Company: NCL
Filing Date: 2025-10-24
Form Type: S-1/A
Source: 0001575872-25-000638
Chunk: 77

Company: Northann Corp.
Filing Date: 2025-10-24
Form: S-1/A
Chunk 77
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 Company for or without cause or by Mr.
Winn with or without good reason. In addition, the agreement may be terminated by either party at any time and for any reason with at
least 30 days’ prior written notice.

| 36 |

Employee Benefit Plans

Enterprises in China
are required by PRC laws and regulations to participate in certain employee benefit plans, including social insurance funds, namely a
pension plan, a medical insurance plan, an unemployment insurance plan, a work-related injury insurance plan and a maternity insurance
plan, and a housing provident fund, and contribute to the plans or funds in amounts equal to certain percentages of salaries, including
bonuses and allowances, of the employees as specified by the local government from time to time at locations where they operate their
businesses or where they are located. Failure to make adequate contributions to various employee benefit plans may be subject to fines
and other administrative sanctions. Each of the PRC subsidiaries has established employee benefit plans and has made adequate contributions
to such plans as required by law.

Equity Incentive Plan

On May 30, 2023, the Company
adopted the 2023 Equity Incentive Plan, or the 2023 Plan, for the purpose of granting share-based compensation awards to current or prospective
employees, directors, officers, advisors or consultants of the Company or its affiliates and align their interests with ours. On December
31, 2024, the Company’s stockholders approved an amendment to the 2023 Plan to increase the maximum aggregate number of shares of
common stock which may be issued pursuant to all awards under the 2023 Plan from 500,000 to 1,500,000.

The following table sets
forth information concerning outstanding equity awards of the Company for each of the named executive officers as of the end of the fiscal
year ended December 31, 2024.

<div align='center'>Outstanding Equity Awards at 2024 Fiscal Year-End</div>

|                        |     | Option Awards |     |               |     |          |     |            |     | Stock Awards   |     |                 |
| Name                   |     | Number of     
 Securities    
 Underlying    
 Unexercised   
 Options (#)   
 Exercisable   |     | Number of     
 Securities    
 Underlying    
 Unexercised   
 Options (#)   
 Unexercisable |     | Option   
 Exercise 
 Price    
 ($)      |     | Option     
 Expiration 
 Date