Document:

Exhibit 10.1

 

 

WISA TECHNOLOGIES, INC. 

MANAGEMENT TEAM RETENTION BONUS PLAN

 

ARTICLE 1 

PURPOSE; ELIGIBILITY

 

1.1            The
Board of Directors (the “Board”) of WiSA Technologies, Inc. (the “Company”) has determined that it is in
the best interest of shareholders to incent the management team to remain intact through and shortly following a potential Change of
Control transaction and has directed the Board’s Compensation Committee to prepare, review, and implement such plan. Accordingly,
this WiSA Technologies, Inc. Management Team Retention Bonus Plan (the “Plan”) is hereby adopted, effective as of September 1,
2022.

 

1.2            The
Compensation Committee (the “Committee”) shall have sole discretion to determine the employees eligible for, and the amount
each such employee shall be eligible to receive (the “Retention Bonus Amount”), under this Plan. An employee so designated
shall be referred to herein as a Participant.

 

ARTICLE 2 

BENEFITS

 

2.1            Each
Participant who satisfies the following conditions shall be entitled to receive the Retention Bonus Amount –

 

(a)            The
Participant must be employed by the Company on the date of the Change of Control.

 

(b)            The
Participant must be employed on the six-month anniversary of the date of the Change of Control; provided, however, that such requirement
shall be waived if the Participant [dies,] is involuntarily terminated other than for Cause or the Participant terminates employment for
Good Reason after the Change of Control but prior to the six-month anniversary thereof.

 

2.2            Provided
the preceding requirements are satisfied, the Retention Bonus Amount shall be paid, in a lump sum and subject to applicable income and
employment tax withholding, on the earlier of the six-month anniversary of the date of the Change of Control, or at the time of the Participant’s
involuntary termination, or quit for good reason.

 

ARTICLE 3 

AMENDMENT AND TERMINATION

 

 3.1            The Board reserves the right at any time and from time to time to amend the Plan.

 

3.2            The
Plan shall terminate upon the earlier of June 30, 2023, if a Change of Control has not occurred as of that date, or the payment of
all Retention Bonus Amounts.

 

     

     

    

 

ARTICLE 4 

MISCELLANEOUS

 

4.1            Neither
the Plan nor the payment of a Retention Bonus Amount hereunder shall change the at-will nature of a Participant’s employment with
the Company nor shall either create a contract of employment or guarantee that the Participant will remain employed for any period of
time. As an at-will employee, either the Participant or the Company may terminate the employment relationship at any time, for any reason
or no reason, subject to any contractual obligation in the case of a Participant with an employment agreement.

 

4.2            The
Participant shall not have the power or right to transfer, assign, mortgage or otherwise encumber the Participant’s interest under
the Plan nor shall such interest be transferable by operation of law in the event of the Participant’s bankruptcy, insolvency, divorce
or separation except to the extent required by applicable law. The Plan shall be binding upon and shall inure to the benefit the Company
and its successors and assigns, and the Participant and the Participant’s executors, administrators or representatives.

 

4.3            The
Plan shall be governed by and construed in accordance with the laws of the State of California, without regard to conflict of law principles.

 

4.4            All
payments made pursuant to the Plan are intended to comply with, or be exempt from, Section 409A of the Internal Revenue Code (“Section 409A”)
and shall be construed and administered accordingly. In no event shall the Company have any liability relating to the failure or alleged
failure of any payment under the Plan to comply with, or be exempt from, the requirements of Section 409A, including any tax, interest
or penalties that may be imposed on a Participant under Section 409A.

 

ARTICLE 5 

DEFINITIONS

 

5.1           Unless otherwise defined herein,
the following words and phrases have the meanings set forth below.

 

(a)            “Cause”
means that the Participant has: (i) committed an act of dishonesty, fraud or breach of trust involving the business of the Company;
(ii) willfully failed to follow any material policy or material instructions of the Board provided such are lawful and not a violation
of public policy; (iii) been indicted for or convicted of any felony; (iv) engaged in any gross misconduct, such as sexual harassment,
material violations of applicable law or defalcations in the performance of or in connection with the Participant’s duties or employment
by the Company; or (v) otherwise breached material obligations under an employment agreement with the Company.

 

(b)            “Change
of Control” means the occurrence of a change in the ownership of the Company within the meaning of
Treas. Reg. § 1.409A-3(i)(5)(v) or any successor thereto. That definition generally provides that a change in the ownership
of a corporation occurs on the date that any one person, or more than one person acting as a group (as further defined in the regulation),
acquires ownership of stock of the corporation that, together with stock held by such person or group, constitutes more than 50 percent
of the total fair market value or total voting power of the stock of the corporation.

 

    	 	2	 

     

    

 

(c)            “Company”
means WiSA Technology, Inc., including any successor thereto, and its subsidiaries.

 

(d)            “Good
Reason” means the Company, without Participant’s consent: (i) requires a material change
in the geographic location at which Participant must perform services; or (ii) materially reduces Participant’s duties
and responsibilities; or (iii) materially reduces Participant’s base compensation following a Change of Control; or (iv) at
any time otherwise materially breaches obligations under any employment agreement with the Company; provided, however, that such termination
by the Participant shall only be deemed for Good Reason pursuant to the foregoing definition if: (1) the Participant gives the Company
written notice of the intent to terminate for Good Reason within 30 days following the first occurrence of the condition(s) that
the Participant believes constitutes Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy
such condition(s) within 30 days following receipt of the written notice (the “Cure Period”); and (3) the Participant
terminates his employment within 30 days following the end of the Cure Period.

 

* * * * *

 

Approved by the Committee
this 1st day of September, 2022.

 

    	 	3Exhibit
10.1

 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, BECAUSE THEY BOTH ARE NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. THE TERMS
HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH THREE ASTERISKS [***].

 

SECURITIES REPURCHASE AGREEMENT

 

This
SECURITIES REPURCHASE AGREEMENT (this “Agreement”), dated as of September 2, 2022, is entered into by and
among ReneSola Singapore Pte. Ltd., an exempt private company limited by shares incorporated with limited liability under the laws of
Singapore (the “Seller”) and ReneSola Ltd, a British Virgin Islands company (the “Company”, together
with the Seller, the “Parties” and each, a “Party”).

 

W I T N E S E T H:

 

WHEREAS,
as of the date hereof, the Seller owns, beneficially and legally of record, 4,050,000 ADSs and 90,000,000 shares with no par value
per share (the “Shares”), in the Company;

 

WHEREAS, the Seller desires to sell, convey, transfer
and assign to the Company, and the Company desires to repurchase, acquire and accept from the Seller, the Repurchased Shares, upon the
terms and subject to the conditions set forth herein; and

 

WHEREAS,
certain terms used in this Agreement are defined in Section 1.1.

 

NOW, THEREFORE, in consideration of the premises
and the mutual covenants and agreements hereinafter contained, the parties hereto hereby covenant and agree as follows:

 

Article I

DEFINITIONS

 

Section 1.1     Certain
Definitions. For purposes of this Agreement, the following terms shall have the meanings specified in this Section 1.1:

 

“ADSs” means American Depositary
Shares, each representing ten Shares.

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such Person, and, for purposes of this definition, the term “control” (including
the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities,
by Contract, as trustee or executor, or otherwise; and for the purposes of this Agreement, Affiliate of the Seller shall also include
Mr. Li, each of the relatives (including brother-in-laws and nephews) family members of Mr. Li and each director appointed
by Mr. Li to the board of the Company pursuant to the terms and conditions of the Investor Rights Agreement.

 

“Business
Day” means any weekday that the banks in the British Virgin Islands, Singapore, the Hong Kong S.A.R., the People’s Republic
of China, and the United States of America are generally open for business.

 

“Confidential Information”
means any and all information, in any form or medium, written or oral, concerning or relating to the Company or its subsidiaries (whether
prepared by the Company, its subsidiaries, representatives or otherwise, and irrespective of the form or means of communication and whether
it is labeled or otherwise identified as confidential), including all oral and written information relating to financial statements,
projections, evaluations, plans, programs, customers, suppliers, facilities, equipment and other assets, products, processes, manufacturing,
marketing, research and development, trade secrets, know-how, patent applications that have not been published, technology and other
confidential information and intellectual property of the Company or its subsidiaries. In addition, “Confidential Information”
shall be deemed to include all notes, analyses, studies, interpretations, memoranda and other documents, material or reports (in any
form or medium) prepared by or on behalf of the Seller or its Affiliates or their respective representatives that contain, reflect or
are based upon, in whole or part, the information of the Company or its subsidiaries.

 

     

     

    

 

“Contract”
means any written servicing agreement, management agreement, remarketing agreement, support services agreement, purchase agreement, loan
agreement, indenture, letter of credit (including related letter of credit applications and reimbursement obligations), mortgage, security
agreement, pledge agreement, deed of trust, bond, note, guarantee, surety obligation, warranty agreement, license, franchise agreement,
power of attorney, purchase order, sales order, lease or endorsement agreement, and any other written agreement, contract, instrument,
obligation, plan, offer, commitment, arrangement or understanding to which a Person is a party or by which any of its properties or assets
may be bound or affected, in each case as amended, supplemented, waived or otherwise modified.

 

“Governmental
Body” means any government or governmental, quasi-governmental or regulatory body thereof, or political subdivision thereof,
whether foreign, federal, state, or local, or any agency, board, bureau, instrumentality or authority thereof, or any court, arbitrator,
tribunal or other public body, including any tax authority, foreign exchange administration and securities regulatory commission.

 

“Investor
Rights Agreement” means that certain Investor Rights Agreement, dated October 2, 2019, by and among the Company, the Seller,
Shah Capital Opportunity Fund LP and certain other parties named therein.

 

“Law”
means any federal, state, local or foreign law, statute, code, ordinance, rule or regulation having the force of law, declaration
or agency requirement.

 

“Liability”
means any debt, liability, commitment, obligation, demand or assessment of any kind, whether fixed, contingent or absolute, matured or
unmatured, liquidated or unliquidated, accrued or not accrued, asserted or not asserted, known or unknown, determined, determinable or
otherwise, whenever or however arising (including, whether arising out of any Contract or tort based on negligence or strict liability).

 

“Lien”
means any lien, pledge, mortgage, security interest, charge, claim, lease, option, easement, servitude, right of first refusal, right
of first offer or other restrictive covenant or agreement, voting trust or agreement, transfer restriction (other than transfer restrictions
arising under applicable federal, state or foreign statutory Laws) or other similar restriction or encumbrance.

 

“Loss”
means any and all claims, causes of action, actions, proceedings, suits, judgments, Liens, executions, including reasonable costs,
expenses, losses or liabilities incurred by an indemnified person in defending (whether successfully or otherwise) any civil proceedings
in any court or before any Governmental Body.

 

“Mr. Li” means Mr. Li
Xianshou, the sole shareholder of the Seller.

 

“NYSE”
means the New York Stock Exchange.

 

“Order”
means any order, injunction, judgment, decree, ruling, writ, assessment or arbitration award of a Governmental Body.

 

     

     

    

 

“Organizational
Documents” means: (i) with respect to any corporation, its articles or certificate of incorporation and by-laws, (ii) with
respect to any limited liability company, the limited liability company or operating agreement and articles of organization or articles
or certificate of formation of a limited liability company and (iii) with respect to any other type of entity, its organizational
or constituent documents.

 

“Permits”
means any approvals, authorizations, consents, licenses, permits, clearances, qualifications or certificates of a Governmental Body or
self-regulatory organization.

 

“Person”
means any individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company, trust,
unincorporated organization, Governmental Body or other entity.

 

“PRC” means the People’s
Republic of China.

 

“Repurchased
Shares” means an aggregate of 70,000,000 Shares owned by the Seller as of the date hereof.

 

“Separation
Agreement” means the separation agreement to be entered into by and between Crystal (Xinhan) Li and ReneSola Shanghai Ltd.
(上海瑞能信息技术有限公司)
on or prior to the Closing, which shall be in form to the satisfaction of the parties thereto.

 

“Termination
Agreement” means the termination agreement to be entered into by and among the parties named under the Investor Rights Agreement
on or prior to the Closing, which shall be in the form and substance as attached hereto as Exhibit A.

 

Section 1.2     Terms
Defined Elsewhere in this Agreement. For purposes of this Agreement, the following terms have meanings set forth in the Sections
indicated:

 

	Term	 	Section
	Agreement	 	Preamble
	Closing	 	3.1
	Closing Date	 	3.1
	Company	 	Preamble
	Company Documents	 	5.2
	Company Released Matter	 	6.5
	Deposit Agreement	 	6.3(a)
	Depository	 	3.2(b)
	Exchange Act	 	5.3
	HKIAC	 	7.5
	HKIAC Rules	 	7.5
	Lock-up Period	 	6.2(a)
	Lock-up Shares	 	6.2(a)
	Party or Parties	 	Preamble
	Repurchase Amount	 	2.1
	Resale Restriction Termination
    Date	 	6.3(b)
	Seller	 	Preamble
	Seller Documents	 	4.2
	Seller Released Matters	 	6.4
	Shares	 	Recitals
	Transfer	 	6.2(a)

 

     

     

    

 

Section 1.3     Other
Definitional and Interpretive Matters. Unless otherwise expressly provided, for purposes of this Agreement, the following rules of
interpretation shall apply:

 

(a)          Dollars.
Any reference in this Agreement to US$ shall mean United States dollars.

 

(b)         Schedules.
All Schedules attached hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full
herein.  Disclosure of any item in a Schedule shall be deemed to be disclosure made with respect to each other Schedule to which
the relevance of such disclosure is readily apparent on its face.  Disclosure of any item on any Schedule shall not constitute an
admission or indication that such item or matter is material or would have a material adverse effect on the ability of the Seller to
perform its obligations under this Agreement or to consummate the transactions hereby. No disclosure on a Schedule relating to a possible
breach or violation of any Contract, Law, Permit or Order shall be construed as an admission or indication that a breach or violation
exists or has actually occurred. Any capitalized terms used in any Schedule, but not otherwise defined therein, shall be defined as set
forth in this Agreement.

 

(c)          Gender
and Number. Any reference in this Agreement to gender shall include all genders, and words imparting the singular number only shall
include the plural and vice versa.

 

(d)         Headings
and Captions. The division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for
convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement. All references in this
Agreement to any “Section” or “Article” are to the corresponding Section or Article of this Agreement
unless otherwise specified.

 

(e)         Herein.
The words such as “herein,” “hereinafter,” “hereof,” and “hereunder” refer to this Agreement
as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires.

 

(f)          Including.
The word “including” or any variation thereof means (unless the context of its usage otherwise requires) “including,
without limitation” and shall not be construed to limit any general statement that it follows to the specific or similar items
or matters immediately following it.

 

(g)         Documents.
References to any Contract or other document, including this Agreement, include references to such Contract or document as it may be
amended, supplemented, replaced or restated from time to time in accordance with its terms and subject to compliance with any applicable
restrictions or requirements set forth therein.

 

(h)         Interpretation.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement and, in the event an ambiguity or question
of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto, and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

Article II

REPURCHASE AND SALE; REPURCHASE AMOUNT

 

Section 2.1     Repurchase
and Sale of the Repurchased Shares. At the Closing, on the terms and subject to the conditions set forth in this Agreement, the
Seller shall sell, convey, transfer and assign to the Company, and the Company shall repurchase, acquire and accept from the Seller,
all of the Seller’s legal and beneficial right, title and interest in and to the Repurchased Shares at the per share price of US$0.60,
for an aggregate repurchase price of US$42,000,000.00 (the “Repurchase Amount”).

 

     

     

    

 

Section 2.2     Payment
of the Repurchase Amount. At the Closing, the Company shall pay to the Seller an aggregate cash amount equal to the Repurchase
Amount by wire transfer of immediately available funds to the account or accounts designated by the Seller.

 

Article III

CLOSING; TERMINATION

 

Section 3.1     Closing
Date. The consummation of the purchase and sale of the Repurchased Shares as provided in Article II (the “Closing”)
shall take place remotely (or at such other place as the parties hereto may designate) within three (3) Business Days after exchange
of documents required in Section 3.2 and Section 3.3, unless another time, date or place is agreed to by the
parties hereto (the “Closing Date”).

 

Section 3.2     Deliveries
by the Company. At the Closing, the Company shall deliver, or caused to be delivered, to the Seller the following:

 

(a)         evidence
that the Repurchase Amount has been paid to the Seller (in the form of MT103 or other bank wiring screenshot) in accordance with Section 2.2;

 

(b)         an
executed counterpart by the Company and Shah Capital Opportunity Fund LP to the Termination Agreement;

 

(c)          an
executed counterpart by ReneSola Shanghai Ltd. to the Separation Agreement;

 

(d)         an
executed closing certificate issued by a director of the Company certifying that (i) the representations and warranties of the Company
set forth in Article V are true and correct in all respects as of the hereof and as of the Closing Date, and (ii) no
provision of any applicable Law or order from any Governmental Body is in effect prohibiting the consummation of the transactions contemplated
hereby and there is no pending legal proceeding by any Governmental Body which would reasonably be expected to result in the issuance
of any such order; and

 

(e)          such
other documents and instruments necessary to consummate the transactions contemplated by this Agreement upon the terms and conditions
set forth in this Agreement, all of which shall be in form and substance reasonably satisfactory to the Seller.

 

Section 3.3     Deliveries
by the Seller. At the Closing, the Seller shall, against the deliveries by the Company under Section 3.2, deliver,
or cause to be delivered, to the Company the following:

 

(a)         executed
Board resolutions and shareholder’s resolutions of the Seller approving the transactions contemplated under this Agreement and
the Termination Agreement;

 

(b)         one
or more receipts acknowledging payment of the Repurchase Amount by the Company;

 

(c)         (i) an
executed instruction letter by the Seller pursuant to which by the registered office provider of the Company is instructed to transfer
the Repurchased Shares to the Company or any other person or account designated by the Company, and (ii) an executed instrument
of transfer by the Seller or such other documents and instruments necessary to transfer to the Company such number of Repurchased Shares,
to the extent required by the Company’s registered office provider;

 

     

     

    

 

(d)         an
executed closing certificate issued by a director of the Seller certifying that (i) the representations and warranties of the Seller
set forth in Article IV are true and correct in all respects as of the hereof and as of the Closing Date, and (ii) no
provision of any applicable Law or order from any Governmental Body is in effect prohibiting the consummation of the transactions contemplated
hereby and there is no pending legal proceeding by any Governmental Body which would reasonably be expected to result in the issuance
of any such order;

 

(e)         an
executed counterpart by the Seller, Mr. Li and Champion Era Enterprises Limited to the Termination Agreement;

 

(f)          an
executed documents evidencing the termination of any voting proxy arrangement with respect to all the ADS and Shares beneficially owned
by the Seller or its Affiliates in form reasonably satisfactory to the Company;

 

(g)         an
executed counterpart by Crystal (Xinhan) Li to the Separation Agreement;

 

(h)         an
executed resignation letter by each of Crystal (Xinhan) Li and Maggie (Yuanyuan) Ma pursuant to which such person resigns from the board
of directors of the Company in form reasonably satisfactory to the Company; and

 

(i)          such
other documents and instruments necessary to consummate the transactions contemplated by this Agreement upon the terms and conditions
set forth in this Agreement, all of which shall be in form and substance reasonably satisfactory to the Company.

 

Section 3.4     Termination.
This Agreement may be terminated by either the Company or the Seller by delivering a written notice to the other Party pursuant to Section 7.6
at any time prior to the Closing if the Closing shall not have been consummated on or before 11:59 p.m. (Hong Kong time) on
the fourth (4th) Business Day after the date hereof, or such later date as mutually agreed by the Parties hereto; provided that the right
to terminate this Agreement pursuant to this Section 3.4 shall not be available to any Party whose failure to fulfill any
of its obligations under this Agreement has been a cause of, or resulted in, the failure to consummate the Closing by such date. For
the avoidance of doubt, neither the Company nor the Seller may terminate this agreement after the Closing without the written consent
of the other Party.

 

Article IV

REPRESENTATIONS AND WARRANTIES OF THE SELLER

 

The Seller represents and warrants to the Company
as of the date hereof and as of the Closing Date as follows:

 

Section 4.1     Organization
and Good Standing. The Seller is duly incorporated, validly existing and in good standing under the Laws of Singapore. The Seller
is duly qualified or authorized to conduct its business and is in good standing under the Laws of each jurisdiction where such qualification
is required.

 

     

     

    

 

Section 4.2     Authorization
and Enforceability of Agreement. The Seller has the full legal right and all requisite power and authority to execute and deliver
this Agreement and each Contract, document or certificate contemplated by this Agreement or to be executed and delivered in connection
with the consummation of the transactions contemplated by this Agreement (the “Seller Documents”) and to consummate
the transactions contemplated hereby and thereby. The execution and delivery by the Seller of this Agreement and the Seller Documents,
and the consummation of the transactions contemplated hereby and thereby, have been duly authorized by all requisite action on the part
of the Seller and no additional corporate or shareholder authorization or consent is or will be required in connection with the execution,
delivery and performance by the Seller of this Agreement or the Seller Documents or the consummation of the transactions contemplated
hereby and thereby. This Agreement and each of the Seller Documents have been duly executed and delivered by the Seller, and (assuming
the due authorization, execution and delivery by the other parties hereto and thereto) this Agreement and the Seller Documents constitute
valid and binding obligations of the Seller, enforceable against the Seller in accordance with their respective terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights and remedies generally, and to
general principles of equity.

 

Section 4.3     Ownership
of the Repurchased Shares.

 

(a)         The
Seller is and shall be on the Closing Date the sole record and beneficial owner and holder of, and has good and valid title to, the Repurchased
Shares free and clear of any Liens (other than Liens in favor of the Company or created by or on behalf of the Company). The sale and
delivery of the Repurchased Shares as contemplated by this Agreement are not subject to any preemptive right, right of first refusal
or other right or restriction other than those contemplated under the Investor Rights Agreement, and neither the Seller nor Mr. Li
is a party to any voting trust, proxy or other Contract with respect to the voting or transfer of the Repurchased Shares and the underlying
Shares that will survive the Closing Date. Upon the delivery of the Repurchased Shares pursuant to Section 2.1, the Company
will acquire good and valid title to the Repurchased Shares free and clear of any Liens (other than Liens in favor of the Company or
created by or on behalf of the Company).

 

(b)         Mr. Li
is the sole record and beneficial owner and holder of, and has good and valid title to, all shares in the Seller free and clear of any
Liens. Mr. Li is not a party to any voting trust, proxy or other Contract with respect to the voting or transfer of shares in the
Seller that will survive the Closing Date.

 

Section 4.4     Conflicts;
Consents of Third Parties.

 

(a)         None
of the execution and delivery by the Seller of this Agreement or the Seller Documents, or the consummation of the transactions contemplated
hereby or thereby, or compliance by the Seller with any of the provisions hereof or thereof will (i) violate the Organizational
Documents of the Seller, (ii) contravene, conflict with or constitute or result in a breach or violation in any material respect
of any Law, Order or Permit applicable to the Seller or its or his assets or by which Seller is bound, (iii) contravene, conflict
with, breach or violate, constitute a default under, or result in or permit the termination or cancellation (whether after the giving
of notice or the lapse of time or both) of any rights or obligations, or result in a loss of any benefit or imposition of any penalties,
under any Contract to which the Seller is a party or by which its properties or assets are subject or bound or (iv) result in the
creation of or imposition of any Liens (other than Liens created by or on behalf of the Company) on the Repurchased Shares.

 

(b)         No
consent, waiver, approval, Order, Permit or authorization of, or filing with, or notification to, any Governmental Body or any self-regulatory
organization applicable to the Seller, is required on the part of the Seller in connection with (i) the execution and delivery of
this Agreement, the Seller Documents and any other Contracts to be executed and delivered in connection with the transactions contemplated
hereby and thereby, (ii) compliance by the Seller with any of the provisions hereof or thereof, or (iii) the consummation of
the transactions contemplated hereby or thereby, except for any filing required with the U.S. Securities and Exchange Commission to disclose
the entry into this Agreement and the transactions contemplated hereby.

 

     

     

    

 

Section 4.5     Financial
Advisors. Except for fees and expenses which shall be paid by the Seller or any of its Affiliates, there is no investment banker,
broker, finder or other intermediary that has been retained by or is authorized to act on behalf of the Seller or any of its or his Affiliates
who is or who might be entitled to any fee or commission or like payment from any of the parties hereto or any of their respective Affiliates
in connection with the transactions contemplated hereby.

 

Section 4.6     Seller’s
Acknowledgements.

 

(a)         The
Seller: (i) has sufficient knowledge and expertise to evaluate the business and financial condition of the Company, its Affiliates
and its subsidiaries and the merits and risks of the purchase and sale of the Repurchased Shares; (ii) has conducted its own independent
investigation of such matters as is necessary for the Seller to make an informed decision with respect to purchase and sale of the Repurchased
Shares, and has had the opportunity to ask questions of, and receive answers, from the Company and its officers and directors, and to
obtain such additional information which the Company, its Affiliates or its subsidiaries possess or could acquire without unreasonable
effort or expense, as the Seller deems necessary or appropriate, and all such questions have been answered to the Seller’s full
satisfaction; (iii) has made its or his own assessment and has satisfied itself concerning relevant tax, legal and other economic
considerations relevant to the purchase and sale of the Repurchased Shares; (iv) has not relied, and will not rely, upon any other
party for any investigation into, assessment of, or evaluation or information with respect to the Repurchased Shares, the Company, its
Affiliates, its subsidiaries or the purchase and sale of the Repurchased Shares; and (v) can bear any economic loss as a result
of the purchase and sale of the Repurchased Shares. Neither such inquiries nor any other due diligence investigations conducted by the
Seller or its or his advisors shall imply that the Company has made any representation or warranty in respect of the Company, its Affiliates,
its subsidiaries, the Repurchased Shares or the purchase and sale of the Repurchased Shares, other than the matters set forth herein.

 

(b)         The
Seller acknowledges and understands that the Company and its Affiliates and representatives may be in possession of material non-public
information not known to such Seller. The Seller further acknowledges that such information may be indicative of a value of the Repurchased
Shares that may be substantially less or substantially more than the Repurchase Amount or otherwise adverse to the Seller and that such
information may be material to the Seller’s decision to sell the Repurchased Shares.

 

Section 4.7     No
Other Representations or Warranties. Except for the representations and warranties contained in this Article IV,
the Seller does not make any other express or implied representation or warranty with respect to any matter, including with respect to
(i) the Seller, (ii) the Repurchased Shares, (iii) the Company or its Affiliates, or (iv) the condition, value, quality
or future revenues, costs, expenditures, cash flow, results of operations, collectability of accounts receivable, financial condition,
projections, forecasts, estimates, plans or budgets of future revenues, expenses or expenditures or prospects that may result from the
acquisition of the Repurchased Shares.

 

     

     

    

 

Article V

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents and warrants to the Seller
as of the date hereof and as of the Closing Date as follows:

 

Section 5.1     Organization
and Good Standing. The Company is duly organized, validly existing and in good standing under the Laws of the British Virgin
Islands. The Company is duly qualified or authorized to conduct its business and is in good standing under the Laws of each jurisdiction
where such qualification is required.

 

Section 5.2     Authorization
and Enforceability of Agreement. The Company has the full legal right and all requisite power and authority to execute and deliver
this Agreement and each Contract, document or certificate contemplated by this Agreement or to be executed and delivered in connection
with the consummation of the transactions contemplated by this Agreement (the “Company Documents”) and to consummate
the transactions contemplated hereby and thereby. The execution and delivery by the Company of this Agreement and the Company Documents,
and the consummation of the transactions contemplated hereby and thereby, have been duly authorized by all requisite action on the part
of the Company, and no additional corporate or shareholder authorization or consent is or will be required in connection with the execution,
delivery and performance by the Company of this Agreement or the Company Documents or the consummation of the transactions contemplated
hereby and thereby. This Agreement has been, and each of the Company Documents will be at or prior to the Closing, duly executed and
delivered by the Company, and (assuming the due authorization, execution and delivery by the other parties hereto and thereto) this Agreement
constitutes, and the Company Documents when so executed and delivered will constitute, valid and binding obligations of the Company,
enforceable against the Company in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium and similar Laws affecting creditors’ rights and remedies generally, and to general principles of equity.

 

Section 5.3     Conflicts;
Consents of Third Parties.

 

(a)         None
of the execution and delivery by the Company of this Agreement or the Company Documents, or the consummation of the transactions contemplated
hereby or thereby, or compliance by the Company with any of the provisions hereof or thereof will (i) violate the Organizational
Documents of the Company, (ii) contravene, conflict with or constitute or result in a breach or violation in any material respect
of any Law, Order or Permit (including, without limitation, (x) the Securities Act of 1993, as amended, and the rules and regulations
thereunder, (y) the Securities Exchange Act of 1934, as amended (“Exchange Act”), and the rules and regulations
thereunder and (z) the rules and regulations of NYSE) applicable to the Company or its assets or by which the Company is bound
or (iii) contravene, conflict with, breach or violate, constitute a default under, or result in or permit the termination or cancellation
(whether after the giving of notice or the lapse of time or both) of any rights or obligations, or result in a loss of any benefit or
imposition of any penalties, under any Contract to which the Company is a party or by which its properties or assets are subject or bound.

 

(b)         No
consent, waiver, approval, Order, Permit or authorization of, or filing with, or notification to, any Governmental Body or any self-regulatory
organization applicable to the Company, is required on the part of the Company in connection with (i) the execution and delivery
of this Agreement, the Company Documents and any other Contracts to be executed and delivered in connection with the transactions contemplated
hereby and thereby, (ii) compliance by the Company with any of the provisions hereof or thereof, or (iii) the consummation
of the transactions contemplated hereby or thereby, except for any filing required with the U.S. Securities and Exchange Commission to
disclose the entry into this Agreement and the transactions contemplated hereby.

 

Section 5.4     Financial
Advisors. Except for fees and expenses which shall be paid by the Company or any of its Affiliates, there is no investment banker,
broker, finder or other intermediary that has been retained by or is authorized to act on behalf of the Company or any of its Affiliates
who is or who might be entitled to any fee or commission or like payment from any of the parties hereto or any of their respective Affiliates
in connection with the transactions contemplated hereby.

 

     

     

    

 

Section 5.5     No
Other Representations or Warranties. Except for the representations and warranties contained in this Article V, the
Company does not make any other express or implied representation or warranty with respect to any matter, including, with respect to
(i) the Company, (ii) the Repurchased Shares, (iii) the Seller or its Affiliates, or (iv) the condition, value, quality
or future revenues, costs, expenditures, cash flow, results of operations, collectability of accounts receivable, financial condition,
projections, forecasts, estimates, plans or budgets of future revenues, expenses or expenditures or prospects that may result from the
acquisition of the Repurchased Shares.

 

Article VI

COVENANTS

 

Section 6.1     Further
Assurances. Each of the Seller and the Company shall use its commercially reasonable efforts to (a) take all actions necessary
or appropriate to consummate the transactions contemplated by this Agreement and (b) cause the fulfillment at the earliest practicable
date of all of the conditions to their respective obligations to consummate the transactions contemplated by this Agreement.

 

Section 6.2     Lock-Up.
The Seller agrees not to, and agrees to cause its Affiliates not to, without the prior written consent of the Company, (i) sell,
offer to sell, contract or agree to sell, assign, lend, offer, encumber, donate, hypothecate, pledge, grant any option, right or warrant
to purchase or otherwise transfer, dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase a
put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act,
and the rules and regulations of the Securities and Exchange Commission promulgated thereunder, any Share or ADS beneficially owned
by it or him immediately after the Closing (the “Lock-up Shares”), (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Lock-up Shares, whether any
such transaction is to be settled by delivery of such securities, in cash or otherwise or (iii) publicly announce any intention
to effect any transaction specified in clause (i) or (ii) (the actions specified in clauses (i)-(iii), collectively, “Transfer”)
until ninety (90) days after the Closing Date (the “Lock-up Period”). Notwithstanding the foregoing, such restriction
shall not apply to (i) any repurchase initiated by the Company, and (ii) Transfer of any Lock-up Shares to an investor that
is first introduced by the Company.

 

Section 6.3     ADS
Conversion; Legend Removal.

 

(a)         Upon
written request of the Seller, the Company shall, as promptly as practicable (and in any event within ten (10) Business Days after
such request), take all such action within its power as may be necessary or appropriate, including procuring a customary opinion of recognized
U.S. counsel reasonably requested by the Bank of New York Mellon (the “Depository”), to facilitate the Seller’s
deposit of Shares then held by the Seller with the Depository or its appointed custodian and, at the costs of the Seller, in exchange
for a corresponding number of ADSs, in accordance with that certain amended and restated deposit agreement (the “Deposit Agreement”)
by and among the Company, the Depository and certain other parties listed thereto dated as of August 26, 2011.

 

(b)         The
Company shall (i) notify the Depositary by email not more than thirty (30) nor less than ten (10) Business Days prior to the
last date of the Lock-up Period, that such date will be the date of termination of resale restrictions hereof (the “Resale Restriction
Termination Date”) for the Shares held by the Seller or its Affiliates, (ii) confirm to the Depositary that to its knowledge,
neither the Seller nor any of its Affiliates will be affiliates of the Company (as such term defined under Rule 144 of the Securities
Act of 1933, as amended), and (iii) take all such action within its power as may be necessary or appropriate, including (x) procuring
a customary opinion of a recognized U.S. counsel in accordance with the Deposit Agreement to be delivered to the Depositary on the Resale
Restriction Termination Date, and (y) procuring the Depositary to cancel any restricted ADSs then outstanding and held by the Seller
or its Affiliates and deliver ADSs without restrictive legends to the Seller or its Affiliates on the Resale Restriction Termination
Date to replace the cancelled restricted ADSs.

 

     

     

    

 

(c)         The
Company agrees and acknowledges that subject to compliance with applicable law, the unrestricted ADSs may be transferred by the Seller
or its Affiliates on or after the Resale Restriction Termination Date freely without any further restrictions.

 

Section 6.4     Seller’s
Release. Other than any breach of this Agreement or otherwise pursuant to this Agreement, to the fullest extent permitted by
law, the Seller hereby releases and waives, and shall cause its Affiliates, its or its Affiliates’ respective current and former
partners, officers, directors, employees, controlling persons, shareholders, representatives and agents to release and waive, any and
all claims, causes of action, actions, proceedings, suits, judgments, Liens and executions, whether known or unknown claims and causes
of action now or hereafter arising, whether in law or in equity (including attorneys’ fees), against the Company or its Affiliates
or its or its Affiliates’ respective current and former partners, officers, directors, employees, controlling persons, shareholders,
representatives and agents arising from, based upon or relating to (i) all matters of the Company and its subsidiaries occurred
prior to the Closing, including the conduct of the Company’s business or affairs (including as a result of any mistake of judgment)
or in the execution or discharge of the duties, powers, authorities or discretions in his or her position related to the Company by any
of the Company, its Affiliates or its or its Affiliates’ respective current and former partners, officers, directors, employees,
controlling persons, shareholders, representatives and agents prior to the Closing, and (ii) any account payables by the Company
and its subsidiaries to the Seller or its Affiliates other than the items listed on Exhibit B hereto (each of (i) and
(ii), a “Seller Released Matter”), and further covenants not to (x) initiate or conduct any investigation against,
(y) initiate any proceeding whether in court or before a Governmental Body against, (z) report to any Governmental Body against,
the Company or its Affiliates or its or its Affiliates’ respective current and former partners, officers, directors, employees,
controlling persons, shareholders, representatives and agents for any loss, damage or Liability arising from, based upon or relating
to any Seller Released Matter.

 

Section 6.5     Company’s
Release. Other than any breach of this Agreement or otherwise pursuant to this Agreement, to the fullest extent permitted by
law, the Company hereby releases and waives, and shall cause its Affiliates, its or its Affiliates’ respective current and former
partners, officers, directors, employees, controlling persons, shareholders, representatives and agents to release and waive, any and
all claims, causes of action, actions, proceedings, suits, judgments, Liens and executions, whether known or unknown claims and causes
of action now or hereafter arising, whether in law or in equity (including attorneys’ fees), against the Seller or its Affiliates
or its or its Affiliates’ respective current and former partners, officers, directors, employees, controlling persons, representatives
and agents arising from, based upon or relating to (i) all matters of the Company and its subsidiaries occurred prior to the Closing,
including the conduct of the Company’s business or affairs (including as a result of any mistake of judgment) or in the execution
or discharge of the duties, powers, authorities or discretions in his or her position related to the Company by any of the Seller, its
Affiliates or its or its Affiliates’ respective current and former partners, officers, directors, employees, controlling persons,
shareholders, representatives and agents prior to the Closing, and (ii) any account payable by the Seller and its Affiliates to
the Company or its Affiliates (each of (i) and (ii), a “Company Released Matter”), and further covenants not
to (x) initiate or conduct any investigation against, (y) initiate any proceeding whether in court or before a Governmental
Body against, (z) report to any Governmental Body against, the Seller or its Affiliates or its or its Affiliates’ respective
current and former partners, officers, directors, employees, controlling persons, representatives and agents for any loss, damage or
Liability arising from, based upon or relating to any Company Released Matter.

 

     

     

    

 

Section 6.6     Facilitation
with Restructuring; Change of Registration and Record.

 

(a)            As
promptly as practicable after the Closing (and in any event within thirty (30) days after the Closing), each of the Company and the Seller
shall, and they shall cause their respective Affiliates to take all such action within its power as may be necessary or appropriate to
(i) effect the resignation of any of the Seller, its Affiliates as legal representatives, directors, and officers of the Company
or any of its Affiliates, (ii) complete and effectuate the change of registration or record with all applicable Governmental Body,
reflecting such resignation, and (iii) notify key customers, key suppliers, joint venture partners, key distributors, key employees
and creditors of the Company and its Affiliates about such resignation. Notwithstanding the foregoing, the Company and the Seller shall
submit all necessary applications and/or filings to the local branches of the State Administration of Market Regulation required to effect
the change of legal representatives of the PRC subsidiaries of the Company (if applicable) from the Seller or its Affiliates to parties
designated by the Company within ten (10) Business Days after the Closing.

 

(b)            The
Seller shall, and shall cause its Affiliates to use their respective best efforts to cooperate with and facilitate the Company and its
subsidiaries with respect to restructuring of the PRC businesses of the Company, including providing assistance with any asset sale or
internal restructuring of the Company.

 

Section 6.7     Compliance.
The Company shall and shall cause its Affiliates to at all times to comply with all contracts and agreements binding on the Company or
its Affiliates as well as applicable Laws in all material respects, including: (i) compliance with all agreements relating to its
joint ventures in PRC; (ii) compliance with all tax obligations of the Company and its Affiliates; (iii) compliance with environmental
and safe production Laws in the PRC, (iv) compliance with employment Laws; and (v) compliance with all applicable foreign exchange
administration Laws, in each case, in all material respects.

 

Section 6.8     Future
Cooperation. From and following the Closing, subject to same commercial conditions, including product quality, price, delivery,
bankability, acceptance by the Company’s customers, warranty and past track record, which shall take into account of the then market
standards, the Seller and/or a third party designated by the Seller shall be the Company’s and its Affiliates’ preferred
supplier of relevant solar modules and other related products such as polysilicon, solar wafer or solar cells for an aggregate purchase
volume of fifty (50) megawatts so long as the Seller or its designated third party (as applicable) provides the Company with the best
price among all of its customers.

 

Section 6.9     Indemnity.

 

(a)            The
Company agrees to and shall indemnify and hold the Seller, its Affiliates or its or its Affiliates’ respective current and former
partners, officers, directors, employees, controlling persons, shareholders, representatives and agents harmless against any and all
Losses, whether from or initiated by third parties, tax authorities or any other Governmental Body for any breach of terms (including
any representations and warranties) or covenants of the Company hereunder.

 

(b)            The
Seller agrees to and shall indemnify and hold each of the Company, its Affiliates or its or its Affiliates’ respective current
and former partners, officers, directors, employees, controlling persons, shareholders, representatives and agents harmless against any
and all Losses, whether from or initiated by third parties, tax authorities or any other Governmental Body for any breach of terms (including
any representations and warranties) or covenants of the Seller hereunder.

 

     

     

    

 

(c)            Any
indemnification payment pursuant to this Section 6.9 shall be limited to such amount after deducting therefrom any insurance
proceeds (including the then-effective director and officer insurance policies of such indemnified person).

 

Article VII

MISCELLANEOUS

 

Section 7.1     Expenses.
Except as otherwise provided in this Agreement, each party hereto shall bear its own expenses incurred in connection with the negotiation
and execution of this Agreement and each other Contract, certificate and instrument contemplated by this Agreement and the consummation
of the transactions contemplated hereby and thereby.

 

Section 7.2     Confidentiality.
Each of the Parties agrees that for a period of five (5) years after the Closing Date, it shall, and it shall cause its Affiliates
to, keep any Confidential Information confidential and shall not disclose any Confidential Information to any third party without prior
consent of the other Parties, except that such disclosure is required in legal proceedings, subpoena, civil investigative or any other
similar process.

 

Section 7.3     No
Disparagement. Each of the Seller, the Company and their respective Affiliates agrees that
for a period of five (5) years after the Closing Date, such Party shall not, and they shall cause their respective Affiliates not
to, make any statement disparaging any of the other Parties, its subsidiaries or any of its officers, directors, employees, shareholders
or other service providers, or any product or service offered by such Party or its subsidiaries in any manner.

 

Section 7.4     Entire
Agreement; Amendments and Waivers. This Agreement (including the Schedules, exhibits or any ancillary documents referenced herein)
and the Termination Agreement represent the entire understanding and agreement between the parties hereto and thereto with respect to
the subject matter hereof and thereof. This Agreement can be amended, supplemented or changed, and any provision hereof can be waived,
only by written instrument making specific reference to this Agreement signed by the party against whom enforcement of any such amendment,
supplement, modification or waiver is sought.  No action taken pursuant to this Agreement, including any investigation by or on
behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty,
covenant or agreement contained herein.  The waiver by any party hereto of a breach of any provision of this Agreement shall not
operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. No failure
on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof
or the exercise of any other right, power or remedy.

 

Section 7.5     Governing
Law, Dispute Resolution.

 

(a)            This
Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York without regard to its conflicts of
law principles thereof.

 

     

     

    

 

(b)            Any
dispute, controversy or claim arising out of or relating to this Agreement or its subject matter shall be finally settled by arbitration.
The place and seat of arbitration shall be Hong Kong, and the arbitration shall be administered by the Hong Kong International Arbitration
Centre (the “HKIAC”) in accordance with the HKIAC Administered Arbitration Rules then in force (the “HKIAC
Rules”). The number of arbitrators shall be three (3). Each Party shall appoint one arbitrator and the third arbitrator, who
shall serve as chairperson of the arbitral tribunal, shall be selected by the mutual agreement of the first two arbitrators. Any arbitrator
that is not so appointed shall instead be appointed in accordance with the HKIAC Rules. The language to be used in the arbitration proceedings
shall be English. The award of the arbitral tribunal shall be final, conclusive and binding upon the Parties. Judgment upon any award
may be entered and enforced in any court having jurisdiction over a Party or any of its assets. For the purpose of the enforcement of
an award, the Parties irrevocably and unconditionally submit to the jurisdiction of any competent court and waive any defenses to such
enforcement, including any defenses based on lack of personal jurisdiction or inconvenient forum.

 

Section 7.6     Notices.
All notices, service of process and other communications under this Agreement shall be in writing and shall be deemed given (i) when
delivered personally by hand (with written confirmation of receipt), (ii) when sent by email or (iii) one (1) Business
Day following the day sent by overnight courier (with written confirmation of receipt), in each case at the following addresses and facsimile
numbers (or to such other address or facsimile number as a party may have specified by notice given to the other party pursuant to this
provision):

 

If to the Seller, to:

 

ReneSola Singapore Pte. Ltd.

 

1
CleanTech Loop #02-28

CleanTech One 637141

Singapore

Email: p.prakash@renesolaindia.com

Attention: Prakash Pathari

 

with copies (which shall not constitute notice)
to:

 

Gunderson
Dettmer Stough Villeneuve Franklin & Hachigian, LLP

Suite 2101, Building C, Yintai Center, #2 Jianguomenwai Ave., Chaoyang District

Beijing 100022, P.R. China

Email: zliu@gunder.com; pqiu@gunder.com

Attention: Ms. Zhen Liu, Esq.; Mr. Peter Qiu, Esq.

 

If to the Company, to:

 

Renesola
Ltd

3rd floor, 850 Canal St. Stamford, CT 06902 U.S.A.

Email: ke.chen@renesolapower.com

Attention: Ke Chen

 

with copies (which shall not constitute notice)
to:

 

Kirkland &
Ellis

26th Floor, Gloucester Tower,

The Landmark

15 Queen’s Road, Central

Hong Kong

Email: david.zhang@kirkland.com; rongjing.zhao@kirkland.com

Attention: Mr. David Zhang, Esq.; Ms. Rongjing Zhao, Esq.

 

     

     

    

 

Section 7.7     Severability.
If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any Law or public policy, all
other terms or provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to the Seller, on the one hand, or the Company,
on the other hand. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely
as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to
the greatest extent possible.

 

Section 7.8     Binding
Effect; Assignment.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns. Nothing in this Agreement shall create or be deemed to create any third party beneficiary rights in
any Person not a party to this Agreement except as provided below. No assignment of this Agreement or of any rights or obligations hereunder
may be made by any of the parties hereto, directly or indirectly (by operation of law or otherwise), without the prior written consent
of the other parties hereto and any attempted assignment without the required consents shall be void.

 

Section 7.9     Non-Recourse.
Unless otherwise pursuant to this Agreement, no past, present or future director, officer, employee, incorporator, member, partner, stockholder,
Affiliate, agent, attorney or representative of the Seller or any of its Affiliates shall have any Liability for any obligations or Liabilities
of the Seller under this Agreement or the Seller Documents of or for any claim based on, in respect of, or by reason of, the transactions
contemplated hereby and thereby. Unless otherwise pursuant to this Agreement, no past, present or future director, officer, employee,
incorporator, member, partner, stockholder, Affiliate, agent, attorney or representative of the Company or any of its Affiliates shall
have any Liability for any obligations or Liabilities of the Company under this Agreement or the Company Documents of or for any claim
based on, in respect of, or by reason of, the transactions contemplated hereby and thereby.

 

Section 7.10     Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original copy of this Agreement and
all of which, when taken together, shall be deemed to constitute one and the same agreement. Signed counterparts of this Agreement may
be delivered by facsimile and by scanned PDF image.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed by their respective authorized officers as of the date first written above.

 

	 	RENESOLA LTD
	 	 
	 	 
	 	By:	/s/ Martin Bloom
	 	Name:	Martin Bloom
	 	Title:	Director

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed by their respective authorized officers as of the date first written above.

 

	 	RENESOLA SINGAPORE PTE. LTD.
	 	 
	 	 
	 	By:	/s/ Prakash Pathari
	 	Name:	Prakash Pathari
	 	Title:	Director

 

     

     

    

 

Exhibit A

 

TERMINATION AGREEMENT

 

THIS TERMINATION AGREEMENT
(this “Agreement”) is made as of [●], 2022 by and among:

 

		(1)	ReneSola Ltd, a British Virgin Islands business company with registered number 1016246 (the “Company”);

 

		(2)	Shah Capital Opportunity Fund LP;

 

		(3)	Mr. Xianshou Li (“Mr. Li”),

 

		(4)	ReneSola Singapore Pte. Ltd., a company incorporated in Singapore (“ReneSola Singapore”),
and

 

		(5)	Champion Era Enterprises Limited, a British Virgin Islands company.

 

The parties listed above are
referred to herein collectively as “Parties” and individually as a “Party.”

 

RECITALS

 

		(A)	The Parties entered into that certain investor rights agreement (the “IRA”), dated
as of October 2, 2019 which sets out, among others, certain covenants and agreements in respect of investors’ rights and obligations
in the Company;

 

		(B)	The Company and ReneSola Singapore intend to enter into a securities repurchase agreement (the “Securities
Repurchase Agreement”), pursuant to which the Company will repurchase certain number of shares from Renesola Singapore; and

 

		(C)	In connection with and as a closing deliverable at the closing of the transactions contemplated by the
Securities Repurchase Agreement (the “Closing”), the Parties have agreed to enter into this Agreement and terminate
the IRA.

 

WITNESSETH

 

NOW, THEREFORE, in consideration
of the premises set forth above, the mutual promises and covenants set forth herein and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged (including, with respect to Mr. Li, consideration and benefits that he received through
ReneSola Singapore, his wholly-owned subsidiary, under the Securities Repurchase Agreement), the Parties agree as follows:

 

		1.	Termination. The Parties hereby agree that, the IRA, including all schedules, exhibits and appendices
thereto, is hereby terminated in its entirety effective immediately on the date hereof, and shall be of no further force and effect, and
none of the parties hereto shall have any further rights or obligations thereunder or with respect thereto. Each Party hereby waives and
releases all rights, obligations, claims, and demands of any kind whatsoever that such Party ever had, now has or may have hereafter,
under the IRA.

 

    1

     

    

 

		2.	Other Covenants.

 

		2.1	Certain Definitions. For purposes of this Section 2, the following terms shall have the
meaning specified in this Section 2.1:

 

		(a)	“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person, and, for purposes of
this definition, the term “control” (including the terms “controlled by” and “under common control with”)
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person,
whether through ownership of voting securities, by Contract, as trustee or executor, or otherwise, and for purposes of Section 2,
with respect to Mr. Li, his Affiliates shall include each of his relatives (including brother-in-laws and nephews), family members and
each director appointed by Mr. Li to the board of the Company pursuant to the terms and conditions of the IRA.

 

		(b)	“Business Day” means any weekday that the banks in the British Virgin Islands, Singapore,
the Hong Kong S.A.R., the People’s Republic of China, and the United States of America are generally open for business.

 

		(c)	“Confidential Information” means any and all information, in any form or medium, written
or oral, concerning or relating to the Company or its subsidiaries (whether prepared by the Company, its subsidiaries, representatives
or otherwise, and irrespective of the form or means of communication and whether it is labeled or otherwise identified as confidential),
including all oral and written information relating to financial statements, projections, evaluations, plans, programs, customers, suppliers,
facilities, equipment and other assets, products, processes, manufacturing, marketing, research and development, trade secrets, know-how,
patent applications that have not been published, technology and other confidential information and intellectual property of the Company
or its subsidiaries. In addition, “Confidential Information” shall be deemed to include all notes, analyses, studies, interpretations,
memoranda and other documents, material or reports (in any form or medium) prepared by or on behalf of Mr. Li or its Affiliates or their
respective representatives that contain, reflect or are based upon, in whole or part, the information of the Company or its subsidiaries.

 

		(d)	“Contract” means any written servicing agreement, management agreement, remarketing
agreement, support services agreement, purchase agreement, loan agreement, indenture, letter of credit (including related letter of credit
applications and reimbursement obligations), mortgage, security agreement, pledge agreement, deed of trust, bond, note, guarantee, surety
obligation, warranty agreement, license, franchise
agreement, power of attorney, purchase order, sales order, lease or endorsement agreement, and any other written agreement, contract,
instrument, obligation, plan, offer, commitment, arrangement or understanding to which a Person is a party or by which any of its properties
or assets may be bound or affected, in each case as amended, supplemented, waived or otherwise modified.

 

    2

     

    

 

		(e)	“Governmental Body” means any government or governmental, quasi-governmental or regulatory
body thereof, or political subdivision thereof, whether foreign, federal, state, or local, or any agency, board, bureau, instrumentality
or authority thereof, or any court, arbitrator, tribunal or other public body, including any tax authority, foreign exchange administration
and securities regulatory commission.

 

		(f)	“Law” means any federal, state, local or foreign law, statute, code, ordinance, rule
or regulation having the force of law, declaration or agency requirement.

 

		(g)	“Liability” means any debt, liability, commitment, obligation, demand or assessment
of any kind, whether fixed, contingent or absolute, matured or unmatured, liquidated or unliquidated, accrued or not accrued, asserted
or not asserted, known or unknown, determined, determinable or otherwise, whenever or however arising (including, whether arising out
of any Contract or tort based on negligence or strict liability).

 

		(h)	“Lien” means any lien, pledge, mortgage, security interest, charge, claim, lease, option,
easement, servitude, right of first refusal, right of first offer or other restrictive covenant or agreement, voting trust or agreement,
transfer restriction (other than transfer restrictions arising under applicable federal, state or foreign statutory Laws) or other similar
restriction or encumbrance.

 

		(i)	“Person” means any individual, corporation, partnership, limited liability company,
firm, joint venture, association, joint-stock company, trust, unincorporated organization, Governmental Body or other entity.

 

		(j)	“PRC” means the People’s Republic of China.

 

		2.2	Lock-Up. Mr. Li agrees not to, and agrees to cause its Affiliates not to, without the prior
                                                           written consent of the Company, (i) sell, offer to sell, contract or agree to sell, assign, lend, offer, encumber, donate,
                                                           hypothecate, pledge, grant any option, right or warrant to purchase or otherwise transfer, dispose of or agree to transfer or
                                                           dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent
                                                           position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Securities and Exchange
                                                           Commission promulgated thereunder, any Share or ADS beneficially owned by him immediately after the Closing (the “Lock-up
                                                           Shares”), (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
                                                           economic consequences of ownership of any of the Lock-up Shares, whether any such transaction is to be settled by delivery of such
                                                           securities, in cash or otherwise or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii)
                                                           (the actions specified in clauses (i)-(iii), collectively, “Transfer”) until ninety (90) days after the Closing.
                                                           Notwithstanding the foregoing, such restriction shall not apply to (i) any repurchase initiated by the Company, and (ii) Transfer
of any Lock-up Shares to an investor that is first introduced by the Company.

 

    3

     

    

 

		2.3	Release. Other than any breach of this Agreement or the Securities Repurchase Agreement, this Agreement
or otherwise pursuant to this Agreement or the Securities Repurchase Agreement, to the fullest extent permitted by law, each of the Parties
hereto hereby releases and waives, and shall cause its Affiliates, its or its Affiliates’ respective current and former partners,
officers, directors, employees, controlling persons, shareholders, representatives and agents to release and waive, any and all claims,
causes of action, actions, proceedings, suits, judgments, Liens and executions, whether known or unknown claims and causes of action now
or hereafter arising, whether in law or in equity (including attorneys’ fees), against the Company or its Affiliates or its or its
Affiliates’ respective current and former partners, officers, directors, employees, controlling persons, shareholders, representatives
and agents arising from, based upon or relating to (i) all matters of the Company and its subsidiaries occurred prior to the Closing,
including the conduct of the Company’s business or affairs (including as a result of any mistake of judgment) or in the execution
or discharge of the duties, powers, authorities or discretions in his or her position related to the Company by any of the Company, its
Affiliates or its or its Affiliates’ respective current and former partners, officers, directors, employees, controlling persons,
shareholders, representatives and agents prior to the Closing, and (ii) any account payables by the other parties to it or its Affiliates
(other than, (x) amounts payable by Shah Capital Opportunity Fund LP to ReneSola Singapore pursuant to a certain stock purchase agreement
entered into by and between Shah Capital Opportunity Fund LP and ReneSola Singapore on or about the date of this Agreement; and (y) in
the case of ReneSola Singapore, any account payables by the Company and its subsidiaries to ReneSola Singapore or its Affiliates listed
on Exhibit A hereto) (each of (i) and (ii), a “Released Matter”), and further covenants not to (x) initiate
or conduct any investigation against, (y) initiate any proceeding whether in court or before a Governmental Body against, (z) report to
or knowingly permit the prosecution by any Governmental Body against, any other Party, its Affiliates, its or its Affiliates’ respective
current and former partners, officers, directors, employees, controlling persons, shareholders, representatives and agents for any loss,
damage or Liability arising from, based upon or relating to any Released Matter.

 

		2.4	Facilitation with Restructuring; Change of Registration and Record.

 

		(a)	As promptly as practicable after the Closing (and in any event within thirty (30) days after the Closing),
Mr. Li shall, and shall cause his Affiliates to take all such action within his or its power as may be necessary or appropriate to (i)
effect the resignation of him and any of his Affiliates as legal representatives, directors, and officers of the Company or any of its
Affiliates, (ii) complete and effectuate the change of registration or record with all applicable Governmental Body, reflecting such resignation,
and (iii) notify key customers, key suppliers, joint venture partners, key distributors, key employees and creditors of the Company and
its Affiliates about such resignation. Notwithstanding the foregoing, Mr. Li shall, and shall cause his Affiliates to submit all necessary
applications and/or filings to the local branches of the State Administration of Market Regulation required to effect the change of legal
representatives of the PRC subsidiaries of the Company (if applicable) from him and any of its Affiliates to parties designated by the
Company within ten (10) Business Days after the Closing.

 

    4

     

    

 

		(b)	Mr. Li shall, and he shall cause his Affiliates to use their respective best efforts to cooperate with
and facilitate the Company and its subsidiaries with respect to restructuring of the PRC businesses of the Company, including providing
assistance with any asset sale or internal restructuring of the Company.

 

		2.5	Confidentiality; No Disparagement. Each of the Parties agrees that for a period of five (5) years
after the Closing Date (as defined under the Securities Repurchase Agreement), it shall, and it shall cause its Affiliates to, keep any
Confidential Information confidential and shall not disclose any Confidential Information to any third party without prior consent of
the other Parties, except that such disclosure is required in legal proceedings, subpoena, civil investigative or any other similar process.

 

		2.6	No Disparagement. Each of the Parties and their respective Affiliates agrees that for a period
of five (5) years after the Closing Date (as defined under the Securities Repurchase Agreement), such Party shall not, and they shall
cause their respective Affiliates not to, make any statement disparaging any of the other Parties, its subsidiaries or any of its officers,
directors, employees, shareholders or other service providers, or any product or service offered by such Party or its subsidiaries in
any manner.

 

    5

     

    

 

		3.	Governing Law; Dispute Resolution. This Agreement shall be governed by, and construed in accordance
with, the Laws of the State of New York without regard to its conflicts of law principles thereof. Any dispute, controversy or claim arising
out of or relating to this Agreement or its subject matter shall be finally settled by arbitration. The place and seat of arbitration
shall be Hong Kong, and the arbitration shall be administered by the Hong Kong International Arbitration Centre (the “HKIAC”)
in accordance with the HKIAC Administered Arbitration Rules then in force (the “HKIAC Rules”). The number of arbitrators
shall be three (3). Each Party shall appoint one arbitrator and the third arbitrator, who shall serve as chairperson of the arbitral tribunal,
shall be selected by the mutual agreement of the first two arbitrators. Any arbitrator that is not so appointed shall instead be appointed
in accordance with the HKIAC Rules. The language to be used in the arbitration proceedings shall be English. The award of the arbitral
tribunal shall be final, conclusive and binding upon the Parties. Judgment upon any award may be entered and enforced in any court having
jurisdiction over a Party or any of its assets. For the purpose of the enforcement of an award, the Parties irrevocably and unconditionally
submit to the jurisdiction of any competent court and waive any defenses to such enforcement, including any defenses based on lack of
personal jurisdiction or inconvenient forum.

 

		4.	Further Assurances. The Parties agree to execute such further instruments and to take such further
action as may be reasonably necessary to carry out the intent of this Agreement.

 

		5.	Miscellaneous. This Agreement may be executed and delivered (including by electronic transmission
in PDF format or by facsimile transmission) in one or more counterparts, and by the Parties in separate counterparts, each of which when
executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. This Agreement
shall be binding upon and inure solely to the benefit of each Party, and nothing in this Agreement, express or implied, is intended to
confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. If a provision
of this Agreement is held to be unenforceable under applicable laws, such provision shall be excluded from this Agreement and the remainder
of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms.

 

[Signature page follows]

 

    6

     

    

 

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

 

	 	RENESOLA LTD
	 	 
	 	 	   
	 	 	By:	Tan Wee Seng
	 	 	Title:	Director
	 	 	 

 

[Signature Page to Termination Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the Parties
have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	XIANSHOU LI    
	 	 
	 	By:	 
	 	 	Name: Xianshou Li
	     	 	 
	 	RENESOLA SINGAPORE PTE. LTD.    
	 	 
	 	By:	 
	 	 	Name:
	 	 	 Title:
	 	 	 
	 	CHAMPION ERA ENTERPRISES LIMITED    
	 	 
	 	By:	 
	 	 	Name:
	     	 	 Title:

 

[Signature Page to Termination Agreement]

 

     

     

    

 

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

 

	       	SHAH CAPITAL OPPORTUNITY FUND LP      
	 	 
	 	By:	 
	 	 	Name:	 Himanshu H. Shah
	 	 	Title:	Managing General Partner

 

[Signature Page to Termination Agreement]

 

     

     

    

 

Exhibit A

 

	Obligor	Obligee	Amount (RMB) Due from

 Obligor to Obligee
	Renesola (Zhejiang) PV Power Co., Ltd. (浙江锐能智慧能源有限公司)	Zhejiang Yuhui Solar Energy Source Co., Ltd. (浙江昱辉阳光能源有限公司)	[***]
	Yixing Rene Solar Power Co., Ltd. (宜兴市瑞尼光伏发电有限公司)	Zhejiang Yuhui Solar Energy Source Co., Ltd. (浙江昱辉阳光能源有限公司)	[***]
	Zhejiang Rene New Energy Co., Ltd. (浙江瑞能新能源有限公司)	Zhejiang Yuhui Solar Energy Source Co., Ltd. (浙江昱辉阳光能源有限公司)	[***]
	Sichuan Bobo Electric Power Engineering Ltd. (四川省波博电力工程有限公司)	Zhejiang Yuhui Solar Energy Source Co., Ltd. (浙江昱辉阳光能源有限公司)	[***]
	Total 	 	[***]

 

     

     

    

 

Exhibit B

 

	Obligor	Obligee	Amount
    (RMB) Due from

 Obligor to Obligee
	Renesola
    (Zhejiang) PV Power Co., Ltd. (浙江锐能智慧能源有限公司)	Zhejiang
    Yuhui Solar Energy Source Co., Ltd. (浙江昱辉阳光能源有限公司)	[***]
	Yixing
    Rene Solar Power Co., Ltd. (宜兴市瑞尼光伏发电有限公司)	Zhejiang
    Yuhui Solar Energy Source Co., Ltd. (浙江昱辉阳光能源有限公司)	[***]
	Zhejiang
    Rene New Energy Co., Ltd. (浙江瑞能新能源有限公司)	Zhejiang
    Yuhui Solar Energy Source Co., Ltd. (浙江昱辉阳光能源有限公司)	[***]
	Sichuan
    Bobo Electric Power Engineering Ltd. (四川省波博电力工程有限公司)	Zhejiang
    Yuhui Solar Energy Source Co., Ltd. (浙江昱辉阳光能源有限公司)	[***]
	Total
    	 	[***]

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