Form of China Ming Yang Wind Power Group Limited 2010



 Exhibit 10.24 

[FORM NONQUALIFIED STOCK OPTION AGREEMENT] 

CHINA MING YANG WIND POWER GROUP LIMITED 

2010 EQUITY INCENTIVE PLAN 

NONQUALIFIED SHARE OPTION AGREEMENT 

THIS AGREEMENT (the “Agreement”), is made as of the
             day of             , 2010, between China Ming Yang Wind Power Group Limited, a corporation
incorporated in the Cayman Islands (hereinafter called the “Company”), and              (hereinafter called the “Participant”). This Agreement shall become
effective conditional and immediately upon the pricing of the Company’s initial public offering of its ordinary shares, par value US$0.001 per share (the “Shares”), in the form of American depositary shares on the New York Stock
Exchange (such pricing date, the “Date of Grant”): 
 R E C I T A L S: 

WHEREAS, the Company has adopted the China Ming Yang Wind Power Group Limited 2010 Equity Incentive Plan (the “Plan”),
which Plan is incorporated herein by reference and made a part of this Agreement. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan; and 

WHEREAS, the Committee has determined that it would be in the best interests of the Company and its shareholders to grant the
option provided for herein (the “Option”) to the Participant pursuant to the Plan and the terms set forth herein. 

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows: 

1. Grant of the Option. The Company hereby grants to the Participant the right and option (the “Option”) to purchase, on
the terms and conditions hereinafter set forth, all or any part of an aggregate of          Shares, subject to adjustment as set forth in the Plan. The purchase price of each Share subject to the Option
shall be [60%] of the initial public offering price per Share (the “Option Price”), which Option Price the Board has or shall have determined prior to the Date of Grant to be the Fair Market Value of the Share on the Date of Grant (and
which Option Price shall be set forth on Exhibit A to this Agreement as communicated to the Optionee promptly following the Date of Grant). The Option is intended to be a non-qualified share option, and is not intended to be treated as an option
that complies with Section 422 of the U.S. Internal Revenue Code of 1986, as amended. 
 2. Vesting. 

(a) Subject to the Participant’s continued Employment with the Company, the Option shall vest and become exercisable with respect to
twenty-five percent (25%) of the Shares initially covered by the Option on each of the first, second, third and fourth anniversaries of the Date of Grant. 
  

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 At any time, the portion of the Option which has become vested and exercisable as described
above (or pursuant to Section 2(c) below) is hereinafter referred to as the “Vested Portion”. 
 (b) If the
Participant’s Employment with the Company is terminated for any reason, the Option shall, to the extent not then vested, be canceled by the Company without consideration and the Vested Portion of the Option shall remain exercisable for the
period set forth in Section 3(a). 
 (c) Notwithstanding any other provisions of this Agreement to the contrary, the Option
shall, to the extent not then vested and not previously canceled, become fully vested and exercisable immediately prior to a Change in Control. 

3. Exercise of Option. 

(a) Period of Exercise. Subject to the provisions of the Plan and this Agreement, the Participant may exercise all or any part of
the Vested Portion of the Option at any time prior to the earliest to occur of: 
 (i) the sixth
anniversary of the Date of Grant; 
 (ii) one year following the date of the Participant’s termination of
Employment due to death or “Disability”; 
 (iii) six months following the date of the
Participant’s termination of Employment by the Company without “Cause”; and 
 (iv) the date of
the Participant’s termination of Employment by the Company for “Cause” or by the Participant for any reason. 

For purposes of this agreement: 

“Cause” shall mean “Cause” as defined in any employment agreement then in effect between the
Participant and the Company or if not defined therein or, if there shall be no such agreement, (i) Participant’s engagement in misconduct which is materially injurious to the Company or its affiliates, (ii) Participant’s
continued failure to substantially perform his duties to the Company, (iii) Participant’s repeated dishonesty in the performance of his duties to the Company, (iv) Participant’s commission of an act or acts constituting any
(x) fraud against, or misappropriation or embezzlement from the Company or any of its affiliates, (y) crime involving moral turpitude, or (z) offense that could result in a jail sentence of at least 30 days or
(v) Participant’s material breach of any confidentiality or non-competition covenant entered into between the Participant and the Company. The determination of the existence of Cause shall be made by the Committee in good faith, which
determination shall be conclusive for purposes of this Agreement; and 
  

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 “Disability” shall mean “disability” as defined in any
employment agreement then in effect between the Participant and the Company or if not defined therein or if there shall be no such agreement, as defined in the Company’s long-term disability plan as in effect from time to time, or if there
shall be no plan or if not defined therein, the Participant’s becoming physically or mentally incapacitated and consequent inability for a period of six (6) months in any twelve (12) consecutive month period to perform his duties to
the Company. 
 (b) Method of Exercise. 

(i) Subject to Section 3(a), the Vested Portion of the Option may be exercised by delivering to the Company at its
principal office written notice of intent to so exercise; provided that, the Option may be exercised with respect to whole Shares only. Such notice shall specify the number of Shares for which the Option is being exercised and shall be accompanied
by payment in full of the Option Price. The payment of the Option Price may be made at the election of the Participant (i) in cash or its equivalent (e.g., by check), (ii) to the extent permitted by the Committee, in Shares having a Fair
Market Value equal to the aggregate Option Price for the Shares being purchased and satisfying such other requirements as may be imposed by the Committee; provided, that such Shares have been held by the Participant for no less than six months (or
such other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles), (iii) partly in cash and, to the extent permitted by the Committee and
subject to the other requirements and conditions set forth above in (ii), partly in Shares or (iv) if there is a public market for the Shares at such time, through the delivery of irrevocable instructions to a broker to sell Shares obtained
upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such Sale equal to the aggregate option price for the Shares being purchased. No Participant shall have any rights to dividends or other rights
of a shareholder with respect to Shares subject to an Option until the Participant has given written notice of exercise of the Option, paid in full for such Shares and, if applicable, has satisfied any other conditions imposed by the Committee
pursuant to the Plan. 
 (ii) Notwithstanding any other provision of the Plan or this Agreement to the contrary,
the Option may not be exercised prior to the completion of any registration or qualification of the Option or the Shares under Applicable Law, including U.S. federal and state securities or other laws, or under any ruling or regulation of any
governmental body or national securities exchange that the Committee shall in its sole discretion determine to be necessary or advisable. 

(iii) Upon the Company’s determination that the Option has been validly exercised as to any of the Shares, the
Company shall issue certificates in the Participant’s name for such Shares. However, the Company shall not be liable to the Participant for damages relating to any delays in issuing the certificates to him, any loss of the certificates, or any
mistakes or errors in the issuance of the certificates or in the certificates themselves. 
 (iv) In the event of
the Participant’s death, the Vested Portion of the Option shall remain exercisable by the Participant’s executor or administrator, or the person or persons to whom the Participant’s rights under this Agreement shall pass by will or by
the laws of descent and distribution as the case may be, to the extent set forth in Section 3(a). Any heir or legatee of the Participant shall take rights herein granted subject to the terms and conditions hereof. 

 

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 4. No Right to Continued Employment. The granting of the Option evidenced hereby and
this Agreement shall impose no obligation on the Company or any Affiliate to continue the Employment of the Participant and shall not lessen or affect the Company’s or its Affiliate’s right to terminate the Employment of such Participant.

 5. Legend on Certificates. The certificates representing the Shares purchased by exercise of the Option shall be
subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are
listed, and any Applicable Law, including U.S. federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

6. Transferability. Subject to the relevant sections within the Plan, the Option may not be assigned, alienated, pledged,
attached, sold or otherwise transferred or encumbered by the Participant otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be
void and unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. No such permitted transfer of the Option
to heirs or legatees of the Participant shall be effective to bind the Company unless the Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary to establish the validity of
the transfer and the acceptance by the transferee or transferees of the terms and conditions hereof. During the Participant’s lifetime, the Option is exercisable only by the Participant. 

7. Withholding. The Participant may be required to pay to the Company or any Affiliate and the Company shall have the right and is
hereby authorized to withhold, any applicable withholding taxes in respect of the Option, its exercise or any payment or transfer under or with respect to the Option and to take such other action as may be necessary in the opinion of the Committee
to satisfy all obligations for the payment of such withholding taxes. 
 8. Securities Laws. Upon the acquisition of any
Shares pursuant to the exercise of the Option, the Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this
Agreement. 
  

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 9. Notices. Any notice necessary under this Agreement shall be addressed to the
Company in care of its secretary at the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for the Participant or to either party at such other address as either party
hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 

10. Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the state
of New York.  
 11. Option Subject to Plan. By entering into this Agreement the Participant agrees and
acknowledges that the Participant has received and read a copy of the Plan. The Option is subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of
a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

12. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument. 
 [Signatures on next page.]

  

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

	
	China Ming Yang Wind Power Group Limited
	
	  

	By:
	Its:
	
	Participant
	
	  

	Name:
	Address:


  

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