Document:

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                                                                     EXHIBIT 4.5

                        SUNTECH POWER HOLDINGS CO., LTD.

                          REGISTRATION RIGHTS AGREEMENT

                                February 12, 2007

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                          REGISTRATION RIGHTS AGREEMENT

            THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and
entered into as of February 12, 2007, by and among Suntech Power Holdings Co.,
Ltd., an exempted company with limited liability under the laws of the Cayman
Islands (the "Company"), and UBS Securities LLC, Goldman Sachs (Asia) L.L.C. and
ABN AMRO Bank N.V., Hong Kong Branch and N M Rothschild & Sons (Hong Kong)
Limited, each trading as ABN AMRO Rothschild ("AAR") (collectively, the "Initial
Purchasers") pursuant to the Purchase Agreement, dated February 7, 2007 (the
"Purchase Agreement"), among the Company and the Initial Purchasers.

            In order to induce the Initial Purchasers to enter into the Purchase
Agreement, the Company has agreed to provide the registration rights set forth
in this Agreement. The execution and delivery of this Agreement is a condition
to the closing under the Purchase Agreement. The terms "herein," "hereof,"
"hereto," "hereinafter" and similar terms, as used in this Agreement, shall in
each case refer to this Agreement as a whole and not to any particular section,
paragraph, sentence or other subdivision of this Agreement.

            The Company agrees with the Initial Purchasers (i) for their benefit
as Initial Purchasers and (ii) for the benefit of the beneficial owners
(including the Initial Purchasers) from time to time of the Covered Securities
(as defined herein) (each of the foregoing a "Holder" and, together, the
"Holders"), as follows:

      1. Definitions. Capitalized terms used herein without definition shall
have the respective meanings set forth in the Purchase Agreement. As used in
this Agreement, the following terms shall have the following meanings:

            (a) "Additional Filing Deadline Date" has the meaning set forth in
      Section 2(e) hereof.

            (b) "additional interest" has the meaning set forth in Section 2(e)
      hereof.

            (c) "Additional Interest Accrual Period" has the meaning set forth
      in Section 2(e) hereof.

            (d) "Additional Interest Amount" has the meaning set forth in
      Section 2(e) hereof.

            (e) "Additional Interest Payment Date" means each February 15 and
      August 15 of each year.

            (f) "ADSs" means American depositary shares of the Company, each
      representing one Ordinary Share.

            (g) "Affiliate" means, with respect to any specified person, an
      "affiliate," as defined in Rule 144, of such person. An Affiliate of AAR
      shall include ABN AMRO Bank N.V., Hong Kong Branch, N M Rothschild & Sons
      (Hong Kong) Limited and each of their respective group members.

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            (h) "Amendment Effectiveness Deadline Date" has the meaning set
      forth in Section 2(d) hereof.

            (i) "Automatic Shelf Registration Statement" has the meaning
      ascribed to it in Rule 405.

            (j) "Business Day" means any weekday that is not a day on which
      banking institutions in the City of New York are authorized or obligated
      to close.

            (k) "Claim" has the meaning set forth in Section 9(o) hereof.

            (l) "Conversion Rate" has the meaning ascribed to it in the
      Indenture.

            (m) "Covered Security" has the meaning set forth in Section 1(qq)
      hereof.

            (n) "Depositary" shall mean The Bank of New York or any other
      depositary appointed by the Company, provided, however, that such
      depositary must have an address in the Borough of Manhattan, in the City
      of New York.

            (o) "Designated Counsel" means one (1) counsel, if any, for the
      Holders in connection with the Shelf Registration Statement, which
      Designated Counsel shall be designated in writing to the Company by
      Holders of a majority of the Registrable Securities.

            (p) "Effectiveness Deadline Date" has the meaning set forth in
      Section 2(a) hereof.

            (q) "Effectiveness Period" means a period that terminates when there
      are no Registrable Securities outstanding.

            (r) "Event" has the meaning set forth in Section 2(e) hereof.

            (s) "Event Date" has the meaning set forth in Section 2(e) hereof.

            (t) "Exchange Act" means the Securities Exchange Act of 1934, as
      amended, and the rules and regulations of the SEC promulgated thereunder.

            (u) "Form F-1" means Form F-1 under the Securities Act.

            (v) "Form F-3" means Form F-3 under the Securities Act.

            (w) "Holder" has the meaning set forth in the preamble hereto.

            (x) "Holder Information" has the meaning set forth in Section 6(b)
      hereof.

            (y) "Indemnified Party" has the meaning set forth in Section 6(c)
      hereof.

            (z) "Indemnifying Party" has the meaning set forth in Section 6(c)
      hereof.

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            (aa) "Indenture" means the Indenture, dated as of February 12, 2007,
      between the Company and the Trustee, pursuant to which the Notes are being
      issued.

            (bb) "Initial Purchasers" has the meaning set forth in the preamble
      hereto.

            (cc) "Initial Shelf Registration Statement" has the meaning set
      forth in Section 2(a) hereof.

            (dd) "Issue Date" means February 12, 2007.

            (ee) "Issuer Free Writing Prospectus" shall have the meaning set
      forth in Section 2(g) herein.

            (ff) "judgment currency" has the meaning set forth in Section 9(p)
      hereof.

            (gg) "Material Event" has the meaning set forth in Section 3(j)
      hereof.

            (hh) "Notes" means the 0.25% Convertible Senior Notes due 2012 of
      the Company to be purchased pursuant to the Purchase Agreement.

            (ii) "Notice and Questionnaire" means a written notice and
      questionnaire delivered to the Company and containing substantially the
      information called for by the Selling Securityholder Notice and
      Questionnaire attached as Annex A to the Offering Memorandum of the
      Company, dated February 7, 2007, relating to the Notes.

            (jj) "Notice Holder" means, on a given date, any Holder that has
      delivered a Notice and Questionnaire to the Company on or prior to such
      date, provided not all of such Holder's Registrable Securities that have
      been registered for resale pursuant to a Notice and Questionnaire have
      been sold in accordance with a Shelf Registration Statement.

            (kk) "Option Purchase Date" has the meaning ascribed to it in the
      Indenture.

            (ll) "Ordinary Shares" means the ordinary shares, $0.01 par value
      per share, of the Company, including the Underlying Ordinary Shares, or
      such other shares or equity interests in the Company's share capital into
      which such ordinary shares is reclassified or changed.

            (mm) "Proceeding" has the meaning set forth in Section 6(c) hereof.

            (nn) "Prospectus" means each prospectus included in any Shelf
      Registration Statement (including, without limitation, a prospectus that
      discloses information previously omitted from a prospectus filed as part
      of an effective registration statement in reliance upon Rule 415 under the
      Securities Act), and each amendment or prospectus supplement relating
      thereto, including post-effective amendments, and all materials
      incorporated by reference or deemed to be incorporated by reference in the
      foregoing.

            (oo) "Purchase Agreement" has the meaning set forth in the preamble
      hereof.

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            (pp) "Record Date" means, (i) February 1, with respect to an
      Additional Interest Payment Date that occurs on February 15 and (ii)
      August 1, with respect to an Additional Interest Payment Date that occurs
      on August 15.

            (qq) "Record Holder" means, with respect to an Additional Interest
      Payment Date relating to a Registrable Security for which any Additional
      Interest Amount has accrued, a Notice Holder that was the holder of record
      of such Registrable Security at the close of business on the Record Date
      relating to such Additional Interest Payment Date.

            (rr) "Redemption" has the meaning ascribed to it in the Indenture.

            (ss) "Redemption Date" has the meaning ascribed to it in the
      Indenture.

            (tt) "Registrable Securities" means (a) the Notes, until such Notes
      have been converted, (b) at all times, the Underlying Ordinary Shares and
      any security issued with respect thereto upon any share dividend, split or
      similar event, (c) at all times, any Underlying ADSs issued upon
      conversion of the Notes if such issuance is not made pursuant to an
      effective registration statement on Form F-6, and (d) at all times, any
      securities (other than the Company's ADSs or Ordinary Shares) which the
      Notes become convertible into in accordance with the terms of the
      Indenture (each of the foregoing, a "Covered Security") until, in the case
      of any such security, the earliest of:

                  (i) the date on which such security has been effectively
            registered under the Securities Act and disposed of in accordance
            with the Registration Statement relating thereto (including, in the
            case of Underlying Ordinary shares, the disposal thereof in the form
            of ADSs issued pursuant to an effective registration statement on
            Form F-6);

                  (ii) the second anniversary of the first date on which the
            Company first issues the Notes; or

                  (iii) the date on which such security has been publicly sold
            pursuant to Rule 144 or any successor provision thereto (including,
            in the case of Underlying Ordinary Shares, the sale thereof in the
            form of ADSs issued pursuant to an effective registration statement
            on Form F-6).

            (uu) "Registration Expenses" has the meaning set forth in Section 5
      hereof.

            (vv) "Registration Statement" means each registration statement,
      including each Shelf Registration Statement, under the Securities Act, of
      the Company that covers any of the Registrable Securities pursuant to this
      Agreement, including any information deemed to be part of and included in
      such registration statement pursuant to the rules of the SEC and all
      amendments and supplements to such registration statement and including
      all post-effective amendments to, all exhibits of, and all materials
      incorporated by reference or deemed to be incorporated by reference in,
      such registration statement, amendment or supplement.

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            (ww) "Repurchase at Holder's Option" has the meaning ascribed to it
      in the Indenture.

            (xx) "Repurchase Date" has the meaning ascribed to it in the
      Indenture.

            (yy) "Repurchase Upon Repurchase Event" has the meaning ascribed to
      it in the Indenture.

            (zz) "Rule 144" means Rule 144 under the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the SEC.

            (aaa) "Rule 144A" means Rule 144A under the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the SEC.

            (bbb) "Rule 405" means Rule 405 under the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the SEC.

            (ccc) "Rule 415" means Rule 415 under the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the SEC.

            (ddd) "Rule 424" means Rule 424 under the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the SEC.

            (eee) "Rule 430B" means Rule 430B under the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the SEC.

            (fff) "Rule 456" means Rule 456 under the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the SEC.

            (ggg) "Rule 457" means Rule 457 under the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the SEC.

            (hhh) "SEC" means the Securities and Exchange Commission.

            (iii) "Securities Act" means the Securities Act of 1933, as amended,
      and the rules and regulations promulgated by the SEC thereunder.

            (jjj) "Shelf Registration Statement" means the Initial Shelf
      Registration Statement and any Subsequent Shelf Registration Statement.

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            (kkk) "Subsequent Shelf Registration Statement" has the meaning set
      forth in Section 2(b) hereof.

            (lll) "Subsequent Shelf Registration Statement Effectiveness
      Deadline Date" has the meaning set forth in Section 2(d) hereof.

            (mmm) "Suspension Notice" has the meaning set forth in Section 3(j)
      hereof.

            (nnn) "Suspension Period" has the meaning set forth in Section 3(j)
      hereof.

            (ooo) "TIA" means the Trust Indenture Act of 1939, as amended.

            (ppp) "Trustee" means Wilmington Trust Company, the trustee under
      the Indenture.

            (qqq) "Underlying ADSs" means the ADSs issuable upon conversion of
      the Notes.

            (rrr) "Underlying Ordinary Shares" means the Ordinary Shares
      represented by the Underlying ADSs.

      2. Shelf Registration.

            (a) The Company shall prepare and file, or cause to be prepared and
      filed, with the SEC, a Registration Statement (the "Initial Shelf
      Registration Statement") for an offering to be made on a delayed or
      continuous basis pursuant to Rule 415 registering the resale from time to
      time by Holders thereof of all of the Registrable Securities (or, if
      registration of Registrable Securities not held by Notice Holders is not
      permitted by the rules and regulations of the SEC, then registering the
      resale from time to time by Notice Holders of their Registrable
      Securities). The Initial Shelf Registration Statement shall provide for
      the registration of such Registrable Securities for resale by such Holders
      in accordance with the reasonable methods of distribution indicated in
      their Notice and Questionnaires (provided, however, that in no event will
      such methods of distribution take the form of an underwritten offering of
      Registrable Securities without the Company's prior written consent, which
      the Company may withhold in its sole discretion). In no event shall the
      Initial Shelf Registration Statement be filed with the SEC prior to
      completion of the offering of the Notes contemplated by the Purchase
      Agreement. The Company shall use its reasonable best efforts to (i) cause
      the Initial Shelf Registration Statement to become effective under the
      Securities Act by the date (the "Effectiveness Deadline Date") that is two
      hundred and forty (240) days after the Issue Date and (ii) keep the
      Initial Shelf Registration Statement (and any Subsequent Shelf
      Registration Statement) continuously effective under the Securities Act
      until the expiration of the Effectiveness Period (except to the extent
      permitted under Section 3(j)). At the time the Initial Shelf Registration
      Statement becomes effective under the Securities Act, each Holder that
      became a Notice Holder on or before the fifth (5th) Business Day before
      the date of such effectiveness shall be named as a selling securityholder
      in the Initial Shelf Registration Statement and the related Prospectus in

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      such a manner as to permit such Notice Holder to deliver such Prospectus
      to purchasers of Registrable Securities in accordance with the Securities
      Act, assuming the accuracy of the information in such Notice Holder's
      Notice and Questionnaire.

            (b) If, for any reason, at any time during the Effectiveness Period
      any Shelf Registration Statement ceases to be effective under the
      Securities Act, or ceases to be usable for the purposes contemplated
      hereunder, in each case except to the extent permitted under Section 3(j),
      the Company shall use its reasonable best efforts to promptly cause such
      Shelf Registration Statement to become effective under the Securities Act
      (including obtaining the prompt withdrawal of any order suspending the
      effectiveness of such Shelf Registration Statement) or promptly cause such
      Shelf Registration Statement to be useable for purposes contemplated
      hereunder, and in any event shall, within thirty (30) days, (i) amend such
      Shelf Registration Statement in a manner reasonably expected to cause the
      same to become usable for the purposes contemplated hereunder or obtain
      the withdrawal of any order suspending the effectiveness of such Shelf
      Registration Statement, as applicable, or (ii) file an additional
      Registration Statement (a "Subsequent Shelf Registration Statement") for
      an offering to be made on a delayed or continuous basis pursuant to Rule
      415 registering the resale from time to time by Holders thereof of all
      securities that are Registrable Securities as of the time of such filing
      (or, if registration of Registrable Securities not held by Notice Holders
      is not permitted by the rules and regulations of the SEC, then registering
      the resale from time to time by Notice Holders of their securities that
      are Registrable Securities as of the time of such filing). If a Subsequent
      Shelf Registration Statement is filed, the Company shall use its
      reasonable best efforts to (A) cause such Subsequent Shelf Registration
      Statement to become effective under the Securities Act as promptly as
      practicable after such filing, but in no event later than the Subsequent
      Shelf Registration Statement Effectiveness Deadline Date and (B) keep such
      Subsequent Shelf Registration Statement (or another Subsequent Shelf
      Registration Statement) continuously effective until the end of the
      Effectiveness Period (except to the extent permitted under Section 3(j)).
      Each such Subsequent Shelf Registration Statement, if any, shall provide
      for the registration of such Registrable Securities for resale by such
      Holders in accordance with the reasonable methods of distribution
      indicated in their Notice and Questionnaires (provided, however, that in
      no event will such methods of distribution take the form of an
      underwritten offering of Registrable Securities without the Company's
      prior written consent, which the Company may withhold in its sole
      discretion).

            (c) Subject to Section 2(d)(i)(A), the Company shall supplement and
      amend any Shelf Registration Statement if required by the rules,
      regulations or instructions applicable to the registration form used by
      the Company for such Shelf Registration Statement, if required by the
      Securities Act or, to the extent the Company does not reasonably object,
      as reasonably requested by the Initial Purchasers or by the Trustee on
      behalf of the Holders of the Registrable Securities covered by such Shelf
      Registration Statement.

            (d)

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                  (i) Each Holder of Registrable Securities agrees that, if such
            Holder wishes to sell Registrable Securities pursuant to a Shelf
            Registration Statement and related Prospectus, it will do so only in
            accordance with this Section 2(d) and Section 3(j). Each Holder of
            Registrable Securities wishing to sell Registrable Securities
            pursuant to a Shelf Registration Statement and related Prospectus
            agrees to deliver a completed and executed Notice and Questionnaire
            to the Company prior to any attempted or actual distribution of
            Registrable Securities under a Shelf Registration Statement. If a
            Holder becomes a Notice Holder after the fifth (5th) Business Day
            before the date the Initial Shelf Registration Statement becomes
            effective under the Securities Act, the Company shall, within thirty
            (30) days after the date such Holder became a Notice Holder (or, if
            a Suspension Period either is in effect when such Holder became a
            Notice Holder or is put into effect within five (5) Business Days
            after the date such Holder became a Notice Holder, then within
            thirty (30) days after the expiration of such Suspension Period),

                        (A) file with the SEC a supplement to the related
                  Prospectus (or, if required by applicable law, a
                  post-effective amendment to the Shelf Registration Statement
                  or a Subsequent Shelf Registration Statement), and all other
                  document(s), in each case as is required so that such Notice
                  Holder is named as a selling securityholder in a Shelf
                  Registration Statement and the related Prospectus in such a
                  manner as to permit such Notice Holder to deliver a Prospectus
                  to purchasers of the Registrable Securities in accordance with
                  the Securities Act; provided, however, that, if a
                  post-effective amendment or a Subsequent Shelf Registration
                  Statement is required by the rules and regulations of the SEC
                  in order to permit resales by such Notice Holder, the Company
                  shall not be required to file more than one (1) post-effective
                  amendment or Subsequent Shelf Registration Statement for such
                  purpose in any ninety (90) day period; provided further, that
                  in no event shall the Company be obligated to file more than
                  one (1) such supplement in any thirty (30) day period;

                        (B) if, pursuant to Section 2(d)(i)(A), the Company
                  shall have filed a post-effective amendment to the Shelf
                  Registration Statement or filed a Subsequent Shelf
                  Registration Statement, the Company shall use its reasonable
                  best efforts to cause such post-effective amendment or
                  Subsequent Shelf Registration Statement, as the case may be,
                  to become effective under the Securities Act as promptly as
                  practicable, but in any event by the date (the "Amendment
                  Effectiveness Deadline Date," in the case of a post-effective
                  amendment, and the "Subsequent Shelf Registration Statement
                  Effectiveness Deadline Date," in the case of a Subsequent
                  Shelf Registration Statement) that is forty five (45) days
                  after the date such post-effective amendment or Subsequent
                  Shelf Registration Statement, as the case may be, is required
                  by this Section 2(d) to be filed with the SEC;

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                        (C) the Company shall provide such Notice Holder, upon
                  request, with a reasonable number of copies of any documents
                  filed pursuant to clause (A) above;

                        (D) the Company shall notify such Notice Holder as
                  promptly as practicable after the effectiveness under the
                  Securities Act of any post-effective amendment or Subsequent
                  Shelf Registration Statement filed pursuant to clause (A)
                  above;

                        (E) if such Holder became a Notice Holder during a
                  Suspension Period, or a Suspension Period is put into effect
                  within five (5) Business Days after the date such Holder
                  became a Notice Holder, the Company shall so inform such
                  Notice Holder and shall, subject to the limitations of this
                  Section 2(d), take the actions set forth in clauses (A), (B)
                  and (C) above within thirty (30) days after expiration of such
                  Suspension Period in accordance with Section 3(j); and

                        (F) if, under the Securities Act, the Company has more
                  than one option as to the type or manner of making any such
                  filing, the Company shall make the required filing or filings
                  in the manner or of a type that the Company reasonably expects
                  to result in the earliest availability of a Prospectus for
                  effecting resales of Registrable Securities.

                  (ii) Notwithstanding anything contained herein to the
            contrary, the Company shall be under no obligation to name any
            Holder that is not a Notice Holder as a selling securityholder in
            any Shelf Registration Statement or related Prospectus; provided,
            however, that any Holder that becomes a Notice Holder (regardless of
            when such Holder became a Notice Holder) shall be named as a selling
            securityholder in a Shelf Registration Statement or related
            Prospectus in accordance with the requirements of this Section 2(d)
            or Section 2(a), as applicable.

            (e) The parties hereto agree that the Holders of Registrable
      Securities will suffer damages, and that it would not be feasible to
      ascertain the extent of such damages with precision, if:

                  (i) the Initial Shelf Registration Statement has not become
            effective under the Securities Act on or prior to the Effectiveness
            Deadline Date;

                  (ii) either a supplement to a Prospectus, a post-effective
            amendment or a Subsequent Shelf Registration Statement is required
            to be filed with the SEC and fails to be filed with the SEC within
            the prescribed period and in the manner set forth in Section 2(d)
            (the date such filing is required to be made being an "Additional
            Filing Deadline Date") or, in the case of a post-effective amendment
            or a Subsequent Shelf Registration Statement, such post-effective
            amendment or Subsequent Shelf Registration Statement does not become
            effective under the

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            Securities Act by the Amendment Effectiveness Deadline Date or the
            Subsequent Shelf Registration Statement Effectiveness Deadline Date,
            as the case may be;

                  (iii) the Initial Shelf Registration Statement or any
            Subsequent Registration Statement is filed with the SEC and becomes
            effective under the Securities Act but shall thereafter cease to be
            effective (without being succeeded immediately by a new Registration
            Statement that is filed and immediately becomes effective under the
            Securities Act) or usable under the Securities Act for the offer and
            sale of Registrable Securities in the manner contemplated by this
            Agreement for a period of time (including any Suspension Period)
            which shall exceed forty five (45) days in the aggregate in any
            three (3) month period or ninety (90) days in the aggregate in any
            twelve (12) month period; or

                  (iv) any Registration Statement or amendment thereto, at the
            time it becomes effective under the Securities Act, or any
            Prospectus relating thereto, at the time it is filed with the SEC
            or, if later, at the time the Registration Statement to which such
            Prospectus relates becomes effective under the Securities Act, shall
            fail to name each Notice Holder as a selling securityholder in such
            a manner as to permit such Notice Holder to sell its Registrable
            Securities pursuant to such Registration Statement and Prospectus in
            accordance with the Securities Act, which Notice Holder was
            required, pursuant to the terms of this Agreement, to be so named
            (it being understood that, without limitation, naming such Notice
            Holder in a manner that permits such Notice Holder to sell only a
            portion of such Notice Holder's Registrable Securities referenced in
            such Notice Holder's Notice and Questionnaire shall be deemed to be
            an "Event" (as defined below) for purposes of this clause (iv)).

      Each of the events of a type described in any of the foregoing clauses (i)
      through (iv) are individually referred to herein as an "Event," and

                        (W) the Effectiveness Deadline Date, in the case of
                  clause (i) above,

                        (X) the Additional Filing Deadline Date, the Amendment
                  Effectiveness Deadline Date or the Subsequent Shelf
                  Registration Statement Effectiveness Deadline Date, as the
                  case may be, in the case of clause (ii) above,

                        (Y) the date on which the duration of the
                  ineffectiveness or unusability of the Shelf Registration
                  Statement exceeds the number of days permitted by clause (iii)
                  above, in the case of clause (iii) above, and

                        (Z) the date the applicable Registration Statement or
                  amendment thereto shall become effective under the Securities
                  Act, or the date the applicable Prospectus is filed with the
                  SEC or, if later, the time the Registration Statement to which
                  such Prospectus relates becomes

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                  effective under the Securities Act, as the case may be, in the
                  case of clause (iv) above,

      are each herein referred to as an "Event Date." Events shall be deemed to
      continue until the following dates with respect to the respective types of
      Events:

                        (A) the date the Initial Shelf Registration Statement
                  becomes effective under the Securities Act, in the case of an
                  Event of the type described in clause (i) above;

                        (B) the date a supplement to a Prospectus, a
                  post-effective amendment or a Subsequent Shelf Registration
                  Statement, whichever is required, is filed with the SEC (in
                  the case of a supplement) or becomes effective under the
                  Securities Act (in the case of a post-effective amendment or a
                  Subsequent Shelf Registration Statement), in the case of an
                  Event of the type described in clause (ii) above;

                        (C) the date the Initial Shelf Registration Statement or
                  the Subsequent Shelf Registration Statement, as the case
                  maybe, becomes effective and usable under the Securities Act
                  again, or the date another Subsequent Shelf Registration
                  Statement is filed with the SEC pursuant to Section 2(b) and
                  becomes effective, in the case of an Event of the type
                  described in clause (iii) above; or

                        (D) the date a supplement to the Prospectus is filed
                  with the SEC, or the date a post-effective amendment to the
                  Registration Statement becomes effective under the Securities
                  Act, or the date a Subsequent Shelf Registration Statement
                  becomes effective under the Securities Act, which supplement,
                  post-effective amendment or Subsequent Shelf Registration
                  Statement, as the case may be, names as selling
                  securityholders, in such a manner as to permit them to deliver
                  the related Prospectus to purchasers of Registrable Securities
                  in the manner contemplated by, and in accordance with, the
                  Securities Act, all Notice Holders required as herein provided
                  to be so named, in the case of an Event of the type described
                  in clause (iv) above.

      Notwithstanding anything herein to the contrary, Events described in
      clauses (i), (ii) and (iv) above will be deemed to be suspended during any
      Suspension Period unless the duration of such Suspension Period exceeds
      forty five (45) days in the aggregate in any three (3) month period or
      ninety (90) days in the aggregate in any twelve (12) month period.

      Accordingly, commencing on (and including) any Event Date and ending on
      (but excluding) the next date on which there are no Events that have
      occurred and are continuing (an "Additional Interest Accrual Period"), the
      Company agrees to pay, as additional interest ("additional interest") and
      not as a penalty, an amount (the "Additional Interest Amount") at the rate
      described below, payable semi-annually on each Additional Interest Payment
      Date to Record Holders, to the extent of, for each such Additional

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      Interest Payment Date, the unpaid Additional Interest Amount that has
      accrued to (but excluding) such Additional interest Payment Date (or, if
      the Additional Interest Accrual Period shall have ended prior to such
      Additional Interest Payment Date, to, but excluding, the day immediately
      after the last day of such Additional Interest Accrual Period); provided,
      however, that any unpaid Additional Interest Amount that has accrued with
      respect to any Note, or portion thereof, called for Redemption on a
      Redemption Date, or purchased by the Company pursuant to a Repurchase at
      Holder's Option or Repurchase Upon Repurchase Event on an Option Purchase
      Date or Repurchase Date, as the case may be, that is after the close of
      business on the Record Date relating to such Additional Interest Payment
      Date and before such Additional Interest Payment Date, shall, in each
      case, be instead paid, on such Redemption Date, Option Purchase Date or
      Repurchase Date, as the case may be, to the Holder who submitted such Note
      or portion thereof for Redemption, Repurchase at Holder's Option or
      Repurchase Upon Repurchase Event, as the case may be.

      The Additional Interest Amount shall accrue at a rate per annum equal to
      one quarter of one percent (0.25%) for the ninety (90) day period
      beginning on, and including, the Event Date, and thereafter at a rate per
      annum equal to one half of one percent (0.50%), of the aggregate principal
      amount of the Notes of which such Record Holders were holders of record at
      the close of business on the applicable Record Date; provided, however,
      that:

                  (I) no Additional Interest Amounts shall accrue as to any
            Covered Security from and after the earlier of (x) the date such
            Covered Security is no longer a Registrable Security, (y) in the
            case of a Covered Security that is a Note, the date, and to the
            extent, such Note is converted in accordance with the Indenture and
            (z) the expiration of the Effectiveness Period;

                  (II) only those Holders (or their subsequent transferees) that
            were failed to be named as selling securityholders in the manner
            prescribed in Section 2(e)(iv) above shall be entitled to receive
            any Additional Interest Amounts that have accrued solely with
            respect to an Event of the type described in Section 2(e)(iv) above
            (it being understood that this clause (II) shall not impair any
            right of any Holder to receive Additional Interest Amounts that have
            accrued with respect to an Event other than an Event of the type
            described in Section 2(e)(iv) above);

                  (III) only those Holders (or their subsequent transferees)
            whose delivery of a Notice and Questionnaire gave rise to the
            obligation of the Company, pursuant to Section 2(d)(i), to file and,
            if applicable, make effective under the Securities Act the
            supplement, post-effective amendment or Subsequent Shelf
            Registration Statement referred to in Section 2(e)(ii) above shall
            be entitled to receive any Additional Interest Amounts that have
            accrued solely with respect to an Event of the type described in
            Section 2(e)(ii) above (it being understood that this clause (Ill)
            shall not impair any right of any Holder to receive Additional
            Interest

                                      -12-
<PAGE>

            Amounts that have accrued with respect to an Event other than an
            Event of the type described in Section 2(e)(ii) above); and

                  (IV) if a Covered Security ceases to be outstanding during an
            Additional Interest Accrual Period for which an Additional Interest
            Amount would be payable with respect to such Covered Security, then
            the Additional Interest Amount payable hereunder with respect to
            such Covered Security shall be prorated on the basis of the number
            of full days such Covered Security is outstanding during such
            Additional Interest Accrual Period.

      Except as provided in the final paragraph of this Section 2(e), (i) the
      rate of accrual of the Additional Interest Amount with respect to any
      period shall not exceed the rate provided for in this Section 2(e)
      notwithstanding the occurrence of multiple concurrent Events and (ii)
      following the cure of all Events requiring the payment by the Company of
      Additional Interest Amounts to the Holders pursuant to this Section, the
      accrual of Additional Interest Amounts shall cease (without in any way
      limiting the effect of any subsequent Event requiring the payment of
      Additional Interest Amounts by the Company). All installments of
      additional interest shall be paid by wire transfer of immediately
      available funds to the account specified by the Notice Holder or, if no
      such account is specified, by mailing a check to such Notice Holder's
      address shown in the register of the registrar for the Notes or, with
      respect to any Notes that have been converted, such Notice Holder's
      mailing address as shown on its Notice and Questionnaire. Subject to any
      rights that may arise under Section 6, the parties hereto agree that the
      additional interest provided for hereunder shall constitute the sole and
      exclusive remedy for an Event that occurs with respect to any Note or with
      respect to any ADSs (or Ordinary Shares represented by such ADSs) that
      both underlie such Note and are not outstanding, provided, however, that
      nothing in this sentence shall affect the rights hereunder of a holder of
      outstanding Underlying ADSs.

      All of the Company's obligations set forth in this Section 2(e) that are
      outstanding with respect to any Registrable Security at the time such
      Registrable Security ceases to be a Registrable Security shall survive
      until such time as all such obligations with respect to such security have
      been satisfied in full (notwithstanding termination of this Agreement
      pursuant to Section 9(n)).

      The parties hereto agree that the additional interest provided for in this
      Section 2(e) constitutes a reasonable estimate of the damages in respect
      of the Notes that may be incurred by Holders of the Notes by reason of an
      Event relating to such Notes, including, without limitation, the failure
      of a Shelf Registration Statement to be filed, become effective under the
      Securities Act, amended or replaced to include the names of all Notice
      Holders or available for effecting resales of Registrable Securities in
      accordance with the provisions hereof.

      If any Additional Interest Amounts are not paid when due, then, to the
      extent permitted by law, such overdue Additional Interest Amounts, if any,
      shall bear interest,

                                      -13-
<PAGE>

      compounded semi-annually, until paid at the rate of interest payable with
      respect to overdue amounts on the Notes pursuant to Section 2.12 of the
      Indenture.

            (f) The Trustee shall be entitled, on behalf of Holders, to seek any
      available remedy for the enforcement of this Agreement, including for the
      payment of any Additional Interest Amount.

            (g) The Company agrees that it will not, unless it obtains the prior
      consent of the Holders of a majority of the Registrable Securities that
      are registered under the Shelf Registration Statement at such time or the
      consent of the managing underwriter in connection with any underwritten
      offering of Registrable Securities, and each Holder agrees that it will
      not, unless it obtains the prior written consent of the Company and any
      such managing underwriter, make any offer relating to the Covered
      Securities that would constitute, as the case may be, an "issuer free
      writing prospectus," as defined in Rule 433 under the 1933 Act (an "Issuer
      Free Writing Prospectus"), or a "free writing prospectus," as defined in
      Rule 405 under the 1933 Act, required to be filed with the SEC. The
      Company represents that any Issuer Free Writing Prospectus will not
      include any information that conflicts with the information contained in
      any Shelf Registration Statement or Prospectus and that any Issuer Free
      Writing Prospectus, when taken together with the information in the Shelf
      Registration Statements and the Prospectuses, will not include any untrue
      statement of a material fact or omit to state any material fact necessary
      in order to make the statements therein, in light of the circumstances
      under which they were made, not misleading.

      3. Registration Procedures. In connection with the registration
obligations of the Company under Section 2 hereof, the Company shall:

            (a) Prepare and file with the SEC a Shelf Registration Statement or
      Shelf Registration Statements in the manner provided in this Agreement and
      use its reasonable best efforts to cause each such Shelf Registration
      Statement to become effective under the Securities Act and remain
      effective under the Securities Act as provided herein; provided, that,
      before filing any Shelf Registration Statement or Prospectus or any
      amendments or supplements thereto with the SEC, the Company shall furnish
      to the Initial Purchasers and Designated Counsel, if any, copies of all
      such documents proposed to be filed and give reasonable consideration to
      any comments as the Initial Purchasers, Designated Counsel, if any, or
      such counsel shall propose within two (2) Business Days of the delivery of
      such copies to the Initial Purchasers, Designated Counsel, if any, and
      such counsel. Each Registration Statement that is or is required by this
      Agreement to be filed with the SEC shall be filed on Form F-3 if the
      Company is then eligible to use Form F-3 for the purposes contemplated by
      this Agreement, or, if the Company is not then so eligible to use Form
      F-3, shall be on Form F-1 or another appropriate form that is then
      available to the Company for the purposes contemplated by this Agreement.
      Each such Registration Statement that is filed on Form F-3 shall
      constitute an Automatic Shelf Registration Statement if the Company is
      then eligible to file an Automatic Registration Statement on Form F-3 for
      the purposes contemplated by this Agreement. If, at the time any
      Registration Statement is filed with the SEC, the Company is eligible,
      pursuant to Rule 430B(b), to omit, from the prospectus that is filed as
      part of such Registration

                                      -14-
<PAGE>

      Statement, the identities of selling securityholders and amounts of
      securities to be registered on their behalf, then the Company shall
      prepare and file such Shelf Registration Statement in a manner as to
      permit such omission and to allow for the subsequent filing of such
      information in a prospectus pursuant to Rule 424(b) in the manner
      contemplated by Rule 430B(d).

            (b) Prepare and file with the SEC such amendments and post-effective
      amendments to each Shelf Registration Statement as may be necessary to
      keep such Shelf Registration Statement or Subsequent Shelf Registration
      Statement continuously effective until the expiration of the Effectiveness
      Period (except to the extent permitted under Section 3(j)); cause the
      related Prospectus to be supplemented by any required Prospectus
      supplement and, as so supplemented, to be filed with the SEC pursuant to
      Rule 424; and comply with the provisions of the Securities Act applicable
      to it with respect to the disposition of all securities covered by each
      Shelf Registration Statement during the Effectiveness Period (except to
      the extent permitted under Section 3(j)) in accordance with the intended
      methods of disposition by the sellers thereof set forth in such Shelf
      Registration Statement as so amended or such Prospectus as so
      supplemented.

            (c) If, at any time during the Effectiveness Period, any
      Registration Statement shall cease to comply with the requirements of the
      Securities Act with respect to eligibility for the use of the form on
      which such Registration Statement was filed with the SEC (or if such
      Registration Statement constituted an Automatic Shelf Registration
      Statement at the time it was filed with the SEC and shall thereafter cease
      to constitute an Automatic Shelf Registration Statement, or if the Company
      shall have received, from the SEC, a notice, pursuant to Rule 401(g)(2)
      under the Securities Act, of objection to the use of the form on which
      such Registration Statement was filed with the SEC), (i) promptly give
      notice to the Notice Holders, Designated Counsel, if any, and to the
      Initial Purchasers and (ii) promptly file with the SEC a new Registration
      Statement under the Securities Act, or a post-effective amendment to such
      Registration Statement, to effect compliance with the Securities Act. The
      Company shall use its reasonable best efforts to cause such new
      Registration Statement or post-effective amendment to become effective
      under the Securities Act as soon as practicable and shall promptly give
      notice of such effectiveness to the Notice Holders, Designated Counsel, if
      any, and to the Initial Purchasers. Each such new Registration Statement,
      if any, shall be deemed, for purposes of this Agreement, to be a
      Subsequent Shelf Registration Statement.

            (d) During the Effectiveness Period, as promptly as practicable,
      give notice to the Notice Holders, the Initial Purchasers, Designated
      Counsel, if any:

                  (i) when any Prospectus, Prospectus supplement, Registration
            Statement or post-effective amendment to a Registration Statement
            has been filed with the SEC and, with respect to any Registration
            Statement or any post-effective amendment, when the same has become
            effective under the Securities Act,

                  (ii) of any request, following the effectiveness of a Shelf
            Registration Statement under the Securities Act, by the SEC or any
            other governmental

                                      -15-
<PAGE>

            authority for amendments or supplements to such Shelf Registration
            Statement or the related Prospectus or for additional information,

                  (iii) of the issuance by the SEC or any other governmental
            authority of any stop order suspending the effectiveness of any
            Shelf Registration Statement or the initiation or threatening of any
            proceedings for that purpose,

                  (iv) of the receipt by the Company or its legal counsel of any
            notification with respect to the suspension of the qualification or
            exemption from qualification of any of the Registrable Securities
            for sale in any jurisdiction or the initiation or threatening of any
            proceeding for such purpose,

                  (v) after the effective date of any Shelf Registration
            Statement filed with the SEC pursuant to this Agreement, of the
            occurrence of (but not the nature of or details concerning) a
            Material Event, and

                  (vi) of the determination by the Company that a post-effective
            amendment to a Shelf Registration Statement (including Subsequent
            Shelf Registration Statement) will be filed with the SEC, which
            notice may, at the discretion of the Company (or as required
            pursuant to Section 3(j)), state that it constitutes a Suspension
            Notice, in which event the provisions of Section 3(j) shall apply.

            (e) Subject to the terms hereof, use its reasonable best efforts to
      (i) prevent the issuance of, and, if issued, to obtain the withdrawal of,
      any order suspending the effectiveness of a Shelf Registration Statement
      and (ii) obtain the lifting of any suspension of the qualification (or
      exemption from qualification) of any of the Registrable Securities for
      sale in any jurisdiction in which they have been qualified for sale, in
      either case at the earliest possible moment, and provide prompt notice to
      each Notice Holder, the Initial Purchasers and Designated Counsel, if any,
      of the withdrawal or lining of any such order or suspension.

            (f) Give reasonable consideration to any written request by the
      Initial Purchasers or any Notice Holder, to incorporate in a Prospectus
      supplement or a post-effective amendment to a Shelf Registration Statement
      such information as the Initial Purchasers, such Notice Holder or
      Designated Counsel, if any, shall have determined to be required to be
      included therein by applicable U.S. law and, if the Company determines
      pursuant hereto to give effect to such request, to make any required
      filings of such Prospectus supplement or such post-effective amendment as
      promptly as practicable.

            (g) As promptly as practicable, furnish, upon request, to each
      Notice Holder, Designated Counsel, if any, and the Initial Purchasers,
      without charge, at least one (1) conformed copy of each Shelf Registration
      Statement and each amendment thereto, including financial statements but
      excluding schedules, all documents incorporated or deemed to be
      incorporated therein by reference and all exhibits (unless requested in
      writing to the Company by such Notice Holder, Designated Counsel or the
      Initial Purchasers).

                                      -16-
<PAGE>

            (h) During the Effectiveness Period, deliver to each Notice Holder,
      Designated Counsel, if any, and the Initial Purchasers, in connection with
      any sale of Registrable Securities pursuant to a Shelf Registration
      Statement, without charge, as many copies of the Prospectus or
      Prospectuses relating to such Registrable Securities and any amendment or
      supplement thereto as such Notice Holder or the Initial Purchasers may
      reasonably request; and the Company hereby consents (except during such
      periods that a Suspension Notice is outstanding and has not been revoked)
      to the use of such Prospectus and each amendment or supplement thereto by
      each Notice Holder, in connection with any offering and sale of the
      Registrable Securities covered by such Prospectus or any amendment or
      supplement thereto in the manner set forth therein.

            (i) Prior to any public offering of the Registrable Securities
      pursuant to a Shelf Registration Statement, use its reasonable best
      efforts to register or qualify or cooperate with the Notice Holders in
      connection with the registration or qualification (or exemption from such
      registration or qualification) of such Registrable Securities for offer
      and sale under the securities or, if required, Blue Sky laws of such
      jurisdictions within the United States as any Notice Holder reasonably
      requests in writing (which request may be included in the Notice and
      Questionnaire); use its reasonable best efforts to keep each such
      registration or qualification (or exemption therefrom) effective during
      the Effectiveness Period in connection with such Notice Holder's offer and
      sale of Registrable Securities pursuant to such registration or
      qualification (or exemption therefrom) and do any and all other acts or
      things reasonably necessary or advisable to enable the disposition in such
      jurisdictions of such Registrable Securities in the manner set forth in
      the relevant Shelf Registration Statement and the related Prospectus;
      provided, however, that the Company will not be required to (i) qualify
      generally to do business in any jurisdiction where it is not then so
      qualified or (ii) take any action that would subject it to general service
      of process in suits, other than those arising out of and limited solely to
      the offering or sale of Registrable Securities, in any jurisdiction where
      it is not now so subject.

            (j) Upon: (A) the occurrence or existence of any pending or
      prospective corporate development (a "Material Event") that, in the
      reasonable discretion of the Company, makes it appropriate to suspend the
      availability of any Shelf Registration Statement and the related
      Prospectus; (B) the issuance by the SEC of a stop order suspending the
      effectiveness of any Shelf Registration Statement or the initiation of
      proceedings with respect to any Shelf Registration Statement under Section
      8(d) or 8(e) of the Securities Act; or (C) the occurrence of any event or
      the existence of any fact as a result of which any Shelf Registration
      Statement shall contain any 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 not misleading, or any Prospectus shall contain any
      untrue statement of a material fact or omit to state any material fact
      necessary in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading,

                  (i) in the case of clause (A) or (C) above, subject to the
            next sentence, as promptly as practicable, prepare and file, if
            necessary pursuant to the Securities Act, a post-effective amendment
            to such Shelf Registration Statement or a

                                      -17-
<PAGE>

            supplement to such Prospectus or any document incorporated therein
            by reference or file any other required document that would be
            incorporated by reference into such Shelf Registration Statement and
            Prospectus so that such Shelf Registration Statement does not
            contain any 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 not misleading, and so that such Prospectus does
            not contain any untrue statement of a material fact or omit to state
            any material fact necessary in order to make the statements therein,
            in the light of the circumstances under which they were made, not
            misleading, as thereafter delivered to the purchasers of the
            Registrable Securities being sold thereunder (it being understood
            that the Company may rely on information with respect to a Notice
            Holder provided by such Notice Holder to the Company for use in such
            Prospectus, including, without limitation, the Holder Information),
            and, in the case of a post-effective amendment to a Registration
            Statement, subject to the next sentence, use its reasonable best
            efforts to cause it to become effective under the Securities Act as
            promptly as practicable, and

                  (ii) give notice to the Notice Holders, the Initial Purchasers
            and Designated Counsel, if any, that the availability of the Shelf
            Registration Statement is suspended (a "Suspension Notice") (and,
            upon receipt of any Suspension Notice, each Notice Holder agrees not
            to sell any Registrable Securities pursuant to such Shelf
            Registration Statement until such Notice Holder's receipt of copies
            of the supplemented or amended Prospectus provided for in clause (i)
            above or until such Notice Holder is advised in writing by the
            Company that the Prospectus may be used).

      The Company will use its reasonable best efforts to ensure that the use of
      the Prospectus may be resumed (x) in the case of clause (A) above, as soon
      as, in the reasonable discretion of the Company, such suspension is no
      longer appropriate, (y) in the case of clause (B) above, as promptly as is
      practicable, and (z) in the case of clause (C) above, as soon as, in the
      reasonable judgment of the Company, the Shelf Registration Statement does
      not contain any 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 not misleading and the Prospectus does not contain any
      untrue statement of a material fact or omit to state any material fact
      necessary in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading. The period
      during which the availability of the Shelf Registration Statement and any
      Prospectus may be suspended (the "Suspension Period") without the Company
      incurring any obligation to pay additional interest pursuant to Section
      2(e) shall not exceed forty five (45) days in the aggregate in any three
      (3) month period or ninety (90) days in the aggregate in any twelve (12)
      month period.

            (k) Make available for inspection during normal business hours by
      representatives for the Notice Holders (and any underwriters participating
      in any disposition pursuant to any Shelf Registration Statement to the
      extent permitted hereunder) and any broker-dealers, attorneys and
      accountants retained by such Notice Holders (or any such underwriters, if
      applicable), all relevant financial and other records

                                      -18-
<PAGE>

      and pertinent corporate documents and properties of the Company and its
      subsidiaries, and cause the appropriate officers, directors and employees
      of the Company and its subsidiaries to make available for inspection
      during normal business hours all relevant information reasonably requested
      by such representatives for the Notice Holders, or any such underwriters,
      broker-dealers, attorneys or accountants in connection with such
      disposition, in each case as is customary for similar "due diligence"
      examinations; provided, however, that such persons shall first agree in
      writing with the Company that such person will not engage in any
      transaction involving Company securities in violation of applicable law
      (including without limitation federal securities laws prohibiting trading
      on the basis of material non-public information) and that any information
      that is confidential at the time of delivery of such information shall be
      kept confidential by such persons and shall be used solely for the
      purposes of exercising rights under this Agreement, unless (i) disclosure
      of such information is required by court or administrative order or is
      necessary to respond to inquiries of governmental or regulatory
      authorities, (ii) disclosure of such information is required by law
      (including any disclosure requirements pursuant to federal securities laws
      in connection with the filing of any Shelf Registration Statement or the
      use of any Prospectus referred to in this Agreement) or necessary to
      defend or prosecute a claim brought against or by any such persons (e.g.,
      to establish a "due diligence" defense), (iii) such information becomes
      generally available to the public other than as a result of a disclosure
      or failure to safeguard by any such person or (iv) such information
      becomes available to any such person from a source other than the Company
      and such source is not bound by a confidentiality agreement or is not
      otherwise under a duty of trust to the Company; provided further, that the
      foregoing inspection and information gathering shall, to the greatest
      extent possible, be coordinated on behalf of all the Notice Holders and
      the other parties entitled thereto by Designated Counsel.

            (l) Comply with all applicable rules and regulations of the SEC to
      the extent and so long as they are applicable to any Shelf Registration
      Statement; and make generally available to its securityholders earnings
      statements covering a period of twelve (12) months (which need not be
      audited) satisfying the provisions of Section 11(a) of the Securities Act
      and Rule 158 thereunder (or any similar rule promulgated under the
      Securities Act).

            (m) If electronic global certificates for the Registrable Securities
      are not then available, cooperate with each Notice Holder to facilitate
      the timely preparation and delivery of certificates representing
      Registrable Securities sold pursuant to a Shelf Registration Statement,
      which certificates shall not bear any restrictive legends, and cause such
      Registrable Securities to be in such denominations as are permitted by the
      Indenture and registered in such names as such Notice Holder may request
      in writing at least two (2) Business Days prior to any sale of such
      Registrable Securities.

            (n) Provide a CUSIP number for all Registrable Securities covered by
      a Shelf Registration Statement not later than the effective date of the
      Initial Shelf Registration Statement and provide the Trustee and the
      Depository with certificates, if required, for the Registrable Securities
      that are in a form eligible for deposit with The Depository Trust Company.

                                      -19-
<PAGE>

            (o) Cooperate and assist in any filings required to be made with the
      National Association of Securities Dealers, Inc.

            (p) Upon the filing of the Initial Shelf Registration Statement, and
      upon the effectiveness under the Securities Act of the Initial Shelf
      Registration Statement, if the effective date is different from the filing
      date, announce the same, in each case by release through a reputable
      national newswire service in the United States.

            (q) Except as otherwise provided herein, take all actions as are
      necessary, or reasonably requested by the Holders of a majority of the
      Registrable Securities being sold, in order to expedite or facilitate
      disposition of the Registrable Securities.

            (r) Cause the Indenture to be qualified under the TIA not later than
      the effective date of the Initial Shelf Registration Statement; and, in
      connection therewith, cooperate with the Trustee to effect such changes to
      the Indenture as may be required for the Indenture to be so qualified in
      accordance with the terms of the TIA and execute, and use its reasonable
      best efforts to cause the Trustee to execute, all documents as may be
      required to effect such changes, and all other forms and documents
      required to be filed with the SEC to enable the Indenture to be so
      qualified in a timely manner.

            (s) Use its reasonable best efforts to cause the Underlying ADSs to
      be listed on The New York Stock Exchange.

      4. Holder's Obligations. Each Holder agrees, by acquisition of the
Registrable Securities, that no Holder of Registrable Securities shall be
entitled to sell any of such Registrable Securities pursuant to a Shelf
Registration Statement or to receive a Prospectus relating thereto, unless such
Holder has furnished the Company with a Notice and Questionnaire as required
pursuant to Section 2(d) hereof (including the information required to be
included in such Notice and Questionnaire) and the information set forth in the
next sentence. Each Notice Holder agrees promptly to furnish to the Company all
information required to be disclosed in order to make the information previously
furnished to the Company by such Notice Holder not misleading and any other
information regarding such Notice Holder and the distribution of such
Registrable Securities as the Company may from time to time reasonably request.
Any sale of any Registrable Securities by any Holder shall constitute a
representation and warranty by such Holder that, as of the time of such sale,
the Holder Information of such Holder furnished in writing by or on behalf of
such Holder to the Company does not include an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements
in such Holder Information, in the light of the circumstances under which they
were made, not misleading. Each Holder agrees to keep confidential the receipt
of any Suspension Notice and the contents thereof, except as required pursuant
to applicable law.

      5. Registration Expenses. The Company shall bear all fees and expenses
incurred in connection with the performance by the Company of its obligations
under Section 2 and Section 3 of this Agreement whether or not any of the Shelf
Registration Statements are filed or declared effective under the Securities
Act. Such fees and expenses ("Registration Expenses") shall include, without
limitation, (i) all registration and filing fees and expenses (including,

                                      -20-
<PAGE>

without limitation, fees and expenses (x) with respect to filings required to be
made with the National Association of Securities Dealers, Inc. and (y) of
compliance with federal securities laws and state securities or Blue Sky laws,
if any, (including, without limitation, reasonable fees and disbursements of
Designated Counsel, if any, in connection with Blue Sky qualifications of the
Registrable Securities under the laws of such jurisdictions), (ii) all expenses
of the Company in preparing or assisting in preparing, word processing, printing
and distributing any Shelf Registration Statement, any Prospectus, any
amendments or supplements thereto, any securities sales agreements and other
documents relating to the performance of and compliance with this Agreement,
(iii) all fees and disbursements of counsel for the Company, (iv) all fees and
disbursements of Designated Counsel, the selection of whom shall be reasonably
agreed by the Company, (v) all fees and disbursements of the Trustee and its
counsel and of the registrar and transfer agent for the Ordinary Shares, and
(vi) Securities Act liability insurance obtained by the Company in its sole
discretion. In addition, the Company shall pay the internal expenses of the
Company, the expense of any annual audit or quarterly review, the fees and
expenses incurred in connection with the listing by the Company of the
Registrable Securities on any securities exchange or quotation system on which
similar securities of the Company are then listed and the fees and expenses of
any person, including, without limitation, special experts, retained by the
Company. If the Company shall, pursuant to Rule 456(b), defer payment of any
registration fees due under the Securities Act with respect to any Registration
Statement, the Company agrees that it shall pay the fees applicable to such
Registration Statement within the time required by Rule 456(b)(1)(i) (without
reliance on the proviso to Rule 456(b)(1)(i)) and in compliance with Rule 456(b)
and Rule 457(r). Each Holder shall pay all brokerage fees and commissions
incurred by it, all transfer taxes incurred by it, the fees and expenses of any
advisors the Holder engages and all similar fees and costs incurred by such
Holder relating to such Holder's disposition of Registrable Securities.

      6. Indemnification, Contribution.

            (a) The Company agrees to indemnify, defend and hold harmless each
      Initial Purchaser, each Holder, each person (a "Controlling Person"), if
      any, who controls, is controlled by or is under common control with any
      Initial Purchaser or Holder within the meaning of Section 15 of the
      Securities Act or Section 20 of the Exchange Act and the respective
      Affiliates (including joint venture counterparts), officers, directors,
      partners, employees, representatives and agents of any Initial Purchaser,
      the Holders or any Controlling Person (each, an "Indemnified Party"), from
      and against any loss, damage, expense, liability, claim or any actions in
      respect thereof (including the reasonable cost of investigation) which
      such Indemnified Party may incur or become subject to under the Securities
      Act, the Exchange Act or otherwise, insofar as such loss, damage, expense,
      liability, claim or action arises out of or is based upon any untrue
      statement or alleged untrue statement of a material fact contained in any
      Registration Statement, Prospectus or Issuer Free Writing Prospectus,
      including any document incorporated by reference therein, or in any

                                      -21-
<PAGE>

      amendment or supplement thereto or in any preliminary prospectus, or
      arises out of or is based upon any omission or alleged omission to state a
      material fact required to be stated in any Registration Statement or in
      any amendment or supplement thereto or necessary to make the statements
      therein not misleading, or arises out of or is based upon any omission or
      alleged omission to state a material fact necessary in order to make the
      statements made in any Prospectus, Issuer Free Writing Prospectus or in
      any amendment or supplement thereto or in any preliminary prospectus, in
      the light of the circumstances under which such statements were made, not
      misleading, and the Company shall reimburse, as incurred, the Indemnified
      Parties for any legal or other expenses reasonably incurred by them in
      connection with investigating or defending any such loss, damage, expense,
      liability, claim or action in respect thereof; provided, however, that the
      Company shall not be required to provide any indemnification pursuant to
      this Section 6(a) in any such case insofar as any such loss, damage,
      expense, liability, claim or action arises out of or is based upon any
      untrue statement or omission or alleged untrue statement or omission of a
      material fact contained in, or omitted from, and in conformity with
      information furnished in writing by or on behalf of an Initial Purchaser
      or a Holder to the Company expressly for use in, any Registration
      Statement, Prospectus or Issuer Free Writing Prospectus, including,
      without limitation, information provided to the Company by such Holder in
      a Notice and Questionnaire; provided further, however, that this indemnity
      agreement will be in addition to any liability which the Company may
      otherwise have to such Indemnified Party; provided further, however, that
      no Initial Purchaser or Holder shall be entitled to this indemnity to the
      extent, and only to the extent, such loss, damage, expense, liability,
      claim or action arises out of a disposition, pursuant to a Registration
      Statement, of Registrable Securities by such Initial Purchaser or Holder,
      as the case may be, during a Suspension Period, provided such Initial
      Purchaser or Holder, as the case may be, received, prior to such
      disposition, a Suspension Notice with respect to such Suspension Period.

            (b) Each Holder, severally and not jointly, agrees to indemnify,
      defend and hold harmless the Company, its directors, officers, employees,
      representatives and agents and any person who controls the Company within
      the meaning of Section 15 of the Securities Act or Section 20 of the
      Exchange Act (each, a "Company Indemnified Party") from and against any
      loss, damage, expense, liability, claim or any actions in respect thereof
      (including the reasonable cost of investigation) which such Company
      Indemnified Party may incur or become subject to under the Securities Act,
      the Exchange Act or otherwise, insofar as such loss, damage, expense,
      liability, claim or action arises out of or is based upon (A) any untrue
      statement or alleged untrue statement of a material fact contained in, and
      in conformity with information (the "Holder Information") furnished in
      writing by or on behalf of such Holder to the Company expressly for use
      in, any Registration Statement or Prospectus, or arises out of or is based
      upon any omission or alleged omission to state a material fact in
      connection with such Holder Information, which material fact was not
      contained in such Holder Information, and which material fact was either
      required to be stated in any Registration Statement or Prospectus, or any
      amendment or supplement thereto, or necessary to make such Holder
      Information not misleading; (B) a sale, by such Holder, pursuant to a
      Registration Statement, of Registrable Securities during a Suspension
      Period, provided that the Company shall have theretofore provided such
      Holder with a Suspension Notice with respect to such Suspension Period; or
      (C) a public sale of Registrable Securities by such Holder without
      delivery, if required by the Securities Act, of the most recent applicable
      Prospectus provided to such Holder by the Company pursuant to Section 3(h)
      or Section 2(d)(i)(C); and, subject to the limitation set forth in the
      immediately preceding clause, each Holder shall reimburse, as incurred,
      the Company for any legal or other expenses reasonably incurred by the
      Company or any such controlling person in connection with investigating

                                      -22-
<PAGE>

      or defending any loss, damage, expense, liability, claim or action in
      respect thereof. This indemnity agreement will be in addition to any
      liability which such Holder may otherwise have to the Company or any of
      its controlling persons. In no event shall the liability of any selling
      Holder of Registrable Securities hereunder be greater in amount than the
      dollar amount of the proceeds received by such Holder upon the sale,
      pursuant to the Registration Statement, of the Registrable Securities
      giving rise to such indemnification obligation.

            (c) If any action, suit or proceeding (each, a "Proceeding") is
      brought against any person in respect of which indemnity may be sought
      pursuant to either Section 6(a) or Section 6(b), such person (the
      "Indemnified Party") shall promptly notify the person against whom such
      indemnity may be sought (the "Indemnifying Party") in writing of the
      institution of such Proceeding and the Indemnifying Party shall assume the
      defense of such Proceeding, including the employment of counsel reasonably
      satisfactory to the Indemnified Party and payment of all fees and expense;
      provided, however, that the omission to so notify such Indemnifying Party
      shall not relieve such Indemnifying Party from any liability which it may
      have to such Indemnified Party or otherwise. Such Indemnified Party shall
      have the right to employ its own counsel in any such case, but the fees
      and expenses of such counsel shall be at the expense of such Indemnified
      Party unless the employment of such counsel shall have been authorized in
      writing by such Indemnifying Party in connection with the defense of such
      Proceeding or such Indemnifying Party shall not have, within a reasonable
      period of time in light of the circumstances, employed counsel to defend
      such Proceeding or such Indemnified Party shall have reasonably concluded
      that there may be one or more defenses available to it that are different
      from, additional to or in conflict with those available to such
      Indemnifying Party (in which case such Indemnifying Party shall not have
      the right to direct the defense of such Proceeding on behalf of the
      Indemnified Party, in any of which events such fees and expenses shall be
      borne by such Indemnifying Party and paid as incurred (it being
      understood, however, that such Indemnifying Party shall not be liable for
      the expenses of more than one separate counsel in any one Proceeding or
      series of related Proceedings (in additional to any local counsel)
      representing the Indemnified Parties who are parties to such action). An
      Indemnifying Party shall not be liable for any settlement of such
      Proceeding effected without the written consent of such Indemnifying
      Party, but if settled with the written consent of such Indemnifying Party,
      such Indemnifying Party agrees to indemnify and hold harmless an
      Indemnified Party from and against any loss or liability by reason of such
      settlement. Notwithstanding the foregoing sentence, if at any time an
      Indemnified Party shall have requested an Indemnifying Party to reimburse
      such Indemnified Party for fees and expenses of counsel as contemplated by
      the second sentence of this paragraph, then such Indemnifying Party agrees
      that it shall be liable for any settlement of any Proceeding effected
      without its written consent if (i) such settlement is entered into more
      than sixty (60) Business Days after receipt by such Indemnifying Party of
      the aforesaid request, (ii) such Indemnifying Party shall not have fully
      reimbursed such Indemnified Party in accordance with such request prior to
      the date of such settlement and (iii) such Indemnified Party shall have
      given such Indemnifying Party at least thirty (30) days' prior notice of
      its intention to settle. No Indemnifying Party shall, without the prior
      written consent of any Indemnified Party, effect any settlement of any
      pending or threatened Proceeding in respect of which

                                      -23-
<PAGE>

      such Indemnified Party is or could have been a party and indemnity could
      have been sought hereunder by such Indemnified Party, unless such
      settlement includes an unconditional release of such Indemnified Party
      from all liability on claims that are the subject matter of such
      Proceeding and does not include an admission of fault or culpability or a
      failure to act by or on behalf of such Indemnified Party.

            (d) If the indemnification provided for in this Section 6 is
      unavailable to an Indemnified Party under Section 6(a) or Section 6(b), or
      insufficient to hold such Indemnified Party harmless, in respect of any
      losses, damages, expenses, liabilities, claims or actions referred to
      therein, then each applicable 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 losses, damages, expenses,
      liabilities, claims or actions (i) in such proportion as is appropriate to
      reflect the relative benefits received by the Company, on the one hand,
      and by the Holders or the Initial Purchasers, on the other hand, from the
      offering of the Registrable Securities or (ii) if the allocation provided
      by clause (i) above is not permitted by applicable law, in such proportion
      as is appropriate to reflect not only the relative benefits referred to in
      clause (i) above but also the relative fault of the Company, on the one
      hand, and of the Holders or the Initial Purchasers, on the other hand, in
      connection with the statements or omissions which resulted in such losses,
      damages, expenses, liabilities, claims or actions, as well as any other
      relevant equitable considerations. The relative fault of the Company, on
      the one hand, and of the Holders or the Initial Purchasers, on the other
      hand, shall be determined by reference to, among other things, whether the
      untrue statement or alleged untrue statement of a material fact or
      omission or alleged omission relates to information supplied by the
      Company or by the Holders or the Initial Purchasers and the parties'
      relative intent, knowledge, access to information and opportunity to
      correct or prevent such statement or omission. The amount paid or payable
      by a party as a result of the losses, damages, expenses, liabilities,
      claims and actions referred to above shall be deemed to include any legal
      or other fees or expenses reasonably incurred by such party in connection
      with investigating or defending any Proceeding.

            (e) The Company, the Holders and the Initial Purchasers agree that
      it would not be just and equitable if contribution pursuant to this
      Section 6 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 Section 6(d) above. Notwithstanding the provisions of this
      Section 6, no Holder shall be required to contribute any amount in excess
      of the amount by which the total price at which the Registrable Securities
      giving rise to such contribution obligation and sold by such Holder were
      offered to the public exceeds the amount of any damages which it has
      otherwise been required to pay by reason of such untrue or alleged untrue
      statement or omission or alleged omission. 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. The Holders' respective obligations
      to contribute pursuant to this Section 6 are several in proportion to the
      respective amount of Registrable Securities they have sold pursuant to a
      Registration Statement, and not joint. The remedies provided for in this
      Section 6 are not exclusive and shall not limit any

                                      -24-
<PAGE>

      rights or remedies which may otherwise be available to any indemnified
      party at law or in equity.

            (f) The indemnity and contribution provisions contained in this
      Section 6 shall remain operative and in full force and effect regardless
      of (i) any termination of this Agreement, (ii) any investigation made by
      or on behalf of any Holder or the Initial Purchasers or any person
      controlling any Holder or Initial Purchaser, or the Company, or the
      Company's officers or directors or any person controlling the Company and
      (iii) the sale of any Registrable Security by any Holder.

      7. Information Requirements.

            (a) The Company covenants that, if at any time before the end of the
      Effectiveness Period it is not subject to the reporting requirements of
      the Exchange Act, it will cooperate with any Holder of Registrable
      Securities and take such further action as any Holder of Registrable
      Securities may reasonably request in writing (including, without
      limitation, making such representations as any such Holder may reasonably
      request), 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 limitations of the exemptions provided by Rule
      144, Rule 144A or Regulation S under the Securities Act and customarily
      taken in connection with sales pursuant to such exemptions. Upon the
      written request of any Holder, the Company shall deliver to such Holder a
      written statement as to whether the Company has duly filed all reports
      required to be filed by it under Section 13 or 15(d) the Exchange Act
      during the preceding twelve (12) months, unless such a statement has been
      included in the Company's most recent report filed with the SEC pursuant
      to Section 13 or Section 15(d) of Exchange Act.

            (b) During the Effectiveness Period, the Company shall use its
      commercially reasonable efforts to comply with all requirements set forth
      in the instructions to Form F-3 in order to allow the Company to be
      eligible to file registration statements on Form F-3. The Company shall
      use its commercially reasonable efforts to remain eligible, pursuant to
      Rule 430B(b), to omit, from the prospectus that is filed as part of a
      Shelf Registration Statement, the identities of selling securityholders
      and amounts of securities to be registered on their behalf.

      8. Underwritten Registrations.

            Notwithstanding anything herein to the contrary, in no event shall
Registrable Securities be offered and sold pursuant hereto through a Shelf
Registration Statement pursuant to an underwritten offering without the prior
written agreement of the Company. No person may participate in any underwritten
registration hereunder unless such person (i) agrees to sell such person's
Registrable Securities on the basis reasonably provided in any underwriting
arrangements approved by the Company and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting
arrangements. The Holders participating in any underwritten offering shall be
responsible for any underwriting discounts and commissions and fees and, subject
to Section 5 hereof, expenses of their own counsel. The Company shall pay all

                                      -25-
<PAGE>

expenses customarily borne by issuers in an underwritten offering, including but
not limited to filing fees, the fees and disbursements of its counsel and
independent public accountants and any printing expenses incurred in connection
with such underwritten offering.

      9. Miscellaneous.

            (a) Remedies. The Company acknowledges and agrees that any failure
      by the Company to comply with its obligations under this Agreement may
      result in material irreparable injury to the Initial Purchasers and the
      Holders for which there is no adequate remedy at law, that it will not be
      possible to measure damages for such injuries precisely and that, in the
      event of any such failure, any Initial Purchaser or Holder may obtain such
      relief as may be required to specifically enforce the Company's
      obligations under this Agreement. The Company further agrees to waive the
      defense in any action for specific performance that a remedy at law would
      be adequate. Notwithstanding the foregoing two sentences, this Section
      9(a) shall not apply to the subject matter referred to in and contemplated
      by Section 2(e).

            (b) No Conflicting Agreements. The Company will not on or after the
      date of this Agreement, enter into, any agreement with respect to the
      Company's securities that conflicts with the rights granted to the Holders
      in this Agreement. The Company represents and warrants that the rights
      granted to the Holders hereunder are not in conflict with the rights
      granted to the holders of the Company's securities under any other
      agreements.

            (c) Amendments and Waivers. The provisions of this Agreement,
      including the provisions of this sentence, may not be amended, modified or
      supplemented, and waivers or consents to departures from the provisions
      hereof may not be given, unless the Company has obtained the written
      consent of Holders of a majority of outstanding Registrable Securities;
      provided, however, that, no consent is necessary from any of the Holders
      in the event that this Agreement is amended, modified or supplemented for
      the purpose of curing any ambiguity, defect or inconsistency that does not
      adversely affect the rights of any Holders. Notwithstanding the foregoing,
      a waiver or consent to depart from the provisions hereof with respect to a
      matter that relates exclusively to the rights of Holders of Registrable
      Securities whose securities are being sold pursuant to a Shelf
      Registration Statement and that does not directly or indirectly affect the
      rights of other Holders of Registrable Securities may be given by Holders
      of at least a majority of the Registrable Securities being sold by such
      Holders pursuant to such Shelf Registration Statement; provided, however,
      that the provisions of this sentence may not be amended, modified, or
      supplemented except in accordance with the provisions of the immediately
      preceding sentence. Each Holder of Registrable Securities outstanding at
      the time of any such amendment, modification, supplement, waiver or
      consent or thereafter shall be bound by any such amendment, modification,
      supplement, waiver or consent effected pursuant to this Section 9(c),
      whether or not any notice, writing or marking indicating such amendment,
      modification, supplement, waiver or consent appears on the Registrable
      Securities or is delivered to such Holder.

                                      -26-
<PAGE>

            (d) Notices. All notices and other communications provided for or
      permitted hereunder shall be made in writing by hand delivery, by
      telecopier, by courier guaranteeing overnight delivery or by first-class
      mail, return receipt requested, and shall be deemed given (A) when made,
      if made by hand delivery, (B) upon confirmation, if made by telecopier,
      (C) one (1) Business Day after being deposited with such courier, if made
      by overnight courier or (D) on the date indicated on the notice of
      receipt, if made by first-class mail, to the parties as follows:

                  (i) if to a Holder, at the most current address given by such
            Holder to the Company in a Notice and Questionnaire or any amendment
            thereto;

                  (ii) if to the Company, to:

                       Suntech Power Holdings Co., Ltd.
                       17-6 Changjiang South Road
                       New District, Wuxi
                       Jiangsu Province 214028
                       People's Republic of China
                       Attention: Chief Financial Officer
                       Telecopy No.: +86-510-8534-4448

                  (iii) if to the Initial Purchasers, to:

                        UBS Securities LLC
                        229 Park Avenue
                        New York, NY 10171,
                        Attention: Syndicate Department

                        with copies to:

                        Goldman Sachs (Asia) L.L.C.
                        68th Floor, Cheung Kong Center
                        2 Queen's Road Central
                        Hong Kong
                        Attention: Syndicate Department

                        and

                        ABN AMRO Rothschild
                        41st Floor, Cheung Kong Center
                        2 Queen's Road Central
                        Hong Kong
                        Attention: Head of Equity Capital Markets

                                      -27-
<PAGE>

         or to such other address as such person may have furnished to the other
         persons identified in this Section 9(d) in writing in accordance
         herewith.

                  (e) Majority of Registrable Securities. For purposes of
            determining what constitutes holders of a majority of Registrable
            Securities, as referred to in this Agreement, a majority shall mean
            holders of a majority of the Underlying Ordinary Shares that
            constitute Registrable Securities, treating (i) each holder of Notes
            that constitute Registrable Securities as the holder of the
            Underlying Ordinary Shares represented by the Underlying ADSs
            issuable upon conversion of such Notes as if such Notes were
            convertible solely into ADSs (without regard to the Company's right
            to elect full or partial cash settlement upon conversion of the
            Notes pursuant to the Indenture), and (ii) treating each holder of
            ADSs (if any) that constitute Registrable Securities as the holder
            of the Underlying Ordinary Shares represented by such ADSs.

                  (f) Approval of Holders. Whenever the consent or approval of
            Holders of a specified percentage of Registrable Securities is
            required hereunder, Registrable Securities held by the Company or
            its "affiliates" (as such terms is defined in Rule 405 under the
            Securities Act) (other than the Initial Purchasers or subsequent
            Holders of Registrable Securities, if the Initial Purchasers or such
            subsequent Holders are deemed to be such affiliates solely by reason
            of their holdings of such Registrable Securities) shall not be
            counted in determining whether such consent or approval was given by
            the Holders of such required percentage.

                  (g) Third Party Beneficiaries. Each Holder shall be third
            party beneficiary to the agreements made hereunder between the
            Company, on the one hand, and the Initial Purchasers, on the other
            hand, and shall have the right to enforce such agreements directly
            to the extent it may deem such enforcement necessary or advisable to
            protect its rights hereunder. The Trustee shall be entitled to the
            rights granted to it pursuant to this Agreement and shall be bound
            by the terms hereof.

                  (h) Successors and Assigns. Any person who purchases any
            Covered Security from any Initial Purchaser or from any Holder shall
            be deemed, for purposes of this Agreement, to be an assignee of such
            Initial Purchaser or such Holder, as the case may be. This Agreement
            shall inure to the benefit of and be binding upon the respective
            successors and assigns of each of the parties hereto and shall inure
            to the benefit of and be binding upon each Holder of any Covered
            Security.

                  (i) Counterparts. This Agreement may be executed in any number
            of counterparts and by the parties hereto in separate counterparts,
            each of which when so executed shall be deemed to be original and
            all of which taken together shall constitute one and the same
            agreement.

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

                  (k) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
            CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF

                                      -28-
<PAGE>

            NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

                  (l) Severability. If any term, provision, covenant or
            restriction of this Agreement is held to be invalid, illegal, void
            or unenforceable, the remainder of the terms, provisions, covenants
            and restrictions set forth herein shall remain in full force and
            effect and shall in no way be affected, impaired or invalidated
            thereby, and the parties hereto shall use their reasonable best
            efforts to find and employ an alternative means to achieve the same
            or substantially the same result as that contemplated by such term,
            provision, covenant or restriction, it being intended that all of
            the rights and privileges of the parties shall be enforceable to the
            fullest extent permitted by law.

                  (m) Entire Agreement. This Agreement is intended by the
            parties hereto as a final expression of their agreement and is
            intended to be a complete and exclusive statement of the agreement
            and understanding of the parties hereto in respect of the subject
            matter contained herein and the registration rights granted by the
            Company with respect to the Registrable Securities. Except as
            provided in the Purchase Agreement, there are no restrictions,
            promises, warranties or undertakings, other than those set forth or
            referred to herein, with respect to the registration rights granted
            by the Company with respect to the Registrable Securities. This
            Agreement supersedes all prior agreements and undertakings among the
            parties with respect to such registration rights. No party hereto
            shall have any rights, duties or obligations other than those
            specifically set forth in this Agreement.

                  (n) Termination. This Agreement and the obligations of the
            parties hereunder shall terminate upon the end of the Effectiveness
            Period, except for any liabilities or obligations under Section 4,
            Section 5 or Section 6 hereof and the obligations to make payments
            of and provide for additional interest under Section 2(e) hereof to
            the extent such additional interest accrued prior to the end of the
            Effectiveness Period and to the extent any overdue additional
            interest accrues in accordance with the last paragraph of such
            Section 2(e), each of which shall remain in effect in accordance
            with its terms.

                  (o) Submission to Jurisdiction. Except as set forth below, no
            proceeding, claim, counterclaim or dispute of any kind or nature
            whatsoever arising out of or in any way relating to this Agreement
            ("Claim") may be commenced, prosecuted or continued in any court
            other than the courts of the State of New York located in the City
            and County of New York or in the United States District Court for
            the Southern District of New York, which courts shall have
            jurisdiction over the adjudication of such matters, and the Company
            hereby consents to the jurisdiction of such courts and personal
            service with respect thereto. The Company hereby consents to
            personal jurisdiction, service and venue in any court in which any
            Claim arising out of or in any way relating to this Agreement is
            brought by any third party against any Initial Purchaser. THE
            COMPANY, EACH INITIAL PURCHASER AND EACH HOLDER HEREBY WAIVES ALL
            RIGHTS TO TRIAL BY JURY IN ANY PROCEEDING (WHETHER BASED UPON
            CONTRACT, TORT OR OTHERWISE) IN ANY WAY ARISING OUT OF OR RELATING
            TO THIS AGREEMENT. The Company, each Initial Purchaser and each
            Holder agree that a final judgment in any such Proceeding brought in
            any such court shall

                                      -29-
<PAGE>

            be conclusive and binding upon such party and may be enforced in any
            other courts in the jurisdiction of which such party is or may be
            subject, by suit upon such judgment. The Company hereby appoints,
            without power of revocation, CT Corporation System at 111 Eighth
            Avenue, New York, New York 10011, as its agent to accept and
            acknowledge on its behalf service of any and all process which may
            be served in any action, proceeding or counterclaim in any way
            relating to or arising out of this Agreement.

                  (p) Judgment Currency. In respect of any judgment or order
            given or made for any amount due hereunder that is expressed and
            paid in a currency (the "judgment currency") other than United
            States dollars, the Company agrees to indemnify the Initial
            Purchasers against any loss incurred by such Initial Purchasers as a
            result of any variation as between (a) the rate of exchange at which
            the United States dollar amount is converted into the judgment
            currency for the purpose of such judgment or order and (b) the rate
            of exchange at which such Initial Purchaser is able to purchase
            United States dollars with the amount of the judgment currency
            actually received by such Initial Purchaser. If the United States
            dollars so purchased are greater than the sum originally due to such
            Initial Purchaser hereunder, such Initial Purchaser agrees to pay to
            the Company an amount equal to the excess of the United States
            dollars so purchased over the sum originally due to such Initial
            Purchaser hereunder. The foregoing indemnity shall constitute a
            separate and independent obligation of the Company and shall
            continue in full force and effect notwithstanding any such judgment
            or order as aforesaid. The term "rate of exchange" shall include any
            premiums and costs of exchange payable in connection with the
            purchase of or conversion into United States dollars.

  [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS]

                                      -30-
<PAGE>

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

                                         Very truly yours,

                                         SUNTECH POWER HOLDINGS CO., LTD.

                                         By:____________________________________
                                         Name:
                                         Title:

                         [REGISTRATION RIGHTS AGREEMENT]
<PAGE>

Accepted and agreed to as of the date
first above written:

UBS Securities LLC

By: ________________________________
    Name:
    Title:

By: ________________________________
    Name:
    Title:

Goldman Sachs (Asia) L.L.C.

By: ________________________________
    Name:
    Title:

ABN AMRO Bank N.V. Hong Kong Branch and N M Rothschild & Sons (Hong Kong)
Limited, each trading as ABN AMRO Rothschild

By: ________________________________
    Name:
    Title:

                         [REGISTRATION RIGHTS AGREEMENT]Exhibit 10.1

                              EMPLOYMENT AGREEMENT
                              --------------------

                  EMPLOYMENT AGREEMENT, dated as of August 15, 2007 by and
between NeoStem, Inc. (the "Company") and Renee Cohen (the "Executive").

                              W I T N E S S E T H:
                              - - - - - - - - - -

                  WHEREAS, the Executive has substantial experience relating to
small and start-up company operations;

                  WHEREAS, the Company wishes to benefit from this experience by
retaining Executive as its Vice President, Operations and Corporate Strategy and
Executive  desires to serve as the  Company's  Vice  President,  Operations  and
Corporate Strategy, all on the terms and conditions herein set forth;

                  NOW THEREFORE, in consideration of the mutual covenants herein
contained, the parties hereto hereby agree as follows:

                  Section  1.  Employment.  The  Company  agrees to  employ  the
Executive,  and the  Executive  agrees to be employed by the  Company,  upon the
terms and conditions hereinafter provided, for a period commencing on August 15,
2007 (the "Commencement  Date") and, subject to earlier termination  pursuant to
Section 5 hereof,  continuing until August 14, 2009 (the "Term").  The Executive
hereby  represents  and warrants that she has the legal  capacity to execute and
perform this  Agreement,  and that its execution and performance by her will not
violate the terms of any existing  agreement or understanding to which Executive
is a party.

                  Section 2. Position and Duties. During the Term, the Executive
agrees  to  serve  as an  officer  of  the  Company,  and as an  officer  of any
subsidiary  or  division  of the Company and will have such powers and duties as
may be reasonably conferred upon her by the Chief Executive Officer and Board of
Directors of the Company (the "Board").  The Executive shall report to the Chief
Executive Officer.  During the Term, and except for reasonable  vacation periods
in accordance with the Company's policies, the Executive shall devote all of her
business  time,  attention,  skill and efforts  exclusively  to the business and
affairs of the Company and its subsidiaries and affiliates.

                  Section 3.  Compensation.  For all  services  rendered  by the
Executive in any capacity required hereunder during the Term, including, without
limitation,  services as an officer, director, or member of any committee of the
Company or any subsidiary, affiliate or division thereof, the Executive shall be
compensated as follows:

                         (a) The Company shall pay the Executive a fixed annual
salary equal to $150,000 for the first year of the term and $165,000 for the
second year of the term ("Base Salary") in accordance with the Company's payroll
practices, including the withholding of appropriate payroll taxes.

                                      -5-
<PAGE>

                         (b) The Executive shall be entitled to participate in
all compensation and employee benefit plans or programs, and to receive all
benefits and perquisites, which are approved by the Board of Directors of the
Company and are generally made available by the Company to all salaried
employees of the Company and to the extent permissible under the general terms
and provisions of such plans or programs and in accordance with the provisions
thereof. Notwithstanding any of the foregoing, nothing in this Agreement shall
require the Company to establish, maintain or continue any particular plan or
program nor preclude the amendment, rescission or termination of any such plan
or program that may be established from time to time.

                         (c) Executive shall be granted upon the Commencement
Date under the Company's 2003 Equity Participation Plan (the "EPP") (A) a stock
award of 10,000 shares of Common Stock vesting as to 5,000 shares of Common
Stock on the Commencemnet Date and 5,000 shares of Common Stock on the first
year anniversary of the Commencement Date; provided Executive continues to be
employed by the Company; and (B) an option to purchase 15,000 shares of Common
Stock at a per share exercise price equal to the closing price of the Common
Stock on the American Stock Exchange on the date of grant that shall vest and
become exercisable as to one-half of the shares after the first year anniversary
of the Commencement Date and as to the second one-half of the shares after the
second one-year anniversary of the Commencement date; provided that on each
vesting date you shall continue to be employed by the Company. The Award and the
Option shall be governed by the terms and conditions of the EPP.

                  Section 4.   Business  Expenses.  The  Company  shall  pay  or
reimburse the Executive for all reasonable  travel or other reasonable  expenses
incurred by the Executive in connection  with the  performance of his duties and
obligations  under this Agreement,  subject to the  Executive's  presentation of
appropriate  vouchers in  accordance  with such  expense  account  policies  and
approval  procedures as the Company may from time to time establish for officers
(including but not limited to prior approval of  extraordinary  expenses) and to
preserve  any  deductions  for  Federal  income  taxation  purposes to which the
Company may be entitled.

                  Section 5.  Termination of Employment.

                         (a) The Company may terminate Executive's employment
prior to the end of the Term (i) immediately upon written notice to Executive
for cause; and (ii) upon 90 days prior written notice for any other reason.
Executive may terminate Executive's employment upon ninety days' prior written
notice to the Company. In the event that the Executive's employment terminates
prior to expiration of the Term due to any reason, earned but unpaid Base Salary
as of the date of termination of employment shall be payable in full. However,
no other payments shall be made, or benefits provided, by the Company under this
Agreement except as otherwise required by law.

                                      -6-
<PAGE>

                  Section 6.  Confidentiality; Covenant Against Competition;
Proprietary Information; Lock-up.

                         (a) Executive acknowledges that she has previously
executed the Company's standard Confidentiality, Non-Compete and Inventions
Assignment Agreement.

                         (b) Without the prior written consent of the Company,
Executive will not, directly or indirectly, offer, sell, pledge, contract to
sell (including any short sale), grant any option to purchase or otherwise
dispose of any shares of Common Stock or other Company securities (including,
without limitation, shares of Common Stock of the Company which may be deemed to
be beneficially owned by the undersigned on the date hereof in accordance with
the rules and regulations of the Securities and Exchange Commission, shares of
Common Stock which may be issued upon exercise of a stock option or warrant and
any other security convertible into or exchangeable for Common Stock) (each of
the foregoing referred to as a "Disposition") from the date hereof until October
25, 2007. (the "Lock-Up Period"). The foregoing restriction is expressly
intended to preclude the Executive from engaging in any transaction which is
designed to or reasonably expected to lead to or result in a Disposition during
the Lock-Up Period even if the securities would be disposed of by someone other
than the undersigned.

                         Section 7. Withholding Taxes. The Company may directly
or indirectly withhold from any payments made under this Agreement all Federal,
state, city or other taxes and all other deductions as shall be required
pursuant to any law or governmental regulation or ruling or pursuant to any
contributory benefit plan maintained by the Company in which the Executive may
participate.

                         Section 8. Notices. All notices, requests, demands and
other communications required or permitted hereunder shall be given in writing
and shall be deemed to have been duly given if delivered or mailed, postage
prepaid, by certified or registered mail or by use of an independent third party
commercial delivery service for same day or next day delivery and providing a
signed receipt as follows:

                         (a) To the Company: NeoStem, Inc. 420 Lexington Avenue
                             Suite 450 New York, NY 10170 Attention: General
                             Counsel

                         (b) To the Executive: Renee Cohen 201 West 89th Street
                             Apt. #2G New York, NY 10024

or to such other  address as either  party shall have  previously  specified  in
writing to the other.  Notice by mail  shall be deemed  effective  on the second
business day after its deposit with the United States Postal Service,  notice by
same day courier  service  shall be deemed  effective on the day of deposit with
the  delivery  service and notice by next day delivery  service  shall be deemed
effective on the day following the deposit with the delivery service.

                                      -7-
<PAGE>

                  Section 9. No Attachment.  Except as required by law, no right
to receive  payments  under  this  Agreement  shall be subject to  anticipation,
commutation,  alienation,  sale,  assignment,  encumbrance,  charge,  pledge, or
hypothecation  or  to  execution,   attachment,  levy,  or  similar  process  or
assignment by operation of law, and any attempt,  voluntary or  involuntary,  to
effect any such action shall be null, void and of no effect; provided,  however,
that nothing in this Section 9 shall  preclude the  assumption of such rights by
executors, administrators or other legal representatives of the Executive or his
estate  and their  conveying  any  rights  hereunder  to the  person or  persons
entitled thereto.

                  Section 10. Source of Payment. All payments provided for under
this Agreement shall be paid in cash from the general funds of the Company.  The
Company  shall not be required to establish a special or separate  fund or other
segregation  of assets to assure such  payments,  and, if the Company shall make
any  investments to aid it in meeting its obligations  hereunder,  the Executive
shall have no right,  title or interest  whatever in or to any such  investments
except as may otherwise be expressly  provided in a separate written  instrument
relating to such investments. Nothing contained in this Agreement, and no action
taken pursuant to its provisions, shall create or be construed to create a trust
of any kind, or a fiduciary relationship,  between the Company and the Executive
or any other person.  To the extent that any person  acquires a right to receive
payments from the Company  hereunder,  such right,  without  prejudice to rights
which  Executive  may have,  shall be no greater  than the right of an unsecured
creditor of the Company.

                  Section 11. Binding Agreement;  No Assignment.  This Agreement
shall be binding upon,  and shall inure to the benefit of, the Executive and the
Company and their respective permitted successors, assigns, heirs, beneficiaries
and representatives.  This Agreement is personal to the Executive and may not be
assigned by him. This Agreement may not be assigned by the Company except (a) in
connection with a sale of all or substantially  all of its assets or a merger or
consolidation  of the  Company,  or (b) to an  entity  that is a  subsidiary  or
affiliate of the Company.  Any attempted assignment in violation of this Section
11 shall be null and void.

                  Section  12.  Governing  Law;  Consent  to  Jurisdiction.  The
validity,  interpretation,  performance, and enforcement of this Agreement shall
be governed by the laws of the State of New York. In addition, the Executive and
the Company irrevocably submit to the jurisdiction of the courts of the State of
New York and the United States District Court sitting in New York County for the
purpose of any suit,  action,  proceeding or judgment relating to or arising out
of this Agreement and the transactions  contemplated hereby.  Service of process
in  connection  with any such suit,  action or  proceeding  may be served on the
Executive  or the  Company  anywhere  in the  world by the same  methods  as are
specified for the giving of notices under this Agreement.  The Executive and the
Company  irrevocably  consent to the  jurisdiction of any such court in any such
suit, action or proceeding and to the laying of venue in such court.

                  Section 13. Entire Agreement.  This Agreement shall constitute
the entire  agreement  among the parties  with  respect to the  matters  covered
hereby and shall supersede all previous written, oral or implied  understandings
among them with respect to such matters.

                                      -8-
<PAGE>

                  Section 14. Amendments.  This Agreement may only be amended or
otherwise modified by a writing executed by all of the parties hereto.

                  Section 15.  Counterparts.  This  Agreement may be executed in
any number of counterparts, each of which when executed shall be deemed to be an
original  and all of  which  together  shall  be  deemed  to be one and the same
instrument.

                  IN WITNESS  WHEREOF,  the Company has caused this Agreement to
be executed by its duly  authorized  officer and the  Executive  has signed this
Agreement, all as of the first date above written.

                                                NEOSTEM, INC.

                                                By:
                                                   -----------------------------
                                                   Name:  Robin L. Smith
                                                   Title: CEO

                                                   -----------------------------
                                                   Renee Cohen, Executive

                                      -9-

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