Document:

Registration Rights Agreement among the Registrant and other parties

 Exhibit 4.6 
  

 EXECUTION COPY 
  

 REGISTRATION RIGHTS AGREEMENT 
 among 
 CHINA SUNERGY CO., LTD. 
 and 
 THE INVESTORS LISTED HEREIN ON
SCHEDULE 1 
  

 Dated September 26, 2006 
  

  

  

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 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
	SECTION 1	  	INTERPRETATION	  	1
			
	SECTION 2	  	GENERAL; SECURITIES SUBJECT TO THIS AGREEMENT	  	4
			
	SECTION 3	  	DEMAND REGISTRATION	  	5
			
	SECTION 4	  	INCIDENTAL OR “PIGGY-BACK” REGISTRATION	  	6
			
	SECTION 5	  	FORM S-3 OR F-3 REGISTRATION	  	7
			
	SECTION 6	  	PROVISIONS APPLICABLE TO DEMAND REGISTRATIONS AND S-3 REGISTRATIONS	  	7
			
	SECTION 7	  	HOLDBACK AGREEMENTS	  	9
			
	SECTION 8	  	REGISTRATION PROCEDURES	  	9
			
	SECTION 9	  	INDEMNIFICATION; CONTRIBUTION	  	14
			
	SECTION 10	  	RULE 144	  	17
			
	SECTION 11	  	MISCELLANEOUS	  	17
			
	SCHEDULE 1	  	INVESTORS	  	
			
	SCHEDULE 2	  	SHAREHOLDERS’ AGREEMENT	  	

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 REGISTRATION RIGHTS AGREEMENT (this “Agreement”) made on the 26th day of September 2006

 AMONG: 
  

	(1)	CHINA SUNERGY CO., LTD., a company organized and existing under the laws of the Cayman Islands, with its registered office located at the offices of Codan Trust Company
(Cayman) Limited at Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681 GT, George Town, Grand Cayman, Cayman Islands) (the “Company”); and 

  

	(2)	THE INVESTORS (as hereinafter defined) as listed in Schedule 1 hereto. 

 The Company and the Investors are collectively referred to herein as the “Parties” and each individually, a “Party.” 
 RECITALS: 
  

	(A)	Pursuant to a Shareholders’ Agreement (as defined below) and other transaction documents entered into by and among the Parties and other relevant persons on even date herewith,
the Investors hold or have agreed to purchase certain Registrable Securities (as such terms is defined below) of the Company; and 

  

	(B)	The Parties wish to provide for certain matters relating to the registration of such Registrable Securities in anticipation of a future QIPO (as such term is defined in the
Shareholders’ Agreement). 

 AGREEMENT: 
 SECTION 1 
 INTERPRETATION 
  

	1.1	Capitalized terms used and not otherwise defined in this Agreement have the meanings set forth in the shareholders’ agreement entered into by among the Parties and other
relevant persons on even date herewith (the “Shareholders’ Agreement”), a copy of which is attached as Schedule 2 hereto. 

  

	1.2	In this Agreement, unless the context requires otherwise: 

 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in the State of New York, United States of America are authorized or required by law or executive order to close. 

“Closing Price” means, with respect to the Registrable Securities, as of the date of determination, (a) if the Registrable
Securities are listed on a national securities exchange, the closing price per share of a Registrable Security on such date published in The Wall Street Journal (National Edition) or, if no such closing price on such date is published in
The Wall Street Journal (National Edition), the average of the closing bid and asked prices on such date, as officially reported on the principal national securities exchange on which the Registrable Securities are then listed or admitted to
trading; or (b) if the Registrable Securities are not then listed or admitted to trading on any national securities exchange but are designated as national market system securities by the NASD, the last trading price per share of a Registrable
Security on such date; or (c) if there shall have been no trading on such date or if the Registrable Securities are not designated as national market system securities by the NASD, the average of the reported closing bid and asked prices of the
Registrable Securities on such date as shown by The Nasdaq Stock Market, Inc. (or its successor) and reported by any member firm of The New York Stock Exchange, Inc. selected by the Company; or (d) if none of (a), (b) or (c) is
applicable, a market price per share determined in good faith by the Board or, if such determination is not satisfactory to the Holder for whom such determination is being made, by an internationally recognized investment banking firm selected by
the Company and such Holder, the expenses for which shall be borne equally by the Company and such Holder. If trading is conducted on a continuous basis on any exchange, then the closing price shall be at 4:00 P.M. New York City time. 

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 “Commission” means the Securities and Exchange Commission of the United States or
any similar agency then having jurisdiction to enforce the Securities Act. 
 “Conversion Shares” means the Ordinary Shares
issued upon conversion of the Series A Preferred Shares, Series B Preferred Shares or Series C Preferred Shares. 
 “Designated
Holders” means PraxCapital Fund II, L.P., Exuberance Investment Limited, Gersec Trust Reg., China Environment Fund 2004, LP, OZ Master Fund, Ltd., OZ Asia Master Fund, Ltd., OZ Global Special Investments Master Fund, L.P. and Credit Suisse
Private Equity Partners Asia, L.P. 
 “Exchange Act” means the Securities Exchange Act of 1934 of the United States, as
amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Form S-3” means Form S-3 or Form F-3
under the Securities Act or any successor form thereto. 
 “Form S-4” means Form S-4 or Form F-4 under the Securities Act or
any successor form thereto. 
 “Holder” means a holder of Registrable Securities and shall include each Investor. 

“Investors” means all the persons listed on Schedule 1 hereto; and “Investor” means any one of them.

 “IPO Effectiveness Date” means the date upon which the Company completes an IPO. 
  

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 “Market Price” means, on any date of determination, the average of the daily Closing
Price of the Registrable Securities for the immediately preceding thirty (30) days on which the national securities exchanges are open for trading. 
 “NASD” means the National Association of Securities Dealers, Inc. 
 “Registrable
Securities” means (i) the Conversion Shares, (ii) any Ordinary Shares issued or issuable with respect to the Series A Preferred Shares, Series B Preferred Shares, Series C Preferred Shares or the Conversion Shares by way of stock
dividend or stock split or in connection with any combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise, and (iii) any other Ordinary Shares acquired by any Holder prior to the IPO Effectiveness
Date; provided that securities held by a Holder will cease to be Registrable Securities when (x) a Registration Statement covering such Registrable Securities has been declared effective under the Securities Act by the Commission and such
Registrable Securities have been disposed of pursuant to such effective Registration Statement or (y) the entire amount of the Registrable Securities may, in the opinion of counsel satisfactory to the Company and the Holder, be sold by such
Holder pursuant to Rule 144 (or any successor provision then in effect) under the Securities Act in a single sale without any limitation as to volume. 
 “Registration Statement” means a Registration Statement filed pursuant to the Securities Act. 
 “Series A Preferred Shares” means the series A convertible preferred shares, par value US$0.01 per share, in the capital of the Company. 
 “Series B Preferred Shares” means the series B convertible preferred shares, par value US$0.01 per share, in the capital of the Company. 
 “Series C Preferred Shares” means the series C convertible preferred shares, par value US$0.01 per share, in the capital of the Company.

 “Securities Act” means the Securities Act of 1933 of the United States, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “Underwriter” means an Approved Underwriter or a Company Underwriter. 
  

	1.3	The following terms are defined in the indicated Section: 

  

					
	“Agreement”	  	Preamble	 	
	“Company”	  	Preamble	 	
	“Approved Underwriter”	  	Section 6.2	 	
	“Company Underwriter”	  	Section 4.2	 	
	“Demand Registration”	  	Section 3.1	 	
	“Holders’ Counsel”	  	Section 8.1(a)	 	
	“Incidental Registration”	  	Section 4.1	 	
	“Indemnified Party”	  	Section 9.3	 	

  

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	“Indemnifying Party”	  	Section 9.3	 	
	“Initiating Holders”	  	Section 3.1	 	
	“Inspector” or the “Inspectors”	  	Section 8.1(g)	 	
	“Liability” or the “Liabilities”	  	Section 9.1	 	
	“Party” or the “Parties”	  	Preamble	 	
	“Records”	  	Section 8.1(g)	 	
	“Registration Expenses”	  	Section 8.3	 	
	“Shareholders’ Agreement”	  	Section 1.1	 	
	“S-3 Initiating Holders”	  	Section 5.1	 	
	“S-3 Registration”	  	Section 5.1	 	
	“Valid Business Reason”	  	Section 6.3	 	

  

	1.4	References herein to any Section is to such Section of this Agreement unless the context otherwise requires. 

  

	1.5	References to any Person shall, where the context permits, include such Person’s respective successors, legal representatives and permitted assigns. 

 

	1.6	The headings are inserted for convenience only and shall not affect the construction of this Agreement. 

  

	1.7	Unless the context requires otherwise, words importing the singular include the plural and vice versa, and pronouns importing a gender include each of the masculine, feminine and
neuter genders. 

  

	1.8	The words “hereof,” “hereunder” and “hereto,” and words of like import, refer to this Agreement as a whole and not to any
particular Section hereof. 

  

	1.9	The words “directly” or “indirectly” mean directly, or indirectly through one or more intermediary Persons or through contractual or other legal
arrangements, and “direct” or “indirect” have the correlative meanings. 

 SECTION 2

 GENERAL; SECURITIES SUBJECT TO THIS AGREEMENT 
  

	2.1	Grant of Rights. The Company shall grant registration rights to the Holders upon the terms and conditions set forth in this Agreement. 

  

	2.2	Holders of Registrable Securities. A Person is deemed to be a holder of Registrable Securities whenever such Person owns Registrable Securities, or holds an option to
purchase, or a security convertible into or exercisable or exchangeable for, Registrable Securities (including, without limitation, the Series A Preferred Shares, Series B Preferred Shares or Series C Preferred Shares) whether or not such
acquisition or conversion has actually been effected. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company may act upon the basis of the
instructions, notice or election received from the registered owner of such Registrable Securities. Registrable Securities issuable upon exercise of an option or upon conversion of another security (including, without limitation, the Series A
Preferred Shares, Series B Preferred Shares or Series C Preferred Shares) shall be deemed outstanding for the purposes of this Agreement. 

  

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 SECTION 3 
 DEMAND REGISTRATION 
  

	3.1	Request for Demand Registration. At any time on or after the date that is 180 days after the IPO Effectiveness Date, Designated Holders holding in the aggregate not less than
25% of the Registrable Securities then outstanding (the “Initiating Holders”) may make a written request to the Company to register, and the Company shall register, under the Securities Act (a “Demand Registration”)
the number of Registrable Securities specified in such request; provided, however, that the Company shall not be obligated to effect (x) more than three such Demand Registrations, (y) a Demand Registration if the Initiating
Holders propose to sell their Registrable Securities at an aggregate price (calculated based upon the Market Price of the Registrable Securities on the date of filing of the Registration Statement with respect to such Registrable Securities) to the
public of less than US$5,000,000 or (z) with respect to the holders of the Series C Preferred Shares only, a Demand Registration at any time following the fifth anniversary of the IPO Effectiveness Date. For purposes of the preceding sentence,
the filing of two or more Registration Statements in response to one demand shall be counted as one Demand Registration. Each request for a Demand Registration by the Initiating Holders shall state the amount of the Registrable Securities proposed
to be sold and the intended method of disposition thereof. 

  

	3.2	Inclusion of Registrable Securities in Demand Registration. Each Holder other than the Initiating Holders in respect of any Demand Registration shall have the right to have
all or any portion of its Registrable Securities included in such Demand Registration as provided in this Section 3.2. Within five (5) days after the receipt of a request for a Demand Registration from the Initiating Holder, the Company shall
(i) give written notice thereof to all of the Holders (other than such Initiating Holders) and (ii) subject to Section 6.1, include in such registration the number of Registrable Securities specified in each written request for inclusion
therein delivered by any Holder to the Company not later than ten (10) days after delivery to such Holders of the written notice referred to in section (i) above. The failure of any Holder to respond within such 10-day period referred to
in section (ii) above shall be deemed to be a waiver of such Holder’s rights under this Section 3 with respect to such Demand Registration. 

  

	3.3	Effective Demand Registration. The Company shall use its best efforts to cause a Registration Statement in respect of any Demand Registration to become effective not later
than sixty (60) days after the Company receives a request under Section 3.1. A registration shall not constitute a Demand Registration satisfying the Company’s obligations hereunder until the relevant Registration Statement has become
effective and remained continuously effective for the lesser of (i) the period during which all Registrable Securities registered in the Demand Registration are sold and (ii) 120 days; provided, however, that a registration
shall not constitute a Demand Registration satisfying the Company’s obligations hereunder if (x) after the relevant 

 Registration Statement has become effective, such registration or the related offer, sale or distribution of Registrable Securities thereunder is interfered with by any stop order, injunction or other order or requirement of the Commission
or other governmental agency or court for any reason not attributable to the Initiating Holders and such interference is not thereafter eliminated or (y) the conditions specified in the underwriting agreement, if any, entered into in connection
with such Demand Registration are not satisfied or waived, other than by reason of a failure by the Initiating Holder. 
  

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 SECTION 4 
 INCIDENTAL OR “PIGGY-BACK” REGISTRATION 
  

	4.1	Request for Incidental Registration. If at any time after the IPO Effectiveness Date the Company proposes to register any Ordinary Shares in connection with an offering by
the Company for its own account (other than a registration utilizing Form S-4 or S-8 or any successor thereto) or for the account of any shareholder of the Company other than a Holder, then each Holder (other than any Holders for whose account such
offering is proposed to be made) shall have the right to have all or any portion of its Registrable Securities included in such registration as provided in this Section 4.1 (an “Incidental Registration”). The Company shall
(i) give written notice of such proposed registration to each such Holder at least twenty (20) days before the anticipated filing date of the relevant Registration Statement, which notice shall describe the proposed registration and
distribution, and (ii) include in such registration the number of Registrable Securities specified in each written request for inclusion therein delivered by any Holder to the Company not later than ten (10) days of the receipt by such
Holders of such written notice referred to in section (i) above. The failure of any Holder to respond within such 10-day period referred to in section (ii) above shall be deemed to be a waiver of such Holder’s rights under this
Section 4 with respect to such registration. 

  

	4.2	Underwritten Offering. In connection with any Incidental Registration under Section 4.1 involving an underwritten offering, the Company shall not be required to include any
Registrable Securities in such underwritten offering unless the Holders thereof accept the terms of the underwritten offering as agreed upon between the Company, such other shareholders, if any, and the managing underwriter of such offering (the
“Company Underwriter”); provided, that no such terms shall impair the indemnification rights of the Holders granted under Section 9. If the Company Underwriter determines that the registration of all or part of the
Registrable Securities which the Holders have requested to be included would materially adversely affect the success of such offering, then the Company shall be required to include in such Incidental Registration, to the extent of the amount that
the Company Underwriter believes may be sold without causing such adverse effect, first, all of the securities to be offered for the account of the Company; second, the Registrable Securities to be offered for the account of the
Holders pursuant to this Section 4, pro rata based on the number of Registrable Securities owned by each such Holder; and third, any other securities requested to be included in such offering. 

  

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 SECTION 5 
 FORM S-3 OR F-3 REGISTRATION 
  

	5.1	Request for a Form S-3 Registration. At any time after the Company becomes eligible to use Form S-3 in connection with a public offering of its securities, Designated Holders
holding in the aggregate not less than five percent of the Registrable Securities then outstanding (the “S-3 Initiating Holders”) may make a written request to the Company to register, and the Company shall register, under the
Securities Act on Form S-3 (an “S-3 Registration”) the number of Registrable Securities specified in such request; provided, however, that the Company shall not be required to effect any registration pursuant to this
Section 5.1 (i) within ninety (90) days after the effective date of any other Registration Statement of the Company, (ii) if within the twelve (12) month period preceding the date of such request, the Company has effected two
(2) registrations on Form S-3 pursuant to this Section 5.1, (iii) if Form S-3 is not available for such offering by the S-3 Initiating Holders or (iv) if the Holders requesting inclusion of Registrable Securities in such registration propose to
sell such Registrable Securities at an aggregate price (calculated based upon the Market Price of the Registrable Securities on the date of filing of the Form S-3 with respect to such Registrable Securities) to the public of less than US$5,000,000.

  

	5.2	Inclusion of Registrable Securities in S-3 Registration. Each Holder other than the Initiating Holders in respect of any S-3 Registration shall have the right to have all or
any portion of its Registrable Securities included in such S-3 Registration as provided in this Section 5.2. Within five (5) days after the receipt of a request for a S-3 Registration from the Initiating Holder, the Company shall (i) give
written notice thereof to all of the Holders (other than such Initiating Holders) and (ii) subject to Section 6.1, include in such registration such number of Registrable Securities specified in each written request for inclusion therein
delivered by any Holder to the Company not later than ten (10) days after delivery to such Holders of the written notice referred to in section (i) above. The failure of any Holder to respond within such 10-day period referred to in
section (ii) above shall be deemed to be a waiver of such Holder’s rights under this Section 5 with respect to such S-3 Registration. 

  

	5.3	Effective S-3 Registration. The Company shall use its best efforts to cause a Registration Statement in respect of any S-3 Registration to become effective not later than
sixty (60) days after the Company receives a request under Section.5.1 

  

	5.4	No Demand Registration. No registration requested by any Holder pursuant to this Section 5 shall be deemed a Demand Registration pursuant to Section 3.

 SECTION 6 
 PROVISIONS APPLICABLE TO DEMAND REGISTRATIONS 
 AND S-3 REGISTRATIONS 
  

	6.1	Underwriting Procedures. If the Initiating Holders or the S-3 Initiating Holders, as the case may be, holding a majority of the Registrable Securities held by all of the
Initiating Holders or S-3 Initiating Holders, as the case may be, so elect, the Company shall use its reasonable best efforts to cause the relevant Demand Registration or S-3 Registration to be in the form of a firm commitment underwritten offering
and the managing underwriter or underwriters selected for such offering shall be the Approved Underwriter selected in accordance with Section 6.2. In connection with any Demand Registration or S-3 Registration involving an underwritten offering, the
Company shall not be required to include any Registrable Securities in such underwritten offering unless the Holders thereof accept the terms of the underwritten offering as agreed upon among the Company, the Approved Underwriter and the Initiating
Holders or S-3 Initiating Holders, as the case may be, and then only in such quantity as such underwriter believes will not jeopardize the success of such offering by the Holders. If the Approved Underwriter believes that the registration of all or
part of the Registrable Securities which the Holders have requested to be included would materially adversely affect the success of such public offering, then the Company shall be required to include in the underwritten offering, to the extent of
the amount that the Approved Underwriter believes may be sold without causing such adverse effect, first, all of the Registrable Securities to be offered for the account of the Holders, pro rata based on the number of Registrable Securities
owned by such Holders; and second, any other securities requested to be included in such offering. 

  

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	6.2	Selection of Underwriters. If any Demand Registration or S-3 Registration, as the case may be, of Registrable Securities is in the form of an underwritten offering, the
Initiating Holders or S-3 Initiating Holders, as the case may be, shall select an investment banking firm of international reputation to act as the managing underwriter of the offering (the “Approved Underwriter”); provided,
however, that the Approved Underwriter shall, in any case, also be approved by the Company, such approval not to be unreasonably withheld. 

  

	6.3	Delay or Withdrawal for Valid Business Reasons. If the Board, in its good faith judgment, determines that any Demand Registration or S-3 Registration would be seriously
detrimental to the Company because it would (1) materially interfere with a material financing, acquisition, corporate reorganization or merger or other material transaction involving the Company, (2) materially adversely impair the
consummation of any pending or proposed material offering or sale of any class of securities by the Company, or (3) require disclosure of material nonpublic information that, if disclosed at such time, would be materially harmful to the
interests of the Company and its shareholders and that it is therefore essential in the interests of the Company that such registration not proceed (a “Valid Business Reason”), the Company may (x) postpone filing a Registration
Statement relating to a Demand Registration until such Valid Business Reason no longer exists, but in no event for more than one hundred twenty (120) days, and (y) in case a Registration Statement has been filed relating to a Demand
Registration, if the Valid Business Reason has not resulted from actions taken by the Company, the Company, upon the approval of a majority of the Board, may cause such Registration Statement to be withdrawn and its effectiveness terminated or may
postpone amending or supplementing such Registration Statement. The Company shall give written notice of its determination to postpone or withdraw a Registration Statement and of the fact that the Valid Business Reason for such postponement or
withdrawal no longer exists, in each case, promptly after the occurrence thereof. Notwithstanding anything to the contrary contained herein, the Company may not postpone or withdraw a filing under this Section 6.3 more than once in any twelve
(12) month period. 

  

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 SECTION 7 
 HOLDBACK AGREEMENTS 
  

	7.1	Restrictions on Public Sale by Holders. If (i) requested (A) by the Company, the Initiating Holders or the S-3 Initiating Holders, as the case may be, in the case
of a non-underwritten public offering or (B) by the Approved Underwriter or the Company Underwriter, as the case may be, in the case of an underwritten public offering and (ii) all of the Company’s officers and directors, and all of
the Company’s shareholders holding more than one percent (1%) of the Company’s outstanding capital stock, execute agreements setting forth restrictions identical to those referred to in this Section 7.1, no Holder shall, during the
one hundred twenty (120) day period commencing on the effective date of any Registration Statement filed by the Company in connection with any public offering of shares of the same class as the Ordinary Shares, (x) effect any public sale
or distribution of any Registrable Securities (including without limitation a sale pursuant to Rule 144 under the Securities Act), except pursuant to such registration, or (y) make any request for a Demand Registration or S-3 Registration. No
Holder or officer, director or other shareholder shall be released from any obligation under this Section 7.1 or under any agreement setting forth restrictions similar to those set forth in this Section 7.1 unless all other Holders are also released
from their obligations under this Section 7.1. 

  

	7.2	Restrictions on Public Sale by the Company. The Company shall not effect any public sale or distribution of any of its securities (except pursuant to registrations on Form
S-4 or S-8 or any successor thereto), during the period beginning on the effective date of any Registration Statement in which the Holders of Registrable Securities are participating and ending on the earlier of (i) the date on which all
Registrable Securities registered pursuant to such Registration Statement are sold and (ii) 120 days after the effective date of such Registration Statement, except as part of the registration effected pursuant to such Registration Statement.

 SECTION 8 
 REGISTRATION PROCEDURES 
  

	8.1	Obligations of the Company. Whenever registration of Registrable Securities has been requested pursuant to Section 3, Section 4 or Section 5 of this Agreement, the Company
shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method of distribution thereof as quickly as practicable, and in connection with any such request, the Company shall, as
expeditiously as possible: 

  

	 	(a)	prepare and file with the Commission a Registration Statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form
shall be available for the sale of such Registrable Securities in accordance with the intended method of distribution thereof, and cause such Registration Statement to become effective; provided, however, that (x) before filing a
Registration Statement or prospectus or any amendments or supplements thereto, the Company shall provide one counsel selected by the Holders holding a majority of the Registrable Securities being registered in such registration
(“Holders’ Counsel”) and any other Inspector with an adequate and appropriate opportunity to review and comment on such Registration Statement and each prospectus included therein (and each amendment or supplement thereto) to
be filed with the Commission, subject to such documents being under the Company’s control, and (y) the Company shall notify the Holders’ Counsel and each seller of Registrable Securities of any stop order issued or threatened by the
Commission and take all action required to prevent the entry of such stop order or to remove it if entered; 

  

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	 	(b)	prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such
Registration Statement effective for the lesser of (x) 120 days and (y) such shorter period which will terminate when all Registrable Securities covered by such Registration Statement have been sold, and comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement;

  

	 	(c)	furnish to each seller of Registrable Securities, prior to filing a Registration Statement, at least one copy of such Registration Statement as is proposed to be filed, and
thereafter such number of copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits thereto), and the prospectus included in such Registration Statement (including each preliminary prospectus)
and any prospectus filed under Rule 424 under the Securities Act as each such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 

  

	 	(d)	register or qualify such Registrable Securities under such other securities or “blue sky” laws of such jurisdictions as any seller of Registrable Securities may request,
and to continue such qualification in effect in such jurisdiction for as long as permissible pursuant to the laws of such jurisdiction, or for as long as any such seller requests or until all of such Registrable Securities are sold, whichever is
shortest, and do any and all other acts and things which may be reasonably necessary or advisable to enable any such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller; provided,
however, that the Company shall not be required to (x) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 8.1(d), (y) subject itself to taxation in any such
jurisdiction or (z) consent to general service of process in any such jurisdiction; 

  

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	 	(e)	notify each seller of Registrable Securities at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the
happening of any event as a result of which, the prospectus included in such Registration Statement contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading and the Company shall promptly prepare a supplement or amendment to such prospectus and furnish to each seller of Registrable Securities a reasonable number of copies
of such supplement to or an amendment of such prospectus as may be necessary so that, after delivery to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

  

	 	(f)	enter into and perform customary agreements (including an underwriting agreement) in customary form with the Underwriter, if any, and take such other actions as are prudent and
reasonably required in order to expedite or facilitate the disposition of such Registrable Securities, including causing its officers to participate in “road shows” and other information meetings organized by the Approved Underwriter or
Company Underwriter; 

  

	 	(g)	make available at reasonable times for inspection by any seller of Registrable Securities, any Underwriter participating in any disposition of such Registrable Securities pursuant
to a Registration Statement, Holders’ Counsel and any attorney, accountant or other agent retained by any such seller or any Underwriter (each, an “Inspector” and collectively, the “Inspectors”), all financial
and other records, pertinent corporate documents and properties of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibilities, and
cause the Company’s and its subsidiaries’ officers, directors and employees, and the independent public accountants of the Company, to supply all information reasonably requested by any such Inspector in connection with such Registration
Statement; provided, that records that the Company determines, in good faith, to be confidential and which it notifies the Inspectors are confidential shall not be disclosed by the Inspectors (and the Inspectors shall confirm their agreement
in writing in advance to the Company if the Company shall so request) unless (x) the disclosure of such Records is necessary, in the Company’s judgment, to avoid or correct a misstatement or omission in the Registration Statement,
(y) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction after exhaustion of all appeals therefrom or (z) the information in such Records was known to the Inspectors prior to
its disclosure by the Company from sources not subject to any confidentiality obligation to the Company with respect to such information or such information has been made generally available to the public; and provided, further, that
each seller of Registrable Securities shall, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at the Company’s expense, to undertake appropriate
action to prevent disclosure of the Records deemed confidential; 

  

 11 

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	 	(h)	if such sale is pursuant to an underwritten offering, obtain “cold comfort” letters, dated the effective date of the Registration Statement and the date of the closing
under the underwriting agreement, from the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by “cold comfort” letters as Holders’ Counsel or the managing
underwriter reasonably requests; 

  

	 	(i)	furnish, at the request of any seller of Registrable Securities on the date such securities are delivered to the underwriters for sale pursuant to such registration or, if such
securities are not being sold through underwriters, on the date the Registration Statement with respect to such securities becomes effective, an opinion, dated such date, of counsel representing the Company for the purposes of such registration,
addressed to the underwriters, if any, and to the seller making such request, covering such legal matters with respect to the registration in respect of which such opinion is being given as the underwriters, if any, and such seller may reasonably
request and are customarily included in such opinions; 

  

	 	(j)	comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable but no later than fifteen
(15) months after the effective date of the Registration Statement, an earnings statement covering a period of twelve (12) months beginning after the effective date of the Registration Statement, in a manner which satisfies the provisions
of Section 11(a) of the Securities Act and Rule 158 thereunder; 

  

	 	(k)	cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed, provided that the applicable
listing requirements are satisfied; 

  

	 	(l)	keep Holders’ Counsel advised in writing as to the initiation and progress of any registration under Section 3, Section 4 or Section 5 hereunder; 

  

	 	(m)	cooperate with each seller of Registrable Securities and each underwriter participating in the disposition of such Registrable Securities and their respective counsel in connection
with any filings required to be made with the NASD; 

  

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	 	(n)	appoint a qualified independent underwriter, if necessary under the circumstances or if reasonably requested by the Holders of more than fifty percent (50%) of the Registrable
Securities included in any registration made pursuant to the terms hereof; and 

  

	 	(o)	take all other steps reasonably necessary to effect the registration of the Registrable Securities contemplated hereby. 

  

	8.2	Notice to Discontinue. Each Holder of Registrable Securities agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 8.1(e), such Holder shall forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Holder’s receipt of the copies of the supplemented or amended
prospectus contemplated by Section 8.1(e) and, if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the
prospectus covering such Registrable Securities which is current at the time of receipt of such notice. If the Company shall give any such notice, the Company shall extend the period during which such Registration Statement shall be maintained
effective pursuant to this Agreement (including, without limitation, the period referred to in Section 8.1(b)) by the number of days during the period from and including the date of the giving of such notice pursuant to Section 8.1(e) to and
including the date when sellers of such Registrable Securities under such Registration Statement shall have received the copies of the supplemented or amended prospectus contemplated by and meeting the requirements of Section 8.1(e).

  

	8.3	Registration Expenses. The Company shall pay all expenses arising from or incident to its performance of, or compliance with, the provisions set forth in this Agreement,
including, without limitation, (i) Commission, stock exchange and NASD registration and filing fees, (ii) all fees and expenses incurred in complying with securities or “blue sky” laws (including reasonable fees, charges and disbursements
of counsel to any underwriter incurred in connection with “blue sky” qualifications of the Registrable Securities as may be set forth in any underwriting agreement), (iii) all printing, messenger and delivery expenses, (iv) the fees,
disbursements and other charges of counsel to the Company and of the Company’s independent public accountants and any other accounting fees, charges and expenses incurred by the Company (including, without limitation, any expenses arising from
any “cold comfort” letters or any special audits incident to or required by any registration or qualification) and (v) any liability insurance or other premiums for insurance obtained in connection with any Demand Registration, Incidental
Registration or S-3 Registration pursuant to the provisions set forth in this Agreement, regardless of whether the relevant Registration Statement is declared effective, provided that the Company shall not be required to pay for any expenses of any
Demand Registration or S-3 Registration if the registration request is subsequently withdrawn at the request of a majority interest of the Holders requesting such registration (in which case all participating Holders shall bear such expenses pro
rata based upon the number of Registrable Securities that were to be thereby registered in the withdrawn registration). In addition, the Company shall bear reasonable fees, disbursements and other charges of one counsel to the Holders in connection
with any registration of Registrable Securities pursuant to this Agreement. All of the expenses described above in this Section 8.3 are referred to herein as “Registration Expenses.” The Holders of Registrable Securities sold
pursuant to a Registration Statement shall bear the expense of any broker’s commission or underwriter’s discount or commission relating to registration and sale of such Holders’ Registrable Securities and, except as provided above,
shall bear the fees, disbursements and other charges of their own counsel. Each Holder participating in a registration shall bear such Holder’s proportionate share (based on the total number of securities sold in such registration other than
for the account of the Company) of all discounts, commissions or other amounts payable to underwriters or brokers in connection with the relevant offering. 

  

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 SECTION 9 
 INDEMNIFICATION; CONTRIBUTION 
  

	9.1	Indemnification by the Company. The Company shall indemnify and hold harmless each Holder, its partners, directors, officers and Affiliates and each Person who controls
(within the meaning of Section 15 of the Securities Act) such Holder from and against any and all losses, claims, damages, liabilities and expenses, including without limitation fees, disbursements and other charges of counsel and costs of
investigation (each, a “Liability” and collectively, “Liabilities”) arising out of or based upon (i) any untrue, or allegedly untrue, statement of a material fact contained in any Registration Statement,
prospectus, preliminary prospectus, notification or offering circular (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto), (ii) any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading under the circumstances such statements were made, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, or
any other securities or other law of any jurisdiction, common law or otherwise, or any rule or regulation promulgated under the Securities Act, the Exchange Act or any such other laws, in connection with any offering of Registrable Securities
pursuant to a Registration Statement; except in each case insofar as such Liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission contained in such Registration Statement, preliminary
prospectus or final prospectus in reliance and in conformity with information concerning such Holder furnished in writing to the Company by such Holder expressly for use therein. The Company shall also indemnify, to the same extent as provided above
with respect to the indemnification of the Holders of Registrable Securities and otherwise as may be customary in connection with similar underwritings, each underwriter of the Registrable Securities, its officers, directors and employees and each
Person who controls (within the meaning of Section 15 of the Securities Act) such underwriter. 

  

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	9.2	Indemnification by Holders. In connection with any Registration Statement in which a Holder is participating pursuant to Section 3, Section 4 or Section 5 hereof, such Holder
shall promptly furnish to the Company in writing such information with respect to such Holder as the Company may reasonably request or as may be required by law for use in connection with any such Registration Statement or prospectus and all
information with respect to such Holder required to be disclosed in order to make the information previously furnished to the Company by such Holder not materially misleading or necessary to cause such Registration Statement not to omit a material
fact with respect to such Holder necessary in order to make the statements therein not misleading. Each Holder shall indemnify and hold harmless the Company, any underwriter underwriting a distribution of securities by the Company and each Person
who controls (within the meaning of Section 15 of the Securities Act) the Company or such underwriter from and against any Liabilities arising out of or based upon (i) any untrue, or allegedly untrue, statement of a material fact contained in
any Registration Statement, prospectus, preliminary prospectus, notification or offering circular (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or (ii) any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading under the circumstances such statements were made, but in each case only to the extent that such statement, omission or alleged
omission was made in reliance upon and in conformity with information with respect to such Holder furnished in writing to the Company by such Holder expressly for use in such Registration Statement, prospectus, preliminary prospectus, notification
or offering circular; provided that the total amount to be indemnified by such Holder pursuant to this Section 9.2 shall be limited to the net proceeds received by such Holder in the offering to which the Registration Statement or prospectus
relates; provided, however, that such limitation shall not apply in the case of willful fraud by such Holder. 

  

	9.3	Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder (the “Indemnified Party”) agrees to give prompt written notice to
the indemnifying Party (the “Indemnifying Party”) after the receipt by the Indemnified Party of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof made in writing for which the
Indemnified Party intends to claim indemnification or contribution pursuant to this Agreement; provided, however, that the failure so to notify the Indemnifying Party shall not relieve the Indemnifying Party of any Liability that it
may have to the Indemnified Party hereunder (except to the extent that the Indemnifying Party is materially prejudiced or otherwise forfeits substantive rights or defenses by reason of such failure). If notice of commencement of any such action is
given to the Indemnifying Party as above provided, the Indemnifying Party shall be entitled to participate in and, to the extent it may elect, jointly with any other Indemnifying Party similarly notified, to assume the defense of such action at its
own expense, with counsel chosen by it and reasonably satisfactory to such Indemnified Party; provided, that the Indemnifying Party shall not have the right to assume the defense of any such action if (i) the named parties to such action
(including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and the Indemnified Party has been advised by counsel that representation of the Indemnified Party and the Indemnifying Party by the same counsel would
be inappropriate under applicable standards of professional conduct or that there may be one or more legal defenses available to the Indemnified Party that are different from or additional to those available to the Indemnifying Party, (ii) the
Indemnifying Party fails to assume the defense of such action promptly with counsel approved by the Indemnified Party as provided above or (iii) the Indemnifying Party is unable to provide evidence reasonably satisfactory to the Indemnified
Party of its financial capacity to fulfill its indemnification obligations hereunder. If the Indemnifying Party assumes the defense of any such action, the Indemnified Party shall have the right to employ separate counsel in any such action and
participate in the defense thereof, but the fees and expenses of such counsel shall be paid by the Indemnified Party except in the circumstances described in clause (i) of the immediately preceding sentence. If the Indemnifying Party does not
assume the defense of any such action, it shall not be liable for the fees, disbursements and other charges of more than one separate firm of attorneys (in addition to local counsel) for all Indemnified Parties similarly situated in such action,
except to the extent that any Indemnified Party is advised by counsel that representation of all Indemnified Parties by the same counsel would be inappropriate under applicable standards of professional conduct or that there may be one or more legal
defenses available to such Indemnified Party that are inconsistent with those available to other Indemnified Parties. No Indemnifying Party shall be liable for any settlement entered into without its written consent, which consent shall not be
unreasonably withheld. No Indemnifying Party shall, without the consent of such Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which such Indemnified Party is a Party and has sought indemnification
hereunder unless such settlement includes an unconditional release of such Indemnified Party from all liability for claims that are the subject matter of such proceeding. 

  

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	9.4	Contribution. If the indemnification provided for in this Section 9 from the Indemnifying Party is held by a court of competent jurisdiction to be unavailable to an
Indemnified Party hereunder in respect of any Liabilities referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such
Liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions which resulted in such Liabilities, as well as any other relevant equitable considerations.
The relative faults of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the Parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such action. The amount paid or payable by a Party as a result of the Liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections 9.1, 9.2 and 9.3, any legal or other fees, charges or expenses
reasonably incurred by such Party in connection with any investigation or proceeding; provided that the total amount to be contributed by such Holder shall be limited to the net proceeds received by such Holder in the offering.

  

 16 

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	9.5	The Parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 9.4 were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

 SECTION 10 
 RULE 144 
  

	10.1	From and after the IPO Effectiveness Date, the Company shall (a) file any reports required to be filed by it under the Exchange Act, (b) make and keep public information
available, as those terms are understood or defined under Rule 144 and (c) take such further action as each Holder of Registrable Securities may reasonably request (including providing any information necessary to comply with Rule 144 under the
Securities Act), all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under the
Securities Act, as such rule may be amended from time to time, or Regulation S under the Securities Act or (ii) any similar rules or regulations hereafter adopted by the Commission. The Company shall, upon the request of any Holder, deliver to
such Holder a written statement as to whether it has complied with such requirements. 

 SECTION 11 
 MISCELLANEOUS 
  

	11.1	Recapitalizations, Exchanges, etc. The provisions of this Agreement shall apply to the full extent set forth herein with respect to (i) the Ordinary Shares,
(ii) any and all Ordinary Shares into which the Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares are converted, exchanged or substituted in any recapitalization or other capital reorganization by the Company
and (iii) any and all equity securities of the Company, any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in conversion of, in exchange for or in
substitution of, the Shares. The Company shall cause any successor or assign (whether by merger, consolidation, sale of assets or otherwise) to enter into a registration rights agreement with the Holders on terms substantially the same as this
Agreement as a condition of any such transaction. 

  

	11.2	No Inconsistent Agreements. The Company shall not enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this
Agreement or grant any additional registration rights to any Person or with respect to any securities which are not Registrable Securities which are prior in right to or inconsistent with the rights granted in this Agreement

  

 17 

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	11.3	Remedies. The Holders, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall be entitled to specific performance of their
rights under any registration rights agreement incorporating the provisions of this Agreement. The Company will agree in such agreement that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of
such provisions and will agree to waive in any action for specific performance the defense that a remedy at law would be adequate. 

  

	11.4	Successors and Assigns; Third Party Beneficiaries. Any registration rights agreement incorporating the provisions of this Agreement shall inure to the benefit of and be
binding upon the heirs, legatees, legal representatives, successors and permitted assigns of each of the Parties thereto as hereinafter provided. The rights of each Holder shall be, with respect to any Registrable Security, automatically transferred
to any Person who is the transferee of such Registrable Security, provided such transfer does not violate any restrictions imposed in the Shareholders Agreement. All of the obligations of the Company under such agreement shall survive any such
transfer. Except as provided in Section 9, no Person other than the Parties to such agreement and their heirs, legatees, legal representatives, successors and permitted assigns will be a beneficiary of any of the rights granted thereunder.

  

	11.5	Notices. All notices, demands and other communications provided for or permitted hereunder shall be deemed to have been duly given when delivered by hand, if personally
delivered; when delivered by courier, if delivered by commercial courier service; seven (7) Business Days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged, if telecopied.

  

	11.6	Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

  

	11.7	GOVERNING LAW. ANY REGISTRATION RIGHTS AGREEMENT INCORPORATING THE PROVISIONS OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, UNITED STATES OF AMERICA, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW OF ANY JURISDICTION. 

  

	11.8	Arbitration. 

  

	 	(a)	Any dispute, controversy or claim arising out of or relating to this Agreement, or the performance, interpretation, breach, termination or validity hereof (a
“Dispute”), shall be resolved through friendly consultation. Such consultation shall begin immediately after one Party has delivered to the other Parties a written request for such consultation stating specifically the nature of the
Dispute. If within 30 days following the date on which such notice is received the Dispute has not been resolved, the Dispute shall be submitted to and finally resolved by arbitration by a Party (the “Claimant”) giving written notice to
the other Parties (the “Respondent”). 

  

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	 	(b)	The arbitration shall be conducted in Hong Kong at the Hong Kong International Arbitration Centre (the “Centre”). 

  

	 	(c)	There shall be three arbitrators. The Claimant shall appoint one arbitrator and the Respondent shall appoint one arbitrator. The third arbitrator shall act as the presiding
arbitrator and shall be appointed by agreement of the Party-appointed arbitrators. If no agreement on such appointment can be reached within 30 days after the appointment of the later of the two Party appointed arbitrators, the Centre, which shall
act as the appointing authority, shall make the appointment. 

  

	 	(d)	The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Arbitration Rules of the United Nations Commission on International Trade Law in
effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this Section 11.8, upon agreement by the Centre as provided in the rules of the Centre, the provisions of this Section 11.8 shall prevail.

  

	 	(e)	Each Party shall cooperate with the other Parties in making full disclosure of and providing complete access to all information and documents requested by the other Parties in
connection with such proceedings, subject only to relevance, privilege and any confidentiality obligations binding on such Party. 

  

	 	(f)	The award of the arbitration tribunal shall be final and binding upon the Parties, and the winning Party may, at the cost and expenses of the losing Party, apply to any court of
competent jurisdiction for enforcement of such award. 

  

	 	(g)	Each Party irrevocably consents to the service of process, notices or other paper in connection with or in any way arising from the arbitration or the enforcement of any arbitral
award, by use of any of the methods and to the addresses for the giving of notices set forth in Section 11.5. Nothing contained herein shall affect the right of any Party to serve such processes, notices or other papers in any other manner
permitted by applicable law. 

  

	11.9	Further Assurances. Each of the Parties to any registration rights agreement incorporating the provisions of this Agreement will agree to execute such documents and perform
such further acts as may be reasonably required or necessary to carry out or to perform the provisions of this Agreement. 

 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 
  

 19 

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

 

			
	CHINA SUNERGY CO., LTD.
		
	By:	 	 /s/ Lu Tingxiu

	Name:	 	
	Title:	 	
	
	PRAXCAPITAL FUND II, L.P.
	By:
	its: General Partner
		
	By:	 	 /s/ Jeff Yao

	Name:	 	JEFF YAO
	Title:	 	PARTNER
	
	EXUBERANCE INVESTMENT LIMITED
		
	By:	 	 /s/ Mark Qiu

	Name:	 	
	Title:	 	
	
	GERSEC TRUST REG.
		
	By:	 	 /s/ Germano Valle

	Name:	 	GERMANO VALLE
	Title:	 	TRUSTEE
	
	CHINA ENVIRONMENT FUND 2004, LP
	By:	 	
	its: General Partner
		
	By:	 	 /s/

	Name:	 	
	Title:	 	

			
	OZ MASTER FUND, LTD.
		
	By:	 	 OZ Management, L.L.C.,
 its Investment
Manager

		
	By:	 	 /s/ Joel M. Frank

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer
	
	OZ ASIA MASTER FUND, LTD.
		
	By:	 	 OZ Management, L.L.C.,
 its Investment
Manager

		
	By:	 	 /s/ Joel M. Frank

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer
	
	OZ GLOBAL SPECIAL INVESTMENTS MASTER FUND, L.P.
		
	By:	 	 OZ Advisors, L.L.C.,
 its General
Partner

	By:	 	 Och-Ziff Associates, L.L.C.,
 its Managing
Member

		
	By:	 	 /s/ Joel M. Frank

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer
	
	CREDIT SUISSE PRIVATE EQUITY PARTNERS ASIA, L.P.
		
	By:	 	Credit Suisse First Boston (Cayman) Management Limited, its General Partner
		
	By:	 	 /s/ Heath Zarin

	Name:	 	Heath Zarin
	Title:	 	Authorized Signatory

 SCHEDULE 1 
 INVESTORS 
 Praxcapital Fund II, L.P. 
 Exuberance Investment Limited 
 Gersec Trust Reg. 
 China Environment Fund 2004, LP 
 OZ Master Fund, Ltd. 
 OZ Asia Master Fund, Ltd. 
 OZ Global Special Investments Master Fund, L.P. 
 Credit Suisse Private Equity Partners Asia, L.P. 
  

 1 

 SCHEDULE 2 
 SHAREHOLDERS’ AGREEMENT 
  

 2Sale and Purchase Agreement among the Registrant, Sunergy BVI and other parties

 Exhibit 4.7 
 ELITE SHINE GROUP LIMITED 
 SMOOTH KING INVESTMENTS LIMITED 
 BRIGHTEST POWER HOLDINGS LIMITED 
 TALENT DAY INVESTMENTS LIMITED 
 LUCK GREAT INVESTMENTS LIMITED 
 DEUTSCHE BANK AG ACTING THROUGH ITS LONDON BRANCH 
 PRAXCAPITAL FUND II, L.P.

 EXUBERANCE INVESTMENT LIMITED 
 GERSEC TRUST REG. 
 CHINA ENVIRONMENT FUND 2004, LP 
 CHINA SUNERGY CO., LTD. (BVI) 
 and 
 CHINA SUNERGY CO., LTD. (CAYMAN) 
  

 Sale and Purchase Agreement 
 in relation to the entire issued share capital of 
 CHINA SUNERGY CO., LTD. (BVI) 
 Dated as of August 29, 2006 
  

  

 INDEX 
  

					
	 1.
	  	INTERPRETATION	  	2
			
	 2.
	  	SALE AND PURCHASE OF THE SALE SHARES	  	3
			
	 3.
	  	CONSIDERATION	  	4
			
	 4.
	  	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS OF THE VENDORS, BVI COMPANY AND PURCHASER	  	4
			
	 5.
	  	COMPLETION	  	5
			
	 6.
	  	POST COMPLETION EFFECT	  	6
			
	 7.
	  	FURTHER ASSURANCE AND ASSISTANCE	  	6
			
	 8.
	  	DOCUMENTS CONSTITUTING AGREEMENT	  	6
			
	 9.
	  	CONFIDENTIALITY	  	7
			
	 10.
	  	NOTICES AND OTHER COMMUNICATIONS	  	7
			
	 11.
	  	COSTS AND EXPENSES	  	8
			
	 12.
	  	COUNTERPARTS	  	8
			
	 13.
	  	GOVERNING LAW AND DISPUTE RESOLUTION	  	8
			
	 14.
	  	AMENDMENTS	  	9
			
	 15.
	  	SUCCESSORS AND ASSIGNS	  	9
		
	 SCHEDULE 1 - PARTICULARS OF THE BVI COMPANY
	  	13
		
	 SCHEDULE 2 - WARRANTIES
	  	16
		
	 SCHEDULE 3 - FORM OF THE RESOLUTIONS IN WRITING OF MEMBER OF CHINA SUNERGY CO., LTD. (CAYMAN).
	  	20
		
	 SCHEDULE 4 - FORM OF BOARD RESOLUTIONS OF CHINA SUNERGY CO., LTD. (CAYMAN).
	  	22
		
	 SCHEDULE 5 - FORM OF AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION OF CHINA SUNERGY CO., LTD.
(CAYMAN).
	  	26
		
	 SCHEDULE 6 - FORM OF BOARD RESOLUTIONS OF CHINA SUNERGY CO., LTD. (BVI)
	  	27

 THIS AGREEMENT is made this 29th day of August 2006 
 AMONG 
  

	(1)	ELITE SHINE GROUP LIMITED of P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Elite Shine”);

  

	(2)	SMOOTH KING INVESTMENTS LIMITED of P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Smooth King”);

  

	(3)	BRIGHTEST POWER HOLDINGS LIMITED of P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Brightest Power”);

  

	(4)	TALENT DAY INVESTMENTS LIMITED of P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Talent Day”);

  

	(5)	LUCK GREAT INVESTMENTS LIMITED of P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Luck Great”);

  

	(6)	PRAXCAPITAL FUND II, L.P. of M&C Corporate Services Limited, P.O. Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands
(“PraxCapital”); 

  

	(7)	EXUBERANCE INVESTMENT LIMITED of c/o: China Renaissance Capital Investment, Suite 305 – 307 St. George’s Building, 2 Ice House Street, Hong Kong
(“Exuberance”); 

  

	(8)	GERSEC TRUST REG. of Meierhostrasse 5, Vaduz FI-9490, Liechtenstein (“Gersec”); 

  

	(9)	CHINA ENVIRONMENT FUND 2004, LP of c/o: Tsinghua Venture Capital Management Co., Ltd., A2302, SP Tower, Tsinghua Science Park, Beijing, P. R. China (“China
Environment Fund”); 

  

	(10)	DEUTSCHE BANK AG ACTING THROUGH ITS LONDON BRANCH, a branch of Deutsche Bank AG registered under the laws of the United Kingdom with its legal address at Winchester House, 1
Great Winchester Street, London EC2N 2DB, United Kingdom (“Deutsche Bank”); 

 (together known as the
“Vendors” or individually the “Vendor”) 
  

	(11)	BVI COMPANY (as defined below); 

 and 
  

	(11)	CHINA SUNERGY CO., LTD. (CAYMAN), a company incorporated in the Cayman Islands whose registered office is situated at the offices of Codan Trust Company (Cayman) Limited,
Cricket Square, Hutchins Drive, P.O. Box 2681 GT, George Town, Grand Cayman, Cayman Islands (the “Purchaser”). 

 PRELIMINARY 
  

	(A)	WHEREAS, the Vendors together are the registered owners of the entire issued share capital of the BVI Company (as hereafter defined). 

  

	(B)	WHEREAS, in preparation for a proposed initial public offering and concurrent listing on The Nasdaq Stock Market, Inc. or other internationally recognized stock exchange, the BVI
Company (as hereafter defined) intends to reorganize such that the BVI Company becomes a wholly owned subsidiary of the Purchaser by virtue of the existing shareholders of the BVI Company selling all of their shares of the BVI Company to the
Purchaser in exchange for the same proportional equity interests in the Purchaser as their proportional shareholdings in the BVI Company (the “Share Swap”). 

  

	(C)	WHEREAS, subsequent to the Share Swap, the ordinary shares of the Purchaser will be listed on The Nasdaq Stock Market, Inc. or other internationally recognized stock exchange.

  

	(D)	WHEREAS, the Vendors, who constitute all of the existing shareholders of the BVI Company, and the Purchaser have agreed to a sale and purchase of the Sale Shares (as hereafter
defined) on the following terms and conditions. 

 IT IS AGREED AS FOLLOWS : 
  

	1.	INTERPRETATION 

  

	1.1	In this Agreement, unless the context otherwise requires, the following expressions shall have the respective meanings set opposite thereto: 

 “Approval” means any consent, approval, authorization, waiver, permit, grant, franchise, concession, agreement, license, exemption or
order of, registration, certificate, declaration or filing with, or report or notice required to be secured from any government or any agency, bureau, board, commission, court, department, official, political subdivision, tribunal or other
instrumentality of any government (including the government of the PRC and any other relevant jurisdiction). 
 “BVI Company”
means China Sunergy Co., Ltd. (BVI), brief particulars of which are set out in Schedule 1, Part A; 
 “Completion” means the
completion of the sale and purchase of the Sale Shares in accordance with the provisions of this Agreement; 
 “Completion
Date” means the date on which Completion takes place; 
 “Consideration Shares” means an aggregate of
(i) 1,045,435 fully paid up, validly issued and nonassessable ordinary shares of US$0.01 each in the capital of the Purchaser, of which 391,841 ordinary shares, 212,957 ordinary shares, 203,039 ordinary shares, 86,399 ordinary shares, 97,199
ordinary shares and 54,000 ordinary shares are to be issued and allotted to Elite Shine, Smooth King, Brightest Power, Talent Day, Luck Great and Deutsche Bank, respectively, (ii) 128,473 fully paid up, validly issued and nonassessable Series A
Preferred Shares of US$0.01 each in the capital of the Purchaser to be issued and allotted to PraxCapital; and (iii) 239,051 fully paid up, validly issued and nonassessable Series B Preferred Shares of US$0.01 each in the capital of the
Purchaser, of which 192,095 Series B Preferred Shares, 21,344 Series B Preferred Shares and 25,612 Series B Preferred Shares are to be issued and allotted to Exuberance, Gersec and China Environment Fund, respectively. 

 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC; 
 “PRC” means the People’s Republic of China; 
 “Sale Shares” means an aggregate of (i) 1,045,440 fully paid up, validly issued and nonassessable ordinary shares of US$0.01 each in the capital of the BVI Company, of which 391,842 ordinary
shares, 212,958 ordinary shares, 203,040 ordinary shares, 86,400 ordinary shares, 97,200 ordinary shares and 54,000 ordinary shares are to be sold by Elite Shine, Smooth King, Brightest Power, Talent Day, Luck Great and Deutsche Bank respectively,
(ii) 128,473 fully paid up, validly issued and nonassessable Series A Preferred Shares of US$0.01 each in the capital of the BVI Company to be sold by PraxCapital; and (iii) 239,051 fully paid up, validly issued and nonassessable Series B
Preferred Shares of US$0.01 each in the capital of the BVI Company, of which 192,095 Series B Preferred Shares, 21,344 Series B Preferred Shares and 25,612 Series B Preferred Shares are to be sold by Exuberance, Gersec and China Environment Fund,
respectively. 
 “Securities and Exchange Commission” means the United States Securities and Exchange Commission; 

“US$” means United States dollars; and 
  

	1.2	Any reference to a Clause, sub-clause or Schedule (other than to a Schedule to a statutory provision) is a reference to a Clause or a sub-clause or Schedule to this Agreement and
the Schedules form part of and are deemed to be incorporated into this Agreement. 

  

	1.3	Words denoting the singular number or the masculine shall include the plural or the feminine or neuter and vice versa. 

  

	1.4	Any reference to an ordinance, statute, legislation or enactment shall be construed as a reference to such ordinance, statute, legislation or enactment as may be amended or
re-enacted from time to time and for the time being in force. 

  

	1.5	The headings to the Clauses of this Agreement are for ease of reference only and shall be ignored in interpreting this Agreement. 

  

	2.	SALE AND PURCHASE OF THE SALE SHARES  

 Subject to
the terms and conditions set forth in this Agreement, each Vendor agrees to sell, assign, transfer and deliver to the Purchaser on the Completion Date, severally, but not jointly, and also consents to other Vendors’ selling, assigning,
transferring and delivering to the Purchaser (including waiving any right of first refusal or other restriction thereon), and the Purchaser agrees to purchase from each Vendor on the Completion Date, the number of shares set forth opposite the name
of such Vendor under “Owners of the Sale Shares” on Schedule 1, Part A hereto. 

	3.	CONSIDERATION 

  

	3.1	The total consideration for the sale by the Vendors of the Sale Shares shall be the allotment and issue by the Purchaser pursuant to the terms of Clause 3.2 to each of the Vendors
of such number of Consideration Shares as is set forth next to the name of the respective Vendor in Columns 2, 3 and 4 of Schedule 1, Part B. 

  

	3.2	The Consideration Shares shall be allotted and issued as fully paid, validly issued and nonassessable and shall have such rights, preferences and privileges as set forth in the
Purchaser’s Amended and Restated Memorandum and Articles of Association in the form attached hereto as Schedule 5. 

  

	4.	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS OF THE VENDORS, BVI COMPANY AND PURCHASER 

  

	4.1	Each of the Vendors hereby severally represents, warrants and undertakes to the Purchaser that each of the matters set out in Schedule 2, Part A (each of the warranties being
hereinafter referred to as a “Vendor Warranty” and together as the “Vendor Warranties”) is true and correct in all respects as of the date of this Agreement and as of the Completion Date and acknowledges that the
Purchaser is entering into this Agreement in reliance upon the Vendor Warranties and that the Purchaser shall be entitled to treat the Vendor Warranties as conditions of this Agreement. 

  

	4.2	Each of the BVI Company and Purchaser (collectively, the “Company Group”) hereby jointly and severally represent, warrant and undertake to each of the Vendors that
each of the matters set out in Schedule 2, Part B (each of the warranties being hereinafter referred to as a “Company Warranty” and together as the “Company Warranties” and collectively with the Vendor Warranties,
the “Warranties”) is true and correct in all respects as of the date of this Agreement and as of the Completion Date and acknowledge that each of the Vendors is entering into this Agreement in reliance upon the Company Warranties
and that each of the Vendors shall be entitled to treat the Company Warranties as conditions of this Agreement. 

  

	4.3	Each of the Warranties set out in each sub-paragraph of Schedule 2 hereto shall be separate and independent and save as expressly provided shall not be limited by reference to any
other sub-paragraph or anything in this Agreement or the Schedules hereto. 

  

	4.4	The Purchaser’s rights in respect of each of the Vendor Warranties shall survive Completion and continue in full force and effect notwithstanding Completion.

  

	4.5	The rights of each of the Vendors in respect of each of the Company Warranties shall survive Completion and continue in full force and effect notwithstanding Completion.

	5.	COMPLETION 

  

	 5.1
	 Completion shall take place at the offices of Latham & Watkins, LLP at 41st Floor, One Exchange Square, 8 Connaught Place, Central, Hong Kong or such other place as the parties may agree forthwith upon the execution of this
Agreement, when all the following business will be simultaneously transacted: 

  

	 	5.1.1	each of the Vendors shall: 

  

	 	(a)	procure its execution of this Agreement and the Agreement for the Transfer and Assumption of Obligations under the Subscription Agreement, the Shareholders’ Agreement and the
Registration Rights Agreement of equal date hereof (the “Assumption Agreement”). 

  

	 	5.1.2	the Purchaser shall: 

  

	 	(a)	procure the passing of the resolutions of members in the form set out in Schedule 3 and board resolutions in Schedule 4 to authorize the allotment and issue of the Consideration
Shares to the Vendors pursuant to the terms of Clause 3.1; 

  

	 	(b)	enter and register the Vendors as shareholders, in such share amounts and to such persons/entities as set forth on Schedule 1, Part B hereto, of the Consideration Shares on the
Purchaser’s register of members and provide each Vendor with a copy of the Purchaser’s share register certified by a director of the Purchaser as true, accurate and complete as of the date of the Completion; 

  

	 	(c)	procure the execution of the Assumption Agreement; and 

  

	 	(d)	procure the adoption of an Amended and Restated Memorandum and Articles of Association in the form attached hereto as Schedule 5 (which shall be duly filed with and registered by
the Registrar of Companies of the Cayman Islands within five (5) days after the Completion). 

  

	 	5.1.3	The BVI Company’s board resolutions in the form as set out in Schedule 6 to authorize the transfer of the Sale Shares to the Purchaser shall be passed;

  

	 	5.1.4	The BVI Company shall arrange to enter and register the Purchaser as holder of the Sale Shares and enter and register such share transfers on the BVI Company’s register of
members; 

  

	5.2	The transactions described in Clause 5.1 shall take place at the same time, so that in the event of a default of the performance of any such transactions by either party, the other
party shall not be obliged to complete this Agreement or perform any obligations hereunder (without prejudice to any further legal remedies). 

  

	5.3	As soon as reasonably practicable following the Completion and in any event not later than fifteen (15) days after the Completion, each of the Vendors shall deliver, to the
Purchaser, original share certificates in respect of the Sale Shares owned by them respectively, together with instruments of transfer in favour of the Purchaser in respect of the Sale Shares duly executed by the registered holders thereof (if
necessary), and the Purchaser shall deliver, to the Vendors, original share certificates for the Consideration Shares issued by the Purchaser in such share amounts and to such persons/entities as set forth on Schedule 1, Part B hereto.

	5.4	Each member of the Company Group shall use its best efforts to comply at all times with PRC law and, further, shall use its best efforts to timely obtain and/or effect all Approvals
required thereof by PRC law at any time and from time to time (including registration with State Administration of Foreign Exchange, if applicable). In addition, each member of the Company Group shall use its best efforts to procure each of the
owners or beneficial owners of any equity interest in the Purchaser, whether direct or indirect, to timely obtain all Approvals required by PRC law in relation to such interest in the Purchaser. 

  

	6.	POST COMPLETION EFFECT 

 This Agreement shall remain
in full force and effect after and notwithstanding Completion in respect of all obligations, agreements, covenants, undertakings, conditions, representations or warranties which have not been done, observed or performed at or prior to Completion and
the parties may take action for any breach or non-fulfilment of any of such obligations, agreement, covenants, undertakings, conditions, representations or warranties either before or after Completion (whether or not such breach or non-fulfilment
may have been known to or discoverable by the Purchaser prior to Completion) it being agreed that Completion shall not be deemed to constitute a waiver of or operate as an estoppel against any right to take any such action. 
  

	7.	FURTHER ASSURANCE AND ASSISTANCE 

  

	7.1	The Vendors shall do, execute and perform and shall procure to be done, executed and performed all such further acts, deeds, documents and things as the Purchaser may require from
time to time effectively to vest the beneficial ownership of the Sale Shares in the Purchaser free from all liens, charges, options, encumbrances or adverse rights or interest of any kind and otherwise to give to the Purchaser the full benefit of
this Agreement. 

  

	7.2	The Purchaser shall do, execute and perform and to procure to be done, executed and performed all such further acts, deeds, documents and things as the Vendors may require from time
to time effectively to vest the beneficial ownership of the Consideration Shares in the Vendors as set forth on Schedule 1, Part B, free from all liens, charges, options, encumbrances or adverse rights or interest of any kind and otherwise to give
to the Vendors the full benefit of this Agreement. 

  

	8.	DOCUMENTS CONSTITUTING AGREEMENT 

 This Agreement,
the Assumption Agreement and any agreement, document or instrument attached hereto or referred to herein among the parties hereto together constitute the entire agreement and understanding between the parties in connection with the subject matter of
this Agreement and supersedes all previous proposals, representations, warranties, agreements or undertakings relating thereto whether oral, written or otherwise and neither party has relied on any such proposals, representations, warranties,
agreements or undertakings. In the event of a conflict between the terms and conditions of this Agreement and any previous proposals, representations, warranties, agreements or undertakings, the terms and conditions of this Agreement shall prevail.

	9.	CONFIDENTIALITY 

  

	9.1	Disclosure of Terms. The terms and conditions of this Agreement, the Assumption Agreement, all exhibits and schedules attached hereto and thereto, and the transactions
contemplated hereby (collectively, the “Share Swap Terms”) shall be considered confidential information and shall not be disclosed by any party hereto to any third party except in accordance with the provisions set forth below.

  

	9.2	Permitted Disclosures. Notwithstanding the foregoing, (i) any party hereto may disclose any of the Share Swap Terms to its current or bona fide prospective investors,
employees, investment bankers, lenders, accountants and attorneys, in each case only on an as-needed basis and where such persons are under appropriate nondisclosure obligations; and (ii) each of PraxCapital, Exuberance, Gersec, China
Environment Fund and Deutsche Bank may disclose any of the Share Swap Terms to its fund manager and the employees thereof on an as-needed basis and so long as such persons are under appropriate nondisclosure obligations. 

  

	9.3	Other Exceptions. Notwithstanding any other provision of this Section 9, the confidentiality obligations of the parties shall not apply to: (a) disclosure as
may be required by the Securities and Exchange Commission or any other regulator that has jurisdiction over the applicable party hereto or applicable securities law or regulations of the United States of America or requirement of any stock exchange
or automated trading system; (b) information which a restricted party learns from a third party having the right to make the disclosure, provided the restricted party complies with any restrictions imposed by the third party;
(c) information which is in the restricted party’s possession prior to the time of disclosure by the protected party and not acquired by the restricted party under a confidentiality obligation; or (d) information which
enters the public domain without breach of confidentiality by the restricted party. 

  

	9.4	Other Information. The provisions of this Section 9 shall survive the termination of this Agreement and shall be in addition to, and not in substitution for, the
provisions of any separate nondisclosure agreement executed by any of the parties hereto with respect to the transactions contemplated hereby. 

  

	10.	NOTICES AND OTHER COMMUNICATIONS 

 Any and all notices required or permitted under this Agreement shall be given in writing in English
and shall be provided by one or more of the following means and shall be deemed to have been duly given (a) if delivered personally, when received, (b) if transmitted by facsimile, on the date of transmission with receipt of a transmittal
confirmation, or (c) if by international courier service, on the fourth (4th) Business Day following the
date of deposit with such courier service, or such earlier delivery date as may be confirmed in writing to the sender by such courier service. 

	11.	COSTS AND EXPENSES 

 The parties hereto bear their
respective legal and professional fees, costs and expenses incurred in the negotiation, preparation and execution of this Agreement and all documents contemplated hereby. 
  

	12.	COUNTERPARTS 

 This Agreement may be executed in
counterparts and all counterparts together shall constitute one document. 
  

	13.	GOVERNING LAW AND DISPUTE RESOLUTION 

  

	13.1	Governing Law. This Agreement shall be governed by and construed under the laws of the State of New York, without regard to principles of conflicts of law thereunder.

  

	13.2	Dispute Resolution. 

  

	 	13.2.1	Any dispute, controversy or claim arising out of or relating to this Agreement, or the performance, interpretation, breach, termination or validity hereof (a
“Dispute”), shall be resolved through friendly consultation. Such consultation shall begin immediately after one party hereto has delivered to the other parties hereto a written request for such consultation stating specifically the
nature of the Dispute. If within 30 days following the date on which such notice is received the Dispute has not been resolved, the Dispute may be submitted to arbitration upon the request of any party hereto with notice to the other parties hereto.

  

	 	13.2.2	The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “Centre”). 

  

	 	13.2.3	There shall be three arbitrators. All the Vendors shall jointly appoint one arbitrator and the Company Group shall jointly appoint one arbitrator. The third arbitrator shall act as
the presiding arbitrator and shall be appointed by agreement of the party-appointed arbitrators. If no agreement on such appointment can be reached within 30 days after the appointment of the first arbitrator to be appointed, the Secretary General
of the Centre shall make the appointment. 

  

	 	13.2.4	The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Arbitration Rules of the United Nations Commission on International Trade Law, as
in effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this Section 13.2, upon agreement by the Centre as provided in the rules of the Centre, the provisions of this Section 13.2 shall
prevail. 

  

	 	13.2.5	Each party hereto shall cooperate with the other parties hereto in making full disclosure of and providing complete access to all information and documents requested by the other
parties in connection with such proceedings, subject only to relevance, privilege and any confidentiality obligations binding on such party. 

	 	13.2.6	The award of the arbitration tribunal shall be final and binding upon the disputing parties, and the winning party may, at the cost and expenses of the losing party, apply to any
court of competent jurisdiction for enforcement of such award. 

  

	 	13.2.7	Each party hereto irrevocably consents to the service of process, notices or other paper in connection with or in any way arising from the arbitration or the enforcement of any
arbitral award, by use of any of the methods and to the addresses for the giving of notices set forth in Section 10. Nothing contained herein shall affect the right of any party hereto to serve such processes, notices or other papers in any
other manner permitted by applicable law. 

  

	 	13.2.8	Without prejudice to the provisions contained in this Section 13.2, in order to preserve its rights and remedies, any party hereto shall be entitled to seek preservation of
property or evidence or any other emergency relief in accordance with law from any court of competent jurisdiction, the Centre or the arbitration tribunal pending the final decision or award of the arbitration tribunal. 

  

	 	13.2.9	During the period when a Dispute is being resolved, except for the matter being disputed, the parties hereto shall in all other respects continue their implementation of this
Agreement. 

  

	14.	AMENDMENTS 

 This Agreement may not be amended,
modified or supplemented, except in a writing signed by each of the parties hereto. 
  

	15.	SUCCESSORS AND ASSIGNS 

 This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

 IN WITNESS whereof the parties hereto have executed this Agreement the day and year first above written. 
  

									
	SIGNED by	 	)	 		 	
		 		 	)	 	 /s/ Lu Tingxiu

	ELITE SHINE GROUP LIMITED	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	
                                    
				
	SIGNED by	 	)	 		 	
		 		 	)	 	 /s/ Huang Yingchun

	SMOOTH KING	 	)	 	By:	 	
	INVESTMENTS LIMITED	 	)	 		 	
	in the presence of:	 	)	 	Title:	 	 
                                    

				
	SIGNED by	 	)	 		 	
		 		 	)	 	 /s/ Zhao Jianhua

	BRIGHTEST POWER	 	)	 	By:	 	
	HOLDINGS LIMITED	 	)	 		 	
	in the presence of:	 	)	 	Title:	 	
                                    
				
	SIGNED by	 	)	 		 	
		 		 	)	 	 /s/ Xu Chengrong

	TALENT DAY INVESTMENTS	 	)	 	By:	 	
	LIMITED	 	)	 		 	
	in the presence of:	 	)	 	Title:	 	 
                                    

				
	SIGNED by	 	)	 		 	
		 		 	)	 	 /s/ Fengming Zhang

	LUCK GREAT INVESTMENTS	 	)	 	By:	 	
	LIMITED	 	)	 		 	
	in the presence of:	 	)	 	Title:	 	 
                                    

									
				
	SIGNED by	 	)	 		 	
		 		 	)	 	 /s/ Greg M. Cafferty

	DEUTSCHE BANK AG ACTING	 	)	 	By:	 	Greg M. Cafferty
	THROUGH ITS LONDON BRANCH	 	)	 	Title:	 	Managing Director
	in the presence of:	 	)	 		 	
				
	SIGNED by	 	)	 		 	
		 		 	)	 	 /s/ Jeff Yao

	PRAXCAPITAL FUND II, L.P.	 	)	 	By:	 	JEFF YAO, JIE - PING
	in the presence of:	 	)	 	Title:	 	PARTNER
				
	SIGNED by	 	)	 		 	
		 		 	)	 	 /s/ Huang Shih

	EXUBERANCE INVESTMENT	 	)	 	By:	 	Huang Shih
	LIMITED	 	)	 		 	
	in the presence of:	 	)	 	Title:	 	Director
	MEGGIE YEUNG	 		 		 	
				
	SIGNED by	 	)	 		 	
		 		 	)	 	 /s/ Germano Valle

	GERSEC TRUST REG.	 	)	 	By:	 	GERMANO VALLE
	in the presence of:	 	)	 	Title:	 	TRUSTEE
				
	SIGNED by	 	)	 		 	
		 		 	)	 	 /s/ Hua Cao

	CHINA ENVIRONMENT	 	)	 	By:	 	Partner
	FUND 2004, LP	 	)	 		 	
	in the presence of:	 	)	 	Title:	 	
                                    
				
	SIGNED by	 	)	 		 	
		 		 	)	 	 /s/ Lu Tingxiu

	CHINA SUNERGY CO., LTD. (BVI)	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	
                                    

									
				
	SIGNED by	 	)	 		 	
		 		 	)	 	 /s/ Zhao Jianhua

	CHINA SUNERGY CO., LTD.	 	)	 	By:	 	
	(CAYMAN)	 	)	 		 	
	in the presence of:	 	)	 	Title:	 	
                                    

 SCHEDULE 1 
 PART A 
 PARTICULARS OF THE BVI COMPANY 
  

									
	Name	 	:	 	China Sunergy Co., Ltd.	 		 	
					
	Company number	 	:	 	1007838	 		 	
					
	Place of incorporation	 	:	 	British Virgin Islands	 		 	
					
	Date of incorporation	 	:	 	January 27, 2006	 		 	
			
	Registered office	 	:	 	P.O. Box 3321, Drake Chambers, Road Town, Tortola, British Virgin Islands
			
	Authorised share capital	 	:	 	4,632,476 ordinary shares, par value US$0.01 per share, 128,473 Series A Preferred Shares, par value US$0.01 per share, and 239,051 Series B Preferred Shares, par value US$0.01
per share
			
	Issued shares	 	:	 	1,045,440 ordinary shares of US$0.01 each, 128,473 Series A Preferred Shares of US$0.01 each and 239,051 Series B Preferred Shares of US$0.01 each
					
	Owners of the Sale Shares	 	:	 		 		 	
	  	 	 	 	 Vendor
	 	 Type
of Shares
	 	No. of
Shares
		 		 	Elite Shine Group Limited	 	ordinary	 	391,842
		 		 	Smooth King Investments Limited	 	ordinary	 	212,958
		 		 	Brightest Power Holdings Limited	 	ordinary	 	203,040
		 		 	Talent Day Investments Limited	 	ordinary	 	86,400
		 		 	Luck Great Investments Limited	 	ordinary	 	97,200
		 		 	Deutsche Bank AG acting through its London Branch	 	ordinary	 	54,000
		 		 	PraxCapital Fund II, L.P.	 	Series A Preferred	 	128,473
		 		 	Exuberance Investment Limited	 	Series B Preferred	 	192,095
		 		 	Gersec Trust Reg.	 	Series B Preferred	 	21,344
		 		 	China Environment Fund 2004, LP	 	Series B Preferred	 	25,612

									
					
	Directors	 	:	 	Tingxiu Lu, Jianhua Zhao, Fengming Zhang, Guangyou Yin, Shiliang Guo, Hongjian Guo, Mark Qiu, Fernando R. Vila	 		 	
					
	Principal activity	 	:	 	Investment holding	 		 	

 PART B 
  

							
	 Record Owner
	  	No. of Consideration
Shares in Ordinary
Shares to be issued
and alloted by the
Purchaser	  	 No. of
 Consideration
Shares in Series A
Preferred Shares to
be issued and
alloted by the
Purchaser
	  	No. of Consideration
Shares in Series B
Preferred Shares
to
be issued and alloted
by the Purchaser
	 1. Elite Shine Group Limited
	  	391,841	  		  	
	 2. Smooth King Investments Limited
	  	212,957	  		  	
	 3. Brightest Power Holdings Limited
	  	203,039	  		  	
	 4. Talent Day Investments Limited
	  	86,399	  		  	
	 5. Luck Great Investments Limited
	  	97,199	  		  	
	 6. Deutsche Bank AG acting through its London Branch
	  	54,000	  		  	
	 7. PraxCapital Fund II, L.P.
	  		  	128,473	  	
	 8. Exuberance Investment Limited
	  		  		  	192,095
	 9. Gersec Trust Reg.
	  		  		  	21,344
	 10. China Environment Fund 2004, LP
	  		  		  	25,612
				
	 Ordinary Shares Total:
	  	1,045,435	  		  	
				
	 Series A Preferred Shares Total:
	  		  	128,473	  	
	 Series B Preferred Shares Total:
	  		  		  	239,051

 SCHEDULE 2 
 PART A 
 THE VENDOR WARRANTIES 
  

	1.	Each of the Vendors is solvent, has full power and authority, and has obtained all necessary consents and approvals, to enter into and deliver this Agreement, the Assumption
Agreement and any other document or agreement contemplated by this Agreement, and to exercise its rights and perform its obligations hereunder and all corporate and other actions required to authorise its execution of this Agreement, the Assumption
Agreement and any other document or agreement contemplated by this Agreement and its performance of its obligations hereunder have been duly taken. 

  

	2.	When executed and delivered by the Vendors, this Agreement will constitute a valid and legally binding obligation of each Vendor, enforceable in accordance with its terms.

  

	3.	The execution, delivery and performance of this Agreement by the Vendors does not and shall not: 

  

	 	(a)	violate in any respect the laws and documents incorporating and constituting each of the Vendors; 

  

	 	(b)	result in the creation or imposition of any encumbrance on any of its assets pursuant to the provisions of any agreement or other undertaking to which any Vendor is a party or which
is binding upon it or any of its assets; or 

  

	 	(c)	violate any agreement or other undertaking to which each of the Vendors is a party or which is binding upon it or any of its assets. 

  

	4.	Excluding any restrictions described in the charter documents of the BVI Company, the Subscription Agreement, dated April 4, 2006 (the “Subscription Agreement”), by
and among the BVI Company, Exuberance, Gersec, China Environment Fund and other parties thereto, any restrictions under the Series A Transacton Documents as defined int the Subscription Agreement, any restrictions under the Shareholders’
Agreement, dated May 4, 2006 (the “Shareholders’ Agreement”), by and among the BVI Company and other parties thereto, or any restrictions under the Registration Rights Agreement, dated May 4, 2006 (the “Registration
Rights Agreement”), by and among the BVI Company, PraxCapital, Exuberance, Gersec and China Environment Fund, (i) there are no statutory or contractual restrictions on the Vendor’s ability to transfer its Sale Shares pursuant to this
Agreement, (ii) there is no option, right to acquire, mortgage, charge, pledge, lien or other form of security or encumbrance on, over or affecting any of such Sale Shares and there is no agreement or commitment to give or create any of the
foregoing; and (iii) each of the Vendors is a registered, and valid legal and beneficial owner of the Sale Shares. 

 PART B 
 THE COMPANY WARRANTIES 
  

	1.	Each member of the Company Group is duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation. Each member of the Company
Group has all requisite corporate power and authority to carry on its business as now conducted and as proposed to be conducted and is duly qualified to transact business and is in good standing in each jurisdiction in which it conducts business and
the failure to so qualify would have a material adverse effect on its financial condition, business or properties. 

  

	2.	Each member of the Company Group is solvent, has full power and authority, and has obtained all necessary consents and approvals, to enter into and deliver this Agreement, the
Assumption Agreement and any other document or agreement contemplated by this Agreement, and to exercise its rights and perform its obligations hereunder and all corporate and other actions required to authorise its execution of this Agreement, the
Assumption Agreement and any other document or agreement contemplated by this Agreement and its performance of its obligations hereunder have been duly taken. 

  

	3.	When executed and delivered by each member of the Company Group, this Agreement, the Assumption Agreement and any other document or agreement contemplated by this Agreement will
constitute a valid and legally binding obligation of each member of the Company Group, enforceable in accordance with its terms. 

  

	4.	The execution, delivery and performance of this Agreement, the Assumption Agreement and any other document or agreement contemplated by this Agreement by each member of the Company
Group does not: 

  

	 	(a)	violate in any respect the laws and documents incorporating and constituting each member of the Company Group; 

  

	 	(b)	result in the creation or imposition of any encumbrance on any of its assets pursuant to the provisions of any agreement or other undertaking to which any member of the Company
Group is a party or which is binding upon it or any of its assets; or 

  

	 	(c)	violate any agreement or other undertaking to which any of the Company Group is a party or which is binding upon it or any of its assets. 

  

	5.	The authorized capital of the Purchaser is and as of the Completion will be US$50,000. The authorized capital of the Purchaser consists, or will consist, immediately prior to the
Completion of: 

 (a) Ordinary Shares. (i) 4,632,476 ordinary shares, par value US$0.01 per share (the
“Ordinary Shares”), of which only five is issued and outstanding. 
 (b) Series A Preferred Shares. 128,473 Series A
Preferred Shares, all of which have been designated Series A Preferred Shares, par value US$0.01 per share (the “Series A Preferred Shares”) and none of which are issued and outstanding. 

 (c) Series B Preferred Shares. 239,051 Series B Preferred Shares, all of which have been
designated Series B Preferred Shares, par value US$0.01 per share (the “Series B Preferred Shares”) and none of which are issued and outstanding. 
 (d) As of the Completion, the issued and outstanding share capital of the Purchaser will be as set forth on Schedule 1, Part B of this Agreement, which lists the name of each holder and the number of shares to be held
by such holder. 
 (e) Upon issuance at the Completion, the Consideration Shares will be duly and validly issued, fully paid, and
non-assessable, and will be free of restrictions on transfer other than such restrictions on transfer as may be imposed by the Shareholders’ Agreement and Registration Rights Agreement (as amended by the Assumption Agreement). The Ordinary
Shares issuable upon conversion of the Series A Preferred Shares and Series B Preferred Shares have been duly and validly reserved for issuance and, upon issuance in accordance with the terms of the Amended and Restated Memorandum and Articles of
Association attached hereto as Schedule 5, will be duly and validly issued, fully paid, and non-assessable and will be free of restrictions on transfer other than such restrictions on transfer as may be imposed by the Shareholders’ Agreement
and Registration Rights Agreement (as amended by the Assumption Agreement). 
 (f) As of the Completion, except as provided in this
Agreement, the Assumption Agreement and any other document or agreement contemplated by this Agreement, including the rights and privileges of the Series A Preferred Shares and Series B Preferred Shares set forth in the Amended and Restated
Memorandum and Articles of Association attached hereto as Schedule 5: 
  

	 	(i)	there are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal), proxy or shareholders agreements or agreements of any
kind for the purchase or acquisition from the Purchaser of any of its securities; 

  

	 	(ii)	the Purchaser is not subject to any obligation (contingent or otherwise) to purchase or otherwise acquire or retire any equity interest held by its shareholders or to purchase or
otherwise acquire or retire any of its other outstanding securities; 

  

	 	(iii)	there is no option, right to acquire, mortgage, charge, pledge, lien or other form of security or encumbrance on, over or affecting any of the Consideration Shares and there is no
agreement or commitment to give or create any of the foregoing. 

  

	6.	There are no statutory or contractual restrictions on the Purchaser’s ability to issue the Consideration Shares pursuant to this Agreement, the Assumption Agreement and any
other document or agreement contemplated by this Agreement. 

  

	7.	No Approval or consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with any other third party on the part of any member
of the Company Group or CEEG (Nanjing) PV-Tech Co., Ltd. will be required in connection with the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby which has not already been secured or
effected or will be secured or effected prior to the Completion. 

	8.	No action, suit, proceeding, claim, arbitration or investigation has been threatened or instituted against any member of the Company Group seeking to enjoin, challenge the validity
of, or assert any liability against any of them, on account of any transaction contemplated by this Agreement. 

  

	9.	The Purchaser is a special purpose vehicle and has no business activities other than (i) the acquisition and holding of the Sale Shares, and (ii) such matters as are
necessary in the furtherance of an initial public offering of the Purchaser. Except for this Agreement, the Assumption Agreement, the Shareholders’ Agreement and Registration Rights Agreement (as amended by the Assumption Agreement) and the
agreements with respect to the corporate administrative services to the Purchaser, the Purchaser has no outstanding liabilities and is not party to any other contract, agreement or undertaking. 

  

	10.	The Company Group has provided the Vendors with all information that the Company believes is materially necessary to enable the Vendors to decide whether to enter into the
transactions contemplated hereunder. None of this Agreement or any other statements or certificates or other materials made or delivered, or to be made or delivered to any of the Vendors in connection herewith or therewith, contains any untrue
statement of a material fact or omits to state a material fact necessary to make the statements herein or therein not misleading. 

 SCHEDULE 3 
 FORM OF THE RESOLUTIONS IN WRITING OF MEMBERS OF 
 CHINA SUNERGY CO., LTD. (CAYMAN) 

Unanimous Resolutions in Writing of Members of 
 China Sunergy Co., Ltd. (the “Company”) 
 The undersigned, being the beneficial owners of all the issued
share capital of the Company, DO HEREBY ADOPT the following resolutions with immediate effect: 
 RESOLVED, AS A SPECIAL RESOLUTION, THAT: 
  

	1.	ADOPTION OF AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION. 

 The existing Memorandum and Articles of Association of the Company be and are hereby replaced in their entirety with an Amended and Restated Memorandum and Articles of Association, attached hereto as Exhibit A.

 The Amended and Restated Memorandum and Articles of Association shall be duly filed with and registered by the Registrar of Companies of
the Cayman Islands within five (5) days after the Completion (as defined in the Sale and Purchase Agreement). 
 RESOLVED, AS ORDINARY RESOLUTIONS,
THAT: 
  

	2.	REDESIGNATION OF SHARE CAPITAL 

 The authorised
capital of the Company be redesignated: 
  

	 	a.	from US$50,000 divided into 5,000,000 shares of a nominal or par value of US$0.01 each, to US$50,000 divided into 4,632,476 Ordinary Shares of a nominal or par value of US$0.01
each, 128,473 Series A Preferred Shares of a nominal or par value of US$0.01 each and 239,051 Series B Preferred Shares of a nominal or par value of US$0.01 each, and 

  

	 	b.	that each of the five issued shares of the Company be and is hereby redesignated as an Ordinary Share. 

  

	3.	SALE AND PURCHASE AGREEMENT 

 The sale and purchase
agreement (the “Sale and Purchase Agreement”), attached hereto as Exhibit B, to be entered into between Elite Shine Group Limited, Smooth King Investments Limited, Brightest Power Holdings Limited, Talent Day Investments Limited,
Luck Great Investments Limited, PraxCapital Fund II, L.P., Exuberance Investment Limited, Gersec Trust Reg., China Environment Fund 2004, LP, Deutsche Bank AG acting through its London Branch, as vendors (the “Vendors”), China
Sunergy Co., Ltd. (BVI), and the Company as purchaser, relating to the purchase by the Company of the entire issued share capital in China Sunergy Co., Ltd. (BVI) (the “Sale Shares”), be and is hereby approved. 

	4.	CONSIDERATION 

 In consideration of the sale by the
Vendors of the Sale Shares, the Directors are hereby authorised to allot and issue as fully paid, validly issued and nonassessable, an aggregate of (i) 1,045,435 ordinary shares of US$0.01 each, (ii) 128,473 Series A Preferred Shares of
US$0.01 each and (iii) 239,051 Series B Preferred Shares of US$0.01 each in the capital of the Company (the “Consideration Shares”) to the Vendors in the proportions as set out in Schedule 1, Part B of the Sale and Purchase
Agreement. 
  

	5.	GENERAL AUTHORIZATION 

 Each of the directors of the
Company are hereby authorized and directed to take any and all other actions and to execute any other documents that they deem necessary or appropriate to carry out the intent of the foregoing resolutions, and all prior actions taken in connection
therewith are hereby confirmed, ratified and approved. 
  

	
	 Date: 29th day of August 2006

	
	  

	 ELITE SHINE GROUP LIMITED

	
	  

	 SMOOTH KING INVESTMENTS LIMITED

	
	  

	 BRIGHTEST POWER HOLDINGS LIMITED

	
	  

	 TALENT DAY INVESTMENTS LIMITED

	
	  

	 LUCK GREAT INVESTMENTS LIMITED

 SCHEDULE 4 
 FORM OF BOARD RESOLUTIONS OF CHINA SUNERGY CO., LTD. (CAYMAN) 
 UNANIMOUS WRITTEN BOARD RESOLUTIONS
OF CHINA SUNERGY CO., LTD. (CAYMAN) 
 (THE “COMPANY”) 
  

	1	DISCLOSURE OF INTERESTS 

 It is noted that the
directors declared their interests in the matters referred to herein that would require disclosure in accordance with the articles of association of the Company. 
  

	2.	SALE AND PURCHASE AGREEMENT 

  

	 	2.1	It was noted that it was proposed that the Company should acquire the entire issued share capital (the “Sale Shares”) in China Sunergy Co., Ltd. (BVI) subject to
the terms and conditions of the Sale and Purchase Agreement entered into between Elite Shine Group Limited, Smooth King Investments Limited, Brightest Power Holdings Limited, Talent Day Investments Limited, Luck Great Investments Limited,
PraxCapital Fund II, L.P., Exuberance Investment Limited, Gersec Trust Reg., China Environment Fund 2004, LP, Deutsche Bank AG acting through its London Branch as vendors (the “Vendors”), China Sunergy Co., Ltd. (BVI), and the
Company as purchaser, relating to the purchase by the Company of the entire issued share capital in China Sunergy Co., Ltd. (BVI) (the “Sale Shares”) (the “Sale and Purchase Agreement”) 

  

	 	2.2	It was noted that as part of the Sale and Purchase Agreement, the following share transfers would be done: 

  

	 	(a)	a share transfer (“Transfer 1”) in respect of 391,842 ordinary shares of China Sunergy Co., Ltd. (BVI) from Elite Shine Group Limited as the transferor to the
Company as the transferee; 

  

	 	(b)	a share transfer (“Transfer 2”) in respect of 212,958 ordinary shares of China Sunergy Co., Ltd. (BVI) from Smooth King Investments Limited as the transferor to the
Company as the transferee; 

  

	 	(c)	a share transfer (“Transfer 3”) in respect of 203,040 ordinary shares of China Sunergy Co., Ltd. (BVI) from Brightest Power Holdings Limited as the transferor to
the Company as the transferee; 

  

	 	(d)	a share transfer (“Transfer 4”) in respect of 86,400 ordinary shares of China Sunergy Co., Ltd. (BVI) from Talent Day Investments Limited as the transferor to the
Company as the transferee; 

  

	 	(e)	a share transfer (“Transfer 5”) in respect of 97,200 ordinary shares of China Sunergy Co., Ltd. (BVI) from Luck Great Investments Limited as the transferor to the
Company as the transferee; 

	 	(f)	a share transfer (“Transfer 6”) in respect of 54,000 ordinary shares of China Sunergy Co., Ltd. (BVI) from Deutsche Bank AG acting through its London Branch as the
transferor to the Company as the transferee; 

  

	 	(g)	a share transfer (“Transfer 7”) in respect of 128,473 Series A Preferred Shares of China Sunergy Co., Ltd. (BVI) from PraxCapital Fund II, L.P. as the transferor to
the Company as the transferee; 

  

	 	(h)	a share transfer (“Transfer 8”) in respect of 192,095 Series B Preferred Shares of China Sunergy Co., Ltd. (BVI) from Exuberance Investment Limited as the
transferor to the Company as the transferee; 

  

	 	(i)	a share transfer (“Transfer 9”) in respect of 21,344 Series B Preferred Shares of China Sunergy Co., Ltd. (BVI) from Gersec Trust Reg. as the transferor to the
Company as the transferee; 

  

	 	(j)	a share transfer (“Transfer 10”) in respect of 25,612 Series B Preferred Shares of China Sunergy Co., Ltd. (BVI) from China Environment Fund 2004, LP as the
transferor to the Company as the transferee; 

  

	 	2.3	It was noted that, pursuant to the Sale and Purchase Agreement, the Vendors have each undertaken to the Company that they shall deliver to the Company as soon as reasonably
practicable following the Completion (as defined therein) and in any event not later than fifteen days after the Completion, the share certificates in respect of all the shares owned by them, respectively, in the share capital of China Sunergy Co.,
Ltd. (BVI) and which are the subject of the Sale and Purchase Agreement. 

  

	 	2.4	It was noted that, pursuant to the Sale and Purchase Agreement, the Company has undertaken to each Vendor to deliver original share certificates for the Consideration Shares issued
by the Company in such share amounts and to such persons/entities as set forth on Schedule 1, Part B of the Sale and Purchase Agreement, as soon as reasonably practicable following the Completion (as defined therein) and in any event not later than
fifteen days after the Completion (as defined therein). 

  

	 	2.5	It was noted that resolutions in writing of the members of the Company (the “Written Resolutions”) had previously been passed approving, among other matters, the
adoption of the Amended and Restated Memorandum and Articles of Association and the Sale and Purchase Agreement. 

  

	3.	AGREEMENT FOR THE TRANSFER AND ASSUMPTION OF OBLIGATIONS 

 It is also noted that the Company and all parties to the subscription agreement dated April 4, 2006, the shareholders’ agreement dated May 4, 2006 and the registration rights agreement dated May 4, 2006
(“Subscritpion Related Agreements”) proposed to enter into an agreement for the transfer and assumption of obligations (“Agreement for the Transfer and Assumption of Obligations”), pursuant to which China Sunergy
Co., Ltd. (BVI) will assign all of its rights and transfer all of its obligations under the above Subscription Related Agreements to the Company, with the consent of all the other parties thereto. It is noted that the draft Agreement for the
Transfer and Assumption of Obligations has been reviewed by the directors and the terms thereof fully discussed. 

	4	RESOLUTIONS 

 RESOLVED THAT: 
  

	 	(a)	the acquisition of the Sale Shares would be in the best interests and commercial benefit of the Company and such acquisition be and the same is hereby approved;

  

	 	(b)	the form and substance of the Sale and Purchase Agreement, attached hereto as Exhibit A, be and is hereby approved; 

  

	 	(c)	any one Director of the Company (a “Director”) be and is hereby authorised to sign for and on behalf of the Company the Sale and Purchase Agreement and the share
transfer forms (if necessary) for the Transfers 1 through 10; 

  

	 	(d)	any one Director be and is hereby authorised to sign any further documents incidental or ancillary to or in connection with each of the documents referred to above, and such further
documents as he considers necessary, desirable or incidental to transactions contemplated by the Sale and Purchase Agreement; 

  

	 	(e)	any Director be and is hereby authorised to allot and issue as fully paid, validly issued and nonassessable, an aggregate of (i) 1,045,435 ordinary shares of US$0.01 each,
(ii) 128,473 Series A Preferred Shares of US$0.01 each and (iii) 239,051 Series B Preferred Shares of US$0.01 each in the capital of the Company (the “Consideration Shares”) to the Vendors in such proportions as set out in
Schedule 1, Part B of the Sale and Purchase Agreement and upon issue the holders be entered in the Company’s register of members as the holders of the said Consideration Shares; 

  

	 	(f)	any one Director or officer of the Company be and is hereby authorised to issue share certificates evidencing the issue of the Consideration Shares; 

  

	 	(g)	the form and substance of the Agreement for the Transfer and Assumption of Obligations, attached hereto as Exhibit B, be and is hereby approved; 

  

	 	(h)	any one Director be and is hereby authorised to sign for and on behalf of the Company the Agreement for the Transfer and Assumption of Obligations; 

  

	 	(i)	any one Director be and is hereby authorised to sign any further documents incidental or ancillary to or in connection with each of the documents referred to above, and such further
documents as he considers necessary, desirable or incidental to transactions contemplated by the Agreement for the Transfer and Assumption of Obligations; 

  

	 	(j)	It is noted that pursuant to the Agreement for the Transfer and Assumption of Obligations, the board of directors of the Company shall be the same as the board of directors of China
Sunergy Co., Ltd. (BVI). It is further noted that Mr. Fernando R. Vila will be designated the “Series A Director” and Mr. Mark Qiu will be designated the “Series B Director.” 

 It is resolved that Mr. Tingxiu Lu, Mr. Jianhua Zhao, Mr. Guangyou Yin, Mr. Fengming
Zhang, Mr. Shiliang Guo, Mr. Hongjian Guo, Mr. Fernando R. Vila and Mr. Mark Qiu are appointed as directors of the Company with immediate effect. 
  

	 	(k)	any one Director be and is hereby authorised to approve any amendments to each of the documents referred to in this paragraph 4, such approval being conclusively evidenced by his
signature on the relevant documents. 

  

	 	(l)	any one Director be and is hereby authorized and directed to take any and all other actions and to execute any other documents that he deems necessary or appropriate to carry out
the intent of the foregoing resolutions, and all prior actions taken in connection therewith are hereby confirmed, ratified and approved. 

  

			
	  

	Name:	 	Zhao Jianhua
	Title:	 	Director
	Date:	 	August 29, 2006

 SCHEDULE 5 
 FORM OF AMENDED AND RESTATED 
 MEMORANDUM AND ARTICLES OF ASSOCIATION OF 
 CHINA SUNERGY CO., LTD. (CAYMAN) 

 SCHEDULE 6 
 FORM OF BOARD RESOLUTIONS OF CHINA SUNERGY CO., LTD. (BVI) 
 CHINA SUNERGY CO., LTD. (the
“Company”) 
 (Incorporated In B.V.I.) 
 WRITTEN RESOLUTIONS OF ALL THE DIRECTORS OF THE COMPANY DATED 29 AUGUST 2006. 
 
                                        
                                        
                                        
                                        
                                        

 We, the undersigned, being all the directors of the Company HEREBY RESOLVE AS FOLLOWS: 
  

	1.	Disclosure of interests 

 It is noted that the directors
declared their interests in the matters referred to herein that would require disclosure in accordance with the articles of association of the Company. 
  

	2.	Transaction Documents 

 It is noted that the Company proposed
to enter into a sale and purchase agreement (the “Sale and Purchase Agreement”), pursuant to which the vendors of shares of the Company named therein shall transfer their shares in the Company to China Sunergy Co., Ltd. (Cayman)
(“Sunergy Cayman”) in exchange for shares in Sunergy Cayman to be issued to them by Sunergy Cayman. It is noted that the draft Sale and Purchase Agreement, attached hereto as Exhibit A, has been reviewed by the directors and the
terms thereof fully discussed. 
 It is also noted that Sunergy Cayman and all parties parties to the subscription agreement dated April 4, 2006, the
shareholders’ agreement dated May 4, 2006 and the registration rights agreement dated May 4, 2006 (“Subscription Related Agreements”) proposed to enter into an agreement for the transfer and assumption of obligations
(“Agreement for the Transfer and Assumption of Obligations”), pursuant to which the Company will assign all of its rights and tranfer all of its obligations under the above Subscription Related Agreements to Sunergy Cayman, with the
consent of all the other parties thereto. It is noted that the draft Agreement for the Transfer and Assumption of Obligations, attached hereto as Exhibit B, has been reviewed by the directors and the terms thereof fully discussed. 
 The Agreement for the Transfer and Assumption of Obligations and the Sale and Purchase Agreement are herein collectively referred to as the
“Agreements”. 
  

	3.	Resolutions 

 IT IS UNANIMOUSLY
RESOLVED: 
  

	(i)	THAT the Agreements be and are hereby approved. 

  

	(ii)	THAT any Director of the Company be and is hereby authorized to give, make, sign, execute (under hand, seal or as a deed) and deliver the Agreements and all such deeds, agreements,
letters, notices, certificates, acknowledgements, receipts, authorizations, instructions, releases, waivers, proxies, appointments of agents for service of process and other documents (whether of a like nature or not) (“Ancillary
Documents”) as may in the sole opinion and absolute discretion of any Director be considered necessary or desirable for the purpose of compliance with any condition precedent or the coming into effect of or otherwise giving effect to,
consummating or completing or procuring the performance and completion of all or any of the transactions contemplated by or referred to in any of the Agreements and to do all other such acts and things as might in the sole opinion and absolute
discretion of any Director be necessary or desirable for the purposes aforesaid. 

	(iii)	THAT the Ancillary Documents be in such form as any Director of the Company shall in his absolute discretion and sole opinion approve, the signature of any such person on any of the
Ancillary Documents being due evidence for all purposes of his approval of the terms thereof on behalf of the Company. 

  

	(iv)	THAT the Agreements and Ancillary Documents (where required to be executed as deeds, under seal or as agreements under hand by the Company) be executed by the signature thereon of
any Director of the Company or in such other manner as is permitted by the Articles of Association of the Company. 

  

	(v)	THAT all the Agreements and Ancillary Documents be valid, conclusive, binding on and enforceable against the Company when executed and delivered in manner aforesaid.

  

	(vi)	THAT each of the directors of the Company are hereby authorized and directed to take any and all other actions and to execute any other documents that they deem necessary or
appropriate to carry out the intent of the foregoing resolutions, and all prior actions taken in connection therewith are hereby confirmed, ratified and approved. 

  

	(vii)	THAT in accordance with the above resolutions the register of members of the Company be updated and a share certificate or certificates be issued to Sunergy Cayman.

	
	 Dated 29 August 2006

	
	  

	Tingxiu Lu
	
	  

	Jianhua Zhao
	
	  

	Guangyou Yin
	
	  

	Fengming Zhang
	
	  

	Shiliang Guo
	
	  

	Hongjian Guo
	
	  

	Fernando R. Vila
	
	  

	Mark Qiu

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