Company: NCL
Filing Date: 2025-12-04
Form Type: DEF 14A
Source: 0001575872-25-000744
Chunk: 20

Company: Northann Corp.
Filing Date: 2025-12-04
Form: DEF 14A
Chunk 20
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 compensation policies and programs has the potential to encourage
excessive risk-taking. The Board believes its leadership structure is consistent with and supports the administration of its risk oversight
function.

Clawback Policy

We maintain a clawback policy
as required by the rules of the NYSE American. Our claw-back policy covers each of our current and former executive officers. The policy
provides that, subject to the limited exemptions provided by the NYSE American rules, if the Company is required to restate its financial
results due to material noncompliance with financial reporting requirements under the securities laws, the Compensation Committee must
reasonably and promptly seek recovery of any cash- or equity-based incentive compensation (including vested and unvested equity) paid
or awarded to the executive officer, to the extent that the compensation (i) was based on erroneous financial data and (ii) exceeded
what would have been paid to the executive officer under the restatement. Recovery applies to any such excess cash- or equity-based bonus/other
incentive compensation received by any covered executive officer, while he/she was an executive officer, on or after October 2, 2023
during the three completed fiscal years immediately preceding the date on which the Company determines an accounting restatement is required.
For more information, see the full text of our clawback policy, which is filed as an exhibit to our Annual Report on Form 10-K.

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Cybersecurity

Please see the discussion
under the heading “Cybersecurity” in the Business section of our Annual Report on Form 10-K (which accompanies this
Proxy Statement) for additional information on our cybersecurity risk management, strategy and governance.

Board Committees and Meetings

Our business, property and
affairs are managed under the direction of our Board. Our directors are kept informed of our business through discussions with our executive
officers, by reviewing materials provided to them and by participating in meetings of our Board and its committees.

During 2024, members of the Board
and its committees consulted informally with management from time to time and also acted by written consent eleven times without a meeting.

It is our policy to invite
and encourage our directors to attend our annual meetings of stockholders.

Our Board has established
standing committees in connection with the discharge of its responsibilities. These committees include an Audit Committee, a Compensation
Committee and a Nominating and Corporate Governance Committee. Each charter is available at our website at http://ir.northann.com. The
composition