Document:

Chief Finance Officer Service Agreement

 Exhibit 10.4 
 May 20, 2006 
 ZHEJIANG YUHUI SOLAR ENERGY SOURCE CO., LTD. 
 - and - 
 XIAOSHU BAI

 CHIEF FINANCE OFFICER SERVICE AGREEMENT 

 CHIEF FINANCE OFFICER SERVICE AGREEMENT 
 This Chief Finance Officer Service Agreement (the “Agreement”) is made and entered into by the following parties on May 20, 2006.

  

	(1)	Zhejiang Yuhui Solar Energy Source Co., Ltd., whose correspondence address is No.8, Baoqun road, Yaozhuang Industry Zone, Jiashan County, Zhejiang Province and its legal
representative is Mr. Li Xianshou (the “Company”) (Facsimile No. 0573-4773063); 

 and 
  

	(2)	Xiaosu Bai, whose passport number is BC158462 and correspondence address is Apart 502, Block C, Dan Gui Yuan, Jing Guang Xin Cheng, 9 Xin Xi Wang Lu, Chengdu, Sichuan, China
610041 (the “Employee”) (Telephone No. 86-28-8524-8138). 

 (The Company and the Employee are
collectively referred to as “parties”, and individually as “party”.) 
  

	1.	Appointment 

  

	1.1	The Company shall engage the Employee and the Employee shall serve the Company as the Chief Finance Officer (or such other title as the Company deem appropriate) during the term of
this Agreement. 

  

	1.2	This Employee’s service shall commence on April 30, 2006 (or such later date as agreed between the Company and the Employee) (“Commencement Date”). This
Agreement shall continue until 30/4/2008 or early terminated pursuant to Clause 9 (“Termination Date”). Prior to any Termination Date, if any party herein intends to extend the term of this Agreement, such party shall give written
notice to the other party thirty days prior to the Termination Date. 

  

	1.3	The Company shall make its best efforts to assist the Employee to obtain work permit in China as required by his job. 

  

	2.	Duties 

  

	2.1	Subject to Clause 2.2, the Employee shall be responsible for:- 

  

	 	2.1.1	directing and supervising the financial and accounting matters of the Company; 

  

	 	2.1.2	making finance strategies and decisions for the Company, including organizing the initial public offering or secondary public offering or a trade sale or other form of fund raising
of the Company or its affiliates as the case may be (the “IPO”) preparation work; 

  

	 	2.1.3	organizing and managing the financial department of the Company; 

  

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	 	2.1.4	preparing and providing the financial reports and advising the management of the Company and its board of directors; 

  

	 	2.1.5	other responsibilities as reasonably requested by the Company and its board of directors. 

  

	2.2	The Employee shall:- 

  

	 	2.2.1	during working hours, devote the whole of his time and attention to the duties of his office; 

  

	 	2.2.2	comply with the provisions in this Agreement and other internal regulations and rules of the Company; 

  

	 	2.2.3	perform his duties with all good faith and diligence; and 

  

	 	2.2.4	exercise such powers and bear such responsibilities as may from time to time be assigned to or vested in him by the board of directors. 

  

	2.3	The Company’s normal office hours will be Monday to Friday each week. Considering the position, the working hours of the Employee shall be flexible. The Company may arrange the
Employee to or the Employee may by his own professional judgement work overtime either on weekdays or weekends due to business needs. The Employee is not entitled to any overtime pay. 

  

	2.4	The working place of the Employee will be Jiashan. The Employee may be required to travel to such places whether in or outside China for such periods, by such means and on such
occasions as the Company may from time to time require for the purposes of the Company’s business. 

  

	3.	Remuneration and Employee Expenses 

  

	3.1	On signing this Agreement, the Employee will be entitled to:- 

  

	 	 3.1.1
	 As remuneration for his services. The Employee shall be entitled to a monthly salary of RMB12,000.00, including all
taxes, social insurances and charges which the Employee is required by applicable laws and regulations to pay, commencing on the Commencement Date. Such salary shall be payable monthly and in arrears on or around the 30th of each month (the “Salary Date”). 

  

	 	3.1.2	Living expense subsidy payment commencing on the Commencement Date. Such subsidy payment shall be made by the Company monthly upon the submission of valid receipts by the Employee
on the Salary Date. 

  

	 	3.1.3	The Company shall deposit the amounts stated in Clauses 3.1.1 and 3.1.2 after necessary deduction into a bank account designated by the Employee. 

  

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	 	3.1.4	The reimbursement under Clauses 3.1.2 shall not be more than RMB556,000 per year. 

  

	 	3.1.5	The Employee shall be solely responsible for any tax, social insurance and charge liability arising from the employment under this Agreement. The Company, at its discretion, is
entitled to deduct all such taxes, social insurances and charges from his monthly salary, expense subsidy or other remuneration of the Employee as required by relevant laws and regulations, and pay such amounts to the competent authorities on behalf
of the Employee according to the statutory provisions of Chinese laws and regulations. 

  

	 	3.1.6	Share subscription pursuant to a separate share subscription agreement between the Employee and Company (or its affiliates). 

  

	3.2	The Employee shall be reimbursed all travelling expenses and all other outgoings reasonably incurred in the execution of and in relation to his duties for business purposes subject
to the submission of proper receipts/vouchers. 

  

	4.	Annual Leave 

  

	4.1	The Employee shall be entitled to 15-day annual leave (in addition to public holidays in China) in each financial year at full salary. The Employee shall take annual leave of at
least three (3) days every time with a three-day prior notice to the Company. In case that the Employee takes a leave for over five (5) consecutive days, the Employee shall submit to the Company a written application one (1) week in
advance. 

  

	4.2	In the event that the Employee does not complete a full year of service with the Company in any financial year for any reason, the Employee shall only be entitled to enjoy the
annual leave pro rata according to the actual service period. If the Employee enjoys exceeding annual leave, he shall make full compensation to the Company according to his full daily salary and exceeding days. 

  

	4.3	The annual leave which is not taken in any financial year can only be carried over to the first six (6) months of the subsequent financial year. The Company has no liability to
compensate the Employee for any untaken annual leave. 

  

	5.	Other Benefits 

 On signing this Agreement, the
Employee may be entitled to the following additional benefits provided by and at the discretion of the Company:- 
  

	5.1	Reimbursement of the reasonable education cost of the Employee’s children against valid receipts/vouchers; 

  

	5.2	Reasonable medical insurance satisfactory to the Employee for himself, his spouse and his children in accordance with the scheme paid and maintained by the Company in China from
time to time. Such insurance scheme shall cover overseas business travels; and 

  

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	5.3	Reimbursement of the business cell phone fee against valid receipts/vouchers. 

  

	5.4	Transport from the Employee’s residence to the office location or vice versa. Whenever the company itself does not provide transport, the Company shall reimburse such
transportation expenses of the Employee against proper receipts/vouchers. 

  

	5.5	Provide suitable accommodation when required at the site or close to site of Zhejiang Yuhui Solar Energy Source Co. Ltd. 

  

	6.	Assignment of Inventions 

  

	6.1	The Employee acknowledges that all intellectual property rights (including copyright, trade or service marks (registered and unregistered), patent right and any other similar rights
or corresponding application rights) (“Intellectual Property Rights”) to any works, inventions, discoveries and design improvements (“Inventions”) created, developed or discovered by the Employee during his
employment under this Agreement belongs solely to the Company. 

  

	6.2	The Employee hereby undertakes to execute such documents as may be required by the Company to confirm the Company’s ownership of the Inventions and the underlying Intellectual
Property Rights and to enable the Company (or to the Company’s nominated persons) to obtain the full benefit of such Inventions and Intellectual Property Rights without any payments to the Employee. 

  

	7.	Confidentiality 

  

	7.1	The Employee shall not make use of, divulge or communicate to any person (save in the proper performance of his duties under this Agreement) any of the trade secrets or other
confidential information of or relating to the Company which he may have received or obtained while in the service of the Company. This restriction shall cease to apply to information ordered to be disclosed by a Court of competent jurisdiction or
to information which has become part of the public domain through no action on the part of the Employee. 

  

	7.2	The obligations of the Employee under this Clause 7 shall be in addition to and not in substitution of any implied obligations imposed upon him by law in relation to the
non-disclosure of information. 

  

	7.3	For the purposes of Clause 7.1, confidential information shall, without limitation, include:- 

  

	 	7.3.1	the confidential information of material business decisions, business strategy, business target, business planning or operation policy; 

  

	 	7.3.2	any information of clients, cooperators or other related persons or entities of the Company which is negotiated or being carried out, including without limitation, the list, liaison
and business information of such clients, cooperators or related persons or entities; 

  

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	 	7.3.3	any undisclosed financing information including budget report, financing report, statistics report, price and expense, service provider information; 

  

	 	7.3.4	any commercial information including internal contract, agreement, letter of intents, memorandum, feasibility report; 

  

	 	7.3.5	any meeting record, internal rule and regulation, operation process; 

  

	 	7.3.6	any employment information including personnel file, remuneration information; 

  

	 	7.3.7	any confidential information which the Employee shall bear the non-disclosure obligation for a third party in accordance with the legal or contractual requirements; or,

  

	 	7.3.8	any other information which the Company determines at its reasonable discretion to be confidential and which has been communicated to the Employee. 

  

	8.	Non-competition 

  

	8.1	The Employee is prohibited during his employment by the Company, either directly or indirectly, by himself or through his family member, whether as principal or otherwise, canvass
or solicit business, taking part in or helping, by means of participation, assistance, rendering service or labor, cooperation, provision of convenience, provision of information, etc., any activities of any person or entities which may fall within
the business scope of the Company, or any other activities which may lead to direct market competition with the Company. 

  

	8.2	The Employee shall not, during his employment by the Company, directly or indirectly, induce or seek to induce any employee of the Company to leave that company’s employment,
whether or not this would be a breach of contract on the part of such employee. 

  

	8.3	The Employee accepts that the Company may hold the Employee to the prohibition in Clause 8.1 and 8.2 for a period of one (1) year after the termination of the employment.

  

	8.4	Should the Employee breach his non-competition obligations during or after the term of employment, the Employee shall be liable for all damages caused to the Company.

  

	8.5	Each of the restrictions contained in this Clause 8 is considered reasonable by the Company and the Employee and is intended to be separate and severable. In the event that any of
these restrictions shall be held void, but would be valid if part of the wording thereof were deleted or amended, such restriction shall apply with such deletion or amendment as may be necessary to make it valid and effective.

  

	9.	Termination and Sickness 

  

	9.1	 With effect from the Commencement Date, if the Employee intends to early terminate this Agreement, he shall notify the Company in written one (1) months in
advance. The 

  

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Company shall be entitled to early terminate this Agreement according to the applicable laws and regulations. The Employee is entitled to the amounts stated
in Clauses 3.1.1 and 3.1.4 after necessary deductions during this (1) month. 

  

	9.2	The Company shall be entitled at its absolute discretion to pay salary in lieu of any notice under this Agreement, or of any unexpired period of notice in case the Employee serves
the notice. 

  

	9.3	Notwithstanding other provisions herein, this Agreement shall also be subject to termination by the Company by summary notice in writing if the Employee:- 

 

	 	9.3.1	shall have committed either repeated or continued any material breach of his obligations (after warning in writing within 1 month from the initial warning if such breach is not
cured by the Employee) hereunder; or 

  

	 	9.3.2	shall have so conducted himself in a morally offensive way which brings the Company into disrepute as defined in attachment; or 

  

	 	9.3.3	shall have been convicted of any criminal act; or 

  

	 	9.3.4	commits any material breach of the Company’s operating procedures (as laid down by the Company and communicated to the Employee from time to time) (after warning in writing
within 1 month from the initial warning if such breach is not cured by the Employee); or 

  

	 	9.3.5	becomes subject to any investigation for misconduct, fraud or any gross offence involving an element of dishonesty by any regulatory body or authority. 

 In any case, the Company shall, when exercising its right of termination under this Clause, inform the Employee of its grounds for doing so. 

 

	9.4	If the Employee, during the term of this Agreement, is incapacitated by ill-health or accident from performing his duties hereunder (and he shall, if required, produce to the
Company evidence of such incapacity), the Company may treat him according to the applicable laws and regulation, including terminating this Agreement after the statutory medical-treatment period. For avoidance of doubt, the Employee’s
entitlement to the shares granted to him shall be subject to Restricted Share Subscription Agreement entered into between the Employee and the Company including its affiliates. 

  

	10.	Obligations on Termination 

 Upon the termination
of this Agreement howsoever arising, the Employee shall, within one (1) month after the termination of this Agreement or the Company receives the Employee’s early termination notice (the earlier shall prevail):- 
  

	10.1	 deliver to the Company all property belonging to the Company including without limitation all documents, other records and any electronic equipment supplied by the
Company (whether on paper, magnetic tape or in any other form and including (without 

  

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limitation) correspondence, lists of clients or customers, notes, memoranda, software, plans, drawings and other documents and records of whatsoever nature
and all copies thereof) made or compiled or acquired by the Employee during his employment hereunder and concerning the business, finances or affairs of the Company or its clients or customers; 

  

	10.2	coordinate with the Company to assist the successor to take over the business, finances or affairs of the Company; and 

  

	10.3	forthwith resign from any office which he may hold in the Company and his membership of any organisation acquired or held by virtue of his employment with the Company, and should
the Employee fail to do any of the above, he hereby irrevocably authorises any director of the Company, in his name and on his behalf, to execute any documents and to do any acts as necessary to give effect to this Clause. 

After such one-month period, the Employee shall no longer perform his duties as the Chief Finance Officer, or act as the employee of the Company, or
take advantage of such fact. 
  

	11.	Dispute 

  

	11.1	This Agreement shall be governed by and construed in accordance with the laws of People’s Republic of China (“PRC”). 

  

	11.2	If any dispute arising from this Agreement or for the reason, both parties may resolve such dispute as follows: 

  

	 	11.2.1	Both parties may discuss the dispute amicably. 

  

	 	11.2.2	A party or both parties may submit the dispute to Shanghai Labor Dispute Arbitration Committee (including its branches) for arbitration in accordance with related laws and
regulations. 

  

	 	11.2.3	If a party objects to the award of arbitration, it may bring a lawsuit before a competent court located in the jurisdictional area of the Company’s business place during the
period of fifteen (15) days after receiving such award of arbitration. 

  

	12.	Miscellaneous 

  

	12.1	Any notice to be given under this Agreement shall be deemed to be duly served when delivery of it is recorded (in the case of recorded delivery post), or when delivered (in the case
of personal delivery) or despatched (in the case of facsimile) to the relevant party’s address of facsimile number appearing in this Agreement or to such other address or facsimile number as that party may hereafter specify to the
notice-serving party by notice in writing. 

  

	12.2	This Agreement shall be written in both English and Chinese. Both versions shall have equal validity. However, if discrepancy occurs between the versions, the English version shall
prevail. 

  

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	12.3	This Agreement is made in duplicate, each of which shall be hold by the Company and the Employee and of the same validity after execution by both Parties. 

 

	12.4	No modification or amendment of this Agreement shall be effective or enforceable unless it is in writing and duly executed by both Parties. 

  

	12.5	The Employee hereby represents and warranties that, he/she may execute and perform this Agreement legally and the execution or performance of this Agreement does and will not result
in any breach of any contract, agreement and any other rule or document of any company or other business entity by which the Employee is bound. 

  

	12.6	If any provision under this Agreement is in discrepancy with related laws, or regulation, the related laws and regulations shall prevail. 

  

	12.7	Any other matter not provided in this Agreement shall be dealt with according to related laws, regulations, decrees, any other additional contract agreed by both parties hereunder,
and other internal rules determined or established by the Company from time to time, including without limitation, the employee handbook, management rules, etc. 

  

	 12.8
	 The Employee is legally available to begin employment by May 20th, 2006. 

 [No text below] 
  

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 [Signing Page] 
 IN
WITNESS whereof this Agreement has been entered into the day and year first above written. 
  

	
	 /s/ Xianshou Li

	SIGNED by Mr. Li Xianshou
	 for and on behalf of

 ZHEJIANG YUHUI SOLAR ENERGY SOURCE CO., LTD. (Company Seal) 
  

			
	 /s/ Xiaoshu Bai

	SIGNED by Mr. Xiaoshu Bai

  

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 Attachment to Chief Finance Officer Service Agreement 
 List of Morally Offensive Actions 
  

	Ø	Gambling 

  

	Ø	Addiction to drugs 

  

	Ø	Driving while intoxicated 

  

	Ø	Being a subject of public scandalService Agreement between the Registrant and Yuncai Wu

 Exhibit 10.5 
 DATED 29 OCTOBER 2007 
 (1) ZHEJIANG YUHUI SOLAR ENERGY SOURCE CO., LTD. 
 (2) RENESOLA LTD 
 (3) WU YUN CAI

  
  
 SERVICE AGREEMENT 
  
  
 

 

 CONTENTS 
  

					
	 Clause
	  	Page
	 1
	  	INTERPRETATION	  	1
			
	 2
	  	EMPLOYMENT	  	1
			
	 3
	  	DUTIES	  	2
			
	 4
	  	PLACE OF WORK	  	2
			
	 5
	  	SALARY	  	3
			
	 6
	  	EXPENSES	  	3
			
	 7
	  	EXECUTIVE BENEFIT SCHEME	  	3
			
	 8
	  	HOLIDAYS AND SICKNESS	  	3
			
	 9
	  	TERMINATION	  	4
			
	 10
	  	EXECUTIVE’S POSITION AS DIRECTOR	  	5
			
	 11
	  	NON-COMPETITION RESTRICTIONS	  	5
			
	 12
	  	CONFIDENTIALITY	  	6
			
	 13
	  	INTELLECTUAL PROPERTY	  	7
			
	 14
	  	MISCELLANEOUS	  	7

 THIS AGREEMENT is made on the 29th day of October 2007 
 BETWEEN:- 
  

	(1)	ZHEJIANG YUHUI SOLAR ENERGY SOURCE CO., LTD., a company incorporated in the People’s Republic of China with the registered number 330400400003683 and having its
registered address at Industry Zone, YaoZhuang, Jiashan County, Zhejiang Province, PRC (the “Company”); 

  

	(2)	RENESOLA LTD, a company incorporated in The British Virgin Islands with the registered number 1016246 and having its registered office at Craigmuir Chambers, Road Town,
Tortola, British Virgin Islands (“Renesola”); and 

  

	(3)	WU YUN CAI (PRC Identity No. 332627671104001), of Suite 201, No. 32 Xianqian Road, Cheng Guan Cheng District, Zhejiang Province, PRC (the “Executive”).

 IT IS AGREED as follows:- 
  

	1.	INTERPRETATION 

  

	1.1	In this Agreement:- 

  

			
	“Board”	  	means the Board of Directors of the Company from time to time
		
	“Effective Date”	  	means the date of admission of Renesola’s shares to the Alternative Investment Market of the London Stock Exchange plc
		
	“Employment”	  	means the employment established by this Agreement
		
	“Group”	  	means the Company and its subsidiaries
		
	“Group Company”	  	means any of (i) the Company, (ii) the holding company for the time being of the Company and (iii) any subsidiary for the time being of the Company or any such holding company; and
“holding company” and “subsidiary” shall be construed in accordance with section 736 of the Companies Act 1985 (as amended) of the United Kingdom
		
	“PRC” or “China”	  	means the People’s Republic of China
		
	“RMB” or “Renminbi”	  	means the lawful currency of the PRC
		
	“USD”	  	means the lawful currency of the United States of America

  

	1.2	Any reference in this Agreement to an Act of Parliament shall be deemed to include any statutory modification of re-enactment thereof whenever made. 

  

	1.3	The headings shall be disregarded in construing this Agreement. 

  

	2.	EMPLOYMENT 

 The Company shall employ and continue
to employ the Executive and the Executive shall serve and continue to serve the Company as Vice President of the Company and its group of companies in such capacity as the Board may request in consultation with him. The Employment shall be subject
to the terms contained in this Agreement. The Employment shall, subject to Clause 9, be for an initial period of three (3) years from 

  

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the Effective Date. Thereafter, the Employment shall automatically continue from year to year unless terminated in accordance with Clause 9.
Notwithstanding the foregoing, the Employment shall terminate upon the conclusion of the annual general meeting of the Company after which the Executive has attained the age of seventy (70) years, or such later expiry date as the Company may by
resolution have appointed him as a director. 
  

	3.	DUTIES 

  

	3.1	The Executive shall be the Vice President of the Company. His duties shall include (but not be in any way restricted to):- 

  

	 	3.1.1	using his best endeavours to promote the interests and reputation of the Group giving at all times the full benefit of his knowledge, expertise and skill; 

 

	 	3.1.2	faithfully and diligently and to the best of his ability exercise such powers and perform such duties in relation to the Group’s business as the Board may from time to time
require; 

  

	 	3.1.3	refraining from making any false or misleading statements about the Group; 

  

	 	3.1.4	implementing policies laid down by the Board and translating them into operational plans and day-to-day directives; 

  

	 	3.1.5	keeping the operations of the Company under constant review and presenting to the Board periodic statements, accounts, reports and statistics showing the progress and performance of
the Company and the other Group Companies; 

  

	 	3.1.6	making plans for the future development and growth of the Company in developed and developing markets for the Company’s services; 

  

	 	3.1.7	considering and implementing changes in the Group’s organisational structure and in the allocation of the responsibilities that may be required to provide for growth and
changes on activities, the business environment and personnel; 

  

	 	3.1.8	representing the Company in relevant associations, trade and commercial organisations, trade delegations, charities and public organisations which will enhance the prestige and
recognition of the Company; and 

  

	 	3.1.9	maintaining and developing good relations with the governmental agencies and public figures of any country which the Company has or will have operations therein.

  

	3.2	The Executive shall work such hours as are necessary for the proper performance of his duties under this Agreement at such times as the Executive shall reasonably determine bearing
in mind his fiduciary duties as a director of the Company. 

  

	3.3	During the Employment, the Executive shall well and faithfully serve the Company and use his utmost endeavours to promote its interests, but so far as is reasonably possible, not in
any way which may conflict with the interests of any other Group Company, which interests the Executive shall use his utmost endeavours to promote. 

  

	4.	PLACE OF WORK 

  

	4.1	Your normal place of work will be at the place of the Company’s registered address although you may be required to work from any of the Company’s premises on a temporary
basis should the need arise. You may also be required to travel to clients’ sites and premises in the course of your duties and on occasion to attend training sessions and meetings elsewhere as the Company may determine.

  

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	4.2	During the course of your employment you may be required to change your normal place of work to any premises maintained by the Company from time to time. You will be given as much
notice as possible of any such change. 

  

	5.	SALARY 

  

	5.1	The Executive’s salary shall be at the monthly rate of USD10,000 (or at such other rate as may from time to time be agreed in writing between the Company and Executive) and
shall be inclusive of any director’s fees payable pursuant to the Company’s articles of association or otherwise. The Executive’s salary shall be payable on the first day of each month and shall be deemed to accrue from day to day.

  

	5.2	The rate of the Executive’s salary specified in this Clause 5 shall be reviewed annually and by the remuneration committee. The Company is under no obligation to increase
the Executive’s salary following such a review. 

  

	5.3	There shall be deducted from the salary of the Executive all such sums which the Company is entitled and authorised under the laws of PRC to deduct, such as the employee’s
share of the Central Provident Fund contributions, as well as such other sums as may be agreed with him from time to time. 

  

	5.4	The Executive’s salary shall include any compensation in relation to their confidentiality obligations pursuant to Clause 12 of this Agreement. 

 

	6.	EXPENSES 

  

	6.1	The Company shall reimburse the Executive any travelling, hotel, entertainment and other out-of-pocket expenses reasonably incurred by him in the proper performance of his duties.
Any credit card supplied to the Executive by the Company shall be used solely for expenses incurred by him in the course of the Employment and the Executive shall immediately return any such card to the Company whenever so required by the Board.

  

	6.2	The payments provided for in Clause 6.1 are exclusive of any tax in the PRC, which, where applicable, shall be payable by the Company. 

  

	7.	EXECUTIVE BENEFIT SCHEME 

 The Company shall, during
the continuance of the Employment, provide the Executive with:- 
  

	7.1	a car allowance of RMB60,000 per annum to be paid in cash; and 

  

	7.2	a housing allowance of RMB60,000 per annum to be paid in cash. 

  

	8.	HOLIDAYS AND SICKNESS 

  

	8.1	The Executive shall be entitled in each calendar year to twenty-one (21) working days’ holiday with full salary (in addition to statutory holidays) to be taken at such
reasonable time or times as may be approved by the Board. The Executive may accumulate and carry forward up to twelve (12) working days’ holiday to the following calendar year provided that all such holiday days shall be taken and cleared
within the first six (6) months of such following calendar year. All holiday days not taken by such time shall be forfeited. The entitlement to holiday and, on termination of the Employment, holiday pay in lieu of holiday, shall accrue pro rata
throughout each calendar year of the Employment. 

  

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	8.2	If during the Employment the Executive is absent from work due to illness or injury she must notify the Company as soon as possible and, if practicable, on the first working day of
incapacity. The Executive is entitled to the normal remuneration due to him under this Agreement during any period of absence (not exceeding one (1) year on any one occasion) from work due to sickness or injury. 

  

	8.3	If the Executive becomes unable to perform his duties properly by reason of illness or injury for a period or periods aggregating at least ninety (90) days in any period of 12
consecutive calendar months then the Company may terminate the Executive’s employment by giving him not less than one (1) months’ notice provided that the Company shall withdraw any such notice if during the currency of the notice the
Executive returns to full time duties and provides a medical practitioner’s certificate satisfactory to the Company to the effect that he has fully recovered his health and that no recurrence of his illness or injury can reasonably be
anticipated. 

  

	9.	TERMINATION 

  

	9.1	Except as otherwise provided in Clauses 2, 8.3 and 9.2, the Employment may be terminated by either party giving the other not less than six (6) months’ notice in
writing provided that the Company shall have the option to pay salary (pro-rated) in lieu of any required period of notice. 

  

	9.2	Notwithstanding the other provisions of this Agreement, the Company may terminate the Employment forthwith without prior notice (but without prejudice to the rights and remedies of
the Company) for any breach of this Agreement in any of the following cases:- 

  

	 	9.2.1	if the Executive fails or neglects efficiently and diligently to carry out his duties to the reasonable satisfaction of the Board; 

  

	 	9.2.2	if the Executive is guilty of dishonesty or serious or persistent misconduct, in all cases whether or not in connection with or referable to the Employment;

  

	 	9.2.3	if the Executive becomes bankrupt or has a receiving order made against him or makes any general composition with his creditors; 

  

	 	9.2.4	if the Executive is convicted of any criminal offence which might reasonably be thought to adversely affect the performance of his duties; 

  

	 	9.2.5	if the Executive does any act or thing which may bring serious discredit on the Company or any other Group Company; 

  

	 	9.2.6	if the Executive neglects or refuses, without reasonable cause, to attend to the business of the Company or any other Group Company; 

  

	 	9.2.7	if the Executive flagrantly or persistently fails to observe and perform any of the duties and responsibilities imposed by this Agreement or which are imposed by law;

  

	 	9.2.8	if the Executive becomes unsound of mind or suffers from a mental disorder; or 

  

	 	9.2.9	if the Executive otherwise acts in breach of this Agreement so as materially to prejudice the business of the Company or any other Group Company. 

  

	9.3	The Executive shall not, at any time after termination of the Employment for whatever reason, represent himself as being in any way connected with the business of the Company.

  

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	9.4	Upon termination of the Employment for whatever reason the Executive shall forthwith deliver to the Company or its authorised representative such of the following as are in his
possession or control:- 

  

	 	9.4.1	all keys, security and computer passes, plans, statistics, documents, records, papers, magnetic disks, tapes or other software storage media including any copies thereof which
belong to the Group or which relate to the business of the Group including all copies, records and memoranda (whether or not recorded in writing or on computer disk or tape) made by the Executive of any confidential information (as described in
Clause 12.2); 

  

	 	9.4.2	all credit cards and charge cards provided for the Executive’s use by the Company; and 

  

	 	9.4.3	all other property of the Group not previously referred to in this Clause. 

  

	10.	EXECUTIVE’S POSITION AS DIRECTOR 

 The rights
and duties of the Executive as a director of the Company and any Group Company shall be subject to the Articles of Association of the relevant company for the time being and shall be separate from and additional to his rights and duties pursuant to
the Employment. His salary under this Agreement is inclusive of any remuneration to which the Executive may be entitled as a director of the Company or any other Group Company. 
  

	11.	NON-COMPETITION RESTRICTIONS 

  

	11.1	Save as disclosed in the prospectus to be issued by Renesola for the purposes of its initial public offering, the Executive shall not, at any time during the period of the
Employment and for a period of one (1) year after the termination of the Employment, do or permit any of the following without the prior written consent of the Board:- 

  

	 	11.1.1	directly or indirectly carry on or be engaged or interested in any capacity in any other business, trade or occupation whatsoever, except, in a business, trade or occupation which
does not compete with the business or businesses of the Company or any Group Company or except as disclosed or declared in writing to the Company or any Group Company prior to the date hereof; 

  

	 	11.1.2	either solely or jointly with or on behalf of any person firm or corporation directly or indirectly carry on or be engaged or interested in any business competing with the business
or businesses of the Company or any Group Company; 

  

	 	11.1.3	either solely or jointly with or on behalf of any person, firm or corporation solicit the custom of any person who is or has been at any time during the period of the Employment:-

  

	 	(a)	a customer, agent or correspondent of the Group or in the habit of dealing with the Group; 

  

	 	(b)	in commercial negotiations with the Company or any Group Company with a view to placing business with the Company or such Group Company; or 

  

	 	(c)	visited by the Executive on behalf of the Company or any Group Company for the purpose of ascertaining the possibility of such person doing business with the Company or any Group
Company, 

  

 5 

 
for the purpose of offering to such person goods or services similar to or competing with those of the business or businesses of the Company or Group
Company; 
  

	 	11.1.4	either on his own account or in conjunction with or on behalf of any other person, firm, or company solicit or entice away, or attempt to solicit or entice away, from the Group any
person who was employed in an executive, technical or managerial capacity in the Group at the date of termination of his employment whether or not such person would commit a breach of his contract of employment by reason of leaving such employment;

  

	 	11.1.5	at any time hereafter in relation to any trade, business or company, use a name in such a way as to be capable of being or likely to be confused with the name of the Company and
shall use all reasonable endeavour to procure that no such name shall be used by any person, firm or company with which she is connected; or 

  

	 	11.1.6	cause or permit any person or company directly or indirectly under his control or in which she has any beneficial interests to do any of the foregoing acts or things.

  

	11.2	Each undertaking contained in Clause 11.1 shall be read and construed independently of the other covenants therein contained so that if one or more should be held to be invalid
as an unreasonable restraint of trade or for any other reason whatsoever then the remaining covenants shall be valid to the extent that they are not held to be so invalid. 

  

	11.3	While the covenant in Clause 11.1 is considered by the Company and the Executive to be reasonable in all the circumstances, if one or more should be held invalid as an
unreasonable restraint of trade or for any other reason whatsoever but would have been held valid if part of the wording thereof had been deleted or the period thereof reduced or the range of activities or area dealt with thereby reduced in scope,
the said covenants shall apply with such modifications as may be necessary to make them valid and effective. 

  

	12.	CONFIDENTIALITY 

  

	12.1	The Executive shall keep secret and shall not during the period of Employment or afterwards for whatever reason, use for his own or another’s advantage, or reveal to any
person, firm or company, any of the trade secrets, business methods or information which the Executive knows or ought reasonably to have known to be confidential concerning the business or affairs of the Group so far as they shall have come to his
knowledge during the Employment. The restrictions contained in this Clause 12.1 shall not apply:- 

  

	 	12.1.1	to any disclosure or use authorised by the Board or required by law; or 

  

	 	12.1.2	to any trade secrets, business methods or information which may lawfully have come into the public domain other than by a breach of this Agreement. 

  

	12.2	For the purpose of this Clause 12, confidential information includes but is not limited to any documentation or information marked as confidential and information received or
developed by the Group which is not publicly available and relates to processes, equipment and techniques used by the Group in the course of the Group’s business including but not limited to designs for product and manufacturing plant,
technical data and marketing information such as customer lists, financial information and business plans. 

  

 6 

	13.	INTELLECTUAL PROPERTY 

  

	13.1	Subject to Clause 13.3, all intellectual property rights throughout the world in the Information and the Inventions shall vest and be the absolute property of the Company. Upon
the request of the Company, the Executive shall at the expense of the Company execute all documents and do all such acts and things required to vest or perfect the vesting of such intellectual property rights legally and exclusively in the Company
or any nominee or assignee of the Company. 

  

	13.2	The nature of any Inventions made or discovered by the Executive which in any way relates or may be related to any product, process, or business of any company in the Group shall
forthwith be notified by the Executive to the Company. 

  

	13.3	In cases in which the Invention belongs to the Executive, the Company shall be entitled to negotiate with the Executive with a view to acquiring all or any rights, title and benefit
in the Invention. The Executive shall not, without the prior consent in writing of the Company, disclose the same to any third party except to a chartered patent agent for the purpose of seeking protection for the Invention nor use the same for his
own personal benefit or otherwise until the Company has in writing declined to negotiate or acquire the Invention or upon the expiry of three (3) months from the date of disclosure to the Company whichever is the sooner, except that if
negotiations are entered into, no disclosure of the Invention to any third party shall be made until the conclusion of such negotiations except to the extent that such disclosure is authorised in writing by the Company. 

  

	13.4	The copyright in any computer programs, drawings, diagrams or other works made or originated by the Executive at any time during the continuance of the Agreement (whether during
normal working hours or not) relating to or capable of being used in the business of any company in the Group shall vest in the Company (whether or not the work was made by the direction of the Company or was intended to benefit the Company) and the
Executive shall, if called upon so to do by the Company, at any time hereafter execute such documents and do all acts and things at the Company’s costs as the Company may require to establish to confirm the ownership of such copyright in the
Company. 

  

	13.5	For the purpose of this Clause 13, “Inventions” shall mean all patentable and non-patentable inventions, discoveries and improvements, processes and know-how,
copyright works (including, without limitation, computer programs), new designs and the like discovered or created by the Executive in the course of the Employment or for the Group or discovered or created as a result (whether directly or
indirectly) of anything done by him in pursuance of his duties hereunder and/or based (directly or indirectly) on any item of the Information or which in any way relates or may be related to any product, process or business of any company in the
Group, and “Information” shall include all communications and information, whether written, visual or oral and all other material supplied to or obtained by the Executive in the course of the Employment and duties hereunder.

  

	14.	MISCELLANEOUS 

  

	14.1	For such time that Renesola remains the ultimate holding company of the Company, the parties to this Agreement hereby expressly agree and acknowledge that Renesola shall be entitled
to enforce the provisions of this Agreement as against the Executive. 

  

	14.2	 This Agreement shall from the Effective Date operate in substitution for any terms of service previously in force between the Company and the Executive, but without
prejudice to the rights, liabilities and obligations (if any) of either party accrued prior to that date. For the avoidance of doubt, the years of service of the Executive with the Company will be treated as continuous as from the date of this first
employment with the Group on the Effective Date and recognised for superannuation benefits (for example long service awards). This Agreement constitutes the entire agreement and 

  

 7 

	 	 
understanding between the parties as to its subject matter and both parties acknowledge that neither of them has entered into this Agreement in reliance upon
any representation, warranty or undertaking which is not set out in this Agreement or referred to in this Agreement as forming part of the contract of employment of the Executive. 

  

	14.3	The various provisions of this Agreement are severable and if any provision is held to be invalid or unenforceable by any court of competent jurisdiction then such invalidity or
unenforceability shall not affect the remaining provisions of this Agreement. 

  

	14.4	The waiver by the Company of any breach of any term of this Agreement shall not prevent the subsequent enforcement of that term and shall not be deemed a waiver of any subsequent
breach. 

  

	14.5	No variation or amendment of this Agreement or oral promise or commitment related to it shall be valid unless made in writing and signed by or on behalf of both parties.

  

	14.6	Any notice to be given hereunder to the Executive may be served by being handed to him personally or by being sent by registered post to him at his address as set out at the
beginning of this Agreement (or such other address as she may have notified the Company); and any notice to be given to the Company may be served by being left at or sent by registered post to the address as set out at the beginning of this
Agreement (or such other address as the Company may have notified the Executive). Any notice served by hand shall be deemed to have been served on the date of service, and any notice served by post shall be deemed to have been served on the day
(excluding Sundays and public holidays) next following the date of posting. 

  

	14.7	This Agreement shall be governed by and construed in accordance with the laws of the PRC. 

  

	14.8	Except as otherwise provided herein, a person who is not a party has no right to enforce or to enjoy the benefit of any term of this Agreement. 

 IN WITNESS whereof this Agreement has been entered into on the date stated at the beginning. 
  

 8 

 [EXECUTION PAGE BEGINS HERE] 
  

	
	 /S/ LI XIAN SHOU

	 SIGNED by LI XIAN SHOU
 for and on behalf
of

 ZHEJIANG YUHUI SOLAR ENERGY SOURCE CO., LTD. 
  

	
	 /S/ LI XIAN SHOU

	 SIGNED by LI XIAN SHOU
 for and on behalf
of

	RENESOLA LTD

  

	
	 /S/ WU YUN CAI

	SIGNED by WU YUN CAI

  

 9

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