LDK Solar Co., Ltd. - Asia Europe Clean Energy (Solar) Advisory Co ...

SHARES ELIGIBLE FOR FUTURE SALE
Upon completion of this offering, we will have outstanding 17,384,000 ADSs representing 16.7% of our
ordinary shares outstanding, assuming no exercise of the over-allotment option, or 19,991,600 ADSs
representing 18.8% of our ordinary shares outstanding, assuming full exercise of the over-allotment option. All
of the ADSs sold in this offering and the ordinary shares they represent will be freely transferable by persons
other than our ""affiliates'' without restriction or further registration under the Securities Act. Sales of
substantial amounts of our ADSs in the public market could adversely affect prevailing market prices of our
ADSs. Prior to this offering, there has been no public market for our ADSs, and while application has been
made for the ADSs to be listed on the New York Stock Exchange, we cannot assure you that a regular trading
market will develop in the ADSs. We have not listed and do not expect to list our ordinary shares.
Lock-Up Agreements
We have agreed that, without the prior written consent of each of Morgan Stanley & Co. International
plc and UBS AG, we will not, during the period ending 180 days after the date of this prospectus:
‚ offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of,
directly or indirectly, any ordinary shares, ADSs or any securities convertible into or exercisable or
exchangeable for ordinary shares or ADSs, or enter into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of the ordinary shares
or ADSs, or publicly disclose the intention to make any such offer, sale, pledge or disposition, or enter
into any such transaction, swap, hedge or other arrangement, whether any such transaction described
above is to be settled by delivery of our ordinary shares or ADSs or such other securities, in cash or
otherwise; or
‚ file any registration statement with the Securities and Exchange Commission relating to the offering of
any ordinary shares, ADSs or any securities convertible into or exercisable or exchangeable for ordinary
shares or ADSs.
These restrictions do not apply to:
‚ the sale of our ordinary shares in the form of ADSs to the underwriters in this offering; and
‚ the issuance by us of ordinary shares upon the exercise of options pursuant to our 2006 stock incentive
plan.
Each of our shareholders, directors and executive officers and certain of our existing optionholders have
agreed that, without the prior written consent of each of Morgan Stanley & Co. International plc and UBS
AG, they will not, during the period ending 180 days (or 12 months in the case of LDK New Energy) after
the date of this prospectus:
‚ offer, pledge, sell, contract to sell, sell any option or contract to sell, purchase any option or contract to
sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or
indirectly, any ordinary shares, ADSs, or any securities convertible into or exercisable or exchangeable
for our ordinary shares or ADSs;
‚ enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of our ordinary shares or ADSs; or
‚ publicly disclose the intention to make any such offer, sale, pledge or disposition, or enter into any such
transaction, swap, hedge or other arrangement.
whether any such transaction described above is to be settled by delivery of our ordinary shares or ADSs or
such other securities of ours, in cash or otherwise.
These restrictions do not apply to:
‚ the sale by the selling shareholders of our ordinary shares in the form of ADSs to the underwriters in
this offering; and
‚ transactions relating to our ordinary shares, ADSs or other securities acquired in open market
transactions after the completion of this offering, provided that no filing under Section 16(a) of the
Securities Exchange Act of 1934 will be required or will be voluntarily made in connection with
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