Company: NCL
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001575872-25-000134
Chunk: 77

Company: Northann Corp.
Filing Date: 2025-02-07
Form: 424B3
Chunk 77
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Stock Appreciation Rights.

The Committee will be
authorized to award stock appreciation rights (or SARs) under the 2023 Plan. SARs will be subject to the terms and conditions established
by the Committee. An SAR is a contractual right that allows a participant to receive, either in the form of cash, shares or any combination
of cash and shares, the appreciation, if any, in the value of a share over a certain period of time. An option granted under the 2023
Plan may include SARs and SARs may also be awarded to a participant independent of the grant of an option. SARs granted in connection
with an option shall be subject to terms similar to the option corresponding to such SARs. SARs shall be subject to terms established
by the Committee and reflected in the award agreement.

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Restricted Stock.

The Committee will be
authorized to award restricted stock under the 2023 Plan. The Committee will determine the terms of such restricted stock awards. Restricted
stock are shares of common stock that generally are non-transferable and subject to other restrictions determined by the Committee for
a specified period. Unless the Committee determines otherwise or specifies otherwise in an award agreement, if the participant terminates
employment or services during the restricted period, then any unvested restricted stock is forfeited.

Restricted Stock Unit Awards.

The Committee will be
authorized to award restricted stock unit awards. The Committee will determine the terms of such restricted stock units. Unless the Committee
determines otherwise or specifies otherwise in an award agreement, if the participant terminates employment or services during the period
of time over which all or a portion of the units are to be earned, then any unvested units will be forfeited.

Stock Bonus Awards.

The Committee will
be authorized to grant awards of unrestricted common stock or other awards denominated in common stock, either alone or in tandem with
other awards, under such terms and conditions as the Committee may determine.

Performance Compensation Awards.

The Committee will be
authorized to grant any award under the 2023 Plan in the form of a performance compensation award by conditioning the vesting of the award
on the attainment of specific levels of performance of the Company and/or one or more affiliates, divisions or operational units, or any
combination thereof, as determined by the Committee.

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