Document:

Form of Indemnification Agreement with the Registrant's directors

 Exhibit 10.2 
 INDEMNIFICATION AGREEMENT 
 This Indemnification Agreement (the “Agreement”) is entered
into as of                 , 2007 by and between ReneSola Ltd, a British Virgin Islands company (the “Company”), and the undersigned, a director and/or
officer of the Company (the “Indemnitee”). 
 RECITALS 
 1. The Company recognizes that highly competent persons are becoming more reluctant to serve corporations as directors or in other capacities unless they
are provided with adequate protection through insurance or adequate indemnification against risks of claims and actions against them arising out of their services to the corporation. 
 2. The Board of Directors of the Company (the “Board”) has determined that the inability to attract and retain highly competent persons to
serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them
arising out of their services to the corporation. 
 3. The Company is willing to indemnify the Indemnitee to the fullest extent permitted by
applicable law, and the Indemnitee is willing to serve and continue to serve the Company on the condition that he/she be so indemnified. 
 AGREEMENT 
 In consideration of the premises and the covenants contained herein, the Company and the Indemnitee do hereby
covenant and agree as follows: 
  

	A.	DEFINITIONS 

 The following terms shall have the meanings
defined below: 
 Expenses shall include damages, judgments, fines, penalties, settlements and costs, attorneys’ fees and
disbursements and costs of attachment or similar bond, investigations, and any expenses paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing
in, any Proceeding. 
 Indemnifiable Event means any event or occurrence that takes place either before or after the execution of this
Agreement, related to the fact that the Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director or an officer of another corporation, partnership, joint venture or other entity
or was a director or officer of an entity that was a predecessor of the Company or another entity at the request of such predecessor entity, or related to anything done or not done by the Indemnitee in any such capacity. 
 Participant means a person who is a party to, or witness or participant (including on appeal) in, a Proceeding. 

 Proceeding means any threatened, pending, or completed action, suit or proceeding, or any inquiry,
hearing or investigation, whether civil, criminal, administrative, investigative or other, in which the Indemnitee may be or may have been involved as a party or otherwise by reason of an Indemnifiable Event, including, without limitation, any
threatened, pending, or completed action, suit or proceeding by or in the right of the Company. 
  

	B.	AGREEMENT TO INDEMNIFY 

 1. General Agreement. In
the event the Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in, a Proceeding, the Company shall indemnify the Indemnitee from and against any and all Expenses which the Indemnitee incurs or becomes
obligated to incur in connection with such Proceeding, to the fullest extent permitted by applicable law. 
 2. Indemnification of
Expenses of Successful Party. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee has been successful on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding,
the Indemnitee shall be indemnified against all Expenses incurred in connection with such Proceeding or such claim, issue or matter, as the case may be, offset by the amount of cash, if any, received by the Indemnitee resulting from his/her success
therein. 
 3. Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the
Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which the Indemnitee is entitled. 
 4. Exclusions. Notwithstanding anything in this Agreement to the contrary, the Indemnitee shall not be entitled to indemnification under this
Agreement: 
 (a) to the extent that payment is actually made to the Indemnitee under a valid, enforceable and collectible insurance policy;

 (b) to the extent that Indemnitee is indemnified and actually paid other than pursuant to this Agreement; 
 (c) in connection with a judicial action by or in the right of the Company, in respect of any claim, issue or matter as to which the Indemnitee shall
have been adjudicated by final judgment in a court of law to be liable for gross negligence or willful misconduct in the performance of his/her duty to the Company unless and only to the extent that any court in which such action was brought shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such Expenses as such court shall deem proper; 
 (d) in connection with any Proceeding initiated by the Indemnitee against the Company, any director or officer of the Company, and not by way of defense,
unless (i) the Company has joined in or the Board has consented to the initiation of such Proceeding; or (ii) the Proceeding is one to enforce indemnification rights under this Agreement or any applicable law; 
  

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 (e) for a disgorgement of profits made from the purchase and sale by the Indemnitee of securities
pursuant to Section 16(b) of the Exchange Act or similar provisions of any applicable U.S. state statutory law or common law; 
 (f)
brought about by the dishonesty or fraud of the Indemnitee seeking payment hereunder; provided, however, that the Indemnitee shall be protected under this Agreement as to any claims upon which suit may be brought against him by reason of any alleged
dishonesty on his/her part, unless a judgment or other final adjudication thereof adverse to the Indemnitee establishes that he/she committed (i) acts of active and deliberate dishonesty, (ii) with actual dishonest purpose and intent, and
(iii) which acts were material to the cause of action so adjudicated; 
 (g) for any judgment, fine or penalty which the Company is
prohibited by applicable law from paying as indemnity; or 
 (h) arising out of the Indemnitee’s breach of an employment agreement with
the Company (if any) or any other agreement with the Company or any of its subsidiaries. 
 5. No Employment Rights. Nothing in this
Agreement is intended to create in the Indemnitee any right to continued employment with the Company. 
 6. Contribution. If the
indemnification provided in this Agreement is unavailable and may not be paid to the Indemnitee for any reason other than those set forth in Section 4, then the Company shall contribute to the amount of Expenses paid in settlement actually and
reasonably incurred and paid or payable by the Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and by the Indemnitee on the other hand from the transaction from which
such Proceeding arose, and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events which resulted in such Expenses, as well as any other relevant equitable considerations. The
relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata allocation or any other
method of allocation which does not take account of the foregoing equitable considerations. 
  

	C.	INDEMNIFICATION PROCESS 

 1. Notice and Cooperation By
the Indemnitee. The Indemnitee shall, as a condition precedent to his/her right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against the Indemnitee for which indemnification
will or could be sought under this Agreement, provided that the delay of the Indemnitee to give notice hereunder shall not prejudice any of the Indemnitee’s rights hereunder, unless such delay results in the Company’s forfeiture of
substantive rights or defenses. Notice to the Company shall be given in accordance with Section F.7 below. Notice to the Company shall be given in accordance with Section F.7 below. In addition, the Indemnitee shall give the Company such information
and cooperation as the Company may reasonably request. 
  

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 2. Indemnification Payment. 
 (a) Advancement of Expenses. The Indemnitee may submit a written request with reasonable specificity to the Company requesting that the Company
advance to the Indemnitee all Expenses that may be reasonably incurred by the Indemnitee in connection with a Proceeding as such Expenses are incurred. The Company shall, within ten (10) business days of receiving such a written request by the
Indemnitee, advance all requested Expenses to the Indemnitee. Any excess of the advanced Expenses over the actual Expenses will be returned to the Company. 
 (b) Reimbursement of Expenses. To the extent the Indemnitee has not requested any advanced payment of Expenses from the Company, the Indemnitee shall be entitled to receive reimbursement for the Expenses
incurred in connection with a Proceeding from the Company as soon as practicable after the Indemnitee makes a written request to the Company for reimbursement. 
 (c) Determination by the Reviewing Party. Notwithstanding anything foregoing to the contrary, in the event the Reviewing Party (as hereinafter defined) informs the Company that the Indemnitee is not entitled to
indemnification in connection with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by the Indemnitee for all the Expenses previously advanced or otherwise paid to the Indemnitee in connection with
such Proceeding; provided, however, that the Indemnitee may bring a suit to enforce his/her indemnification right in accordance with Section C.3 below. 
 3. Suit to Enforce Rights. Regardless of any action by the Reviewing Party, if the Indemnitee has not received full indemnification within 30 days after making a written demand in accordance with Section C.2
above, the Indemnitee shall have the right to enforce its indemnification rights under this Agreement by commencing litigation in any court of competent jurisdiction seeking a determination by the court or challenging any determination by the
Reviewing Party or any breach in any aspect of this Agreement. Any determination by the Reviewing Party not challenged by the Indemnitee and any judgment entered by the court shall be binding on the Company and the Indemnitee. 
 4. Assumption of Defense. In the event the Company is obligated under this Agreement to advance or bear any Expenses for any Proceeding against
the Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by the Indemnitee, upon delivery to the Indemnitee of written notice of its election to do so. After delivery of such notice, approval of
such counsel by the Indemnitee and the retention of such counsel by the Company, the Company will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently incurred by the Indemnitee with respect to the same
Proceeding, unless (i) the employment of counsel by the Indemnitee has been previously authorized by the Company, (ii) the Indemnitee shall have reasonably concluded, based on written advice of counsel, that there may be a conflict of
interest of such counsel retained by the Company between the Company and the Indemnitee in the conduct of any such defense, or (iii) the Company ceases or terminates the employment of such counsel with respect to the defense of such Proceeding,
in any of which events the fees and expenses of the Indemnitee’s counsel shall be at the expense of the Company. At all times, the Indemnitee shall have the right to employ counsel in any Proceeding at the Indemnitee’s expense. 

 

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 5. Defense to Indemnification, Burden of Proof and Presumptions. It shall be a defense to any
action brought by the Indemnitee against the Company to enforce this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify the Indemnitee for the amount claimed. In connection with any such action
or any determination by the Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination shall be on the Company. Neither the failure of the
Reviewing Party or the Company to have made a determination prior to the commencement of such action by the Indemnitee that indemnification is proper under the circumstances because the Indemnitee has met the standard of conduct set forth in
applicable law, nor an actual determination by the Reviewing Party or the Company that the Indemnitee had not met such applicable standard of conduct shall be a defense to the action or create a presumption that the Indemnitee has not met the
applicable standard of conduct. 
 6. No Settlement Without Consent. The Company shall not settle any Proceeding in any manner that
would impose any damage, loss, penalty or limitation on the Indemnitee without the Indemnitee’s prior written consent. Neither the Company nor the Indemnitee shall unreasonably withhold its consent to any proposed settlement, provided that the
Indemnitee may withhold his consent if any proposed settlement imposes any damage, loss, penalty or limitation on the Indemnitee. 
 7.
Company Participation. The Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the
defense of such action, unless such lack of opportunity does not result in the Company’s forfeiture of substantive rights or defenses. 
 8. Reviewing Party. 
 (a) For purposes of this Agreement, the Reviewing Party (the “Reviewing Party”) with respect
to each indemnification request of the Indemnitee shall be (A) the Board by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board consisting of Disinterested Directors
is not obtainable or, even if obtainable, said Disinterested Directors so direct, the Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee; and, if it is determined that the Indemnitee is
entitled to indemnification, payment to the Indemnitee shall be made within ten (10) days after such determination. The Indemnitee shall cooperate with the person, persons or entity making such determination with respect to the
Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is
reasonably available to the Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of the Board shall act reasonably and in good faith in making a determination under this Agreement of the Indemnitee’s
entitlement to indemnification. Any reasonable costs or expenses (including reasonable attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne
by the Company (irrespective of the determination as to the Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold the Indemnitee harmless therefrom. “Disinterested Director” means a
director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by the Indemnitee. 
  

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 (b) If the determination of entitlement to indemnification is to be made by the Independent Counsel, the
Independent Counsel shall be selected as provided in this Section 8(b). The Independent Counsel shall be selected by the Indemnitee (unless the Indemnitee shall request that such selection be made by the Board, in which event the Board by a
majority vote of Disinterested Directors shall select), and the Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, the Indemnitee or the Company, as the case may
be, may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company or to the Indemnitee, as the case may be, a written objection to such selection; provided, however, that such
objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 8(d) of this Agreement, and the objection shall set forth with
particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as
Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If the determination of entitlement to indemnification is to be made by the Independent Counsel, but within 20 days
after submission by the Indemnitee of a written request for indemnification, no Independent Counsel shall have been selected and not objected to, either the Company or the Indemnitee may petition the a court of competent jurisdiction for resolution
of any objection which shall have been made by the Company or the Indemnitee to the other’s selection of the Independent Counsel and/or for the appointment as the Independent Counsel of a person selected by the court or by such other person as
the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as the Independent Counsel. The Company shall pay any and all reasonable fees and expenses of the Independent Counsel
incurred by such Independent Counsel in connection with acting under this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 8(b), regardless of the manner in which such Independent
Counsel was selected or appointed. 
 (c) In making a determination with respect to entitlement to indemnification hereunder, the Reviewing
Party shall presume that the Indemnitee is entitled to indemnification under this Agreement if the Indemnitee has submitted a request for indemnification in accordance with this Agreement, and the Company shall have the burden of proof to overcome
that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or
without court approval), conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of the Indemnitee to indemnification or create
a presumption that the Indemnitee did not act in good faith and in a manner which he/she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that the Indemnitee had reasonable
cause to believe that his/her conduct was unlawful. For purposes of any determination of good faith, the Indemnitee shall be deemed to have acted in good faith if the Indemnitee’s action is based on the records or books of account of the
Company and any other corporation, partnership, joint venture or other entity of which the Indemnitee is or was serving at the written request of the Company as a director, officer, employee, agent 

  

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or fiduciary, including financial statements, or on information supplied to the Indemnitee by the officers and directors of the Company or such other
corporation, partnership, joint venture or other entity in the course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership, joint venture or other entity or on information or records given or
reports made to the Company or such other corporation, partnership, joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or such other
corporation, partnership, joint venture or other entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership, joint venture or other entity
shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement. The provisions of this Section 8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in
which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 
 (d) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent (i) the Company or the Indemnitee in
any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving
rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of
interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above. 
  

	D.	DIRECTOR AND OFFICER LIABILITY INSURANCE 

 1. Good Faith
Determination. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the
officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company’s performance of its indemnification obligations under this Agreement. 
 2. Coverage of the Indemnitee. To the extent the Company maintains an insurance policy or policies providing directors’ and officers’
liability insurance, the Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers. 
 3. No Obligation. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director and officer insurance
policy if the Company determines in good faith that such insurance is not reasonably available in the case that (i) premium costs for such insurance are disproportionate to the amount of coverage provided, (ii) the coverage provided by
such insurance is limited by exclusions so as to provide an insufficient benefit, or (iii) Indmnitee is covered by similar insurance maintained by a parent or subsidiary of the Company. 
  

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	E.	NON-EXCLUSIVITY; FEDERAL PREEMPTION; TERM 

 1.
Non-Exclusivity. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which the Indemnitee may be entitled under the Company’s current memorandum and articles of association, applicable law or any
written agreement between the Indemnitee and the Company (including its subsidiaries and affiliates). The indemnification provided under this Agreement shall continue to be available to the Indemnitee for any action taken or not taken while serving
in an indemnified capacity even though he/she may have ceased to serve in any such capacity at the time of any Proceeding. 
 2. Federal
Preemption. Notwithstanding the foregoing, both the Company and the Indemnitee acknowledge that in certain instances, U.S. federal law or public policy may override applicable law and prohibit the Company from indemnifying its directors and
officers under this Agreement or otherwise. Such instances include, but are not limited to, the U.S. Securities and Exchange Commission’s prohibition on indemnification for liabilities arising under certain U.S. federal securities laws. The
Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the SEC to submit the question of indemnification to a court in certain circumstances for a determination of the
Company’s right under public policy to indemnify the Indemnitee. 
 3. Duration of Agreement. All agreements and obligations of
the Company contained herein shall continue during the period the Indemnitee is a director and/or officer of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as the Indemnitee shall be subject to any Proceeding by reason of his/her former or current capacity at the Company or any other enterprise at the
Company’s request, whether or not he/she is acting or serving in any such capacity at the time any expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall continue in effect regardless of whether
the Indemnitee continues to serve as an officer and/or a director of the Company or any other enterprise at the Company’s request. 
  

	F.	MISCELLANEOUS 

 1. Amendment of this Agreement. No
supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not
similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement, no failure to exercise or any delay in exercising any right or remedy shall constitute a waiver. 
 2. Subrogation. In the event of payment to the Indemnitee by the Company under this Agreement, the Company shall be subrogated to the extent of
such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company to
bring suit to enforce such rights. 
 3. Assignment; Binding Effect. Neither this Agreement nor any of the rights or obligations
hereunder may be assigned by either party hereto without the prior written 

  

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consent of the other party; except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the
Company which assumes all obligations of the Company under this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company’s
successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company) and assigns, as well as the Indemnitee’s spouses, heirs, and
personal and legal representatives. As a condition to any purchase, merger, consolidation or other business combination transaction involving the Company, the Company’s successor shall expressly assume the obligations under this Agreement.

 4. Severability and Construction. Nothing in this Agreement is intended to require or shall be construed as requiring the Company
to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to a court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. In addition, if any portion of this
Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by applicable law. The parties hereto acknowledge that
they each have opportunities to have their respective counsels review this Agreement. Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity shall be construed in favor of or against either of
the parties hereto. 
 5. Counterparts. This Agreement may be executed in two counterparts, both of which taken together shall
constitute one instrument. 
 6. Governing Law. This agreement and all acts and transactions pursuant hereto and the rights and
obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, U.S.A., without giving effect to conflicts of law provisions thereof. 
 7. Notices. All notices, demands, and other communications required or permitted under this Agreement shall be made in writing and shall be deemed
to have been duly given if delivered by hand, against receipt, or mailed, postage prepaid, certified or registered mail, return receipt requested, and addressed to the Company at: 
 ReneSola Ltd 
 No. 8 Baoqun Road, YaoZhuang 
 Jiashan, Zhejiang 314117 
 People’s Republic of China 
 Attention: Mr. Xianshou Li, Chief Executive Officer 
 and to the Indemnitee at its last address
notified to the Company. 
 8. Entire Agreement. Except as set forth in Section E.1 above, this Agreement constitutes the entire
agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof. 
 (Signature page follows) 
  

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 IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date first written above. 
  

	
	COMPANY
	
	ReneSola Ltd
	
	  

	Name:
	Title:
	
	INDEMNITEE
	
	  

	Name:

  

 10Service Agreement among the Registrant, Zhejiang Yuhui and Xianshou Li

 Exhibit 10.3 
 DATED 22 MAY 2006 
 (1) ZHEJIANG YUHUI SOLAR ENERGY SOURCE CO., LTD. 
 (2) RENESOLA LTD 
 (3) LI XIAN SHOU

  
  
 SERVICE AGREEMENT 
  
  
 

 
 Pinsent Masons 

 CONTENTS 
  

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

 THIS AGREEMENT is made on the 22nd day of May 2006 
 BETWEEN: 
  

	(1)	ZHEJIANG YUHUI SOLAR ENERGY SOURCE CO., LTD., a company incorporated in the People’s Republic of China with the registered number 1016246 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)	LI XIAN SHOU (PRC Identity No. 330106196808010015), of ChengZhong Road, ZhuGang Town, YuHuan County, 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 Chief Executive Officer 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 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 Chief Executive Officer 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.

  

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	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.

  

	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 USD15,000 (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. 

  

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	7.	EXECUTIVE BENEFIT SCHEME 

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

	7.1	a car allowance of RMB120,000 per annum to be paid in cash; and 

  

	7.2	a housing allowance of RMB120,000 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. 

  

	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; 

  

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	 	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.

  

	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. 
  

 5 

	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, 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 

  

 6 

	 	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. 

  

	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. 

  

 7 

	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 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.

  

 8 

	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. 
  

 9 

 [EXECUTION PAGE BEGINS HERE] 
  

	
	 /s/ Xianshou Li

	 SIGNED by LI XIAN SHOU
 for and on behalf of

	ZHEJIANG YUHUI SOLAR ENERGY SOURCE CO., LTD.
	
	 /s/ Xianshou Li

	 SIGNED by LI XIAN SHOU
 for and on behalf
of

	RENESOLA LTD
	
	 /s/ Xianshou Li

	SIGNED by LI XIAN SHOU

  

 10

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