares. The Company covenants that the Ordinary Shares, when issued
pursuant to this Warrant, will be duly authorized, validly issued, fully paid and non-assessable,
and free from all taxes and Liens with respect thereto or the issuance thereof.

     (c) Covenants as to Exercise of Warrant. The Company covenants that the Company will
at all times during the Exercise Period, have authorized a sufficient number of Ordinary Shares to
provide for the exercise of the rights pursuant to this Warrant. If at any time during the Exercise
Period the number of authorized but unissued Ordinary Shares shall not be sufficient to permit
exercise of the rights pursuant to this Warrant, or the number of authorized but unissued Ordinary
Shares shall not be sufficient to permit the conversion of the Ordinary Shares issuable upon
exercise of this Warrant, the Company will take such corporate action as may, in the opinion of its
counsel, be necessary to increase its authorized but unissued Ordinary Shares as shall be
sufficient for such purposes.

     (d) Legal Opinion. Upon the issuance of the Ordinary Shares pursuant to this Warrant,
the Company shall deliver to the Holder receiving such Ordinary Shares an opinion of Hong Kong
counsel to the Company, addressed to the Holder, in form and substance reasonably satisfactory to
the Holder, and including an opinion as to the Company’s compliance with Section 11(b) hereof.

     12. Reservation of Shares. The Company hereby covenants and agrees that at all times there
shall be reserved in the Company’s authorized but unissued shares for issuance and delivery upon
exercise of this Warrant such number of Ordinary Shares (or other securities of the Company as are
from time to time issuable upon exercise of this Warrant), including, amending its Memorandum and
Articles of Association or other constitutional documents from time to time to increase its
authorized shares as necessary. All such shares shall be duly authorized, and when issued by way of
registration in the name of the Holder in the Company’s register of members upon such exercise in
accordance with the terms herein, shall be validly issued, fully paid and non-assessable, free and
clear of all liens, security interests, charges and other encumbrances or

10

 

restrictions on sale and free and clear of all preemptive and similar rights
(“Encumbrances”), except such Encumbrances arising under law or under the Shareholders
Agreement. The Holder acknowledges that “reserve,” “reservation” or similar words may have no
technical meaning under the laws of Hong Kong. For purposes only of this Warrant, “reserve”,
“reservation” and similar words shall mean that the Board of Directors of the Company have approved
and authorized an intent by the Company to refrain from issuing a number of Ordinary Shares
sufficient to satisfy the exercise rights of the Holder of this Warrant such that such Ordinary
Shares will remain in the authorized but unissued shares of the Company until, as applicable, this
Warrant is exercised in accordance with its terms.

     13. Restrictive Legend. The Ordinary Share certificates shall be stamped or imprinted
with a legend in substantially the following form (unless registered under the Act or if the Holder
delivers to the Company an opinion of counsel (who may be an employee of the Holder) reasonably
satisfactory in form and substance to the Company, that the Ordinary Shares do not require
registration under the Act or any applicable state securities laws):

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED, OR THE LAWS OF ANY OTHER JURISDICTION. THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION
STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR A COMPARABLE
DOCUMENT UNDER THE LAWS OF ANY OTHER JURISDICTION OR AN OPINION OF COUNSEL THAT
SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT.
THE OFFERING OF THESE SECURITIES HAS NOT BEEN REVIEWED OR APPROVED BY ANY STATE
SECURITIES ADMINISTRATOR.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A SHAREHOLDERS
AGREEMENT, DATED AS OF JUNE 24, 2009, AMONG THE COMPANY AND CERTAIN OF ITS
SHAREHOLDERS, A COPY OF WHICH IS ON FILE WITH THE COMPANY. NO SALE, ASSIGNMENT,
TRANSFER, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED
HEREBY SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND CONDITIONS OF SAID
SHAREHOLDERS AGREEMENT SHALL HAVE BEEN COMPLIED WITH IN FULL.

Any certificate issued at any time in exchange or substitution for any certificate bearing such
legend (except a new certificate issued upon completion of a public distribution pursuant to a
registration statement under the Act) shall also bear such legend unless, in the opinion of counsel
selected by the Holder (who may be an employee of the Holder) and reasonably acceptable to the
Company, the securities represented thereby need no longer be subject to restrictions on resale
under the Act.

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     14. Warrant and Shares Transferable

     (a) Subject to compliance with the terms and conditions of the Shareholders Agreement
and this Section 14, this Warrant and all rights hereunder are transferable, in whole or in part,
without charge to the Holder (except for transfer taxes), upon surrender of this Warrant properly
endorsed or accompanied by written instructions of transfer. With respect to any offer, sale or
other disposition of this Warrant or any Ordinary Shares acquired pursuant to the exercise of this
Warrant prior to registration of such Warrant or Ordinary Shares, the Holder agrees to give written
notice to the Company prior thereto, describing briefly the manner thereof, together with a written
opinion of such holder’s counsel, or other evidence, if reasonably requested by the Company, to the
effect that such offer, sale or other disposition may be effected without registration or
qualification (under the Act as then in effect or any U.S. federal or state or Hong Kong securities
law then in effect) of this Warrant or the Ordinary Shares and indicating whether or not under the
Act certificates for this Warrant or the Ordinary Shares to be sold or otherwise disposed of
require any restrictive legend as to applicable restrictions on transferability in order to ensure
compliance with such law. Upon receiving such written notice and reasonably satisfactory opinion or
other evidence, if so requested, the Company, as promptly as practicable, shall notify such holder
that such holder may sell or otherwise dispose of this Warrant or such Ordinary Shares, all in
accordance with the terms of the notice delivered to the Company. If a determination has been made
pursuant to this Section 14 that the opinion of counsel for the Holder or other evidence is not
reasonably satisfactory to the Company, the Company shall so notify the Holder promptly with
details thereof after such determination has been made. Each certificate representing this Warrant
or the Ordinary Shares transferred in accordance with this Section 14 shall bear a legend as to the
applicable restrictions on transferability in order to ensure compliance with such laws, unless in
the aforesaid opinion of counsel for the Holder, such legend is not required in order to ensure
compliance with such laws. The Company may issue stop transfer instructions to its transfer agent
in connection with such restrictions.

     15. Rights of Shareholders. No holder of this Warrant shall be entitled, as a Warrant
holder, to vote or receive dividends or be deemed the holder of the Ordinary Shares or any other
securities of the Company which may at any time be issuable on the exercise hereof for any purpose,
nor shall anything contained herein be construed to confer upon the holder of this Warrant, as
such, any of the rights of a shareholder of the Company or any right to vote upon any matter
submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate
action (whether upon any recapitalization, issuance of stock, reclassification of Ordinary Shares,
change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of
meetings, or to receive dividends or subscription rights or otherwise until the Warrant shall have
been exercised and the Ordinary Shares purchasable upon the exercise hereof shall have become
deliverable, as provided herein.

     16. Notices. Any notice required or permitted pursuant to this Warrant shall be given
in writing and shall be given either personally or by sending it by next-day or second-day courier
service, fax, electronic mail or similar means to the address as shown below the signature of such
Party on the signature page of this Warrant (or at such other

12

 

address as such party may designate by fifteen (15) days’ advance written notice to the other
parties given in accordance with this Section 16). Where a notice is sent by next-day or second-day
courier service, service of the notice shall be deemed to be effected by properly addressing,
pre-paying and sending by next-day or second-day service through an internationally-recognized
courier a letter containing the notice, with a confirmation of delivery, and by two (2) days having
passed after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or
electronic mail, service of the notice shall be deemed to be effected on the same day on which it
is properly addressed and sent through a transmitting organization with a reasonable confirmation
of delivery.

     17. Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and (in the case of loss,
theft or destruction) upon delivery of an indemnity agreement in an amount reasonably satisfactory
to it, or (in the case of mutilation) upon surrender and cancellation thereof, the Company will
issue, in lieu thereof, a new Warrant of like tenor.

     18. Subdivision of Rights. This Warrant (as well as any new warrants issued pursuant
to the provisions of this Section 18) is exchangeable, upon the surrender hereof by the Holder, at
the principal office of the Company for any number of new warrants of like tenor and date
representing in the aggregate the right to subscribe for and purchase the number of Ordinary Shares
which may be subscribed for and purchased hereunder.

     19. “Market Stand-Off” Agreement. The Holder hereby agrees that, during the period of
time specified by the Company and an underwriter of Ordinary Shares or other securities of the
Company, following the effective date of (i) a registration statement of the Company filed under
the Act, or (ii) a comparable offering document filed under the applicable laws and regulations of
any foreign governmental authority, it shall not, to the extent requested by the Company and such
underwriter, directly or indirectly sell, offer to sell, contract to sell (including, without
limitation, any short sale), grant any option to purchase or otherwise transfer or dispose of
(other than to donees who agree to be similarly bound) any securities of the Company held by it at
any time during such period, except Ordinary Shares included in such registration or offering;
provided, however, that:

     (a) all officers and directors of the Company, and each Person who holds one percent (1%) or
more of the Company’s outstanding shares, enter into similar agreements; and

     (b) such market stand-off time period shall not exceed 90 days.

The Holder agrees to provide to the underwriters of any public offering such further agreements as
such underwriters may reasonably request in connection with this market stand-off agreement,
provided that the terms of such agreements are substantially consistent with the provisions of this
Section 19. In order to enforce the foregoing covenant, the Company may impose stop-transfer
instructions with respect to the securities of the Company held by the Holder (and the shares or
securities of every other Person subject to the foregoing restriction) until the end of such
period.

13

 

Notwithstanding the foregoing, the obligations described in this Section 19 shall not apply to (i)
a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms
which may be promulgated in the future, (ii) a registration relating solely to a transaction under
Rule 145 of the Act, or (iii) any offering which would the equivalent of clause (i) or (ii) under
the applicable laws and regulations of any foreign governmental authority.

     20. Change, Waiver, Etc. Neither this Warrant nor any term hereof may be
changed, waived, discharged or terminated orally except by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge or termination is
sought.

     21. Remedies. The Company stipulates that the remedies at law of the Holder in the
event of any default by the Company in the performance of or compliance with any of the terms of
this Warrant are not and will not be adequate, and that the same may be specifically enforced.

     22. Governing Law. This Warrant and all actions arising out of or in connection with
this Agreement shall be governed by and construed in accordance with the laws of the Hong Kong,
without regard to the conflicts of law provisions of the Hong Kong.

     23. Dispute Resolution.

     (a) The parties agree to negotiate in good faith to resolve any dispute between them regarding
this Warrant. If the negotiations do not resolve the dispute to the reasonable satisfaction of both
parties, then each party that is a company, shall nominate one (1) authorized officer as its
representative. The parties or their representatives, as the case may be, shall, within thirty (30)
days of a written request by either party to call such a meeting, meet in person and alone (except
for one (1) assistant for each party) and shall attempt in good faith to resolve the dispute. If
the disputes cannot be resolved by such senior managers in such meeting, the parties agree that
they shall, if requested in writing by either party, meet within thirty (30) days after such
written notification for one (1) day with an impartial mediator and consider dispute resolution
alternatives other than formal arbitration. If an alternative method of dispute resolution is not
agreed upon within thirty (30) days after the one (1) day mediation, either party may begin formal
arbitration proceedings to be conducted in accordance with subsection (b) below. This procedure
shall be a prerequisite before taking any additional action hereunder.

     (b) In the event the parties are unable to settle a dispute between them regarding this
Warrant in accordance with subsection (a) above, such dispute shall he referred to and finally
settled by arbitration at the HKIAC in accordance with the Hong Kong International Arbitration
Centre Administered Arbitration Rules in effect, which rules are deemed to be incorporated by
reference into this subsection (b), subject to the following: (i) the arbitration tribunal shall
consist of three (3) arbitrators to be appointed according to the Hong Kong International
Arbitration Centre Administered Arbitration Rules; and (ii) the language of the arbitration shall
be English. Notwithstanding anything in this Warrant or in the Hong Kong International Arbitration
Centre Administered

14

 

Arbitration Rules or otherwise, the arbitration tribunal shall not have the power to award
injunctive relief or any other equitable remedy of any kind against any Holder unless such award
both (x) is expressly appealable to and subject to de novo review by the courts of Hong Kong, and
(y) would not, if upheld, have the effect of impairing, restricting, or imposing any conditions on
the right or ability of such Holder or its affiliates to conduct its respective business operations
or to make or dispose of any other investment. The prevailing party shall be entitled to reasonable
attorney’s fees, costs and necessary disbursements in addition to any other relief to which such
party may be entitled.

     24. Rights and Obligations Survive Exercise of Warrant. Unless otherwise provided
herein, the rights and obligations of the Company, of the Holder and of the holder of the Ordinary
Shares issued upon exercise of this Warrant, shall survive any exercise of this Warrant.

[Signature page follows]

15

 

Issued
this 24 day of June, 2009.

SEALED with the Common Seal of

EASTERN WELL HOLDINGS LIMITED

and SIGNED by

     

in the presence of:

Address: No. 485-487, Gu Yang Road, Changning

District, Shanghai, China

Fax: 86-21-6631-2459

Acknowledged and Agreed:

SUN KWOK PING

	 	 	 	 	 	 	 
	By:	 	/s/ Sun Kwok Ping	 	 
	 	 	 	 	 
	 

	 	Name: Sun Kwok Ping	 	 
	 

	 	Address:	 	No. 485-487, Gu Yang Road, Changning	 	 
	 

	 	 	 	District, Shanghai, China	 	 
	 
	 	Fax: 86-21-6631-2459	 	 

[Signature Page to Warrant to Purchase Ordinary Shares]

 

 

EXHIBIT A

NOTICE OF EXERCISE

			
	To:	 	EASTERN WELL HOLDINGS LIMITED

No. 485-487, Gu Yang Road, Changning District, Shanghai, China

Fax: 86-21-6631-2459

Attention: Chief Financial Officer

     1. The undersigned hereby elects to purchase
                     Ordinary Shares
(“Ordinary Shares”) pursuant to the terms of the attached Warrant.

     2. The undersigned shall exercise the attached Warrant (i) by means of a cash payment,
and tenders herewith, payment in full for the purchase price of the Ordinary Shares being
purchased, or (ii) by means of a Net Exercise in accordance with the terms of Section 6(b) of
said Warrant, together with all applicable taxes, if any.

     3. Please issue a certificate or certificates representing said Ordinary Shares in the
name of the undersigned or in such other name as is specified below:

	 	 	 	 	 
	 
	 	 

(Name)
	 	 
	 	 	 	 	 
	 
	 	 

	 	 
	 	 	 	 	 
	 
	 	 

(Address)
	 	 

     4. The undersigned hereby represents and warrants that the aforesaid Ordinary Shares are
being acquired for the account of the undersigned for investment and not with a view to, or
for resale, in connection with the distribution thereof, and that the undersigned has no
present intention of distributing or reselling such shares.

	 	 	 	 	 
	 

	 	 

(Signature)
	 	 
	 
	 	 	 	 
	 

	 	 

(Name)
	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	(Date)

	 	(Title)	 	 

 

 

EXHIBIT B

FORM OF TRANSFER

(To be signed only upon transfer of Warrant)

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                        
                    
                                        
 the right represented by the attached Warrant to purchase                      Ordinary Shares
of EASTERN WELL HOLDINGS LIMITED to which the attached Warrant relates, and appoints                     
Attorney to transfer such right on the books of                     , with full
power of substitution in the premises.

Dated:

	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	(Signature must conform in all respects to name of
Holder as specified on the face of the Warrant)	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	Signed in the presence of:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 

	 	 	 	 	 	 

 

 

EXHIBIT C

CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT

AUDITOR’S REPORT

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