Company: NCL
Filing Date: 2025-11-14
Form Type: 424B3
Source: 0001575872-25-000688
Chunk: 14

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 424B3
Chunk 14
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 Pursuant to the Separation
Agreement, the agreement constitutes the complete understanding between the Company and Mr. Kratochvil, and supersedes any and all agreements,
understandings, and discussions, whether written or oral, between Mr. Kratochvil and the Company regarding the subject matter thereof,
except as specifically set forth therein. Notwithstanding the foregoing, any post-employment restrictive covenants (such as, without limitation,
covenants of confidentiality, non-solicitation or non-competition) contained in any other agreement between Mr. Kratochvil and the Company,
including, without limitation, those in the employment agreement dated April 18, 2023 between the Company and Mr. Kratochvil, shall remain
in full force and effect.

The Board of Directors of the Company intends
to conduct a search of potential internal and external candidates to replace Mr. Kratochvil. In the interim, the Company has appointed Mr. Sunny
S. Prasad as the interim CFO of the Company. Mr. Prasad has over 30 years of experience as an accountant and auditor with various
professional audit firms, and has served as the Managing Partner at Sana Tax Corporation since 2014. Mr. Prasad obtained his Bachelors
of Science in Accountancy in 2008 from National University in Sacramento, California.

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On May 17, 2024, Charles Caitlin Schaefer IV,
a member of the Board of Directors of the Company, resigned as a member of the Board, effective immediately. Mr. Schaefer, an independent
director, served as a member of the audit committee and the nominating committee, chair of the compensation committee of the Board at
the time of his resignation.

On May 23, 2024, the remaining members of the
Board appointed Mr. Umesh Patel as a member of the Company’s Board of Directors, a member of the audit committee and the nominating
committee, as well as the chair of the compensation committee of the Board. Mr. Prasad has been serving as the chief executive officer
and a director of Fuse Group Holding Inc., a company exploring opportunities in the mining industry, since February 2017, and the company’s
chief financial officer since November 2022. He has also been a director of Nova Lifestyle, Inc. (NASDAQ: NVFY) since November 2016 and
presently serves as the chairman of the Audit Committee and member of the