Document:

exv4w9

Exhibit 4.9

Execution Copy

RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT

     THIS RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT (this “Agreement”) is made as of June 24,
2009, by and among EASTERN WELL HOLDINGS LIMITED, a company duly incorporated and validly existing
under the Laws of the Hong Kong (the “Company”), CHINA ENVIRONMENT FUND III, L.P., a limited
liability partnership duly organized and existing under the laws of the Cayman Island (the
“Investor”), Sun Kowk Ping, a citizen of the Hong Kong with the Hong Kong passport No. of DA9001901
(the “Founder”), SHANGHAI NOBO COMMERCE &TRADE CO.,LTD.(), a wholly foreign owned enterprise duly
organized and validly existing under the Laws of the PRC (“Shanghai Nobo”), NUOXIN ENERGY
TECHNOLOGY (SHANG HAI) CO., LTD. (), a wholly foreign owned enterprise duly organized and validly
existing under the Laws of the PRC (“Shanghai Nuoxin”) and JIANGXI NOBAO ELECTRIC CO., LTD. (), a
wholly foreign owned enterprise duly organized and validly existing under the Laws of the PRC
(“Jiangxi Nobao”).

     Each of the Company, the Investor, the Founder, Shanghai Nobo, Shanghai Nuoxin and Jiangxi
Nobao shall be referred to individually as a “Party” and collectively as the “Parties”. Shanghai
Nobo, Shanghai Nuoxin and Jiangxi Nobao shall be collectively referred to as the “PRC Companies”.

RECITALS

	A.	 	The Parties, together with certain other related parties, have entered into that certain
Series A Preferred Share Purchase Agreement dated June 18, 2009 (the “Share Purchase Agreement”).
	 
	B.	 	It is a condition precedent of Closing under the Share Purchase Agreement that the
Parties enter into this Agreement.

WITNESSETH

     NOW, THEREFORE, in consideration of the premises set forth above, the mutual promises and
covenants set forth herein and other good and valuable consideration, the Parties agree as follows:

	1.	 	Definitions.

     Capitalized terms used herein shall have the meanings ascribed to them in Schedule 1 hereto.
Capitalized terms used herein without definitions shall have the meanings set forth in
the Share Purchase Agreement (as defined herein).

	2.	 	Rights of First Refusal and Co-Sale Rights

	 	2.1	 	Prohibition on Transfer of Shares.
	 
	 	(a)	 	Holders of Ordinary Shares.

          Except as provided in Sections 2.2 through 2.5 of this Agreement, any holder (whether directly
or indirectly) of Ordinary Shares of the Company other than the Investor or holders of Ordinary
Shares converted from Series A Preferred Shares (each a “Restricted

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Shareholder”), regardless of any such holder’s employment status with the Company, may not
transfer any direct or indirect interest in any Equity Securities of the Company now or hereafter
owned or held by him prior to a Qualified IPO, unless otherwise approved in writing by the
majority of the Board, including the approval of the director appointed by the Investor. For the
purposes hereof, redemption or repurchase of shares by the Company shall not be prohibited under
this clause.

	 	(b)	 	Prohibited Transfers Void.

          Any transfer of Equity Securities by a Restricted Shareholder not made in compliance with
this Agreement shall be null and void as against the Company and the Holders, shall not be
recorded on the books of the Company and shall not be recognized by the Company.

	 	2.2	 	Rights of First Refusal.
	 
	 	(a)	 	Transfer Notice.

          Prior to the closing of a Qualified IPO, if a Restricted Shareholder proposes to transfer the
Equity Securities he or it directly or indirectly holds in the Company to one or more third
parties pursuant to an understanding with such third parties (a “Transfer”, and such holder a
“Transferor”), then the Transferor shall, subject to the applicable statutory provisions and the
Memorandum and Articles, give the Company written notice of the Transferor’s intention to make the
Transfer (the “Transfer Notice”), which shall include (i) a description of the Equity Securities
to be transferred (the “Offered Shares”), (ii) subject to any applicable non-disclosure agreement
with such third party, the identity of the prospective transferee and (iii) the consideration and
the material terms and conditions upon which the proposed Transfer is to be made. The Transfer
Notice shall certify that the Transferor has received a firm offer from the prospective transferee
and in good faith believes a binding agreement for the Transfer is obtainable on the terms set
forth in the Transfer Notice.

	 	(b)	 	Company’s Option.

          (i) The Company shall have an option for a period of fifteen (15) days following the receipt of the Transfer Notice to elect to purchase all of the Offered Shares (not
in part) at the same price and subject to the same material terms and conditions as described in
the Transfer Notice, subject further to complying with all the applicable statutory provisions
(including, without limitation, the Companies Ordinance (Cap. 32 of the Laws of Hong Kong)) and
the Memorandum and Articles.

          (ii) The Company may exercise such purchase option and, thereby, purchase all of the Offered Shares,
by notifying Transferor in writing, before expiration of the fifteen (15) day period, that it wishes to purchase all of the Offered Shares.

          (iii) If the Company gives the Transferor notice that it desires to purchase Offered Shares,
then payment for the Offered Shares to be purchased shall be by check or wire transfer in
immediately available funds of the appropriate currency, against delivery of such Offered Shares
to be purchased at a place agreed by the Transferor and the Company and at the time of the
scheduled closing therefor, which shall be no later than forty-five (45) days after the Company’s
receipt of the Transfer Notice, unless such notice contemplated a later closing with the
prospective third party transferee or unless the value of the purchase price has not yet been

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established pursuant to Section 2.2(d) or if later, the day on which all the mandatory statutory
procedures shall have been completed.

          (iv) Regardless of any other provision of this Agreement, if the Company declines in writing,
or fails to exercise its purchase option pursuant to this Section 2.2 with respect to all (and not
less than all) Offered Shares, then the Transferor shall be under no obligation to transfer the
Offered Shares to the Company pursuant to this Section 2.2 and shall then be required to provide a
Transfer Notice regarding the Offered Shares to the Holders (the “Holder Transfer Notice”) pursuant
to Section 2.2(c).

          (v) The Transferor shall have the right to terminate or withdraw any
Transfer Notice and any intent to transfer Offered Shares at any time, whether or not the Company
has elected to purchase under this Section 2.2 any Offered Shares offered thereby.

	 	(c)	 	Holder’s Option.

          (i) If the Company at any time elects not to purchase all of the Offered Shares pursuant to its right of first refusal in Section 2.2(b) hereof, then each Holder shall have
an option for a period of fifteen (15) days following the Holder’s receipt of the Holder Transfer
Notice to elect to purchase its respective pro rata share of the Offered Shares at the same price
and subject to the same material terms and conditions as described in the Holder Transfer Notice.

          (ii) Each Holder may exercise such purchase option and, thereby, purchase all or any portion of its pro rata share (with any re-allotment as provided below) of the Offered
Shares, by notifying Transferor and the Company in writing, before expiration of the fifteen (15)
day period as to the number of such shares that it wishes to purchase (including any re-allotment).

          (iii) Each Holder’s pro rata share of the Offered Shares shall be a fraction, the numerator of which shall be the number of Equity Securities (assuming the exercise, conversion
and exchange of any Ordinary Share Equivalents) owned by such Holder on the date of the Holder
Transfer Notice and the denominator of which shall be the total number of Equity Securities
(assuming the exercise, conversion and exchange of any Ordinary Share Equivalents) held by all
Holders on such date, multiplied by the Offered Shares.

          (iv) If any Holder fails to exercise such purchase option pursuant to this Section 2.2, the Transferor shall give notice of such failure (the “Re-allotment Notice”) to each
other Holder that elected to purchase its entire pro rata share of the Offered Shares (the
“Purchasing Holders”). Such Re-allotment Notice may be made by telephone if confirmed in writing
within two (2) days. The Purchasing Holders shall have a right of re-allotment such that they shall
have ten (10) days from the date such Re-allotment Notice was given to elect to increase the number
of Offered Shares they agreed to purchase under Section 2.2(c)(iiii) to include their respective
pro rata share of the Offered Shares contained in any Re-allotment Notice.

          (v) Subject to applicable securities Laws, the Holder shall be entitled to apportion Offered Shares to be purchased among its partners and Affiliates upon written notice to
the Company and the Transferor.

          (vi) If a Holder gives the Transferor notice that it desires to purchase Offered

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Shares, then payment for the Offered Shares to be purchased shall be by check or wire transfer in
immediately available funds of the appropriate currency, against delivery of such Offered Shares to
be purchased at a place agreed by the Transferor and all the participating Holders and at the time
of the scheduled closing therefor, which shall be no later than forty-five (45) days after the
Holder’s receipt of the Holder Transfer Notice, unless such notice contemplated a later closing
with the prospective third party transferee or unless the value of the purchase price has not yet
been established pursuant to Section 2.2(d).

          (vii) Regardless of any other provision of this Agreement, if the Holders decline in writing,
or fail to exercise their purchase option pursuant to this Section 2.2(c) with respect to all (and
not less than all) Offered Shares, the Transferor shall be under no obligation to transfer the
Offered Shares to the Holders or the Company pursuant to this Section 2.2 and instead shall be free
to sell such Offered Shares pursuant to the Holder Transfer Notice, subject to Sections 2.3 and 2.4
hereunder.

          (viii) The Transferor shall have the right to terminate or withdraw any Holder Transfer Notice
and any intent to transfer Offered Shares at any time, whether or not any Holder has elected to
purchase under this Section 2.2(c) any Offered Shares offered thereby.

          (ix) If the Company or any Holder exercises its right of first refusal to purchase the Offered Shares, then, upon the date of the completion of the relevant share transfers,
the Transferor will have no further rights as a holder of such Offered Shares except the right to
receive payment for such Offered Shares from the Company or such Holder in accordance with the
terms of this Agreement, and the Transferor will forthwith cause all certificate(s) evidencing such
Offered Shares to be surrendered to the Company for cancellation or transfer to such Holder.

          (x) In the event that the Company or Holders have not elected to purchase all of the Offered Shares, then the sale of the remaining Offered Shares will become subject to the
co-sale right of the Holders as set forth in Section 2.3 below.

	 	(d)	 	Valuation of Property.

          (i) Should the purchase price specified in the Transfer Notice or Holder Transfer Notice be payable in property other than cash or evidences of indebtedness, the Holders or
the Company, as the case may be, shall have the right to pay the purchase price in the form of cash
equal in amount to the fair market value of such property.

          (ii) If the Transferor, on the one hand, and the Holders or the Company, as the case may be, on the other hand, cannot agree on such cash value within seven (7) days after the
Holders’ receipt of the Holder Transfer Notice or the Company’s receipt of the Transfer Notice, the
valuation shall be made by an appraiser of internationally recognized standing jointly selected by
the Transferor and the Holders or the Company, as the case may be, or, if they cannot agree on an
appraiser within ten (10) days after the Holders’ receipt of the Holder Transfer Notice or the
Company’s receipt of the Transfer Notice, each shall select an appraiser of internationally
recognized standing and the two appraisers shall designate a third appraiser of internationally
recognized standing, whose appraisal shall be determinative of such value.

          (iii) The cost of such appraisal shall be shared equally by the Transferor and the Holders or
the Company, as the case may be, with the half of the cost borne by the Holders to be borne pro
rata by each Holder based on the number of shares such Holder has elected to

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purchase pursuant to this Section 2.

          (iv) If the value of the purchase price offered by the prospective transferee is not determined within the time limit specified in Section 2.2(b)(iii) or Section 2.2(c)(vi) above,
the closing of the Holders’ or the Company’s purchase shall be held on or prior to the fifth
business day after such valuation shall have been made pursuant to this Section 2.2(d).

	 	2.3	 	Right of Co-Sale.

     (a) To the extent the Holders do not exercise their respective right of first refusal as
to all of the Offered Shares pursuant to Section 2.2, each Holder that did not exercise its right
of first refusal as to any of the Offered Shares pursuant to Section 2.2 shall have the right to
participate in such sale of Equity Securities on the same terms and conditions as specified in the
Transfer Notice by notifying the Transferor in writing within fifteen (15) days after receipt of
the Holder Transfer Notice referred to in Section 2.2(b) (such Holder, a “Selling Holder”).

          (i) Such Selling Holder’s notice to the Transferor shall indicate the number
of Equity Securities the Selling Holder wishes to sell under its right to participate.

          (ii) To the extent one or more of the Holders exercise such right of
participation in accordance with the terms and conditions set forth below, the number of Equity
Securities that the Transferor may sell in the Transfer shall be correspondingly reduced.

     (b) Each Selling Holder may elect to sell such number of Equity Securities that in
aggregate equals to the total number of Offered Shares being transferred following the exercise or
expiration of all rights of first refusal pursuant to Section 2.2 hereof on pro rata basis. Each
Selling Holder may elect to sell such number of Equity Securities that equals to the product of (i)
the aggregate number of the Offered Shares being transferred following the exercise or expiration
of all rights of first refusal pursuant to Section 2.2 hereof multiplied by (ii) a fraction, the
numerator of which is the number of Ordinary Shares (on as-if-converted basis which include the
number of Ordinary Shares that would be issuable upon the exercise, conversion or exchange of
Ordinary Share Equivalents) owned by the Selling Holder on the date of the Transfer Notice and the
denominator of which is the total number of Ordinary Shares (on as-if-converted basis which include
the number of Ordinary Shares that would be issuable upon the exercise, conversion or exchange of
Ordinary Share Equivalents) owned by all Selling Holders on the date of the Transfer Notice.

     (c) If any Selling Holder fails to exercise such co-sale option pursuant to this Section 2.3, the Transferor shall give notice of such failure (the “Co-Sale Re-allotment Notice”)
to each other Selling Holders that elected to sell its entire pro rata share of the Offered Shares
(the “Co-Sale Selling Holders”). Such Co-Sale Re-allotment Notice may be made by telephone if
confirmed in writing within two (2) days. The Co-Sale Selling Holders shall have a right of
re-allotment such that they shall have ten (10) days from the date such Co-Sale Re-allotment Notice
was given to elect to increase the number of Equity Securities they agreed to sell under Section
2.3(b) to include their respective pro rata share of the Equity Securities to be sold contained in
any Co-Sale Re-allotment Notice.

     (d) Each Selling Holder shall effect its participation in the sale by promptly delivering to the Transferor for transfer to the prospective purchaser one or more certificates,
properly endorsed for transfer, which represent the type and number of Equity Securities which such
Selling Holder elects to sell; provided, however that if the prospective third-party

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purchaser objects to the delivery of any Ordinary Share Equivalents in lieu of Ordinary Shares,
such Selling Holder shall only deliver Ordinary Shares (and therefore shall convert any such
Ordinary Share Equivalents into Ordinary Shares) and certificates corresponding to such Ordinary
Shares. The Company agrees to make any such conversion concurrent with the actual transfer of such
shares to the purchaser and contingent on such transfer.

     (e) The share certificate or certificates that a Selling Holder delivers to the
Transferor pursuant to Section 2.3(d) shall be transferred to the prospective purchaser in
consummation of the sale of the Equity Securities pursuant to the terms and conditions specified in
the Transfer Notice, and the Transferor shall concurrently therewith remit to such Selling Holder
that portion of the sale proceeds to which such Selling Holder is entitled by reason of its
participation in such sale.

     (f) To the extent that any prospective purchaser prohibits the participation of a
Selling Holder exercising its co-sale rights hereunder in a proposed Transfer or otherwise refuses
to purchase shares or other securities from a Selling Holder exercising its co-sale rights
hereunder, the Transferor shall not sell to such prospective purchaser any Equity Securities unless
and until, simultaneously with such sale, the Transferor shall purchase from such Selling Holder
such shares or other securities that such Selling Holder would otherwise be entitled to sell to the
prospective purchaser pursuant to its co-sale rights for the same consideration and on the same
terms and conditions as the proposed transfer described in the Transfer Notice.

	 	2.4	 	Non-Exercise of Rights.

     (a) Subject to any other applicable restrictions on the sale of such shares, to the
extent that the Holders have not exercised their rights to purchase the Offered Shares within the
time periods specified in Section 2.2 and the Holders have not exercised their rights to
participate in the sale of the Offered Shares within the time periods specified in Section 2.3, the
Transferor shall have a period of sixty (60) days from the expiration of such rights in which to
sell the Offered Shares, as the case may be, to the third-party transferee identified in the
Transfer Notice upon terms and conditions (including the purchase price) no more favorable to the
purchaser than those specified in the Transfer Notice.

     (b) In the event the Transferor does not consummate the sale or disposition of the
Offered Shares within sixty (60) days from the expiration of such rights, the Holders’ first
refusal rights and co-sale rights shall continue to be applicable to any subsequent disposition of
the Offered Shares by the Transferor until such rights lapse in accordance with the terms of this
Agreement.

     (c) The exercise or non-exercise of the rights of the Holders under this Section 2 to
purchase Equity Securities from a Transferor or participate in the sale of Equity Securities by a
Transferor shall not adversely affect their rights to make subsequent purchases from the Transferor
of Equity Securities or subsequently participate in sales of Equity Securities by the Transferor
hereunder.

	 	2.5	 	Limitations to Rights of First Refusal and Co-Sale.

     (a) Notwithstanding the provisions of this Section 2, the Founder may sell or otherwise assign, up to five percent (5%) of Equity Securities now or hereafter held by him, to any
Person, and such sale or assignment shall be subject to only the Investor’s right of first refusal
under Section 2.2 and the Investor’s co-sale right under Section 2.3 under the same

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terms and conditions, provided that (i) only one transfer is permitted and any additional
transfer shall require the prior consent of the Investor, and (ii) each such transferee, prior to
the completion of the sale, transfer, or assignment, shall have executed documents, in form and
substance reasonably satisfactory to the Holders, assuming the obligations of the Restricted
Shareholders under this Agreement, including but not limited to Section 2.1 hereof, with respect
to the transferred securities.

     (b) In addition to the provisions of this Section 2.5(a), any Restricted Shareholder
may sell or otherwise assign, with or without consideration, up to five percent (5%) of Equity
Securities now or hereafter held by such holder, to an entity wholly-owned by such holder, or to a
spouse or child of such holder, or to a trust, custodian, trustee, or other fiduciary for the
account of any of the foregoing, or to a trust for such holder’s account (collectively, the
“Permitted Transferees” and each, a “Permitted Transferee”) and such sale or assignment shall not
be subject to Sections 2.1, 2.2 or 2.3, provided that (i) only one transfer to Permitted
Transferees is permitted and any additional transfer by any holder of Equity Securities to a
Permitted Transferee shall require the prior consent of the Investor, which shall be determined at
the Investor’s sole discretion and such consent shall not be unreasonably withheld or delayed,
(ii) each such Permitted Transferee, prior to the completion of the sale, transfer, or assignment,
shall have executed documents, in form and substance reasonably satisfactory to the Holders,
assuming the obligations of the Restricted Shareholders under this Agreement, including but not
limited to Section 2.1 hereof, with respect to the transferred securities and (iii) each Permitted
Transferee shall have executed and delivered to the transferring Restricted Shareholder (with a
copy to the Company) an irrevocable, unconditional and permanent power of attorney, all in form
and manner reasonably satisfactory to the Holders, effective immediately after the closing of such
sale or assignment, appointing the transferring Restricted Shareholder (or such holder existing
attorney-in-fact) as such Permitted Transferee’s attorney-in-fact and authorizing him to vote, in
his absolute discretion as the attorney-in-fact of the Permitted Transferee, any and all Equity
Securities of the Company owned by such Permitted Transferee with respect to any Company related
matters.

     2.6 Change in Control. The Parties agree that, for purposes of the transfer restrictions in
this Agreement and in other Transaction Documents, a transaction or series of transactions that
result in a change in Control of a Shareholder shall be deemed to constitute a Transfer of such
Restricted Shareholders’ Equity Securities.

     2.7 Termination. The rights of Investor in this Section 2 will terminate on the completion of
a Qualified IPO or upon the merger of the Company into another entity.

	3.	 	Assignments and Transfers; No Third Party Beneficiaries.

     3.1 Except as otherwise provided herein, this Agreement and the rights and
obligations of the Parties hereunder shall inure to the benefit of, and be binding upon, their
respective successors, assigns and legal representatives, but shall not otherwise be for the
benefit of any third party. Except as otherwise provided herein, the rights of any Holder
hereunder are only assignable in connection with the transfer (subject to applicable securities
and other Laws) of Equity Securities held by such Holder but only to the extent of such transfer;
provided, however, that (i) the transferor shall, prior to the effectiveness of such
transfer, furnish to the Company written notice of the name and address of such transferee and the
Equity Securities that are being assigned to such transferee, and (ii) such transferee shall,
concurrently with the effectiveness of such transfer, become a party to this Agreement as a Holder
and be subject to all applicable restrictions set forth in this Agreement. This Agreement

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and the rights and obligations of any Party hereunder shall not otherwise be assigned without the
mutual written consent of the other Parties.

     3.2 The sale or transfer of any Equity Securities by the Holders shall not be subject
to any right of first refusal, co-sale rights or any other contractual conditions or restrictions
on transfer except as may be required by Law.

	4.	 	Drag-Along Rights.

     4.1 If, at any time after the second anniversary of the Closing, there is (a) an offer
by a bona fide third party not affiliated with any Party to purchase all the Shares in the Company;
or (b) a merger or consolidation of the Company with or into another corporation in which the
Company is not the surviving entity; or (c) a sale or transfer of all or substantially all the
Company’s properties and assets to any bona fide third person not affiliated with any Party (each a
“Trade Sale”), then the Holders of at least sixty-seven percent (67%) of the outstanding Series A
Preferred Shares shall have the right to cause other shareholders of the Company to sell all of the
then outstanding Ordinary Shares, Series A Preferred Shares and all options, warrants or other
rights to acquire any such shares then held by them on the same terms and conditions when the price
offered by such third party is not lower than one point five (1.5) times the equity valuation of
the Company implied by the Series A Purchase Price immediately after the Closing, subject to change
in accordance with the Ancillary Agreements (the “Drag Along Election”), provided, however,
that the Founder shall have a pre-emptive right to buy all of the Equity Securities of the Company
held by the Investor under the same terms and conditions. The Drag Along Election shall include the
right on the part of the Investor to cause the holders of Ordinary Shares to approve a sale of
assets, merger, consolidation, corporations or exchange or reorganization of the Company with or
into any other corporations, corporation or other entity (excluding any merger effected exclusively
for the purpose of changing the domicile of the Company), or any other transaction or series of
related transactions, in which the shareholders of the Company immediately prior to such
reorganization, merger or consolidation own less than fifty percent (50%) of the voting power of
the surviving entity, or a sale, conveyance or other disposition of all or substantially all of the
assets of the Company to a third party (each a “Sale Transaction”), provided, however, that
in no event shall a holder of Ordinary Shares be obligated to undertake the foregoing if the
distribution of consideration received by the shareholders upon consummation of the Sale
Transaction is not in accordance with the liquidating distribution requirements set forth in the
Company’s then-current Memorandum of Association. The Investor may exercise the Drag-Along Election
by providing written notice of such election (the “Drag-Along Notice”) to all shareholders of the
Company, including the name and address of the third party acquirer, the aggregate purchase price
to be paid by such third party purchaser, the proposed date for the closing of such Trade Sale, and
the other material terms and conditions of such Trade Sale. Within fifteen (15) days upon receipt
of the Drag-Along Notice, if the Founder doesn’t exercise the right to purchase all of the Equity
Securities of the Company held by the Investor under the same terms and conditions, then each
shareholder of the Company shall execute and deliver such instruments of conveyance and transfer
and take such other action, including executing any purchase agreements, merger agreements,
indemnity agreements, escrow agreements or related documents as the Investor or the acquirer in
such Trade Sale may reasonably require in order to carry out the terms and provisions of this
Section 4.

     4.2 Should the consideration to be paid in connection with the Trade Sale be
payable in property other than cash, the Investor and other shareholders of the Company agree and
acknowledge that the value of the consideration will be determined in accordance with the

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following arrangement: (i) if the consideration to be paid in connection with the Trade Sale is for
publicly-traded securities, the value of the consideration to be paid shall be equal to the average
closing price based on a period of thirty (30) days prior the closing; or (ii) if the consideration
for the Trade Sale is not for publicly-traded securities, and the holders of Ordinary Shares and
Series A Preferred Shares cannot agree on such value with seven (7) days after receipt of
Drag-Along Notice by holders of Ordinary Shares, the valuation shall be made by an appraiser of
internationally recognized standing jointly selected by the holders of Ordinary Shares and the
Investor, whose appraisal shall be determinative of such value.

	4.3	 	The rights of Investor in this Section 4 will terminate on the completion of a Qualified IPO.
	 
	5.	 	Legend.

     Each existing or replacement certificate for shares now owned or hereafter acquired by any
Restricted Shareholder shall bear the following legend:

	 	 	 	“THE SALE, PLEDGE, HYPOTHECATION, ASSIGNMENT OR TRANSFER OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A RIGHT OF
FIRST REFUSAL AND CO-SALE AGREEMENT BY AND BETWEEN THE MEMBER, THE COMPANY AND
CERTAIN HOLDERS OF SHARES OF THE COMPANY. COPIES OF SUCH AGREEMENTS MAY BE OBTAINED
UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.”

	6.	 	Further Instruments and Actions.

     The Parties agree to execute such further instruments and to take such further action as may
reasonably be necessary to carry out the intent of this Agreement. Each Party agrees to cooperate
affirmatively with the other Parties, to the extent reasonably requested by another Party, to
enforce rights and obligations pursuant hereto.

	7.	 	Miscellaneous

	 	7.1	 	Governing Law.

     This Agreement shall be governed by and construed in accordance with the laws of Hong Kong as
to matters within the scope thereof and without regard to its principles of conflicts of laws.

	 	7.2	 	Notices.

     Any notice required or permitted pursuant to this Agreement shall be given in writing and
shall be given either personally or by next-day or second-day courier service, fax, electronic mail
or similar means to the address as shown below the signature of such Party on the signature page of
this Agreement (or at such other address as such Party may designate by fifteen (15) days’ advance
written notice to the other Parties to this Agreement given in accordance with this Section). Where
a notice is sent by next-day or second-day courier service, service of the notice shall be deemed
to be effected by properly addressing, pre-paying and sending by next-day or second-day service
through an internationally-recognized courier a letter containing the notice, with a confirmation
of delivery, and by two (2) days having passed

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after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or
electronic mail, service of the notice shall be deemed to be effected on the same day on which it
is properly addressed and sent through a transmitting organization with a reasonable confirmation
of delivery.

	 	7.3	 	Entire Agreement.

     This Agreement, the Share Purchase Agreement and the exhibits hereto and thereto contain the
entire understanding of the Parties with respect to the subject matter hereof, and supersede all
other agreements between or among any of the Parties with respect to the subject matter hereof.

	 	7.4	 	Amendments and Waivers.

     Any term of this Agreement may be amended and the observance of any term of this Agreement may
be waived (either generally or in a particular instance and either retroactively or prospectively),
only with the written consent of each of (i) the Company, (ii) the Founder, and (iii) the Investor.
Any amendment or waiver effected in accordance with this paragraph shall be binding upon the
Parties and their respective successors and assigns.

	 	7.5	 	Severability.

     If one or more provisions of this Agreement are held to be unenforceable under applicable law,
such provision shall be excluded from this Agreement and the balance of the Agreement shall be
interpreted as if such provision were so excluded and shall be enforceable in accordance with its
terms.

	 	7.6	 	Attorney’s Fees.

     In the event that any dispute among the Parties arising from or in relation to this Agreement
should result in litigation, the prevailing Party in such dispute shall be entitled to recover from
the losing Party all fees, costs and expenses of enforcing any right of such prevailing Party under
or with respect to this Agreement, including, without limitation, such reasonable fees and expenses
of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses
of appeals.

	 	7.7	 	Titles and Subtitles.

     The titles and subtitles used in this Agreement are used for convenience only and are not to
be considered in construing or interpreting this Agreement.

	 	7.8	 	Counterparts.

     This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Facsimile and
e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of
this Agreement.

	 	7.9	 	Dispute Resolution.

     (a) Any dispute, controversy or claim arising out of or relating to this Agreement,
or the interpretation, breach, termination or validity hereof, shall first be subject to resolution

Right of First Refusal and

Co-Sale Agreement

10

 

through consultation of the parties to such dispute, controversy or claim. Such consultation shall
begin within seven (7) days after one Party hereto has delivered to the other Parties involved a
written request for such consultation. If within thirty (30) days following the commencement of
such consultation the dispute cannot be resolved, the dispute shall be submitted to arbitration
upon the request of any Party with notice to the other Parties.

     (b) The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “HKIAC”). There shall be three arbitrators. The
complainant and the respondent to such dispute shall each select one arbitrator within thirty (30)
days after giving or receiving the demand for arbitration. Such arbitrators shall be freely
selected, and the Parties shall not be limited in their selection to any prescribed list. The
Chairman of the HKIAC shall select the third arbitrator, who shall be qualified to practice law in
Hong Kong and fluent in English and Mandarin. If either party to the arbitration does not appoint
an arbitrator who has consented to participate within thirty (30) days after selection of the first
arbitrator, the relevant appointment shall be made by the Chairman of the HKIAC.

     (c) The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Arbitration Rules of the HKIAC in effect at the time of the arbitration.
However, if such rules are in conflict with the provisions of this Section 7.9, including the
provisions concerning the appointment of arbitrators, the provisions of this Section 7.9 shall
prevail.

     (d) The arbitrators shall decide any dispute submitted by the parties to the arbitration strictly in accordance with the substantive laws of New York and shall not apply any
other substantive law.

     (e) Each Party hereto shall cooperate with any party to the dispute in making full disclosure of and providing complete access to all information and documents requested by such
party in connection with such arbitration proceedings, subject only to any confidentiality
obligations binding on the Party receiving the request; all such requested information and
documents can be provided in English or Chinese with equal legal validity.

     (f) The award of the arbitration tribunal shall be final and binding upon the disputing parties, and any party to the dispute may apply to a court of competent jurisdiction for
enforcement of such award.

     (g) Any party to the dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral
tribunal.

	 	7.10	 	Rights Cumulative.

     Each and all of the various rights, powers and remedies of a Party hereto will be considered
to be cumulative with and in addition to any other rights, powers and remedies which such Party may
have at law or in equity in the event of the breach of any of the terms of this Agreement. The
exercise or partial exercise of any right, power or remedy will neither constitute the exclusive
election thereof nor the waiver of any other right, power or remedy available to such Party.

	 	7.11	 	No Waiver.

Right of First Refusal and

Co-Sale Agreement

11

 

     Failure to insist upon strict compliance with any of the terms, covenants, or conditions
hereof will not be deemed a waiver of such term, covenant, or condition, nor will any waiver or
relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy
power hereunder at any one or more times be deemed a waiver or relinquishment of such right, power
or remedy at any other time or times.

	 	7.12	 	No Presumption.

     The Parties acknowledge that any applicable law that would require interpretation of any
claimed ambiguities in this Agreement against the Party that drafted it has no application and is
expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity
in the provisions of this Agreement, no presumption or burden of proof or persuasion will be
implied because this Agreement was prepared by or at the request of any Party or its counsel.

	 	7.13	 	Confidentiality.

     The terms and conditions of this Agreement, all exhibits and schedules attached hereto and
thereto, and the transactions contemplated hereby and thereby, including their existence, shall be
considered confidential information and shall not be disclosed by any Party hereto to any third
party except as permitted in accordance with the Share Purchase Agreement.

[Remainder of page intentionally left blank; signature pages to follow]

Right of First Refusal and

Co-Sale Agreement

12

 

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

	 	 	 	 	 
	COMPANY:	EASTERN WELL HOLDINGS LIMITED

 	 
	 	By: 		
	 	Name: Sun Kwok Ping 
	 	Title: Director 
	 	Address: No 485-487, Gu Yang Road,
Changning District,
Shanghai, China
	 	Fax: 86-21-6631-2459
	 

[Signature Page to Right of First Refusal and Co-Sale Agreements]

 

 

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

	 	 	 	 	 
	INVESTOR:	CHINA ENVIRONMENT FUND III,
L.P.

 	 
	 		 
	 	Name: 	 	 
	 	Title: Authorized Signatory 	 
	 	Address: A2302, SP Tower, Tsinghua Science Park, Beijing 100084 China
	 	Fax: 86-10-8215-1150	 

[Signature Page to Right of First Refusal and Co-Sale Agreement]

 

 

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

	 	 	 	 	 
	FOUNDER:	SUN KWOK PING

 	 
	 	By: 		 
	 	Passport Number: DA9001901	 
	 	Address: No 485-487, Gu Yang Road,
Changning District,
Shanghai, China
	 	Fax: 86-21-6631-2459
	 

[Signature Page to Right of First Refusal and Co-Sale Agreements]

 

 

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

	 	 	 	 	 
	PRC COMPANIES :	SHANGHAI NOBO COMMERCE & TRADE
CO., LTD.

()	
	 
	 
	 	By: 	
	 	Name: Sun Kwok Ping 
	 	Title: Legal Representative 
	 	Address: No 485-487, Gu Yang Road, Changning District, Shanghai, China	 
	 	Fax: 86-21-6631-2459	 
	 
	 
	 	NOXIN ENERGY TECHNOLOGY (SHANGHAI) CO., LTD

()	
	 
	 
	 	By: 	
	 	Name: Sun Kwok Ping 
	 	Title: Legal Representative 
	 	Address: No 485-487, Gu Yang Road, Changning District, Shanghai, China	 
	 	Fax: 86-21-6631-2459	 
	 
	 
	 	JIANGXI NOBAO ELECTRIC CO., LTD

()	 
	 
	 
	 	By: 		 
	 	Name: Sun Kwok Ping 
	 	Title: Legal Representative 	 
	 	Address: No 485-487, Gu Yang Road, Changning District, Shanghai, China	 
	 	Fax: 86-21-6631-2459	 

[Signature Page to Right of First Refusal and Co-Sale Agreement]

 

 

SCHEDULE 1

     “Affiliates” means, with respect to a Person, any other Person that, directly or indirectly,
Controls, is Controlled by or is under common Control with such Person.

     “Agreement” has the meaning set forth in the Preamble hereof.

     “Ordinary Shares” means the Company’s ordinary shares, par value US$0.001 per share.

     “Ordinary Share Equivalents” means warrants, options and rights exercisable for Ordinary
Shares or securities convertible into or exchangeable for Ordinary Shares, including, without
limitation, the Series A Preferred Shares and the Warrant Shares.

     “Company” has the meaning set forth in the Preamble hereof.

     “Control” of a given Person means the power or authority, whether exercised or not, to direct
the business, management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise, which power or authority shall
conclusively be presumed to exist upon possession of beneficial ownership or power to direct the
vote of more than fifty percent (50%) of the votes entitled to be cast at meetings of the members
or shareholders of such Person or power to control the composition of a majority of the board of
directors of such Person; the terms “Controlling” and “Controlled” have meanings correlative to the
foregoing.

     “Co-Sale Re-allotment Notice” has the meaning set forth in Section 2.3(c) hereof.

     “Co-Sale Selling Holders” has the meaning set forth in Section 2.3(c) hereof.

     “Drag-Along Election” has the meaning set forth in Section 4.1 hereof.

     “Drag-Along Notice” has the meaning set forth in Section 4.1 hereof.

     “Equity Securities” means any Ordinary Shares and/or Ordinary Share Equivalents of the
Company.

     “Founder” shall mean Sun Kwok Ping, a citizen of Hong Kong.

     “HKIAC”
has the meaning set forth in Section 7.9(a) hereof.

     “Holder” means the Investor, together with the permitted transferees and assigns of the
Investor who become parties to this Agreement.

     “Holder Transfer Notice” has the meaning section forth in Section 2.2(b) hereof.

     “Offered Shares” has the meaning set forth in Section 2.2(a) hereof.

     “Party” has the meaning set forth in the Preamble hereof.

     “Permitted Transferee” has the meaning set forth in Section 2.5(b) hereof.

     “Person” means any individual, corporation, partnership, limited partnership, proprietorship,
association, limited liability company, firm, trust, estate or other enterprise or

 

 

entity.

     “Purchasing Holders” has the meaning set forth in Section 2.2(c) hereof.

     “Qualified IPO” has the meaning given to such term in the Memorandum and Articles, as amended
and restated from time to time.

     “Re-allotment Notice” has the meaning set forth in Section 2.2(c) hereof.

     “Restricted Shareholder” has the meaning set forth in Section 2.1(a) hereof.

     “Sale Transaction” has the meaning set forth in Section 4.1 hereof.

     “Selling Holder” has the meaning set forth in Section 2.3 hereof.

     “Series A Preferred Shares” means any and all of the Company’s Series A Preferred Shares, par
value US$0.001 per share, with the rights and privileges as set forth in the Memorandum and
Articles.

     “Shares” means the Company’s Ordinary Shares and/or Series A Preferred Shares.

     “Share Purchase Agreement” has the meaning set forth in the Recitals hereof.

     “Transfer” or “Transferor” has the meaning set forth in Section 2.2(a) hereof.

     “Transfer Notice” has the meaning set forth in Section 2.2(a) hereof.

     “Trade Sale” has the meaning set forth in Section 4.1 hereof.exv10w1

Exhibit 10.1

INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made as of April ___, 2010, by and
between NOBAO RENEWABLE ENERGY HOLDINGS LIMITED, an exempted company duly incorporated and validly
existing under the Law of the Cayman Islands (the “Company”), and ____________(the “Indemnitee”), a
director of the Company.

     WHEREAS, the Indemnitee has agreed to serve as a director of the Company and in such capacity
will render valuable services to the Company; and

     WHEREAS, in order to induce and encourage highly experienced and capable persons such as the
Indemnitee to serve as directors of the Company, the Board of Directors has determined that this
Agreement is not only reasonable and prudent, but necessary to promote and ensure the best
interests of the Company and its shareholders;

     NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter set forth,
and other good and valuable consideration, including, without limitation, the service of the
Indemnitee, the receipt of which hereby is acknowledged, and in order to induce the Indemnitee to
serve as a director of the Company, the Company and the Indemnitee hereby agree as follows:

          1. Definitions. As used in this Agreement:

          (a) “Board of Directors” shall mean the board of directors of the Company.

          (b) “Change in Control” shall mean a change in control of the Company of a nature that would
be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in
response to any similar item on any similar or successor schedule or form) promulgated under the
United States Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder (collectively, the “Act”), whether or not the Company is then subject to
such reporting requirement; provided, however, that, without limitation, such a Change in Control
shall be deemed to have occurred (irrespective of the applicability of the initial clause of this
definition) if (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Act, but
excluding any trustee or other fiduciary holding securities pursuant to an employee benefit or
welfare plan or employee share plan of the Company or any subsidiary of the Company, or any entity
organized, appointed, established or holding securities of the Company with voting power for or
pursuant to the terms of any such plan) is or becomes the “beneficial owner” (as defined in Rule
13d-3 under the Act), directly or indirectly, of securities of the Company representing 20% or more
of the combined voting power of the Company’s then outstanding securities without the prior
approval of at least two-thirds of the Continuing Directors (as defined below) in office
immediately prior to such person’s attaining such interest; (ii) the Company is a party to a
merger, consolidation, scheme of arrangement, sale of assets or other reorganization, or a proxy
contest, as a consequence of which Continuing Directors in office immediately prior to such
transaction or event constitute less than a majority of the Board of Directors of the Company (or
any successor entity) thereafter; or (iii) during any period of two (2) consecutive years,
individuals who at the beginning of such period constituted the Board of Directors of the Company
(including for this purpose any new director whose election or

- 1 -

 

nomination for election by the Company’s shareholders was approved by a vote of at least
two-thirds of the directors then still in office who were directors at the beginning of such
period) (such directors being referred to herein as “Continuing Directors”) cease for any reason to
constitute at least a majority of the Board of Directors of the Company.

          (c) “Disinterested Director” with respect to any request by the Indemnitee for indemnification
or advancement of expenses hereunder shall mean a director of the Company who neither is nor was a
party to the Proceeding (as defined below) in respect of which indemnification or advancement is
being sought by the Indemnitee.

          (d) The term “Expenses” shall mean, without limitation, expenses of Proceedings, including
attorneys’ fees, disbursements and retainers, accounting and witness fees, expenses related to the
preparation or service as a witness, travel and deposition costs, expenses of investigations,
judicial or administrative proceedings and appeals, amounts paid in settlement of a Proceeding by
or on behalf of the Indemnitee, costs of attachment or similar bonds, any expenses of attempting to
establish or establishing a right to indemnification or advancement of expenses, under this
Agreement, the Company’s Memorandum of Association and Articles of Association as currently in
effect (the “Articles”), applicable law or otherwise, and reasonable compensation for time spent by
the Indemnitee in connection with the investigation, defense or appeal of a Proceeding or action
for indemnification for which the Indemnitee is not otherwise compensated by the Company or any
third party. The term “Expenses” shall not include the amount of judgments, fines, interest or
penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, which are
actually levied against or sustained by the Indemnitee to the extent sustained after final
adjudication.

          (e) The term “Independent Legal Counsel” shall mean any firm of attorneys reasonably selected
by the Board of Directors of the Company, so long as such firm has not represented the Company, the
Company’s subsidiaries or affiliates, the Indemnitee, any entity controlled by the Indemnitee, or
any party adverse to the Company, within the preceding five (5) years. Notwithstanding the
foregoing, the term “Independent Legal Counsel” shall not include any person who, under applicable
standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or the Indemnitee in an action to determine the Indemnitee’s right
to indemnification or advancement of expenses under this Agreement, the Company’s Articles,
applicable law or otherwise.

          (f) The term “Proceeding” shall mean any threatened, pending or completed action, suit,
arbitration, alternate dispute resolution mechanism, or any other proceeding (including, without
limitation, an appeal therefrom), formal or informal, whether brought in the name of the Company or
otherwise, whether of a civil, criminal, administrative or investigative nature, and whether by, in
or involving a court or an administrative, other governmental or private entity or body (including,
without limitation, an investigation by the Company or its Board of Directors), by reason of (i)
the fact that the Indemnitee is or was a director of the Company, or is or was serving at the
request of the Company as an agent of another enterprise, whether or not the Indemnitee is serving
in such capacity at the time any liability or expense is incurred for which indemnification or
reimbursement is to be provided under this Agreement, (ii) any actual or alleged act or omission or
neglect or breach of duty, including, without limitation,

- 2 -

 

any actual or alleged error or misstatement or misleading statement, which the Indemnitee
commits or suffers while acting in any such capacity, or (iii) the Indemnitee attempting to
establish or establishing a right to indemnification or advancement of expenses pursuant to this
Agreement, the Company’s Articles, applicable law or otherwise.

          (g) The phrase “serving at the request of the Company as an agent of another enterprise” or
any similar terminology shall mean, unless the context otherwise requires, serving at the request
of the Company as a director, officer, employee or agent of another corporation, partnership, joint
venture, limited liability company, trust, employee benefit or welfare plan or other enterprise,
foreign or domestic. The phrase “serving at the request of the Company” shall include, without
limitation, any service as a director of the Company which imposes duties on, or involves services
by, such director with respect to the Company or any of the Company’s subsidiaries, affiliates,
employee benefit or welfare plans, such plan’s participants or beneficiaries or any other
enterprise, foreign or domestic. In the event that the Indemnitee shall be a director, officer,
employee or agent of another corporation, partnership, joint venture, limited liability company,
trust, employee benefit or welfare plan or other enterprise, foreign or domestic, 50% or more of
the ordinary shares, combined voting power or total equity interest of which is owned by the
Company or any subsidiary or affiliate thereof, then it shall be presumed conclusively that the
Indemnitee is so acting at the request of the Company.

     2. Services by the Indemnitee. The Indemnitee agrees to serve as a director
of the Company under the terms of the Indemnitee’s agreement with the Company for so long
as the Indemnitee is duly elected and qualified, appointed or until such time as the
Indemnitee tenders a resignation in writing or is removed as a director; provided,
however, that the Indemnitee may at any time and for any reason resign from such position
(subject to any other contractual obligation or other obligation imposed by operation of
law).

     3. Proceeding Other Than a Proceeding By or In the Right of the Company. The
Company shall indemnify the Indemnitee if the Indemnitee is a party to or threatened to be
made a party to or is otherwise involved in any Proceeding (other than a Proceeding by or
in the right of the Company), by reason of the fact that the Indemnitee is or was a
director of the Company, or is or was serving at the request of the Company as an agent of
another enterprise, against all Expenses, judgments, fines, interest or penalties, and
excise taxes assessed with respect to any employee benefit or welfare plan, which are
actually and reasonably incurred by the Indemnitee in connection with such a Proceeding,
to the fullest extent permitted by applicable law; provided, however, that any settlement
of a Proceeding must be approved in advance in writing by the Company (which approval
shall not be unreasonably withheld).

     4. Proceedings By or In the Right of the Company. The Company shall indemnify
the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is
otherwise involved in any Proceeding by or in the right of the Company to procure a
judgment in its favor by reason of the fact that the Indemnitee is or was a director of
the Company, or is or was serving at the request of the Company as an agent

- 3 -

 

of another enterprise, against all Expenses, judgments, fines, interest or penalties,
and excise taxes assessed with respect to any employee benefit or welfare plan, which are
actually and reasonably incurred by the Indemnitee in connection with such a Proceeding,
to the fullest extent permitted by applicable law.

     5. Indemnification for Costs, Charges and Expenses of Witness or Successful
Party. Notwithstanding any other provision of this Agreement (except as set forth in
subparagraph 9(a) hereof), and without a requirement for determination as required by
Paragraph 8 hereof, to the extent that the Indemnitee (a) has prepared to serve or has
served as a witness in any Proceeding in any way relating to (i) the Company or any of the
Company’s subsidiaries, affiliates, employee benefit or welfare plans or such plan’s
participants or beneficiaries or (ii) anything done or not done by the Indemnitee as a
director of the Company or in connection with serving at the request of the Company as an
agent of another enterprise, or (b) has been successful, in whole or in part, in defense
of any Proceeding or in defense of any claim, issue or matter therein, on the merits or
otherwise, including the dismissal of a Proceeding without prejudice or the settlement of
a Proceeding without an admission of liability, the Indemnitee shall be indemnified
against all Expenses actually and reasonably incurred by the Indemnitee in connection
therewith to the fullest extent permitted by applicable law. If the Indemnitee has been
wholly unsuccessful in defense of any Proceeding or in defense of any claim, issue or
matter therein, the Indemnitee shall be indemnified against all Expenses actually and
reasonably incurred by the Indemnitee in connection therewith to the extent the Indemnitee
acted in good faith and in a manner the Indemnitee reasonably believed to be in or not
opposed to the best interests of the Company and, in the case of a criminal Proceeding,
had no reasonable cause to believe that the conduct involved was unlawful.

     6. Partial Indemnification. If the Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for a portion of the
Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect
to any employee benefit or welfare plan, which are actually and reasonably incurred by the
Indemnitee in the investigation, defense, appeal or settlement of any Proceeding, but not,
however, for the total amount of the Indemnitee’s Expenses, judgments, fines, interest or
penalties, or excise taxes assessed with respect to any employee benefit or welfare plan,
then the Company shall nevertheless indemnify the Indemnitee for the portion of such
Expenses, judgments, fines, interest penalties or excise taxes to which the Indemnitee is
entitled.

     7. Advancement of Expenses. The Expenses incurred by the Indemnitee in any
Proceeding shall be paid promptly by the Company in advance of the final disposition of
the Proceeding at the written request of the Indemnitee to the fullest extent permitted by
applicable law; provided, however, that the Indemnitee shall set forth in such request
reasonable evidence that such Expenses have been incurred by the Indemnitee in connection
with such Proceeding, a statement that such Expenses do not relate to any matter described
in subparagraph 9(a) of this Agreement, and an undertaking in writing to repay any
advances if it is ultimately determined as provided

- 4 -

 

in subparagraph 8(b) of this Agreement that the Indemnitee is not entitled to
indemnification under this Agreement.

     8. Indemnification Procedure; Determination of Right to Indemnification.

          (a) Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding,
the Indemnitee shall, if a claim for indemnification or advancement of Expenses in respect thereof
is to be made against the Company under this Agreement, notify the Company of the commencement
thereof in writing. The omission to so notify the Company will not relieve the Company from any
liability which the Company may have to the Indemnitee under this Agreement unless the Company
shall have lost significant substantive or procedural rights with respect to the defense of any
Proceeding as a result of such omission to so notify.

          (b) The Indemnitee shall be conclusively presumed to have met the relevant standards of
conduct, if any, as defined by applicable law, for indemnification pursuant to this Agreement and
shall be absolutely entitled to such indemnification, unless a determination by clear and
convincing evidence is made that the Indemnitee has not met such standards by (i) the Board of
Directors by a majority vote of a quorum thereof consisting of Disinterested Directors, (ii) the
shareholders of the Company by majority vote of a quorum thereof consisting of shareholders who are
not parties to the Proceeding due to which a claim for indemnification is made under this
Agreement, (iii) Independent Legal Counsel as set forth in a written opinion (it being understood
that such Independent Legal Counsel shall make such determination only if the quorum of
Disinterested Directors referred to in clause (i) of this subparagraph 8(b) is not obtainable or if
the Board of Directors of the Company by a majority vote of a quorum thereof consisting of
Disinterested Directors so directs), or (iv) a court of competent jurisdiction; provided, however,
that if a Change of Control shall have occurred and the Indemnitee so requests in writing, such
determination shall be made only by a court of competent jurisdiction.

          (c) If a claim for indemnification or advancement of Expenses under this Agreement is not paid
by the Company within thirty (30) days after receipt by the Company of written notice thereof, the
rights provided by this Agreement shall be enforceable by the Indemnitee in any court of competent
jurisdiction. Such judicial proceeding shall be made de novo. The burden of proving by clear and
convincing evidence that indemnification or advances are not appropriate shall be on the Company.
Neither the failure of the directors or shareholders of the Company or Independent Legal Counsel to
have made a determination prior to the commencement of such action that indemnification or
advancement of Expenses is proper in the circumstances because the Indemnitee has met the
applicable standard of conduct, if any, nor an actual determination by the directors or
shareholders of the Company or Independent Legal Counsel that the Indemnitee has not met the
applicable standard of conduct shall be a defense to an action by the Indemnitee or create a
presumption for the purpose of such an action that the Indemnitee has not met the applicable
standard of conduct. The termination of any Proceeding by judgment, order, settlement or
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself (i) create a
presumption that the Indemnitee did not act in good faith and in a manner which he reasonably
believed to be in the best interests of the Company and/or its shareholders, and, with respect to
any criminal Proceeding, that the Indemnitee had reasonable

- 5 -

 

cause to believe that his conduct was unlawful or (ii) otherwise adversely affect the rights
of the Indemnitee to indemnification or advancement of Expenses under this Agreement, except as may
be provided herein. The Company further agrees to stipulate in any such judicial proceeding that
the Company is bound by all the provisions of this Agreement and is precluded from making any
assertion to the contrary.

          (d) If a court of competent jurisdiction shall determine that the Indemnitee is entitled to
any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses
actually and reasonably incurred by the Indemnitee in connection with such adjudication (including,
but not limited to, any appellate proceedings). The Indemnitee’s Expenses incurred in connection
with any Proceeding concerning the Indemnitee’s right to indemnification or advancement of Expenses
in whole or in part pursuant to this Agreement shall also be indemnified by the Company, regardless
of the outcome of such a Proceeding, to the fullest extent permitted by applicable law and the
Company’s Articles.

          (e) With respect to any Proceeding for which indemnification or advancement of Expenses is
requested, the Company will be entitled to participate therein at its own expense and, except as
otherwise provided below, to the extent that it may wish, the Company may assume the defense
thereof, with counsel reasonably satisfactory to the Indemnitee. After notice from the Company to
the Indemnitee of its election to assume the defense of a Proceeding, the Company will not be
liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by the
Indemnitee in connection with the defense thereof, other than as provided below. The Company shall
not settle any Proceeding in any manner which would impose any penalty or limitation on the
Indemnitee without the Indemnitee’s written consent. The Indemnitee shall have the right to employ
his own counsel in any Proceeding, but the fees and expenses of such counsel incurred after notice
from the Company of its assumption of the defense of the Proceeding shall be at the expense of the
Indemnitee, unless (i) the employment of counsel by the Indemnitee has been authorized by the
Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of
interest between the Company and the Indemnitee in the conduct of the defense of a Proceeding, or
(iii) the Company shall not in fact have employed counsel to assume the defense of a proceeding, in
each of which cases the fees and expenses of the Indemnitee’s counsel shall be advanced by the
Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on
behalf of the Company or as to which the Indemnitee has reasonably concluded that there may be a
conflict of interest between the Company and the Indemnitee.

     9. Limitations on Indemnification. No payments pursuant to this Agreement
shall be made by the Company:

          (a) To indemnify or advance funds to the Indemnitee for Expenses with respect to (i)
Proceedings initiated or brought voluntarily by the Indemnitee and not by way of defense, except
with respect to Proceedings brought to establish or enforce a right to indemnification under this
Agreement or any other statute or law or otherwise as required under applicable law or (ii)
Expenses incurred by the Indemnitee in connection with preparing to serve or serving, prior to a
Change in Control, as a witness in cooperation with any party or entity who or which has threatened
or commenced any action or proceeding against the Company, or any

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director, officer, employee, trustee, agent, representative, subsidiary, parent corporation or
affiliate of the Company, but such indemnification or advancement of Expenses in each such case may
be provided by the Company if the Board of Directors finds it to be appropriate;

          (b) To indemnify the Indemnitee for any Expenses, judgments, fines, interest or penalties, or
excise taxes assessed with respect to any employee benefit or welfare plan, and sustained in any
Proceeding for which payment is actually made to the Indemnitee under a valid and collectible
insurance policy, except in respect of any excess beyond the amount of payment under such
insurance;

          (c) To indemnify the Indemnitee for any Expenses, judgments, fines, expenses or penalties
sustained in any Proceeding for an accounting of profits made from the purchase or sale by the
Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Act or
similar provisions of any foreign or United States federal, state or local statute or regulation;

          (d) To indemnify the Indemnitee for any Expenses, judgments, fines, interest or penalties, or
excise taxes assessed with respect to any employee benefit or welfare plan, for which the
Indemnitee is indemnified by the Company otherwise than pursuant to this Agreement;

          (e) To indemnify the Indemnitee for any Expenses (including without limitation any Expenses
relating to a Proceeding attempting to enforce this Agreement), judgments, fines, interest or
penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, on
account of the Indemnitee’s conduct if such conduct shall be finally adjudged to have been
knowingly fraudulent, deliberately dishonest or willful misconduct, including, without limitation,
breach of the duty of loyalty; or

          (f) If a court of competent jurisdiction finally determines that any indemnification hereunder
is unlawful.

          10. Contribution in the Event of Joint Liability.

          (a) To the fullest extent not prohibited by (and not merely to the extent affirmatively
permitted by) law, if the indemnification rights provided for in this Agreement are unavailable to
the Indemnitee in whole or in part for any reason whatsoever, in respect of any Proceeding in which
the Company is jointly liable with the Indemnitee (or would be if joined in such Proceeding), the
Company, in lieu of indemnifying the Indemnitee, shall pay, in the first instance, the entire
amount incurred by the Indemnitee, whether for judgments, liabilities, fines, penalties, amounts
paid or to be paid in settlement and/or for Expenses, without requiring the Indemnitee to
contribute to such payment, and the Company hereby waives and relinquishes any right of
contribution it may have at any time against the Indemnitee.

          (b) The Company shall not enter into any settlement of any Proceeding in which the Company is
jointly liable with the Indemnitee (or would be if joined in such Proceeding) unless such
settlement provides for a full and final release of all claims asserted against the Indemnitee.

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          (c) The Company hereby agrees to fully indemnify, hold harmless and exonerate the Indemnitee
from any claims for contribution which may be brought by officers, directors or employees of the
Company (other than the Indemnitee) who may be jointly liable with the Indemnitee.

     11. Continuation of Indemnification. All agreements and obligations of the
Company contained herein shall continue during the period that the Indemnitee is a
director of the Company (or is or was serving at the request of the Company as an agent of
another enterprise, foreign or domestic) and shall continue thereafter so long as the
Indemnitee shall be subject to any possible Proceeding by reason of the fact that the
Indemnitee was a director of the Company or serving in any other capacity referred to in
this Paragraph 11.

     12. Indemnification Hereunder Not Exclusive. The indemnification provided by
this Agreement shall not be deemed to be exclusive of any other rights to which the
Indemnitee may be entitled under the Company’s Articles, any agreement, vote of
shareholders or vote of Disinterested Directors, provisions of applicable law, or
otherwise, both as to action or omission in the Indemnitee’s official capacity and as to
action or omission in another capacity on behalf of the Company while holding such office.

     13. Successors and Assigns.

          (a) This Agreement shall be binding upon, and shall inure to the benefit of, the Indemnitee
and the Indemnitee’s heirs, executors, administrators and assigns, whether or not the Indemnitee
has ceased to be a director, and the Company and its successors and assigns. Upon the sale of all
or substantially all of the business, assets or share capital of the Company to, or upon the merger
of the Company into or with, any corporation, partnership, joint venture, trust or other person,
this Agreement shall inure to the benefit of and be binding upon both the Indemnitee and such
purchaser or successor person. Subject to the foregoing, this Agreement may not be assigned by
either party without the prior written consent of the other party hereto.

          (b) If the Indemnitee is deceased and is entitled to indemnification under any provision of
this Agreement, the Company shall indemnify the Indemnitee’s estate and the Indemnitee’s spouse,
heirs, executors, administrators and assigns against, and the Company shall, and does hereby agree
to assume, any and all Expenses actually and reasonably incurred by or for the Indemnitee or the
Indemnitee’s estate, in connection with the investigation, defense, appeal or settlement of any
Proceeding. Further, when requested in writing by the spouse of the Indemnitee, and/or the
Indemnitee’s heirs, executors, administrators and assigns, the Company shall provide appropriate
evidence of the Company’s agreement set out herein to indemnify the Indemnitee against and to
itself assume such Expenses.

     14. Subrogation. In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of recovery of the
Indemnitee, who shall execute all documents required and shall do all acts that may be
necessary to secure such rights and to enable the Company effectively to bring suit to
enforce such rights.

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     15. Severability. Each and every paragraph, sentence, term and provision of
this Agreement is separate and distinct so that if any paragraph, sentence, term or
provision thereof shall be held to be invalid, unlawful or unenforceable for any reason,
such invalidity, unlawfulness or unenforceability shall not affect the validity,
unlawfulness or enforceability of any other paragraph, sentence, term or provision hereof.
To the extent required, any paragraph, sentence, term or provision of this Agreement may
be modified by a court of competent jurisdiction to preserve its validity and to provide
the Indemnitee with the broadest possible indemnification permitted under applicable law.
The Company’s inability, pursuant to a court order or decision, to perform its obligations
under this Agreement shall not constitute a breach of this Agreement.

     16. Savings Clause. If this Agreement or any paragraph, sentence, term or
provision hereof is invalidated on any ground by any court of competent jurisdiction, the
Company shall nevertheless indemnify the Indemnitee as to any Expenses, judgments, fines,
interest or penalties, or excise taxes assessed with respect to any employee benefit or
welfare plan, which are incurred with respect to any Proceeding to the fullest extent
permitted by any (a) applicable paragraph, sentence, term or provision of this Agreement
that has not been invalidated or (b) applicable law.

     17. Interpretation; Governing Law. This Agreement shall be construed as a
whole and in accordance with its fair meaning and any ambiguities shall not be construed
for or against either party. Headings are for convenience only and shall not be used in
construing meaning. This Agreement shall be governed and interpreted in accordance with
the laws of the State of New York without regard to the conflict of laws principles
thereof.

     18. Amendments. No amendment, waiver, modification, termination or
cancellation of this Agreement shall be effective unless in writing signed by the party
against whom enforcement is sought. The indemnification rights afforded to the Indemnitee
hereby are contract rights and may not be diminished, eliminated or otherwise affected by
amendments to the Company’s Articles, or by other agreements, including directors’ and
officers’ liability insurance policies, of the Company.

     19. Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and shall become
effective when one or more counterparts have been signed by each party and delivered to
the other.

     20. Notices. Any notice required to be given under this Agreement shall be
directed to Nobao Renewable Energy Holdings Limited, Building 4, No. 150 Yonghe Road,
Shanghai, 200072, People’s Republic of China, Attention: Legal Department, and to the
Indemnitee at ________________________or to such other address as either shall designate to
the other in writing.

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

INDEMNITEE

 

Name:

NOBAO RENEWABLE ENERGY HOLDINGS LIMITED

 

By:

Name:

Title:

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