Document:

Management Rights Letter issued by JinkoSolar Holding Co., Ltd.

 Exhibit 4.18 
 December 16, 2008 
 PITANGO VENTURE CAPITAL FUND V, L.P. 
 PITANGO VENTURE CAPITAL PRINCIPALS FUND V, L.P. 
  

	 	Re:	Management Rights 

 Ladies and Gentlemen:

 On the date hereof, Pitango Venture Capital Fund V, L.P. and Pitango Venture Capital Principal Fund V, L.P. (the
“Investor”) acquired certain stock of JinkoSolar Holding Co., Ltd., a Cayman Islands corporation (the “Issuer”). In connection with such investment, the Investor is seeking to obtain direct contractual rights to substantially
participate in, or substantially influence the conduct of, the management of the Issuer, in order to satisfy certain requirements to qualify, or maintain its qualification, as a “venture capital operating company” within the meaning of the
United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”). In order to induce the Investor to invest in the Issuer and to enable the Investor to satisfy such requirements, the Issuer has agreed to provide the
following contractual management rights, in addition to any rights to non-public financial information, inspection rights and other rights specifically provided to all investors in the current financing:
 1. Investor shall be entitled to consult with and advise management of the Issuer on significant business issues, including
management’s proposed annual operating plans, and management will meet with the Investor regularly during each year at the Issuer’s facilities at mutually agreeable times for such consultation and advice and to review progress in achieving
said plans. 
 2. Investor may examine the books and records of the Issuer and inspect its facilities and its properties and may
request information at reasonable times and intervals concerning the general status of the Issuer’s financial condition and operations, provided that access to highly confidential proprietary information and facilities, or to information which
disclosure would adversely affect attorney-client privilege between Issuer and its counsel, need not be provided. 
 3. If
Investor is not represented on the Issuer’s Board of Directors, it may send its representative as a nonvoting observer to attend meetings of the Issuer’s Board of Directors at Investor’s own expenses. The Investor shall provide the
Issuer with a notice of appointing such representative in accordance with Section 10.8 of the Share Subscription Agreement entered into among, inter alia, the Issuer and Investor on December 11, 2008 (“Share Subscription
Agreement”). In this case, the Issuer shall, concurrently with delivery to the Board of Directors, give your representative copies of all notices, minutes, consents and other material that the Issuer provides to its directors, except that the
representative may be excluded from access to any material or meeting or portion thereof if the Board of Directors determines in good faith, upon advice of counsel, that such exclusion is reasonably necessary to preserve the attorney-client
privilege, to protect highly confidential proprietary information, or for other similar reasons. Upon reasonable notice and at a scheduled meeting of the Board or such other time, if any, as the Board may determine in its sole discretion, such
representative may address the Board with respect to Investor’s concerns regarding significant business issues facing the Issuer. 

 4. The Issuer shall deliver to the Investor: 
 (a) as soon as available and in any event within 60 days after the end of each of the first three quarters of each fiscal year of the
Issuer, consolidated balance sheets of the Issuer and its subsidiaries as of the end of such period, and consolidated statements of income and cash flows of the Issuer and its subsidiaries for the period then ended, prepared in conformity with
generally accepted accounting principles in the United States applied on a consistent basis, except as otherwise noted therein, and subject to the absence of footnotes and to year-end adjustments; 
 (b) as soon as available and in any event within 120 days after the end of each fiscal year of the Issuer, a consolidated balance sheet of
the Issuer and its subsidiaries as of the end of such year, and consolidated statements of income and cash flows of the Issuer and its subsidiaries for the year then ended, prepared in conformity with generally accepted accounting principles in the
United States applied on a consistent basis, except as otherwise noted therein, together with an auditors report thereon of a firm of established national reputation; 
 (c) within 21 days of the end of each month, an unaudited income statement and statement of cash flows and balance sheet for and as of the end of such month, in reasonable detail; and 
 (d) as soon as practicable, but in any event at least 30 days prior to the end of each fiscal year, a budget and business plan for the next
fiscal year, prepared on a monthly basis, including balance sheets, income statements and statements of cash flows for such months and, as soon as prepared, any other budgets or revised budgets prepared by the Issuer. 
 5. Investor agrees, and any representative of the Investor will agree, to hold in confidence and trust and not use or disclose any
confidential information provided to or learned by it in connection with its rights under this letter, except as required by law. 
 6. This letter may be executed in any number of counterparts and, when so executed, all of such counterparts shall constitute a single instrument binding upon all parties notwithstanding the fact that all parties are not signatory to the
original or to the same counterpart. 
 7. The rights granted herein shall terminate and be of no further force or effect upon
the consummation of the sale of the Issuer’s securities pursuant to a registration statement filed by the Issuer under the United States Securities Act of 1933, as amended, or under other applicable local law, in connection with the firm
commitment underwritten offering of its securities to the general public. 
 8. Subject to paragraph 7 above, if the Issuer
engages in a restructuring or similar transaction, any resulting entity or entities shall be subject to this letter in the same manner as the Issuer. 
 9. The Management Right Letter between Paker Technology Limited and the Investor dated September 18, 2008 shall be terminated and without force or effect upon the closing of the transaction under the
Share Subscription Agreement. 
 Please acknowledge your agreement to the terms hereof by signing this letter as provided below.

  

			
	Very truly yours,
	
	                                       
                                     .

 Signature Page for 
 Management Rights Letter 

			
	By:	 	 /s/ Kangping Chen

		 	Name: Kangping Chen
		 	Title:

 Signature Page for 
 Management Rights Letter 

					
	Accepted:
	
	PITANGO VENTURE PARTNERS 2004 LTD.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Signature Page for 
 Management Rights LetterEnglish translation of Share Subscription and Capital Increase Agreement

 Exhibit 4.19 
 SHARE SUBSCRIPTION AND CAPITAL INCREASE AGREEMENT 
 Transferor (hereinafter “Party
A”): JIANGXI DESUN ENERGY CO., 
 LTD. Transferee (hereinafter “Party B”) PAKER TECHNOLOGY 
 LIMITED 
 The sino-foreign equity joint venture
(Jiangxi Desun Energy Co., Ltd.) (the “Company”) is hereby jointly incorporated and established by Party A, the original investor, which contributed capital equivalent to RMB20,000,000 and Party B, which contributed capital equivalent to
HK $10,000,000. 
 NOW THEREFORE, in accordance with Company Law of the People’s Republic of China and on the basis of amicable
negotiations, both parties do reach the agreement in respect of the rights attached to the shares of the Company, subject to the terms and conditions set forth hereinafter and hereinbelow: 
  

	1.	Party A hereby agrees to transfer to Party B 34.9% shares of the Company (cashed in HK $ 10,000,000). After the share transfer, Party A holds 65.1% shares of the
Company and Party B holds 34.9% shares of the Company, respectively. 

  

	2.	Party B agrees to purchase 34.9% shares of the Company with the consideration of HK $ 10,000,000. 

  

	3.	The credit and liability attached to the shares of the Company shall be borne and assumed by both parties according to their contributions from the date when Party B
has contributed the capital to the registered capital and completed the capital verification. Party B shall exercise its entitled rights and perform its obligations in accordance with the joint venture contract, Articles of Association, and the
Share Transfer and Capital Increase Agreement (this “Agreement”). 

  

	4.	This Agreement is in four copies. Party A, Party B, the department for examination and approval and the department for registration administration shall each keep one
copy. All the copies have the same legal effect. 

  

	5.	This Agreement shall take effect after being signed and sealed by both parties. 

 SIGNED AND SEALED 
 BY AND ON BEHALF OF: 
 JIANGXI DESUN ENERGY CO., LTD. 
 By Party A (signature): /s/ Min Liang 
 SIGNED AND SEALED 
 BY AND ON BEHALF OF: 
 PAKER TECHNOLOGY LIMITED 
 By Party B (signature): /s/ Runsheng Xu 
 PAKER TECHNOLOGY LIMITED 
 Authorized Signature(s). 
  

 1Amendment Agreement

 Exhibit 4.20 
 JINKOSOLAR HOLDING CO., LTD. 
 AMENDMENT AGREEMENT 
 June 22, 2009 

 AMENDMENT AGREEMENT 
 THIS AMENDMENT AGREEMENT (the “Agreement”) is made as of June 22, 2009 by and among the parties as follows:

 LI Xiande, CHEN Kangping, LI Xianhua, each a citizen of the People’s Republic of China (the “PRC”)
(collectively the “Founders” and each, a “Founder”); 
 SCGC Capital Holding Company Limited,
a company duly incorporated and validly existing under the laws of the British Virgin Islands (“SCGC”); 
 CIVC
Investment Ltd., a company duly incorporated and validly existing under the laws of Cayman Islands (“CIVC”); 
 Pitango Venture Capital Fund V, L.P. and Pitango Venture Capital Principals Fund V, L.P., limited partnerships under the laws of Cayman Islands (together known as “Pitango”); 
 TDR Investment Holdings Corporation, a company duly incorporated and validly existing under the laws of British Virgin Islands
(“TDR”); and 
 New Goldensea (Hong Kong) Group Company Limited, a company duly incorporated and validly
existing under the Law of Hong Kong (“New Goldensea”, and collectively with SCGC, CIVC, Pitango and TDR, the “Series B Shareholders”, and each, a “Series B Shareholder”). 
 Each of the Founders and the Series B Shareholders shall be referred to individually as a “Party” and collectively as the
“Parties”. 
  

 1 

 RECITALS 
 WHEREAS, each of the Parties is a party to a share subscription agreement dated December 11, 2008 (the “Share Subscription
Agreement”) pursuant to which the Series B Shareholders subscribed for an aggregate of 148,829 Series B Preferred Shares of JinkoSolar Holding Co., Ltd., a company established under the laws of the Cayman Islands (the
“Company”) and a shareholders agreement dated December 16, 2008 (the “Shareholders Agreement”) in connection with the Share Subscription Agreement; 
 WHEREAS, the Company adopted an amended and restated articles of association on December 16, 2008 (the “Articles of
Association”); 
 WHEREAS, in connection with Share Subscription Agreement, the Founders executed the Commitment Letter
regarding Adjustment of Share Percentage Based on the Year 2009 Net Earnings dated December 16, 2008 (the “Commitment Letter”) for the benefit of the Series B Shareholders; and 
 WHEREAS, the Parties wish to amend the Commitment Letter. 
 NOW THEREFORE, in consideration of the premises set forth above, the mutual promises and covenants set forth herein and other for good and valuable consideration receipt of which is acknowledged, the
Parties hereby agree as follows: 
  

	1.	Defined Terms 

 Capitalized terms used
herein shall have the meanings assigned to them in the Share Subscription Agreement, the Shareholders Agreement and the Articles of Association, as applicable, and the following terms shall have the following meanings: 
  

	(a)	“Article” refers to an article of the Articles of Association 

  

 3 

	(b)	“original Paragraph” refers to the numbering of the paragraphs of the Commitment Letter prior to this Agreement; and “new Paragraph”
refers to the numbering of the paragraphs of the Commitment Letter after this Agreement (the “Amended and Restated Commitment Letter”). 

  

	2.	Amendment of Commitment Letter 

  

	 	(a)	The original preamble of the Commitment Letter is hereby deleted in entirety and replaced with the following: 

 “This Amended and Restated Commitment Letter, dated June 22, 2009, is the Amended and Restated Commitment Letter referred to in
the Amendment Agreement (“Amendment Agreement”) dated as of June 22, 2009 among Li Xiande, Chen Kangping and Li Xianhua (collectively the “Founders” and each a “Founder”) and the Series B Shareholders as defined in
the Amendment Agreement. Unless otherwise defined, capitalized terms used herein have the meanings assigned to them in the Amendment Agreement. 
 In consideration of the Series B Shareholders entering into the Amendment Agreement, the Founders hereby amend and restate the Commitment Letter, and make the following undertakings to the Series B
Shareholders: 
  

	 	(b)	Each occurrence of the phrase “Series B Investors” in the Commitment Letter is hereby changed to the phrase “Series B Shareholders”.

  

 4 

	 	(c)	(i) Original Paragraph 1 first sub-paragraph and (ii) original Paragraph 1 definition of Money Valuation of Year 2009 are hereby amended by replacing the sum
“RMB450 million” (or “RMB450,000,000”, as the case may be) with the sum “RMB100 million”, in each case. 

  

	 	(d)	Original Paragraph 1 is further amended by adding “(or listing of the Ordinary Shares directly or indirectly on a stock exchange in China (“China
Listing”), as the case may be)” following the words “Qualified IPO.” 

  

	 	(e)	The second sub-paragraph of original Paragraph 1 is hereby amended by replacing “Paragraph (4)” with “Paragraph (5)” in the last sentence.

  

	 	(f)	The final sub-paragraph of original Paragraph 1 is hereby amended to read as follows: 

 “For purposes of this Commitment Letter, (i) “Year 2009 Account” means the audited consolidated financial statements of
the Company for the period from January 1, 2009 to December 31, 2009 audited by the Auditors and prepared in accordance with U.S. GAAP; “Year 2009 Net Earnings” means the consolidated after-tax net income of the Company as
reflected in the Year 2009 Account, and (ii) “Year 2010 Account” means the audited consolidated financial statements of the Company for the period from January 1, 2010 to December 31, 2010 audited by the Auditors and
prepared in accordance with U.S. GAAP; “Year 2010 Net Earnings” means the consolidated after-tax net income of the Company as reflected in the Year 2010 Account, subject in the case of the Year 2009 Net Earnings and Year 2010 Net Earnings,
to the adjustments pursuant to Paragraph (6) of this Commitment Letter. 
  

	 	(g)	Each of the following paragraphs is hereby amended to change each occurrence of the phrase “without consideration” to the phrase “without further
consideration”: original Paragraph 1 first sub-paragraph and definition of N. 

  

 5 

	 	(h)	The following paragraph shall be added and inserted into the Commitment Letter to form new Paragraph 2, (and each of original Paragraphs 2 through 7 shall be
correspondingly renumbered as new Paragraphs 3 through 8): 

  

	 	“(2)	We shall cause the Company to deliver to the Series B Shareholders the Year 2010 Account on or prior to April 30, 2011. If the Qualified IPO (or China Listing, as
the case may be) has not been completed by the time of the delivery of the Year 2010 Account and the Year 2010 Net Earnings is less than RMB200 million, we shall, within five (5) Business Days, transfer a certain number of Ordinary Shares to
the Series B Shareholders without further consideration. The number of Ordinary Shares to be transferred to the Series B Shareholders without further consideration pursuant to this provision shall be calculated as follows: 

N = N1 x [(Investment Amount / Money Valuation of Year 2010) – (Investment Amount / Money Valuation of Year 2009)], where:

 N = the number of Ordinary Shares to be transferred without further consideration. 
 N1 = 1,270,961, being the total number of Ordinary Shares, Series A Preferred Shares and Series B Preferred Shares issued and outstanding at
the Closing. 
 Investment Amount = RMB240,972,160 being the subscription price for the Series B Preferred Shares of Paker paid
by the Series B Shareholders in US dollars multiplied by 6.8458. 
  

 6 

 Money Valuation of Year 2009 = (Year 2008 Net Earnings in Renminbi multiplied by 6.6 and
multiplied by Year 2009 Net Earnings in Renminbi) / RMB100 million plus (a) the Investment Amount and (b) RMB166,876,144. 
 Money Valuation of Year 2010 = (Year 2008 Net Earnings in Renminbi multiplied by 6.6 and multiplied by Year 2010 Net Earnings in Renminbi) / RMB200 million plus (a) the Investment Amount and (b) RMB166,876,144. 
  

	 	(i)	Original Paragraph 2 (new Paragraph 3) is amended to add the phrase “or Paragraph (2)” after each occurrence of the words “Paragraph (1)”.

  

	 	(j)	Original Paragraph 3 (new Paragraph 4) is amended by deleting its text in entirety and replacing with the following: 

 “If Year 2009 Net Earnings is greater than RMB100 million, it shall, for the purposes of calculating N in Paragraphs (1) and
(2) above, be deemed to be RMB100 million. If Year 2010 Net Earnings is greater than RMB200 million, it shall, for the purposes of calculating N in Paragraph (2) above, be deemed to be RMB200 million.” 
  

	 	(k)	Original Paragraph 5 (new Paragraph 6) is amended by adding the words “and Year 2010 Net Earnings” following the words “Year 2009 Net Earnings” in
each case. 

  

	 	(l)	Original Paragraph 5 (new Paragraph 6) is further amended by adding “, listing of the Ordinary Shares directly or indirectly on any stock exchange” following
the words “Qualified IPO”. 

  

 7 

	 	(m)	Original Paragraph 6 (new Paragraph 7) is hereby amended by replacing “Agreement” with “Share Subscription Agreement”. 

  

	 	(n)	Original Paragraph 6 (new Paragraph 7) is hereby further amended by replacing “each Series B Investor” with “each Series B Shareholder”.

  

	 	(o)	Original Paragraph 8 is hereby deleted. 

  

	 	(p)	There shall be added and inserted into the Commitment Letter the following new Paragraph 10, after original Paragraph 9: 

  

	 	“(10)	The Founders shall not be liable to the Series B Shareholders under this Commitment Letter for failure of the Company to achieve Year 2009 Net Earnings of RMB100
million or Year 2010 Net Earnings of RMB200 million resulting, directly or indirectly, from acts of God, earthquake, fire, flood, snow storm, war, war-like condition, embargoes, riots, strike, lock-out and other events beyond its reasonable control
which were not reasonably foreseeable and whose effects are not capable of being overcome without unreasonable expense and / or loss of time to the Company. If such failure occurs, the Founders shall notify the Series B Shareholders of the
occurrence thereof as soon as possible, and the Parties shall discuss the best way to resolve the event of force majeure.” 

  

	3.	No Other Change 

  

 8 

 Except as set out in this Agreement, the Commitment Letter, as amended and restated, shall continue in full
force and effect without other modification or amendment. 
  

	4.	Delivery of Amended and Restated Commitment Letter  

 The Founders agree to duly execute and deliver the Amended and Restated Commitment Letter. The form of the Amended and Restated Commitment Letter is attached hereto as Exhibit 1. 
  

	5.	Transfer of Ordinary Shares 

 In
consideration of this Agreement and within twenty (20) Business Days after the execution of this Agreement, the Founders shall ratably transfer to each Series B Shareholder the number of Ordinary Shares as set forth opposite to its name in
Exhibit 2. 
  

	6.	Termination of Framework Agreement 

 Upon
the execution, this Agreement shall terminate and supersede the framework agreement dated May 11, 2009 among the Founders and Series B Shareholders on the same subject matters except Sections 1 and 2 thereof. 
  

	7.	Waivers 

 Each of the Series B
Shareholders agrees that the transfer of Ordinary Shares by the Founders pursuant to the Amended and Restated Commitment Letter and Section 5 of this Agreement shall not be subject to (i) Articles 23 and 24 of the Articles of Association
or (ii) Sections 9.1 or 9.2 of the Shareholders Agreement, and hereby waive its rights pursuant to such Articles and Sections in relation to the transfer of Ordinary Shares by the Founders pursuant to the Amended and Restated Commitment Letter
and Section 5 of this Agreement. 
  

 9 

  

	8	Governing Law 

 This Agreement shall be
governed by and construed in accordance with the laws of the State of New York without regard to its principles of conflicts of laws. 
  

 10 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
written above. 
  

							
	FOUNDER:	 		 	LI Xiande
			
		 		 	
				
		 		 	BY:	 	 /s/ Kangping Chen

				
		 		 		 	ID Number:
				
		 		 		 	Address:
				
		 		 		 	Tel:
				
		 		 		 	Fax:
				
		 		 		 	Email:
			
	FOUNDER:	 		 	CHEN Kangping
			
		 		 	
				
		 		 	BY:	 	 /s/ Kangping Chen

				
		 		 		 	ID Number:
				
		 		 		 	Address:
				
		 		 		 	Tel:
				
		 		 		 	Fax:
				
		 		 		 	Email:
			
	FOUNDER:	 		 	LI Xianhua
			
		 		 	
				
		 		 	BY:	 	 /s/ Kangping Chen

				
		 		 		 	ID Number:
				
		 		 		 	Address:
				
		 		 		 	Tel:
				
		 		 		 	Fax:
				
		 		 		 	Email:

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
written above. 
  

			
	 SCGC CAPITAL HOLDING COMPANY
 LIMITED

		
	By:	 	 /s/ Haitao Jin 

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
written above. 
  

			
	CIVC INVESTMENT LTD.
		
	By:	 	 /s/ Ami Dotan; Haitao Jin

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
written above. 
  

			
	PITANGO VENTURE CAPITAL FUND V, L.P.
		
	By:	 	 /s/ Aaron Mankovski

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:
	
	PITANGO VENTURE CAPITAL PRINCIPALS FUND V, L.P.
		
	By:	 	 /s/ Aaron Mankovski

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
written above. 
  

			
	 TDR INVESTMENT HOLDINGS
 CORPORATION

		
	By:	 	 /s/ Xun Guo

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
written above. 
  

			
	NEW GOLDENSEA (HONG KONG) GROUP COMPANY LIMITED
		
	By:	 	 /s/ Hongguang Ding

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:

 EXHIBIT 1 
 AMENDED AND RESTATED COMMITMENT LETTER 
 This Amended
and Restated Commitment Letter, dated June 22, 2009, is the Amended and Restated Commitment Letter referred to in the Amendment Agreement (“Amendment Agreement”) dated as of June 22, 2009 among Li Xiande, Chen Kangping and Li
Xianhua (collectively the “Founders” and each a “Founder”) and the Series B Shareholders as defined in the Amendment Agreement. Unless otherwise defined, capitalized terms used herein have the meanings assigned to them in the
Amendment Agreement. 
 In consideration of the Series B Shareholders entering into the Amendment Agreement, the Founders hereby
amend and restate the Commitment Letter, and make the following undertakings to the Series B Shareholders: 
  

	 	(1)	We shall cause the Company to deliver to the Series B Shareholders the Year 2009 Account on or prior to April 30, 2010. If the Qualified IPO (or listing of the
Ordinary Shares directly or indirectly on a stock exchange in China (“China Listing”), as the case may be) has not been completed by the time of the delivery of the Year 2009 Account and the Year 2009 Net Earnings is less than RMB100
million, we shall, within five (5) Business Days, transfer a certain number of Ordinary Shares to the Series B Shareholders without further consideration. The number of Ordinary Shares to be transferred to the Series B Shareholders without
further consideration pursuant to this provision shall be calculated as follows: 

 N= N1 x [(Investment Amount /
Money Valuation of Year 2009) – (Investment Amount / Money Valuation of Year 2008)], where: 
 N = the number of Ordinary
Shares to be transferred without further consideration. 
 N1= 1,270,961, being the total number of Ordinary Shares, Series A
Preferred Shares and Series B Preferred Shares issued and outstanding at the Closing. 
  

 Investment Amount = the subscription price for the Series B Preferred Shares of Paker paid
by the Series B Shareholders in US dollar multiplied by 6.8458. 
 Money Valuation of Year 2008 = Year 2008 Net Earnings in
Renminbi multiplied by 6.6 plus (a) the Investment Amount and (b) RMB166,876,144. 
 Money Valuation of Year 2009 =
(Year 2008 Net Earnings in Renminbi multiplied by 6.6 and multiplied by Year 2009 Net Earnings in Renminbi) / RMB100 million plus (a) Investment Amount and (b) RMB166,876,144. 
 For purposes of this Commitment Letter, “Year 2008 Account” means the audited consolidated financial statements of the Company for
the period from January 1, 2008 to December 31, 2008 audited by the Auditors and prepared in accordance with U.S. GAAP. “Year 2008 Net Earnings” means the consolidated after-tax net income of the Company as reflected in the Year
2008 Account, subject to the adjustments pursuant to Paragraph (5) of this Commitment Letter. 
 For purposes of this
Commitment Letter, (i) “Year 2009 Account” means the audited consolidated financial statements of the Company for the period from January 1, 2009 to December 31, 2009 audited by the Auditors and prepared in accordance with
U.S. GAAP; “Year 2009 Net Earnings” means the consolidated after-tax net income of the Company as reflected in the Year 2009 Account, and (ii) “Year 2010 Account” means the audited consolidated financial statements of the
Company for the period from January 1, 2010 to December 31, 2010 audited by the Auditors and prepared in accordance with U.S. GAAP; “Year 2010 Net Earnings” means the consolidated after-tax net income of the Company as reflected
in the Year 2010 Account, subject in the case of the Year 2009 Net Earnings and Year 2010 Net Earnings, to the adjustments pursuant to Paragraph (6) of this Commitment Letter. 
  

	 	(2)	We shall cause the Company to deliver to the Series B Shareholders the Year 2010 Account on or prior to April 30, 2011. If the Qualified IPO (or China Listing, as
the case may be) has not been completed by the time of the delivery of the Year 2010 Account and the Year 2010 Net Earnings is less than RMB200 million, we shall, within five (5) Business Days, transfer a certain number of Ordinary Shares to
the Series B Shareholders without further consideration. The number of Ordinary Shares to be transferred to the Series B Shareholders without further consideration pursuant to this provision shall be calculated as follows: 

N = N1 x [(Investment Amount / Money Valuation of Year 2010) – (Investment Amount / Money Valuation of Year 2009)], where:

 N = the number of Ordinary Shares to be transferred without further consideration. 
 N1 = 1,270,961, being the total number of Ordinary Shares, Series A Preferred Shares and Series B Preferred Shares issued and outstanding at
the Closing. 
 Investment Amount = RMB240,972,160 being the subscription price for the Series B Preferred Shares of Paker paid
by the Series B Shareholders in US dollars multiplied by 6.8458. 
 Money Valuation of Year 2009 = (Year 2008 Net Earnings in
Renminbi multiplied by 6.6 and multiplied by Year 2009 Net Earnings in Renminbi) / RMB100 million plus (a) the Investment Amount and (b) RMB166,876,144. 
 Money Valuation of Year 2010 = (Year 2008 Net Earnings in Renminbi multiplied by 6.6 and multiplied by Year 2010 Net Earnings in Renminbi) / RMB200 million plus (a) the Investment Amount and
(b) RMB166,876,144. 
  

	 	(3)	We agree not to adjust the formula for calculating N in Paragraph (1) or Paragraph (2) to reflect the effects of any subsequent equity investment in the
Company on the date on which the Ordinary Shares are transferred pursuant to Paragraph (1) or Paragraph (2) of this Commitment Letter. 

  

	 	(4)	If Year 2009 Net Earnings is greater than RMB100 million, it shall, for the purposes of calculating N in Paragraphs (1) and (2) above, be deemed to be RMB100
million. If Year 2010 Net Earnings is greater than RMB200 million, it shall, for the purposes of calculating N in Paragraph (2) above, be deemed to be RMB200 million. 

  

	 	(5)	 Any earnings obtained through or as the result of mergers or acquisitions or any extraordinary or non-recurring earnings shall not be counted toward
the Year 2008 Net Earnings of the Company for purposes of this Commitment Letter. In calculating the Year 2008 Net Earnings of the Company, the costs and expenses incurred by the Company in relation to

	 	 
any financing conducted by the Company, including the costs and expenses incurred by the Company in relation to the investment by Flagship Desun Shares Co., Limited and Everbest International
Capital Limited in the Series A Preferred Shares, investment by Series B Shareholders, the Qualified IPO and the implementation of any share incentive plan shall not be deducted from the income of the Company. Year 2008 Net Earnings of the Company
shall be rounded to the nearest RMB100,000. 

  

	 	(6)	Any earnings obtained through or as the result of mergers or acquisitions or any extraordinary or non-recurring earnings shall not be counted toward the Year 2009 Net
Earnings and Year 2010 Net Earnings of the Company for purposes of this Commitment Letter. In calculating the Year 2009 Net Earnings and Year 2010 Net Earnings of the Company, the costs and expenses incurred by the Company in relation to any
financing conducted by the Company, including the Qualified IPO, listing of the Ordinary Shares directly or indirectly on any stock exchange and the implementation of any share incentive plan shall not be deducted from the income of the Company.
Year 2009 Net Earnings and Year 2010 Net Earnings of the Company shall be rounded to the nearest RMB100,000. 

  

	 	(7)	Our undertakings herein are based on the following undertakings and agreement of the Series B Shareholders: (i) they will not convert any portion of the Series B
Preferred Shares into Ordinary Shares unless all of the Series B Preferred Shares held by the Series B Shareholders are proposed to be converted into Ordinary Shares, and (ii) each Series B Shareholder agrees that our undertakings under the
Commitment Letter (the “Previous Commitment Letter”) to the Series B Shareholders dated October 7, 2008 on the adjustment to the share percentages of the Series B Shareholders and us in Paker based on the Year 2009 Net Earnings (as
such term is defined in the Previous Commitment Letter) of Paker shall be terminated upon Closing (as such term is defined in the Share Subscription Agreement). 

  

	 	(8)	This Commitment Letter shall be governed by the laws of the People’s Republic of China (“PRC”) and any dispute arising out of or relating to this
Commitment Letter shall be submitted to a PRC court with competent jurisdiction. 

  

	 	(9)	In the case of any discrepancy between Chinese version and English version, the Chinese version shall prevail. 

  

	 	(10)	The Founders shall not be liable to the Series B Shareholders under this Commitment Letter for failure of the Company to achieve Year 2009 Net Earnings of RMB100
million or Year 2010 Net Earnings of RMB200 million resulting, directly or indirectly, from acts of God, earthquake, fire, flood, snow storm, war, war-like condition, embargoes, riots, strike, lock-out and other events beyond its reasonable control
which were not reasonably foreseeable and whose effects are not capable of being overcome without unreasonable expense and / or loss of time to the Company. If such failure occurs, the Founders shall notify the Series B Shareholders of the
occurrence thereof as soon as possible, and the Parties shall discuss the best way to resolve the event of force majeure.” 

  

			
	Name: Xiande Li	 	
	Signature:	 	 /s/ Kangping Chen

		
	Name: Kangping Chen	 	
	Signature:	 	 /s/ Kangping Chen

		
	Name: Xianhua Li	 	
	Signature:	 	 /s/ Kangping Chen

 EXHIBIT 2 
  

			
	 Series B Shareholder
	  	Number of Ordinary Shares
to Be Transferred
	 CIVC Investment Ltd.
	  	10,832
	 Pitango Venture Capital Fund V, L.P. and Pitango Venture Capital Principals Fund V, L.P.
	  	15,165
	 SCGC Capital Holding Company Limited
	  	28,597
	 TDR Investment Holdings Corporation
	  	6,499
	 New Goldensea (Hong Kong) Group Company Limited
	  	15,165

 JINKOSOLAR HOLDING CO., LTD. 
 AMENDMENT NO. 1 TO AMENDMENT AGREEMENT 
 September 15, 2009 

 AMENDMENT NO. 1 TO AMENDMENT AGREEMENT 
 THIS AMENDMENT NO. 1 TO AMENDMENT AGREEMENT (“Amendment”) is made as of September 15, 2009 by and among the parties as
follows: 
 LI Xiande, CHEN Kangping, LI Xianhua, each a citizen of the People’s Republic of China (the
“PRC”) (collectively the “Founders” and each, a “Founder”); 
 SCGC Capital
Holding Company Limited, a company duly incorporated and validly existing under the laws of the British Virgin Islands (“SCGC”); 
 CIVC Investment Ltd., a company duly incorporated and validly existing under the laws of Cayman Islands (“CIVC”); 
 Pitango Venture Capital Fund V, L.P. and Pitango Venture Capital Principals Fund V, L.P., limited partnerships under the laws of Cayman
Islands (together known as “Pitango”); 
 TDR Investment Holdings Corporation, a company duly incorporated and
validly existing under the laws of British Virgin Islands (“TDR”); and 
 New Goldensea (Hong Kong) Group
Company Limited, a company duly incorporated and validly existing under the Law of Hong Kong (“New Goldensea”, and collectively with SCGC, CIVC, Pitango and TDR, the “Series B Shareholders”, and each, a
“Series B Shareholder”). 

 Each of the Founders and the Series B Shareholders shall be referred to individually as a
“Party” and collectively as the “Parties”. 
  

 WHEREAS, the Parties entered into an Amendment Agreement dated June 22, 2009
(“Agreement”), pursuant to which the Founders agree to ratably transfer an aggregate of 76,258 ordinary shares (“Ordinary Shares”) of JinkoSolar Holding Co., Ltd. (the “Company”) to the Series B
Shareholders; and 
 WHEREAS, the Parties wish to amend the deadline for the Founders to transfer Ordinary Shares to the Series
B Shareholders under Section 5 of the Agreement and clarify that under the Agreement, each Series B Shareholder is required to return the Ordinary Shares the Founders transfer to it under the Agreement to the Founders for no consideration when
such Series B Shareholder redeems the series B preferred shares of the Company held by it pursuant to Article 15 of the Amended and Restated Articles of Association of the Company. 
 NOW THEREFORE, in consideration of the premises set forth above, the mutual promises and covenants set forth herein and other for good and
valuable consideration receipt of which is acknowledged, the Parties hereby agree as follows: 
  

	1.	Section 5 of the Agreement shall be deleted in entirety and replaced with the following: 

  

	 	“5.	Transfer of Ordinary Shares 

  

	 	(a)	In consideration of this Agreement, the Founders shall ratably transfer to each Series B Shareholder the number of Ordinary Shares as set forth opposite to its name in
Exhibit 2 by September 24, 2009. 

  

	 	(b)	If any of the Series B Shareholders redeems the Series B Preferred Shares held by it pursuant to the Article 15 of the Articles of Association of the Company, such
Series B Shareholder shall return all the Ordinary Shares the Founders transfer to it pursuant to this Agreement to the Founders for no consideration at the Redemption Closing. 

	2.	Other terms and provisions of the Agreement shall not be affected and shall continue in full force and effect. 

  

	3.	This Amendment shall be governed by and construed in accordance with the laws of the State of New York without regard to its principles of conflicts of laws.

  

	4.	This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. Facsimile and e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this Amendment. 

  

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date first
written above. 
  

							
	FOUNDER:	 		 	LI Xiande
				
		 		 		 	
				
		 		 	BY:	 	 /s/ Xiande Li

				
		 		 		 	ID Number:
				
		 		 		 	Address:
				
		 		 		 	Tel:
				
		 		 		 	Fax:
				
		 		 		 	Email:
			
	FOUNDER:	 		 	CHEN Kangping
				
		 		 		 	
		 		 	BY:	 	 /s/ Kangping Chen

				
		 		 		 	ID Number:
				
		 		 		 	Address:
				
		 		 		 	Tel:
				
		 		 		 	Fax:
				
		 		 		 	Email:
			
	FOUNDER:	 		 	LI Xianhua
				
		 		 		 	
				
		 		 	BY:	 	 /s/ Xianhua Li

				
		 		 		 	ID Number:
				
		 		 		 	Address:
				
		 		 		 	Tel:
				
		 		 		 	Fax:
				
		 		 		 	Email:

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date first
written above. 
  

			
	SCGC CAPITAL HOLDING COMPANY LIMITED
		
	By:	 	 /s/ Haitao Jin

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date first
written above. 
  

			
	CIVC INVESTMENT LTD.
		
	By:	 	 /s/ Haitao Jin; Ami Dotan

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date first
written above. 
  

			
	PITANGO VENTURE CAPITAL FUND V, L.P.
		
	By:	 	 /s/ Aaron Mankovski

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:
	
	PITANGO VENTURE CAPITAL PRINCIPALS FUND V, L.P.
		
	By:	 	 /s/ Aaron Mankovski

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date first
written above. 
  

			
	TDR INVESTMENT HOLDINGS CORPORATION
		
	By:	 	 /s/ Xun Guo

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date first
written above. 
  

			
	NEW GOLDENSEA (HONG KONG) GROUP COMPANY LIMITED
		
	By:	 	 /s/ Hongguang Ding

		
		 	Name:
		
		 	Title:
		
		 	Attn:
		
		 	Tel:
		
		 	Fax:
		
		 	Email:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]