Document:

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                                                                     EXHIBIT 4.3

                             DATED 30 November 2005

                               CANADIAN SOLAR INC.

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                          REGISTRATION RIGHTS AGREEMENT

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                                BAKER & MCKENZIE

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                                TABLE OF CONTENTS

<TABLE>
<S>                                                                           <C>
1.  Applicability of Rights................................................    1
2.  Definitions............................................................    1
3.  Demand Registration....................................................    3
4.  Piggyback Registrations................................................    5
5.  Form S-3 or Form F-3 Registration......................................    6
6.  Expenses...............................................................    7
7.  Obligations of the Company.............................................    8
8.  Furnish Information....................................................    9
9.  Indemnification........................................................   10
10. Termination of the Company's Obligations...............................   12
11. No Registration Rights to Third Parties................................   12
12. Market Stand-Off.......................................................   13
13. Rule 144 Reporting.....................................................   13
14. Transfer of Registration Rights........................................   13
15. Miscellaneous..........................................................   14
</TABLE>

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                          REGISTRATION RIGHTS AGREEMENT

          THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of
the 30 day of November, 2005, by and among Canadian Solar Inc., a corporation
incorporated under the laws of the Province of Ontario, Canada (the "Company"),
QU Xiao Hua, an individual holding Canadian passport no.BC289772 (the "Founder")
and the investors listed on Schedule A hereto (the "Investor").

                                    RECITALS

          WHEREAS, each Investor is a party to a Subscription Agreement dated 16
November 2005 (the "Subscription Agreement") between, among others, the Company
and the Investor, pursuant to which the Investor is subscribing for convertible
notes (the "Convertible Notes") of the Company;

          WHEREAS, in order to induce the Company to enter into the Subscription
Agreement and to induce the Investors to invest funds in the Company pursuant to
the Subscription Agreement, the Investors and the Company hereby agree that this
Agreement shall govern the rights of the Investor to cause the Company to
register Common Shares issuable to such persons, and certain other matters as
set forth herein;

          WHEREAS, the Investors and the Company have agreed, pursuant to the
Subscription Agreement, to enter into this Agreement;

          NOW, THEREFORE, in consideration of the promises, covenants, and
conditions set forth herein, the parties hereto hereby agree as follows:

1.   Applicability of Rights. The Holders shall be entitled to the following
     rights with respect to any proposed public offering of the Company's Common
     Shares in the United States.

2.   Definitions. For the purpose of this Agreement:

     2.1  Business Day. The term means any day (excluding Saturdays, Sundays and
          public holidays) on which banks generally are open for business in
          Hong Kong and Singapore.

     2.2  Claim. The term means any claim, demand, assessment, judgment, order,
          decree, action, cause of action, litigation, suit, investigation or
          other legal, administrative or arbitration action, suit, complaint,
          charge, hearing, inquiry, investigation or proceeding (including any
          partial or threatened proceedings).

     2.3  Common Shares. The term means the common shares in the share capital
          of the Company.

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     2.4  Exchange Act. The term means the U.S. Securities Exchange Act of 1934,
          as amended.

     2.5  Form S-3 and Form F-3. The terms mean such respective forms under the
          Securities Act or any successor registration form under the Securities
          Act subsequently adopted by the SEC that permits inclusion or
          incorporation of substantial information by reference to other
          documents filed by the Company with the SEC.

     2.6  Holder. The term means any Person owning Registrable Securities or any
          permitted assignee of record of such Registrable Securities to whom
          rights under this Agreement have been duly assigned.

     2.7  IPO. The term means the initial public offering of the shares of the
          Company or ListCo.

     2.8  ListCo. The term means a new holding company of the Company to be
          incorporated in a jurisdiction acceptable for the purpose of an IPO
          and the shares of which will be offered in the IPO.

     2.9  Majority. The term in this Agreement refers to at least seventy-five
          per cent. (75%).

     2.10 Person. The term means any natural person, company, corporation,
          association, partnership, organization, firm, joint venture, trust,
          unincorporated organization or any other entity or organization, and
          shall include any governmental authority.

     2.11 Qualified IPO. The term means a fully underwritten IPO on the main
          board of The Stock Exchange of Hong Kong Limited, the Nasdaq National
          Market or another international stock exchange approved in writing by
          the Majority of all outstanding Convertible Notes, where (a) the
          offering size (net of all related expenses and underwriting discounts
          and commissions) being not less than Thirty Million United States
          Dollars (US$30,000,000), (b) the total market capitalization of the
          Company or ListCo (as the case may be) immediately following the
          offering being not less than One Hundred and Twenty Million United
          States Dollars (US$120,000,000) and (c) the public float immediately
          following the offering being not less than twenty-five per cent. (25%)
          of the enlarged share capital of the Company or ListCo (as the case
          may be).

     2.12 Registrable Securities. The term means any Common Shares of the
          Company issued or issuable to the Investors or their assigns pursuant
          to conversion of any Convertible Notes held by the Investors and
          includes such securities of the Company issued with respect to the
          aforesaid securities through stock splits, subdivisions,
          reclassification, exchange, substitution or similar events.
          Notwithstanding the foregoing, "Registrable Securities" shall exclude
          any Registrable Securities which are sold in a registered public
          offering under the Securities Act or analogous statute of another
          jurisdiction, or sold pursuant to Rule 144 promulgated under the
          Securities Act or analogous rule of another jurisdiction.

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     2.13 Registrable Securities then Outstanding. The number of shares of
          "Registrable Securities then outstanding" shall mean the number of
          Common Shares of the Company that are Registrable Securities and are
          then issued and outstanding, issuable upon conversion of Convertible
          Notes then issued and outstanding.

     2.14 Registration. The terms "register," "registered," and "registration"
          refer to a registration effected by filing a registration statement
          which is in a form that complies with, and is declared effective by
          the SEC in accordance with, the Securities Act.

     2.15 SEC. The term means the United States Securities and Exchange
          Commission.

     2.16 Securities Act. The term means the U.S. Securities Act of 1933, as
          amended.

     2.17 Registration Expenses. The term means all expenses incurred by the
          Company in complying with Clauses 3, 4 and 5 hereof, including,
          without limitation, all registration and filing fees, printing
          expenses, fees, and disbursements of counsel for the Company,
          reasonable fees and disbursements of one counsel for the Holders,
          "blue sky" fees and expenses, the expense of any special audits
          incident to or required by any such registration, any fee charged by
          any depositary bank, transfer agent or share registrar (but excluding
          the compensation of regular employees of the Company which shall be
          paid in any event by the Company).

     2.18 Selling Expenses. The term means all underwriting discounts and
          selling commissions applicable to the sale of Registrable Securities
          pursuant to Clauses 3, 4 and 5 hereof.

     2.19 Transfer. The term (or any correlative term) means a sale, assignment,
          pledge, charge, mortgage, hypothecation, gift, placement in trust
          (voting or otherwise) or transfer by operation of law of, creation of
          a security interest in, or lien on, or any other encumbering or
          disposal (directly or indirectly and whether or not voluntary), and
          shall include any transfer by will or intestate succession.

3.   Demand Registration.

     3.1  Request by Holders. If the Company shall, at any time after six (6)
          months following the closing of a Qualified IPO in the United States
          on either the New York Stock Exchange or the Nasdaq National Market,
          receive a written request from the Holders of at least 25% of the
          Registrable Securities then Outstanding that the Company file a
          registration statement under the Securities Act covering the
          registration of Registrable Securities pursuant to this Clause 3, then
          the Company shall, within ten (10) Business Days of the receipt of
          such written request, deliver written notice of such request (the
          "REQUEST NOTICE") to all Holders, and use its best efforts to effect,
          as soon as practicable, the registration under the Securities Act of
          all Registrable Securities that the Holders request to be registered
          and included in such registration by written notice delivered by such
          Holders to the Company within twenty (20) days after receipt of the
          Request Notice, subject only to the limitations of this Clause 3;
          provided that the Company shall not be obligated to effect any such
          registration if the

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          Company has, within the preceding twelve (12) month period, already
          effected two or more registrations under the Securities Act pursuant
          to this Clause 3 or Clause 5 in which the Holders had an opportunity
          to participate pursuant to the provisions of Clause 4, other than a
          registration from which the Registrable Securities of the Holders have
          been excluded (with respect to all or any portion of the Registrable
          Securities the Holders requested be included in such registration)
          pursuant to the provisions of Clause 4.1.

     3.2  Underwriting. If the Holders initiating the registration request under
          this Clause 3 (the "INITIATING HOLDERS") intend to distribute the
          Registrable Securities included in their request by means of an
          underwriting, then they shall so advise the Company as a part of their
          request made pursuant to this Clause 3 and the Company shall include
          such information in the Request Notice. In such event, the right of
          any Holder to include its Registrable Securities in such registration
          shall be conditioned upon such Holder's participation in such
          underwriting and the inclusion of such Holder's Registrable Securities
          in the underwriting (unless otherwise mutually agreed by a Majority in
          interest of the Initiating Holders and such Holder) to the extent
          provided herein. All Holders proposing to distribute their securities
          through such underwriting shall enter into an underwriting agreement
          in customary form with the managing underwriter or underwriters
          selected for such underwriting by the Holders of a Majority of the
          Registrable Securities being registered and reasonably acceptable to
          the Company. Notwithstanding any other provision of this Clause 3, if
          the underwriter(s) advise(s) the Company in writing that marketing
          factors require a limitation of the number of securities to be
          underwritten, then the Company shall so advise all Holders of
          Registrable Securities which would otherwise be registered and
          underwritten pursuant hereto, and the number of Registrable Securities
          that may be included in the underwriting shall be reduced as required
          by the underwriter(s) and allocated among the Holders of Registrable
          Securities on a pro rata basis according to the number of Registrable
          Securities then Outstanding held by each Holder requesting
          registration (including the Initiating Holders); provided, however,
          that the number of shares of Registrable Securities to be included in
          such underwriting and registration shall not be reduced unless all
          other securities are first entirely excluded from the underwriting and
          registration including, without limitation, all Shares that are not
          Registrable Securities and are held by any other Person, including,
          without limitation, any Person who is an employee, officer or director
          of the Company or any subsidiary of the Company; provided further,
          that at least twenty-five percent (25)% of shares of Registrable
          Securities requested by the Holders to be included in such
          underwriting and registration shall be so included. If any Holder
          disapproves of the terms of any such underwriting, such Holder may
          elect to withdraw therefrom by written notice to the Company and the
          underwriter(s), delivered at least ten (10) Business Days prior to the
          effective date of the registration statement. Any Registrable
          Securities excluded or withdrawn from such underwriting shall be
          excluded and withdrawn from the registration.

     3.3  Maximum Number of Demand Registrations. The Company shall not be
          obligated to effect more than three (3) such demand registrations
          pursuant to this Clause 3.

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     3.4  Deferral. Notwithstanding the foregoing, if the Company shall furnish
          to Holders requesting registration pursuant to this Clause 3, a
          certificate signed by the president or chief executive officer of the
          Company stating that in the good faith judgment of the board of
          directors of the Company, it would be materially detrimental to the
          Company and its shareholders for such registration statement to be
          filed at such time, then the Company shall have the right to defer
          such filing for a period of not more than 120 days after receipt of
          the request of the Initiating Holders; provided, however, that the
          Company may not utilize this right more than once in any twelve (12)
          month period; provided further, that the Company shall not register
          any other of its Shares during such twelve (12) month period. A demand
          right shall not be deemed to have been exercised until such deferred
          registration shall have been effected.

4.   Piggyback Registrations.

     4.1  The Company shall notify all Holders of Registrable Securities in
          writing at least thirty (30) days prior to filing any registration
          statement under the Securities Act for purposes of effecting a public
          offering of securities of the Company (including, but not limited to,
          registration statements relating to secondary offerings of securities
          of the Company, but excluding registration statements relating to any
          registration under Clause 3 or Clause 5 of this Agreement or to any
          employee benefit plan or a corporate reorganization), and shall afford
          each such Holder an opportunity to include in such registration
          statement all or any part of the Registrable Securities then held by
          such Holder. Each Holder desiring to include in any such registration
          statement all or any part of the Registrable Securities held by it
          shall within twenty (20) days after receipt of the above-described
          notice from the Company, so notify the Company in writing, and in such
          notice shall inform the Company of the number of Registrable
          Securities such Holder wishes to include in such registration
          statement. If a Holder decides not to include all of its Registrable
          Securities in any registration statement thereafter filed by the
          Company, such Holder shall nevertheless continue to have the right to
          include any Registrable Securities in any subsequent registration
          statement or registration statements as may be filed by the Company
          with respect to offerings of its securities, all upon the terms and
          conditions set forth herein.

     4.2  Underwriting. If a registration statement under which the Company
          gives notice under this Clause 4 is for an underwritten offering, then
          the Company shall so advise the Holders of Registrable Securities. In
          such event, the right of any such Holder's Registrable Securities to
          be included in a registration pursuant to this Clause 4 shall be
          conditioned upon such Holder's participation in such underwriting and
          the inclusion of such Holder's Registrable Securities in the
          underwriting to the extent provided herein. All Holders proposing to
          distribute their Registrable Securities through such underwriting
          shall enter into an underwriting agreement in customary form with the
          managing underwriter or underwriters selected for such underwriting.
          Notwithstanding any other provision of this Agreement but subject to
          Clause 12, if the managing underwriter(s) determine(s) in good faith
          that marketing factors require a limitation of the number of shares to
          be underwritten, then the managing underwriter(s) may exclude shares
          from the registration and the underwriting, and the number of shares
          that may be included in the registration and the underwriting shall

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          be allocated, first, to the Company, second, to each of the Holders
          requesting inclusion of their Registrable Securities in such
          registration statement on a pro rata basis based on the total number
          of shares of Registrable Securities then held by each such Holder, and
          third, to holders of other securities of the Company; provided,
          however, that the right of the underwriter(s) to exclude shares
          (including Registrable Securities) from the registration and
          underwriting as described above shall be restricted so that (i) the
          number of Registrable Securities included in any such registration is
          not reduced below twenty-five percent (25%) of the aggregate number of
          shares of Registrable Securities for which inclusion has been
          requested; and (ii) all shares that are not Registrable Securities and
          are held by any other Person, including, without limitation, any
          Person who is an employee, officer or director of the Company (or any
          subsidiary of the Company) shall first be excluded from such
          registration and underwriting before any Registrable Securities are so
          excluded. If any Holder disapproves of the terms of any such
          underwriting, such Holder may elect to withdraw therefrom by written
          notice to the Company and the underwriter(s), delivered at least ten
          (10) Business Days prior to the effective date of the registration
          statement. Any Registrable Securities excluded or withdrawn from such
          underwriting shall be excluded and withdrawn from the registration.

     4.3  Not Demand Registration. Registration pursuant to this Clause 4 shall
          not be deemed to be a demand registration as described in Clause 3
          above. There shall be no limit on the number of times the Holders may
          request registration of Registrable Securities under this Clause 4.

5.   Form S-3 or Form F-3 Registration. In case the Company shall receive from
     any Holder or Holders of a Majority of all Registrable Securities then
     outstanding a written request or requests that the Company effect a
     registration on Form S-3 or Form F-3 and any related qualification or
     compliance with respect to all or a part of the Registrable Securities
     owned by such Holder or Holders, then the Company will:

     5.1  Notice. Promptly deliver written notice of the proposed registration
          and the Holder's or Holders' request therefor, and any related
          qualification or compliance, to all other Holders of Registrable
          Securities; and

     5.2  Registration. As soon as practicable, effect such registration and all
          such qualifications and compliances as may be so requested and as
          would permit or facilitate the sale and distribution of all or such
          portion of such Holders or Holders' Registrable Securities as are
          specified in such request, together with all or such portion of the
          Registrable Securities of any other Holder or Holders joining in such
          request as are specified in a written request delivered within twenty
          (20) days after the Company provides the notice contemplated by Clause
          5.1; provided, however, that the Company shall not be obligated to
          effect any such registration, qualification or compliance pursuant to
          this Clause 5:

          5.2.1 if Form S-3 or Form F-3 is not available for such offering by
               the Holders;

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          5.2.2 if the Holders, together with the holders of any other
               securities of the Company entitled to inclusion in such
               registration, propose to sell Registrable Securities and such
               other securities (if any) at an aggregate price to the public of
               less than US$1,000,000;

          5.2.3 if the Company shall furnish to the Holders a certificate signed
               by the president or chief executive officer of the Company
               stating that in the good faith judgment of the board of directors
               of the Company, it would be materially detrimental to the Company
               and its shareholders for such Form S-3 or Form F-3 Registration
               to be effected at such time, in which event the Company shall
               have the right to defer the filing of the Form S-3 or Form F-3
               registration statement no more than once during any twelve (12)
               month period for a period of not more than 120 days after receipt
               of the request of the Holder or Holders under this Clause 5;
               provided that the Company shall not register any of its other
               shares during such 120 day period;

          5.2.4 if the Company has, within the six (6) month period preceding
               the date of such request, already effected a registration under
               the Securities Act other than a registration from which the
               Registrable Securities of Holders have been excluded (with
               respect to all or any portion of the Registrable Securities the
               Holders requested be included in such registration) pursuant to
               the provisions of Clauses 3.2 and 4.1; or

          5.2.5 in any particular jurisdiction in which the Company would be
               required to qualify to do business or to execute a general
               consent to service of process in effecting such registration,
               qualification or compliance.

          Subject to the foregoing, the Company shall file a Form S-3 or Form
          F-3 registration statement covering the Registrable Securities and
          other securities so requested to be registered as soon as practicable
          after receipt of the request or requests of the Holders.

     5.3  Not Demand Registration. Form S-3 or Form F-3 registrations shall not
          be deemed to be demand registrations as described in Clause 3 above.
          Except as otherwise provided herein, there shall be no limit on the
          number of times the Holders may request registration of Registrable
          Securities under this Clause 5.

6.   Expenses. All Registration Expenses incurred in connection with any
     registration pursuant to Clauses 3, 4 or 5 (but excluding Selling Expenses)
     shall be borne by the Company. Each Holder participating in a registration
     pursuant to Clauses 3, 4 or 5 shall bear such Holder's proportionate share
     (based on the total number of shares sold in such registration other than
     for the account of the Company) of all Selling Expenses or other amounts
     payable to underwriter(s) or brokers, in connection with such offering by
     the Holders. Notwithstanding the foregoing, the Company shall not be
     required to pay for any expenses of any registration proceeding begun
     pursuant to Clause 3 if the registration request is subsequently withdrawn
     at the request of the Holders of a Majority of the Registrable Securities
     to be registered, unless the Holders of a Majority of the Registrable
     Securities then outstanding agree that such registration constitutes the
     use by the Holders of one (1) demand registration pursuant to

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     Clause 3 (in which case such registration shall also constitute the use by
     all Holders of Registrable Securities of one (1) such demand registration).
     Notwithstanding the foregoing, if at the time of such withdrawal, the
     Holders have learned of a material adverse change in the condition,
     business, or prospects of the Company due to acts, omissions, or events
     within the Company's control that were not known to the Holders at the time
     of their request for such registration and have withdrawn their request for
     registration with reasonable promptness after learning of such material
     adverse change, then the Holders shall not be required to pay any of such
     expenses and such registration request shall not constitute the use of a
     demand registration pursuant to Clause 3. If the Holders have learned of a
     material adverse change in the condition, business, or prospects of the
     Company due to acts, omissions, or events beyond the Company's control that
     were not known to the Holders at the time of their request for such
     registration and have withdrawn their request for registration with
     reasonable promptness after learning of such material adverse change, then
     the Company, on the one hand, and the Holders, on the other hand, shall pay
     any such expenses on an equal basis and such registration request shall not
     constitute the use of a demand registration pursuant to Clause 3.

7.   Obligations of the Company. Whenever required to effect the registration of
     any Registrable Securities under this Agreement the Company shall, as
     expeditiously as reasonably possible:

     7.1  Registration Statement. Prepare and file with the SEC a registration
          statement with respect to such Registrable Securities and use its best
          efforts to cause such registration statement to become effective, and,
          upon the request of the Holders of a Majority of the Registrable
          Securities registered thereunder, keep such registration statement
          effective for a period of up to ninety (90) days or, in the case of
          Registrable Securities registered under Form S-3 or Form F-3 in
          accordance with Rule 415 under the Securities Act or a successor rule,
          until the distribution contemplated in the registration statement has
          been completed; provided, however, that (i) such ninety (90) day
          period shall be extended for a period of time equal to the period any
          Holder refrains from selling any securities included in such
          registration at the request of the underwriter(s), and (ii) in the
          case of any registration of Registrable Securities on Form S-3 or Form
          F-3 which are intended to be offered on a continuous or delayed basis,
          such ninety (90) day period shall be extended, if necessary, to keep
          the registration statement effective until all such Registrable
          Securities are sold.

     7.2  Amendments and Supplements. Prepare and file with the SEC such
          amendments and supplements to such registration statement and the
          prospectus used in connection with such registration statement as may
          be necessary to comply with the provisions of the Securities Act with
          respect to the disposition of all securities covered by such
          registration statement.

     7.3  Prospectuses. Furnish to the Holders such number of copies of a
          prospectus, including a preliminary prospectus, in conformity with the
          requirements of the Securities Act, and such other documents as they
          may reasonably request in order to facilitate the disposition of the
          Registrable Securities owned by them that are included in such
          registration.

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     7.4  Blue Sky. Use its best efforts to register or qualify the securities
          covered by such registration statement under such other securities or
          "blue sky" laws of such jurisdictions as shall be reasonably requested
          by the Holders, provided that the Company shall not be required in
          connection therewith or as a condition thereto to qualify to do
          business in any jurisdiction where it would not otherwise be required
          to qualify but for this Clause 7.4, to subject itself to taxation in
          any such jurisdiction or consent to service of process in any such
          jurisdiction, unless the Company is already subject to service in such
          jurisdiction.

     7.5  Underwriting. In the event of any underwritten public offering, enter
          into and perform its obligations under an underwriting agreement in
          usual and customary form, with the managing underwriter(s) of such
          offering. Each Holder participating in such underwriting shall also
          enter into and perform its obligations under such an agreement.

     7.6  Notification. Notify each Holder of Registrable Securities covered by
          such registration statement at any time when a prospectus relating
          thereto is required to be delivered under the Securities Act of (i)
          the issuance of any stop order by the SEC in respect of such
          registration statement, or (ii) the happening of any event as a result
          of which the prospectus included in such registration statement, as
          then in effect, includes an untrue statement of a material fact or
          omits to state a material fact required to be stated therein or
          necessary to make the statements therein not misleading in the light
          of the circumstances then existing.

     7.7  Opinion and Comfort Letter. Furnish, at the request of any Holder
          requesting registration of Registrable Securities, on the date that
          such Registrable Securities are delivered to the underwriter(s) for
          sale, if such securities are being sold through underwriters, or, if
          such securities are not being sold through underwriters, on the date
          that the registration statement with respect to such securities
          becomes effective, (i) an opinion, dated as of such date, of the
          counsel representing the Company for the purposes of such
          registration, in form and substance as is customarily given to
          underwriters in an underwritten public offering and reasonably
          satisfactory to a Majority in interest of the Holders requesting
          registration, addressed to the underwriters, if any, and to the
          Holders requesting registration of Registrable Securities and (ii)
          letters dated as of (x) the effective date of the registration
          statement covering such Registrable Securities and (y) the closing
          date of the offering, from the independent certified public
          accountants of the Company, in form and substance as is customarily
          given by independent certified public accountants to underwriters in
          an underwritten public offering and reasonably satisfactory to a
          Majority in interest of the Holders requesting registration, addressed
          to the underwriters, if any, and to the Holders requesting
          registration of Registrable Securities.

8.   Furnish Information. It shall be a condition precedent to the obligations
     of the Company to take any action pursuant to Clauses 3, 4 or 5 that the
     selling Holders shall furnish to the Company such information regarding
     themselves, the Registrable Securities held by them and the intended method
     of disposition of such securities as shall be required to timely effect the
     Registration of their Registrable Securities.

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9.   Indemnification. In the event any Registrable Securities are included in a
     registration statement under Clauses 3, 4 or 5:

     9.1  By the Company. To the extent permitted by law, the Company will
          indemnify and hold harmless each Holder, its partners, officers,
          directors, legal counsel, any underwriter (as defined in the
          Securities Act) for such Holder and each Person, if any, who controls
          such Holder or underwriter within the meaning of the Securities Act or
          the Exchange Act (each a "CONTROLLING PERSON"), against any losses,
          Claims, damages, or liabilities (joint or several) to which they may
          become subject under the Securities Act, the Exchange Act, or other
          U.S. federal or state law, insofar as such losses, Claims, damages, or
          liabilities (or actions in respect thereof) arise out of or are based
          upon any of the following statements, omissions or violations
          (collectively a "VIOLATION"):

          9.1.1 any untrue statement or alleged untrue statement of a material
               fact contained in such registration statement, including any
               preliminary prospectus or final prospectus contained therein or
               any amendments or supplements thereto;

          9.1.2 the omission or alleged omission to state therein a material
               fact required to be stated therein, or necessary to make the
               statements therein not misleading; or

          9.1.3 any violation or alleged violation by the Company of the
               Securities Act, the Exchange Act, any U.S. federal or state
               securities law, or any rule or regulation promulgated under the
               Securities Act, the Exchange Act, or any U.S. federal or state
               securities law in connection with the offering covered by such
               registration statement;

          and the Company will reimburse each such Holder, its partner, officer,
          director, legal counsel, underwriter or Controlling Person for any
          legal or other expenses reasonably incurred by them, as such expenses
          are incurred, in connection with investigating or defending any such
          loss, Claim, damage, liability or action; provided, however, that the
          indemnity agreement contained in this Clause 9.1 shall not apply to
          amounts paid in settlement of any such loss, Claim, damage, liability
          or action if such settlement is effected without the consent of the
          Company (which consent shall not be unreasonably withheld), nor shall
          the Company be liable in any such case for any such loss, Claim,
          damage, liability or action to the extent (and only to the extent)
          that it arises out of or is based upon a Violation which occurs in
          reliance upon and in conformity with written information furnished
          expressly for use in connection with such registration by such Holder,
          partner, officer, director, legal counsel, underwriter or Controlling
          Person of such Holder.

     9.2  By Selling Holders. To the extent permitted by law, each selling
          Holder will, if Registrable Securities held by Holder are included in
          the securities as to which such registration qualifications or
          compliance is being effected, indemnify and hold harmless the Company,
          each of its directors, each of its officers who has signed the
          registration statement, each Person, if any, who controls the Company
          within the meaning of the Securities Act, any underwriter and any
          other Holder selling securities

                                       10

<PAGE>

          under such registration statement or any of such other Holder's
          partners, directors, officers, legal counsel, or any Person who
          controls such Holder within the meaning of the Securities Act or the
          Exchange Act, against any losses, Claims, damages or liabilities
          (joint or several) to which the Company or any such director, officer,
          legal counsel, Controlling Person, underwriter or other such Holder,
          partner or director, officer or Controlling Person of such other
          Holder may become subject under the Securities Act, the Exchange Act
          or other U.S. federal or state law, insofar as such losses, Claims,
          damages or liabilities (or actions in respect thereto) arise out of or
          are based upon any Violation, in each case to the extent (and only to
          the extent) that such Violation occurs in reliance upon and in
          conformity with written information furnished by such Holder expressly
          for use in connection with such registration; and each such Holder
          will reimburse any legal or other expenses reasonably incurred by the
          Company or any such director, officer, Controlling Person, underwriter
          or other Holder, partner, officer, director or Controlling Person of
          such other Holder in connection with investigating or defending any
          such loss, Claim, damage, liability or action; provided, however, that
          the indemnity agreement contained in this Clause 9.2 shall not apply
          to amounts paid in settlement of any such loss, Claim, damage,
          liability or action if such settlement is effected without the consent
          of the Holder, which consent shall not be unreasonably withheld; and
          provided, further, that in no event shall any indemnity under this
          Clause 9.2 exceed the net proceeds received by such Holder in the
          registered offering out of which the applicable Violation arises.

     9.3  Notice. Promptly after receipt by an indemnified party under this
          Clause 9 of notice of the commencement of any action (including any
          governmental action), such indemnified party will, if a claim in
          respect thereof is to be made against any indemnifying party under
          this Clause 9, deliver to the indemnifying party a written notice of
          the commencement thereof and the indemnifying party shall have the
          right to participate in, and, to the extent the indemnifying party so
          desires, jointly with any other indemnifying party similarly noticed,
          to assume the defense thereof with counsel mutually satisfactory to
          the parties in their reasonable judgment; provided, however, that an
          indemnified party shall have the right to retain its own counsel, with
          the fees and expenses to be paid by the indemnifying party, if
          representation of such indemnified party by the counsel retained by
          the indemnifying party would be inappropriate due to actual or
          potential conflict of interests between such indemnified party and any
          other party represented by such counsel in such proceeding. The
          failure to deliver written notice to the indemnifying party within a
          reasonable time of the commencement of any such action shall relieve
          such indemnifying party of liability to the indemnified party under
          this Clause 9 to the extent the indemnifying party is prejudiced as a
          result thereof, but the omission to so deliver written notice to the
          indemnifying party will not relieve it of any liability that it may
          have to any indemnified party otherwise than under this Clause 9.

     9.4  Contribution. In order to provide for just and equitable contribution
          to joint liability under the Securities Act in any case in which
          either (i) any indemnified party makes a claim for indemnification
          pursuant to this Clause 9 but it is judicially determined (by the
          entry of a final judgment or decree by a court of competent
          jurisdiction and the expiration of time to appeal or the denial of the
          last right of appeal) that such

                                       11

<PAGE>

          indemnification may not be enforced in such case notwithstanding the
          fact that this Clause 9 provides for indemnification in such case, or
          (ii) contribution under the Securities Act may be required on the part
          of any indemnified party in circumstances for which indemnification is
          provided under this Clause 9; then, and in each such case, the
          indemnified party and the indemnifying party will contribute to the
          aggregate losses, Claims, damages or liabilities to which they may be
          subject (after contribution from others) in such proportion so that a
          Holder (together with its related Persons) is responsible for the
          portion represented by the percentage that the public offering price
          of its Registrable Securities offered by and sold under the
          registration statement bears to the public offering price of all
          securities offered by and sold under such registration statement, and
          the Company and other selling Holders are responsible for the
          remaining portion. The relative fault of the indemnifying party and of
          the indemnified party shall be determined by a court of law by
          reference to, among other things, whether the untrue or alleged untrue
          statement of a material fact or the omission to state a material fact
          relates to information supplied by the indemnifying party or by the
          indemnified party and the parties' relative intent, knowledge, access
          to information and opportunity to correct or prevent such statement or
          omission; provided, however, that, in any such case: (A) no Holder
          will be required to contribute any amount in excess of the net
          proceeds to such Holder from the sale of all such Registrable
          Securities offered and sold by such Holder pursuant to such
          registration statement; and (B) no Person or entity guilty of
          fraudulent misrepresentation (within the meaning of Section 11(f) of
          the Securities Act) will be entitled to contribution from any Person
          or entity who was not guilty of such fraudulent misrepresentation.

     9.5  Survival; Consents to Judgments and Settlements. The obligations of
          the Company and Holders under this Clause 9 shall survive the
          completion of any offering of Registrable Securities in a registration
          statement, regardless of the expiration of any statutes of limitation
          or extensions of such statutes. No indemnifying party, in the defense
          of any such Claim or litigation, shall, except with the consent of
          each indemnified party, consent to entry of any judgment or enter into
          any settlement which does not include as an unconditional term thereof
          the giving by the claimant or plaintiff to such indemnified party of a
          release from all liability in respect to such Claim or litigation.

10.  Termination of the Company's Obligations. The Company shall have no
     obligations pursuant to Clauses 3, 4 and 5 with respect to any Registrable
     Securities proposed to be sold by a Holder in a registration pursuant to
     Clause 3, 4 or 5 after seven (7) years following the consummation of the
     Qualifying IPO in the United States on either the New York Stock Exchange
     or the Nasdaq National Market or, as to any Holder, such earlier time at
     which all Registrable Securities held by such Holder (and any affiliate of
     the Holder with whom such Holder must aggregate its sales under Rule 144)
     can be sold in any ninety (90) day period without registration in
     compliance with Rule 144 of the Securities Act.

11.  No Registration Rights to Third Parties. Without the prior written consent
     of the holders of a Majority of the Registrable Securities then
     outstanding, the Company covenants and agrees that it shall not grant, or
     cause or permit to be created, for the benefit of any Person or entity

                                       12

<PAGE>

     (other than the Founder) any registration rights of any kind (whether
     similar to the demand, "piggyback" or Form S-3 or Form F-3 registration
     rights described in this Agreement, or otherwise) relating to any
     securities of the Company which are senior to, or on a parity with, those
     granted to the Holders of Registrable Securities.

12.  Market Stand-Off. The Founder agrees that, so long as he holds or owns any
     voting securities of the Company, upon request by the Company or the
     underwriters managing the initial public offering of the Company's
     securities, he will not sell or otherwise transfer or dispose of any
     securities of the Company (other than those permitted to be included in the
     registration and other transfers to Affiliates permitted by law) without
     the prior written consent of the Company or such underwriters, as the case
     may be, for a period of time specified by the representative of the
     underwriters not to exceed 180 days from the effective date of the
     registration statement covering such initial public offering or the pricing
     date of such offering as may be requested by the underwriters. The
     foregoing provision of this Clause 12 shall not apply to the sale of any
     securities of the Company to an underwriter pursuant to any underwriting
     agreement. The Company shall require all future acquirers of the Company's
     securities to execute prior to a Qualified IPO a market stand-off agreement
     containing substantially similar provisions as those contained in this
     Clause 12.

13.  Rule 144 Reporting. With a view to making available to the Holders the
     benefits of certain rules and regulations of the SEC which may at any time
     permit the sale of the Registrable Securities to the public without
     registration or pursuant to a registration on Form S-3 or Form F-3, after
     such time as a public market exists for the Common Shares in the United
     States, the Company agrees to:

     13.1 Make and keep public information available, as those terms are
          understood and defined in Rule 144 under the Securities Act, at all
          times after the effective date of the first registration under the
          Securities Act filed by the Company for an offering of its securities
          to the general public;

     13.2 File with the SEC in a timely manner all reports and other documents
          required of the Company under the Securities Act and the Exchange Act
          (at any time after it has become subject to such reporting
          requirements); and

     13.3 So long as a Holder owns any Registrable Securities, to furnish to
          such Holder forthwith upon request (i) a written statement by the
          Company as to its compliance with the reporting requirements of Rule
          144 (at any time after ninety (90) days after the effective date of
          the Company's initial public offering in the United States), the
          Securities Act and the Exchange Act (at any time after it has become
          subject to such reporting requirements), or its qualification as a
          registrant whose securities may be resold pursuant to Form S-3 or Form
          F-3 (at any time after it so qualifies), (ii) a copy of the most
          recent annual or quarterly report of the Company, and (iii) such other
          reports and documents of the Company as a Holder may reasonably
          request in availing itself of any rule or regulation of the SEC that
          permits the selling of any such securities without registration or
          pursuant to Form S-3 or Form F-3.

14.  Transfer of Registration Rights.

                                       13

<PAGE>

     14.1 The rights of the Holders under this Agreement (the "REGISTRATION
          RIGHTS") may be assigned by a Holder, in conjunction with a Transfer
          of Registrable Securities, to a Transferee that (a) is a subsidiary,
          parent, partner, limited partner, member, retired member, retired,
          partner, affiliate, stockholder, fund manager, or a fund managed by
          the same fund manager of a Holder, (b) is a Holder's family member or
          trust for the benefit of an individual Holder, (c) holds Registrable
          Securities at the time of such Transfer, or (d) after such Transfer,
          holds at least twenty five percent (25%) of the Registrable Securities
          held by such Holder prior to any Transfers of Registrable Securities.

     14.2 In the event of a Transfer of Registration Rights pursuant to Clause
          14.1 (a), (b), or (c), if such Transferee receives one hundred percent
          (100%) of the Registrable Securities held by the Transferring Holder,
          then such Transferee may subsequently transfer the Registration Rights
          in accordance with this Clause 14, otherwise such Transferee may not
          subsequently transfer the Registration Rights.

     14.3 In the event of a Transfer of Registration Rights pursuant to Clause
          14.1(d), such Transferee may not subsequently transfer the
          Registration Rights.

     14.4 Nothing in this Clause 14 shall be construed as imposing any
          restrictions on the transferability of the Holders' Registrable
          Securities.

15.  Miscellaneous.

     15.1 Successors and Assigns. Except as otherwise provided herein, the terms
          and conditions of this Agreement shall inure to the benefit of and be
          binding upon the respective successors and assigns of the parties
          (including transferees of any shares of Registrable Securities).
          Nothing in this Agreement, express or implied, is intended to confer
          upon any party other than the parties hereto or their respective
          successors and assigns any rights, remedies, obligations, or
          liabilities under or by reason of this Agreement, except as expressly
          provided in this Agreement.

     15.2 Governing Law and Jurisdiction. This Agreement shall be governed by
          and construed in accordance with the laws of the State of New York,
          United States of America. The parties hereto irrevocably agree to
          submit to the non-exclusive jurisdiction of the courts of the State of
          New York and the United States federal courts sitting in the Borough
          of Manhattan, The City of New York in all matters arising in
          connection with this Agreement.

          The Company undertakes to appoint an agent to receive and acknowledge
          on its behalf service of any writ, summons, order, judgment or other
          notice of legal process in New York, forthwith after it has commenced
          procedures to apply for its securities to be registered in the United
          States of America.

     15.3 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.

                                       14

<PAGE>

     15.4 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.

     15.5 Notices. Any and all notices required or permitted to be given to a
          party pursuant to the provisions of this Agreement will be in writing,
          given in English language and will be effective and deemed to provide
          such party sufficient notice under this Agreement on the earliest of
          the following: (a) at the time of personal delivery, if delivery is in
          person; (b) at the time of transmission by facsimile, addressed to the
          other party at its facsimile number specified herein (or hereafter
          modified by subsequent notice to the parties hereto), with
          confirmation of receipt made by both telephone and printed
          confirmation sheet verifying successful transmission of the facsimile;
          (c) one (1) Business Day after deposit with an express overnight
          courier for deliveries within a country, or three (3) Business Days
          after such deposit for international deliveries or (d) three (3)
          Business Days after deposit in mail by certified mail (return receipt
          requested) or equivalent for deliveries within a country, or seven (7)
          days after deposit in mail by certified mail (return receipt
          requested) or equivalent for international deliveries. For the
          purposes of this Clause 15.5, a delivery between the People's Republic
          of China and Hong Kong shall be considered an international delivery.

          All notices for international delivery will be sent by facsimile or by
          express courier. All notices not delivered personally or by facsimile
          will be sent with postage and/or other charges prepaid and properly
          addressed to the party to be notified at the address or facsimile
          number indicated for such party on the signature page hereof, or at
          such other address or facsimile number as such other party may
          designate by giving ten (10) days advance written notice by one of the
          indicated means of notice herein to the other party hereto. Notices by
          facsimile shall be machine verified as received.

          Any party hereto (and such party's permitted assigns) may by notice so
          given change its address for future notices hereunder. Notice shall
          conclusively be deemed to have been given in the manner set forth
          above.

     15.6 Attorney's Fees. If any action at law or in equity is necessary to
          enforce or interpret the terms of this Agreement, the prevailing party
          shall be entitled to reasonable attorneys' fees, costs and necessary
          disbursements in addition to any other relief to which such party may
          be entitled.

     15.7 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 the Company and the
          holders of all Registrable Securities then outstanding. Any amendment
          or waiver effected in accordance with this paragraph shall be binding
          upon each holder of Registrable Securities then outstanding, each
          future holder of all such Registrable Securities and the Company.

                                       15

<PAGE>

     15.8 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.

     15.9 Aggregation of Shares. All shares of Registrable Securities of the
          Company held or acquired by a shareholder and its affiliated entities
          shall be aggregated together for the purpose of determining the
          availability of any rights under this Agreement. For purposes of the
          foregoing, the shares held by any shareholder that (i) is a
          partnership or corporation shall be deemed to include shares held by
          affiliated partnerships or the partners, retired partners and
          shareholders of such holder or members of the "immediate family" (as
          defined below) of any such partners, retired partners and
          shareholders, and any custodian or trustee for the benefit of any of
          the foregoing persons and (ii) is an individual shall be deemed to
          include shares held by any members of the shareholder's immediate
          family ("immediate family" shall include any spouse, father, mother,
          brother, sister, lineal descendant of spouse or lineal descendant) or
          to any custodian or trustee for the benefit of any of the foregoing
          persons.

     15.10 Exercise of Rights

          All parties acknowledge and agree that any rights of JAFCO Asia
          Technology Fund II under this Agreement may, without prejudice to the
          rights of JAFCO Asia Technology Fund II to exercise any such rights,
          be exercised by JAFCO Investment (Asia Pacific) Ltd. ("JIAP") or any
          other fund manager of JAFCO Asia Technology Fund II or their nominees
          (each, a "JAFCO MANAGER"), unless JAFCO Asia Technology Fund II has
          (a) given notice to the other parties that any such rights cannot be
          exercised by JIAP or a JAFCO Manager; and (b) not given notice to the
          other parties that such notice given under paragraph (a) above has
          been revoked.

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

                                       16

<PAGE>

                                        CANADIAN SOLAR INC.

                                        By: /s/
                                            ------------------------------------
                                        Name: QU Xiao Hua
                                        Title: Director
                                        Address: 4056 Jefton Crescent,
                                                 Mississauga, Ontario,
                                                 Canada L5L 1Z3

                                       17

<PAGE>

                                        INVESTORS:

                                        HSBC HAV2 (III) LIMITED

                                        By: /s/
                                            ------------------------------------
                                        Name: Victor Leung
                                        Title: Authorised person
                                        Address: 2nd Floor, Strathvale House,
                                                 North Church Street,
                                                 George Town, Grand Cayman,
                                                 Cayman Islands

                                       18

<PAGE>

                                        JAFCO ASIA TECHNOLOGY FUND II

                                        By: /s/
                                            ------------------------------------
                                        Name: Vincent CHAN Chun Hung
                                        Title: Attorney
                                        Address: PO Box 309GT, Ugland House,
                                                 South Church Street,
                                                 George Town, Grand Cayman,
                                                 Cayman Islands

                                       19

<PAGE>

                                   SCHEDULE A

                                  THE INVESTORS

1.   HSBC HAV2 (III) Limited

2.   JAFCO Asia Technology Fund II

                                       20<PAGE>
                                                                     EXHIBIT 4.4

                              DATED October 3, 2006
                              ---------------------

                               CANADIAN SOLAR INC.

                  ---------------------------------------------

                          REGISTRATION RIGHTS AGREEMENT

                  ---------------------------------------------

<PAGE>

<TABLE>

                                TABLE OF CONTENTS
                                -----------------

<S>  <C>                                                                     <C>

1.   Applicability of Rights..................................................2

2.   Definitions..............................................................2

3.   Demand Registration......................................................4

4.   Piggyback Registrations..................................................5

5.   Form S-3 or Form F-3 Registration........................................6

6.   Expenses.................................................................8

7.   Obligations of the Company...............................................8

8.   Furnish Information.....................................................10

9.   Indemnification.........................................................10

10.  Termination of the Company's Obligations................................13

11.  No Registration Rights to Third Parties.................................13

12.  Rule 144 Reporting......................................................13

13.  Transfer of Registration Rights.........................................14

14.  Miscellaneous...........................................................14

</TABLE>

<PAGE>

                          REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of October
3, 2006, by and among Canadian Solar Inc., a corporation incorporated under the
laws of the Province of Ontario, Canada (the "Company") and ATS Automation
Tooling Systems Inc., an Ontario corporation (the "Investor").

                                    RECITALS

     WHEREAS, on November 16, 2005, the Company signed a subscription agreement
(the "Subscription Agreement") with HSBC HAV2 (III) Limited ("HSBC") and JAFCO
Asia Technology Fund II ("JAFCO") to issue two tranches of convertible notes in
the aggregate principal amount of US $10.5 million, and granted an option to
such investors to subscribe for a third tranche of convertible notes in the
principal amount of US $2.5 million (which may be reduced at the Company's
discretion to US $1.25 million).

     WHEREAS, in order to induce the Company to enter into the Subscription
Agreement and to induce HSBC and JAFCO to invest funds in the Company pursuant
to the Subscription Agreement, HSBC, JAFCO and the Company entered into a
Registration Rights Agreement dated as of November 30, 2005 (the "Original
Registration Rights Agreement"), which governs the rights of HSBC and JAFCO to
cause the Company to register registrable securities of such persons, and
certain other matters as set forth therein.

     WHEREAS the first tranche of convertible notes in the principal amount of
US $8.1 million was issued on November 30, 2005 and the second and third
tranches of convertible notes in the principal amount of US $3.65 million were
issued on March 30, 2006, and accordingly the Subscription Agreement is no
longer in force or effect.

     WHEREAS on July 1, 2006, the convertible notes in the aggregate principal
amount of US $11.75 million were converted into 2,331,905 common shares of the
Company (after giving effect to a share split approved by the Company on July
11, 2006 and a subsequent transfer of 46,638 common shares of the Company from
the investors to Shawn Xiaohua Qu ("Dr. Qu")).

     WHEREAS, on July 1, 2006, Dr. Qu entered into a put option agreement with
the investors to grant the investors an option, exercisable upon the occurrence
of certain events, to sell back all the common shares of the Company issued upon
conversion of the convertible notes to Dr. Qu at the principal amount of the
convertible notes, being US $11.75 million.

     WHEREAS, Dr. Qu, the Investor and the Company are parties to a share
transfer agreement, memorializing the arrangements between Dr. Qu and the
Investor as to the percentage shareholding in the Company that the Investor
would receive as contemplated by a letter of intent dated September 2001,
pursuant to which Dr. Qu has agreed to transfer 800,171 common shares of the
Company held by Dr. Qu to the Investor upon the terms and conditions

                                       1

<PAGE>

contained therein, including entering into a Registration Rights Agreement
granting the Investor rights to cause the Company to register registrable
securities held by the Investor.

     NOW, THEREFORE, in consideration of the promises, covenants, and conditions
set forth herein, the parties hereto hereby agree as follows:

1.   Applicability of Rights. The Holders shall be entitled to the following
     rights with respect to any proposed public offering of the Company's
     Common Shares in the United States.

2.   Definitions. For the purpose of this Agreement:

     2.1  Business Day. The term means any day (excluding Saturdays, Sundays and
          public holidays) on which banks generally are open for business in
          Toronto and the City of New York.

     2.2  Claim. The term means any claim, demand, assessment, judgment, order,
          decree, action, cause of action, litigation, suit, investigation or
          other legal, administrative or arbitration action, suit, complaint,
          charge, hearing, inquiry, investigation or proceeding (including any
          partial or threatened proceedings).

     2.3  Common Shares. The term means the common shares in the share capital
          of the Company.

     2.4  Exchange Act. The term means the U.S. Securities Exchange Act of 1934,
          as amended.

     2.5  Form S-3 and Form F-3. The terms mean such respective forms under the
          Securities Act or any successor registration form under the Securities
          Act subsequently adopted by the SEC that permits inclusion or
          incorporation of substantial information by reference to other
          documents filed by the Company with the SEC.

     2.6  Holder. The term means any Person owning Registrable Securities or any
          permitted assignee of record of such Registrable Securities to whom
          rights under this Agreement have been duly assigned.

     2.7  IPO. The term means the initial public offering of the shares of the
          Company or ListCo.

     2.8  ListCo. The term means a new holding company of the Company to be
          incorporated in a jurisdiction acceptable for the purpose of an IPO
          and the shares of which will be offered in the IPO.

     2.9  Majority. The term in this Agreement refers to at least seventy-five
          per cent. (75%).

     2.10 Person. The term means any natural person, company, corporation,
          association, partnership, organization, firm, joint venture, trust,
          unincorporated organization or any other entity or organization, and
          shall include any governmental authority.

                                       2

<PAGE>

     2.11 Qualified IPO. The term means a fully underwritten IPO on the main
          board of The Stock Exchange of Hong Kong Limited, the Nasdaq National
          Market, the NYSE Arca exchange or another international stock exchange
          approved in writing by the Majority of Holders of Registrable
          Securities, where (a) the offering size (net of all related expenses
          and underwriting discounts and commissions) being not less than Thirty
          Million United States Dollars (US$30,000,000), (b) the total market
          capitalization of the Company or ListCo (as the case may be)
          immediately following the offering being not less than One Hundred and
          Twenty Million United States Dollars (US$120,000,000) and (c) the
          public float immediately following the offering being not less than
          twenty-five per cent. (25%) of the enlarged share capital of the
          Company or ListCo (as the case may be).

     2.12 Registrable Securities. The term means any Common Shares of the
          Company issued or issuable to the Investor or its assigns and includes
          such securities of the Company issued with respect to the aforesaid
          securities through stock splits, subdivisions, reclassification,
          exchange, substitution or similar events.

     2.13 Registrable Securities then Outstanding. The number of shares of
          "Registrable Securities then outstanding" shall mean the number of
          Common Shares of the Company that are Registrable Securities and are
          then issued and outstanding.

     2.14 Registration. The terms "register," "registered," and "registration"
          refer to a registration effected by filing a registration statement
          which is in a form that complies with, and is declared effective by
          the SEC in accordance with, the Securities Act.

     2.15 SEC. The term means the United States Securities and Exchange
          Commission.

     2.16 Securities Act. The term means the U.S. Securities Act of 1933, as
          amended.

     2.17 Registration Expenses. The term means all expenses incurred by the
          Company in complying with Clauses 3, 4 and 5 hereof, including,
          without limitation, all registration and filing fees, printing
          expenses, fees, and disbursements of counsel for the Company,
          reasonable fees and disbursements of one counsel for the Holders,
          "blue sky" fees and expenses, the expense of any special audits
          incident to or required by any such registration, any fee charged by
          any depositary bank, transfer agent or share registrar (but excluding
          the compensation of regular employees of the Company which shall be
          paid in any event by the Company).

     2.18 Selling Expenses. The term means all underwriting discounts and
          selling commissions applicable to the sale of Registrable Securities
          pursuant to Clauses 3, 4 and 5 hereof.

     2.19 Transfer. The term (or any correlative term) means a sale, assignment,
          pledge, charge, mortgage, hypothecation, gift, placement in trust
          (voting or otherwise) or transfer by operation of law of, creation of
          a security interest in, or lien on, or any other encumbering or
          disposal (directly or indirectly and whether or not voluntary), and
          shall include any transfer by will or intestate succession.

                                       3

<PAGE>

3.   Demand Registration.

     3.1  Request by Holders. If the Company shall, at any time after six (6)
          months following the closing of a Qualified IPO in the United States
          on either the New York Stock Exchange, including the NYSE Arca
          exchange, or the Nasdaq National Market, receive a written request
          from the Holders of at least 25% of the Registrable Securities then
          Outstanding that the Company file a registration statement under the
          Securities Act covering the registration of Registrable Securities
          pursuant to this Clause 3, then the Company shall, within ten (10)
          Business Days of the receipt of such written request, deliver written
          notice of such request (the "REQUEST NOTICE") to all Holders, and use
          its best efforts to effect, as soon as practicable, the registration
          under the Securities Act of all Registrable Securities that the
          Holders request to be registered and included in such registration by
          written notice delivered by such Holders to the Company within twenty
          (20) days after receipt of the Request Notice, subject only to the
          limitations of this Clause 3; provided that the Company shall not be
          obligated to effect any such registration if the Company has, within
          the preceding twelve (12) month period, already effected two or more
          registrations under the Securities Act pursuant to this Clause 3 or
          Clause 5 in which the Holders had an opportunity to participate
          pursuant to the provisions of Clause 4, other than a registration from
          which the Registrable Securities of the Holders have been excluded
          (with respect to all or any portion of the Registrable Securities the
          Holders requested be included in such registration) pursuant to the
          provisions of Clause 4.1.

     3.2  Underwriting. If the Holders initiating the registration request under
          this Clause 3 (the "INITIATING HOLDERS") intend to distribute the
          Registrable Securities included in their request by means of an
          underwriting, then they shall so advise the Company as a part of their
          request made pursuant to this Clause 3 and the Company shall include
          such information in the Request Notice. In such event, the right of
          any Holder to include its Registrable Securities in such registration
          shall be conditioned upon such Holder's participation in such
          underwriting and the inclusion of such Holder's Registrable Securities
          in the underwriting (unless otherwise mutually agreed by a Majority in
          interest of the Initiating Holders and such Holder) to the extent
          provided herein. All Holders proposing to distribute their securities
          through such underwriting shall enter into an underwriting agreement
          in customary form with the managing underwriter or underwriters
          selected for such underwriting by the Holders of a Majority of the
          Registrable Securities being registered and reasonably acceptable to
          the Company. Notwithstanding any other provision of this Clause 3, if
          the underwriter(s) advise(s) the Company in writing that marketing
          factors require a limitation of the number of securities to be
          underwritten, then the Company shall so advise all Holders of
          Registrable Securities which would otherwise be registered and
          underwritten pursuant hereto, and the number of Registrable Securities
          that may be included in the underwriting shall be reduced as required
          by the underwriter(s) and allocated among the Holders of Registrable
          Securities on a pro rata basis according to the number of Registrable
          Securities then Outstanding held by each Holder requesting
          registration (including the Initiating Holders); provided, however,
          that the number of shares of Registrable Securities to be included in
          such underwriting and registration shall not be reduced unless all
          other securities are first entirely excluded

                                       4

<PAGE>

          from the underwriting and registration including, without limitation,
          all Shares that are not Registrable Securities and are held by any
          other Person, including, without limitation, any Person who is an
          employee, officer or director of the Company or any subsidiary of the
          Company; provided further, that at least twenty-five percent (25)% of
          shares of Registrable Securities requested by the Holders to be
          included in such underwriting and registration shall be so included.
          If any Holder disapproves of the terms of any such underwriting, such
          Holder may elect to withdraw therefrom by written notice to the
          Company and the underwriter(s), delivered at least ten (10) Business
          Days prior to the effective date of the registration statement. Any
          Registrable Securities excluded or withdrawn from such underwriting
          shall be excluded and withdrawn from the registration.

     3.3  Maximum Number of Demand Registrations. The Company shall not be
          obligated to effect more than two (2) such demand registrations
          pursuant to this Clause 3.

     3.4  Deferral. Notwithstanding the foregoing, if the Company shall furnish
          to Holders requesting registration pursuant to this Clause 3, a
          certificate signed by the president or chief executive officer of the
          Company stating that in the good faith judgment of the board of
          directors of the Company, it would be materially detrimental to the
          Company and its shareholders for such registration statement to be
          filed at such time, then the Company shall have the right to defer
          such filing for a period of not more than 120 days after receipt of
          the request of the Initiating Holders; provided, however, that the
          Company may not utilize this right more than once in any twelve (12)
          month period; provided further, that the Company shall not register
          any other of its Shares during such twelve (12) month period. A demand
          right shall not be deemed to have been exercised until such deferred
          registration shall have been effected.

4.   Piggyback Registrations.

     4.1  At any time after a Qualified IPO, the Company shall notify all
          Holders of Registrable Securities in writing at least thirty (30) days
          prior to filing any registration statement under the Securities Act
          for purposes of effecting a public offering of securities of the
          Company (including, but not limited to, registration statements
          relating to secondary offerings of securities of the Company, but
          excluding registration statements relating to any registration under
          Clause 3 or Clause 5 of this Agreement or to any employee benefit plan
          or a corporate reorganization), and shall afford each such Holder an
          opportunity to include in such registration statement all or any part
          of the Registrable Securities then held by such Holder. Each Holder
          desiring to include in any such registration statement all or any part
          of the Registrable Securities held by it shall within twenty (20) days
          after receipt of the above-described notice from the Company, so
          notify the Company in writing, and in such notice shall inform the
          Company of the number of Registrable Securities such Holder wishes to
          include in such registration statement. If a Holder decides not to
          include all of its Registrable Securities in any registration
          statement thereafter filed by the Company, such Holder shall
          nevertheless continue to have the right to include any Registrable
          Securities in any subsequent registration statement or registration
          statements as may

                                       5

<PAGE>

          be filed by the Company with respect to offerings of its securities,
          all upon the terms and conditions set forth herein.

     4.2  Underwriting. If a registration statement under which the Company
          gives notice under this Clause 4 is for an underwritten offering, then
          the Company shall so advise the Holders of Registrable Securities. In
          such event, the right of any such Holder's Registrable Securities to
          be included in a registration pursuant to this Clause 4 shall be
          conditioned upon such Holder's participation in such underwriting and
          the inclusion of such Holder's Registrable Securities in the
          underwriting to the extent provided herein. All Holders proposing to
          distribute their Registrable Securities through such underwriting
          shall enter into an underwriting agreement in customary form with the
          managing underwriter or underwriters selected for such underwriting.
          Notwithstanding any other provision of this Agreement but subject to
          Clause 12, if the managing underwriter(s) determine(s) in good faith
          that marketing factors require a limitation of the number of shares to
          be underwritten, then the managing underwriter(s) may exclude shares
          from the registration and the underwriting, and the number of shares
          that may be included in the registration and the underwriting shall be
          allocated, first, to the Company, second, to each of the Holders
          requesting inclusion of their Registrable Securities in such
          registration statement on a pro rata basis based on the total number
          of shares of Registrable Securities then held by each such Holder, and
          third, to holders of other securities of the Company; provided,
          however, that the right of the underwriter(s) to exclude shares
          (including Registrable Securities) from the registration and
          underwriting as described above shall be restricted so that (i) the
          number of Registrable Securities included in any such registration is
          not reduced below twenty-five percent (25%) of the aggregate number of
          shares of Registrable Securities for which inclusion has been
          requested; and (ii) all shares that are not Registrable Securities and
          are held by any other Person, including, without limitation, any
          Person who is an employee, officer or director of the Company (or any
          subsidiary of the Company) shall first be excluded from such
          registration and underwriting before any Registrable Securities are so
          excluded. If any Holder disapproves of the terms of any such
          underwriting, such Holder may elect to withdraw therefrom by written
          notice to the Company and the underwriter(s), delivered at least ten
          (10) Business Days prior to the effective date of the registration
          statement. Any Registrable Securities excluded or withdrawn from such
          underwriting shall be excluded and withdrawn from the registration.

     4.3  Not Demand Registration. Registration pursuant to this Clause 4 shall
          not be deemed to be a demand registration as described in Clause 3
          above. There shall be no limit on the number of times the Holders may
          request registration of Registrable Securities under this Clause 4.

5.   Form S-3 or Form F-3 Registration. Upon the Company becoming Form S-3 or
     Form F-3 eligible, in case the Company shall receive from any Holder or
     Holders of a Majority of all Registrable Securities then outstanding a
     written request or requests that the Company effect a registration on Form
     S-3 or Form F-3 and any related qualification or compliance with respect to
     all or a part of the Registrable Securities owned by such Holder or
     Holders, then the Company will:

                                       6

<PAGE>

     5.1  Notice. Promptly deliver written notice of the proposed registration
          and the Holder's or Holders' request therefor, and any related
          qualification or compliance, to all other Holders of Registrable
          Securities; and

     5.2  Registration. As soon as practicable, effect such registration and all
          such qualifications and compliances as may be so requested and as
          would permit or facilitate the sale and distribution of all or such
          portion of such Holders or Holders' Registrable Securities as are
          specified in such request, together with all or such portion of the
          Registrable Securities of any other Holder or Holders joining in such
          request as are specified in a written request delivered within twenty
          (20) days after the Company provides the notice contemplated by Clause
          5.1; provided, however, that the Company shall not be obligated to
          effect any such registration, qualification or compliance pursuant to
          this Clause 5:

          5.2.1 if Form S-3 or Form F-3 is not available for such offering by
                the Holders;

          5.2.2 if the Holders, together with the holders of any other
                securities of the Company entitled to inclusion in such
                registration, propose to sell Registrable Securities and such
                other securities (if any) at an aggregate price to the public of
                less than US$1,000,000;

          5.2.3 if the Company shall furnish to the Holders a certificate signed
                by the president or chief executive officer of the Company
                stating that in the good faith judgment of the board of
                directors of the Company, it would be materially detrimental to
                the Company and its shareholders for such Form S-3 or Form F-3
                Registration to be effected at such time, in which event the
                Company shall have the right to defer the filing of the Form S-3
                or Form F-3 registration statement no more than once during any
                twelve (12) month period for a period of not more than 120 days
                after receipt of the request of the Holder or Holders under this
                Clause 5; provided that the Company shall not register any of
                its other shares during such 120 day period;

          5.2.4 if the Company has, within the six (6) month period preceding
                the date of such request, already effected a registration under
                the Securities Act other than a registration from which the
                Registrable Securities of Holders have been excluded (with
                respect to all or any portion of the Registrable Securities the
                Holders requested be included in such registration) pursuant to
                the provisions of Clauses 3.2 and 4.1; or

          5.2.5 in any particular jurisdiction in which the Company would be
                required to qualify to do business or to execute a general
                consent to service of process in effecting such registration,
                qualification or compliance.

     Subject to the foregoing, the Company shall file a Form S-3 or Form F-3
     registration statement covering the Registrable Securities and other
     securities so requested to be registered as soon as practicable after
     receipt of the request or requests of the Holders.

                                       7

<PAGE>

     5.3  Not Demand Registration. Form S-3 or Form F-3 registrations shall not
          be deemed to be demand registrations as described in Clause 3 above.
          Except as otherwise provided herein, there shall be no limit on the
          number of times the Holders may request registration of Registrable
          Securities under this Clause 5.

6.   Expenses. All Registration Expenses incurred in connection with any
     registration pursuant to Clauses 3, 4 or 5 (but excluding Selling Expenses)
     shall be borne by the Company. Each Holder participating in a registration
     pursuant to Clauses 3, 4 or 5 shall bear such Holder's proportionate share
     (based on the total number of shares sold in such registration other than
     for the account of the Company) of all Selling Expenses or other amounts
     payable to underwriter(s) or brokers, in connection with such offering by
     the Holders. Notwithstanding the foregoing, the Company shall not be
     required to pay for any expenses of any registration proceeding begun
     pursuant to Clause 3 if the registration request is subsequently withdrawn
     at the request of the Holders of a Majority of the Registrable Securities
     to be registered, unless the Holders of a Majority of the Registrable
     Securities then outstanding agree that such registration constitutes the
     use by the Holders of one (1) demand registration pursuant to Clause 3 (in
     which case such registration shall also constitute the use by all Holders
     of Registrable Securities of one (1) such demand registration).
     Notwithstanding the foregoing, if at the time of such withdrawal, the
     Holders have learned of a material adverse change in the condition,
     business, or prospects of the Company due to acts, omissions, or events
     within the Company's control that were not known to the Holders at the time
     of their request for such registration and have withdrawn their request for
     registration with reasonable promptness after learning of such material
     adverse change, then the Holders shall not be required to pay any of such
     expenses and such registration request shall not constitute the use of a
     demand registration pursuant to Clause 3. If the Holders have learned of a
     material adverse change in the condition, business, or prospects of the
     Company due to acts, omissions, or events beyond the Company's control that
     were not known to the Holders at the time of their request for such
     registration and have withdrawn their request for registration with
     reasonable promptness after learning of such material adverse change, then
     the Company, on the one hand, and the Holders, on the other hand, shall pay
     any such expenses on an equal basis and such registration request shall not
     constitute the use of a demand registration pursuant to Clause 3.

7.   Obligations of the Company. Whenever required to effect the registration of
     any Registrable Securities under this Agreement the Company shall, as
     expeditiously as reasonably possible:

     7.1  Registration Statement. Prepare and file with the SEC a registration
          statement with respect to such Registrable Securities and use its
          best efforts to cause such registration statement to become effective,
          and, upon the request of the Holders of a Majority of the Registrable
          Securities registered thereunder, keep such registration statement
          effective for a period of up to ninety (90) days or, in the case of
          Registrable Securities registered under Form S-3 or Form F-3 in
          accordance with Rule 415 under the Securities Act or a successor
          rule, until the distribution contemplated in the registration
          statement has been completed; provided, however, that (i) such
          ninety (90) day period shall be extended for a period of time equal
          to the period any Holder refrains from selling any securities
          included in such registration at the request of the underwriter(s),
          and (ii) in the case of any registration of Registrable Securities on

                                       8

<PAGE>

          Form S-3 or Form F-3 which are intended to be offered on a continuous
          or delayed basis, such ninety (90) day period shall be extended, if
          necessary, to keep the registration statement effective until all such
          Registrable Securities are sold.

     7.2  Amendments and Supplements. Prepare and file with the SEC such
          amendments and supplements to such registration statement and the
          prospectus used in connection with such registration statement as may
          be necessary to comply with the provisions of the Securities Act with
          respect to the disposition of all securities covered by such
          registration statement.

     7.3  Prospectuses. Furnish to the Holders such number of copies of a
          prospectus, including a preliminary prospectus, in conformity with the
          requirements of the Securities Act, and such other documents as they
          may reasonably request in order to facilitate the disposition of the
          Registrable Securities owned by them that are included in such
          registration.

     7.4  Blue Sky. Use its best efforts to register or qualify the securities
          covered by such registration statement under such other securities or
          "blue sky" laws of such jurisdictions as shall be reasonably requested
          by the Holders, provided that the Company shall not be required in
          connection therewith or as a condition thereto to qualify to do
          business in any jurisdiction where it would not otherwise be required
          to qualify but for this Clause 7.4, to subject itself to taxation in
          any such jurisdiction or consent to service of process in any such
          jurisdiction, unless the Company is already subject to service in such
          jurisdiction.

     7.5  Underwriting. In the event of any underwritten public offering, enter
          into and perform its obligations under an underwriting agreement in
          usual and customary form, with the managing underwriter(s) of such
          offering. Each Holder participating in such underwriting shall also
          enter into and perform its obligations under such an agreement.

     7.6  Notification. Notify each Holder of Registrable Securities covered by
          such registration statement at any time when a prospectus relating
          thereto is required to be delivered under the Securities Act of (i)
          the issuance of any stop order by the SEC in respect of such
          registration statement, or (ii) the happening of any event as a result
          of which the prospectus included in such registration statement, as
          then in effect, includes an untrue statement of a material fact or
          omits to state a material fact required to be stated therein or
          necessary to make the statements therein not misleading in the light
          of the circumstances then existing.

     7.7  Opinion and Comfort Letter. Furnish, at the request of any Holder
          requesting registration of Registrable Securities, on the date that
          such Registrable Securities are delivered to the underwriter(s) for
          sale, if such securities are being sold through underwriters, or, if
          such securities are not being sold through underwriters, on the date
          that the registration statement with respect to such securities
          becomes effective, (i) an opinion, dated as of such date, of the
          counsel representing the Company for the purposes of such
          registration, in form and substance as is customarily given to

                                       9

<PAGE>

          underwriters in an underwritten public offering and reasonably
          satisfactory to a Majority in interest of the Holders requesting
          registration, addressed to the underwriters, if any, and to the
          Holders requesting registration of Registrable Securities and (ii)
          letters dated as of (x) the effective date of the registration
          statement covering such Registrable Securities and (y) the closing
          date of the offering, from the independent certified public
          accountants of the Company, in form and substance as is customarily
          given by independent certified public accountants to underwriters in
          an underwritten public offering and reasonably satisfactory to a
          Majority in interest of the Holders requesting registration, addressed
          to the underwriters, if any, and to the Holders requesting
          registration of Registrable Securities.

8.   Furnish Information. It shall be a condition precedent to the obligations
     of the Company to take any action pursuant to Clauses 3, 4 or 5 that the
     selling Holders shall furnish to the Company such information regarding
     themselves, the Registrable Securities held by them and the intended method
     of disposition of such securities as shall be required to timely effect the
     Registration of their Registrable Securities.

9.   Indemnification. In the event any Registrable Securities are included in a
     registration statement under Clauses 3, 4 or 5:

     9.1  By the Company. To the extent permitted by law, the Company will
          indemnify and hold harmless each Holder, its partners, officers,
          directors, legal counsel, any underwriter (as defined in the
          Securities Act) for such Holder and each Person, if any, who controls
          such Holder or underwriter within the meaning of the Securities Act or
          the Exchange Act (each a "CONTROLLING PERSON"), against any losses,
          Claims, damages, or liabilities (joint or several) to which they may
          become subject under the Securities Act, the Exchange Act, or other
          U.S. federal or state law, insofar as such losses, Claims, damages, or
          liabilities (or actions in respect thereof) arise out of or are based
          upon any of the following statements, omissions or violations
          (collectively a "VIOLATION"):

          9.1.1 any untrue statement or alleged untrue statement of a material
                fact contained in such registration statement, including any
                preliminary prospectus or final prospectus contained therein or
                any amendments or supplements thereto;

          9.1.2 the omission or alleged omission to state therein a material
                fact required to be stated therein, or necessary to make the
                statements therein not misleading; or

          9.1.3 any violation or alleged violation by the Company of the
                Securities Act, the Exchange Act, any U.S. federal or state
                securities law, or any rule or regulation promulgated under the
                Securities Act, the Exchange Act, or any U.S. federal or state
                securities law in connection with the offering covered by such
                registration statement;

          and the Company will reimburse each such Holder, its partner, officer,
          director, legal counsel, underwriter or Controlling Person for any
          legal or other expenses reasonably incurred by them, as such expenses
          are incurred, in connection with investigating or

                                       10

<PAGE>

          defending any such loss, Claim, damage, liability or action; provided,
          however, that the indemnity agreement contained in this Clause 9.1
          shall not apply to amounts paid in settlement of any such loss, Claim,
          damage, liability or action if such settlement is effected without the
          consent of the Company (which consent shall not be unreasonably
          withheld), nor shall the Company be liable in any such case for any
          such loss, Claim, damage, liability or action to the extent (and only
          to the extent) that it arises out of or is based upon a Violation
          which occurs in reliance upon and in conformity with written
          information furnished expressly for use in connection with such
          registration by such Holder, partner, officer, director, legal
          counsel, underwriter or Controlling Person of such Holder.

     9.2  By Selling Holders. To the extent permitted by law, each selling
          Holder will, if Registrable Securities held by Holder are included in
          the securities as to which such registration qualifications or
          compliance is being effected, indemnify and hold harmless the Company,
          each of its directors, each of its officers who has signed the
          registration statement, each Person, if any, who controls the Company
          within the meaning of the Securities Act, any underwriter and any
          other Holder selling securities under such registration statement or
          any of such other Holder's partners, directors, officers, legal
          counsel, or any Person who controls such Holder within the meaning of
          the Securities Act or the Exchange Act, against any losses, Claims,
          damages or liabilities (joint or several) to which the Company or any
          such director, officer, legal counsel, Controlling Person, underwriter
          or other such Holder, partner or director, officer or Controlling
          Person of such other Holder may become subject under the Securities
          Act, the Exchange Act or other U.S. federal or state law, insofar as
          such losses, Claims, damages or liabilities (or actions in respect
          thereto) arise out of or are based upon any Violation, in each case to
          the extent (and only to the extent) that such Violation occurs in
          reliance upon and in conformity with written information furnished by
          such Holder expressly for use in connection with such registration;
          and each such Holder will reimburse any legal or other expenses
          reasonably incurred by the Company or any such director, officer,
          Controlling Person, underwriter or other Holder, partner, officer,
          director or Controlling Person of such other Holder in connection with
          investigating or defending any such loss, Claim, damage, liability or
          action; provided, however, that the indemnity agreement contained in
          this Clause 9.2 shall not apply to amounts paid in settlement of any
          such loss, Claim, damage, liability or action if such settlement is
          effected without the consent of the Holder, which consent shall not be
          unreasonably withheld; and provided, further, that in no event shall
          any indemnity under this Clause 9.2 exceed the net proceeds received
          by such Holder in the registered offering out of which the applicable
          Violation arises.

     9.3  Notice. Promptly after receipt by an indemnified party under this
          Clause 9 of notice of the commencement of any action (including any
          governmental action), such indemnified party will, if a claim in
          respect thereof is to be made against any indemnifying party under
          this Clause 9, deliver to the indemnifying party a written notice of
          the commencement thereof and the indemnifying party shall have the
          right to participate in, and, to the extent the indemnifying party so
          desires, jointly with any other indemnifying party similarly noticed,
          to assume the defense thereof with counsel mutually satisfactory to
          the parties in their reasonable judgment; provided,

                                       11

<PAGE>

          however, that an indemnified party shall have the right to retain its
          own counsel, with the fees and expenses to be paid by the indemnifying
          party, if representation of such indemnified party by the counsel
          retained by the indemnifying party would be inappropriate due to
          actual or potential conflict of interests between such indemnified
          party and any other party represented by such counsel in such
          proceeding. The failure to deliver written notice to the indemnifying
          party within a reasonable time of the commencement of any such action
          shall relieve such indemnifying party of liability to the indemnified
          party under this Clause 9 to the extent the indemnifying party is
          prejudiced as a result thereof, but the omission to so deliver written
          notice to the indemnifying party will not relieve it of any liability
          that it may have to any indemnified party otherwise than under this
          Clause 9.

     9.4  Contribution. In order to provide for just and equitable contribution
          to joint liability under the Securities Act in any case in which
          either (i) any indemnified party makes a claim for indemnification
          pursuant to this Clause 9 but it is judicially determined (by the
          entry of a final judgment or decree by a court of competent
          jurisdiction and the expiration of time to appeal or the denial of the
          last right of appeal) that such indemnification may not be enforced in
          such case notwithstanding the fact that this Clause 9 provides for
          indemnification in such case, or (ii) contribution under the
          Securities Act may be required on the part of any indemnified party in
          circumstances for which indemnification is provided under this Clause
          9; then, and in each such case, the indemnified party and the
          indemnifying party will contribute to the aggregate losses, Claims,
          damages or liabilities to which they may be subject (after
          contribution from others) in such proportion so that a Holder
          (together with its related Persons) is responsible for the portion
          represented by the percentage that the public offering price of its
          Registrable Securities offered by and sold under the registration
          statement bears to the public offering price of all securities offered
          by and sold under such registration statement, and the Company and
          other selling Holders are responsible for the remaining portion. The
          relative fault of the indemnifying party and of the indemnified party
          shall be determined by a court of law by reference to, among other
          things, whether the untrue or alleged untrue statement of a material
          fact or the omission to state a material fact relates to information
          supplied by the indemnifying party or by the indemnified party and the
          parties' relative intent, knowledge, access to information and
          opportunity to correct or prevent such statement or omission;
          provided, however, that, in any such case: (A) no Holder will be
          required to contribute any amount in excess of the net proceeds to
          such Holder from the sale of all such Registrable Securities offered
          and sold by such Holder pursuant to such registration statement; and
          (B) no Person or entity guilty of fraudulent misrepresentation (within
          the meaning of Section 11(f) of the Securities Act) will be entitled
          to contribution from any Person or entity who was not guilty of such
          fraudulent misrepresentation.

     9.5  Survival; Consents to Judgments and Settlements. The obligations of
          the Company and Holders under this Clause 9 shall survive the
          completion of any offering of Registrable Securities in a registration
          statement, regardless of the expiration of any statutes of limitation
          or extensions of such statutes. No indemnifying party, in the defense
          of any such Claim or litigation, shall, except with the consent of
          each

                                       12

<PAGE>

          indemnified party, consent to entry of any judgment or enter into any
          settlement which does not include as an unconditional term thereof the
          giving by the claimant or plaintiff to such indemnified party of a
          release from all liability in respect to such Claim or litigation.

10.  Termination of the Company's Obligations. The Company shall have no
     obligations pursuant to Clauses 3, 4 and 5 with respect to any Registrable
     Securities proposed to be sold by a Holder in a registration pursuant to
     Clause 3, 4 or 5 after seven (7) years following the consummation of the
     Qualifying IPO in the United States on either the New York Stock Exchange,
     including the NYSE Arca exchange, or the Nasdaq National Market or, as to
     any Holder, such earlier time at which all Registrable Securities held by
     such Holder (and any affiliate of the Holder with whom such Holder must
     aggregate its sales under Rule 144) can be sold in any ninety (90) day
     period without registration in compliance with Rule 144 of the Securities
     Act.

11.  No Registration Rights to Third Parties. Without the prior written consent
     of the holders of a Majority of the Registrable Securities then
     outstanding, the Company covenants and agrees that it shall not grant, or
     cause or permit to be created, for the benefit of any Person or entity
     (other than Dr. Qu) any registration rights of any kind (whether similar to
     the demand, "piggyback" or Form S-3 or Form F-3 registration rights
     described in this Agreement, or otherwise) relating to any securities of
     the Company which are senior to, or on a parity with, those granted to the
     Holders of Registrable Securities.

12.  Rule 144 Reporting. With a view to making available to the Holders the
     benefits of certain rules and regulations of the SEC which may at any time
     permit the sale of the Registrable Securities to the public without
     registration or pursuant to a registration on Form S-3 or Form F-3, after
     such time as a public market exists for the Common Shares in the United
     States, the Company agrees to:

     12.1 Make and keep public information available, as those terms are
          understood and defined in Rule 144 under the Securities Act, at all
          times after the effective date of the first registration under the
          Securities Act filed by the Company for an offering of its securities
          to the general public;

     12.2 File with the SEC in a timely manner all reports and other documents
          required of the Company under the Securities Act and the Exchange Act
          (at any time after it has become subject to such reporting
          requirements); and

     12.3 So long as a Holder owns any Registrable Securities, to furnish to
          such Holder forthwith upon request (i) a written statement by the
          Company as to its compliance with the reporting requirements of Rule
          144 (at any time after ninety (90) days after the effective date of
          the Company's initial public offering in the United States), the
          Securities Act and the Exchange Act (at any time after it has become
          subject to such reporting requirements), or its qualification as a
          registrant whose securities may be resold pursuant to Form S-3 or Form
          F-3 (at any time after it so qualifies), (ii) a copy of the most
          recent annual or quarterly report of the Company, and (iii) such other
          reports and documents of the Company as a Holder may reasonably
          request in

                                       13

<PAGE>

          availing itself of any rule or regulation of the SEC that permits the
          selling of any such securities without registration or pursuant to
          Form S-3 or Form F-3.

13.  Transfer of Registration Rights.

     13.1 The rights of the Holders under this Agreement (the "REGISTRATION
          RIGHTS") may be assigned by a Holder, in conjunction with a Transfer
          of Registrable Securities, to a Transferee that (a) is a subsidiary,
          parent, partner, limited partner, member, retired member, retired,
          partner, affiliate, stockholder, fund manager, or a fund managed by
          the same fund manager of a Holder, (b) is a Holder's family member or
          trust for the benefit of an individual Holder, (c) holds Registrable
          Securities at the time of such Transfer, (d) after such Transfer,
          holds at least twenty five percent (25%) of the Registrable Securities
          held by such Holder prior to any Transfers of Registrable Securities,
          or (e) is an Affiliate (as defined in the Investment Agreement) or is
          Photowatt Technologies Inc. or any of its Affiliates.

     13.2 In the event of a Transfer of Registration Rights pursuant to Clause
          13.1 (a), (b), (c) or (e), if such Transferee receives one hundred
          percent (100%) of the Registrable Securities held by the Transferring
          Holder, then such Transferee may subsequently transfer the
          Registration Rights in accordance with this Clause 13, otherwise such
          Transferee may not subsequently transfer the Registration Rights.

     13.3 In the event of a Transfer of Registration Rights pursuant to Clause
          13.1(d), such Transferee may not subsequently transfer the
          Registration Rights.

     13.4 Nothing in this Clause 13 shall be construed as imposing any
          restrictions on the transferability of the Holders' Registrable
          Securities.

14.  Miscellaneous.

     14.1 Successors and Assigns. Except as otherwise provided herein, the terms
          and conditions of this Agreement shall inure to the benefit of and be
          binding upon the respective successors and assigns of the parties
          (including transferees of any shares of Registrable Securities).
          Nothing in this Agreement, express or implied, is intended to confer
          upon any party other than the parties hereto or their respective
          successors and assigns any rights, remedies, obligations, or
          liabilities under or by reason of this Agreement, except as expressly
          provided in this Agreement.

     14.2 Governing Law and Jurisdiction. This Agreement shall be governed by
          and construed in accordance with the laws of the State of New York,
          United States of America. The parties hereto irrevocably agree to
          submit to the non-exclusive jurisdiction of the courts of the State of
          New York and the United States federal courts sitting in the Borough
          of Manhattan, The City of New York in all matters arising in
          connection with this Agreement.

          The Company undertakes to appoint an agent to receive and acknowledge
          on its behalf service of any writ, summons, order, judgment or other
          notice of legal process

                                       14

<PAGE>

          in New York, forthwith after it has commenced procedures to apply for
          its securities to be registered in the United States of America.

     14.3 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.

     14.4 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.

     14.5 Notices. Any and all notices required or permitted to be given to a
          party pursuant to the provisions of this Agreement will be in writing,
          given in English language and will be effective and deemed to provide
          such party sufficient notice under this Agreement on the earliest of
          the following: (a) at the time of personal delivery, if delivery is in
          person; (b) at the time of transmission by facsimile, addressed to the
          other party at its facsimile number specified herein (or hereafter
          modified by subsequent notice to the parties hereto), with
          confirmation of receipt made by both telephone and printed
          confirmation sheet verifying successful transmission of the facsimile;
          (c) one (1) Business Day after deposit with an express overnight
          courier for deliveries within a country, or three (3) Business Days
          after such deposit for international deliveries or (d) three (3)
          Business Days after deposit in mail by certified mail (return receipt
          requested) or equivalent for deliveries within a country, or seven (7)
          days after deposit in mail by certified mail (return receipt
          requested) or equivalent for international deliveries. For the
          purposes of this Clause 14.5, a delivery between the People's Republic
          of China and Hong Kong shall be considered an international delivery.

          All notices for international delivery will be sent by facsimile or by
          express courier. All notices not delivered personally or by facsimile
          will be sent with postage and/or other charges prepaid and properly
          addressed to the party to be notified at the address or facsimile
          number indicated for such party on the signature page hereof, or at
          such other address or facsimile number as such other party may
          designate by giving ten (10) days advance written notice by one of the
          indicated means of notice herein to the other party hereto. Notices by
          facsimile shall be machine verified as received.

          Any party hereto (and such party's permitted assigns) may by notice so
          given change its address for future notices hereunder. Notice shall
          conclusively be deemed to have been given in the manner set forth
          above.

     14.6 Attorney's Fees. If any action at law or in equity is necessary to
          enforce or interpret the terms of this Agreement, the prevailing party
          shall be entitled to reasonable attorneys' fees, costs and necessary
          disbursements in addition to any other relief to which such party may
          be entitled.

     14.7 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

                                       15

<PAGE>

          particular instance and either retroactively or prospectively), only
          with the written consent of the Company and the holders of all
          Registrable Securities then outstanding. Any amendment or waiver
          effected in accordance with this paragraph shall be binding upon each
          holder of Registrable Securities then outstanding, each future holder
          of all such Registrable Securities and the Company.

     14.8 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.

     14.9 Non-Qualified IPO. The Company agrees with the Investor that it will
          not effect or otherwise complete a non-Qualified IPO without prior
          written consent of the Investor.

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

                                       16

<PAGE>

               CANADIAN SOLAR INC.

               By:   /s/
                  --------------------------------------------------------------

               Name:           QU Xiao Hua
                    ------------------------------------------------------------

               Title:            Director
                     -----------------------------------------------------------

               Address:    4056 Jefton Crescent,
                           -----------------------------------------------------

                           Mississauga, Ontario,
                           -----------------------------------------------------

                           Canada L5L 1Z3
                           -----------------------------------------------------

                                       17

<PAGE>

               ATS AUTOMATION TOOLING SYSTEMS INC.

                By:   /s/                               /s/
                   -------------------------------------------------------------

                Name:      Carl Galloway                Gerry Beard
                     -----------------------------------------------------------

                Title:      V.P. Treasurer      V.P. and Chief Financial Officer
                      ----------------------------------------------------------

                Address:        250 Royal Oak Roaod
                        --------------------------------------------------------

                                Cambridge ON
                        --------------------------------------------------------

                                 N3H 4R6
                        --------------------------------------------------------

                                       18

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