Company: NCL
Filing Date: 2025-11-24
Form Type: PRE 14A
Source: 0001575872-25-000718
Chunk: 48

Company: Northann Corp.
Filing Date: 2025-11-24
Form: PRE 14A
Chunk 48
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 performance of the Company and/or one or more affiliates,
divisions or operational units, or any combination thereof, as determined by the Committee.

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Transferability. Each
award may be exercised during the participant’s lifetime only by the participant or, if permissible under applicable law, by the
participant’s guardian or legal representative and may not be otherwise transferred or encumbered by a participant other than by
will or by the laws of descent and distribution. The Committee, however, may permit awards (other than incentive stock options) to be
transferred to family members, a trust for the benefit of such family members, a partnership or limited liability company whose partners
or stockholders are the participant and his or her family members or anyone else approved by it.

Amendment. The
board of directors may amend, suspend or terminate the 2023 Plan at any time; however, stockholder approval to amend the 2023 Plan may
be necessary if the law or the rules of the national exchange so requires. No amendment, suspension or termination will impair the rights
of any participant or recipient of any award without the consent of the participant or recipient.

Change in Control. Except
to the extent otherwise provided in an award agreement or as determined by the Committee in its sole discretion, in the event of a change
in control, all outstanding options and equity awards (other than performance compensation awards) issued under the 2023 Plan will become
fully vested and performance compensation awards will vest, as determined by the Committee, based on the level of attainment of the specified
performance goals.

New Plan Benefits

The amounts of future grants
under the 2023 Plan are not determinable as awards under the 2023 Plan and will be granted at the sole discretion of the Committee, and
the Company cannot determine at this time either the persons who will receive awards under the 2023 Plan or the amount or types of any
such awards.

Required Vote of Stockholders

The approval of the adjournment
of 2023 Plan Amendment Proposal requires the affirmative vote of at least a majority of the total number of votes cast at the Annual
Meeting in person or by proxy and entitled to vote.

Recommendation of the Board of Directors

OUR BOARD unanimously recommends a vote “ FOR”THE APPROVAL OF THE 2023 PLAN AMENDMENT PROPOSAL.

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<div align='center'>PROPOSAL FIVE

APPROVAL OF THE ISSUANCE OF 12,500,000 SHARES