Company: NCL
Filing Date: 2025-12-04
Form Type: DEF 14A
Source: 0001575872-25-000744
Chunk: 48

Company: Northann Corp.
Filing Date: 2025-12-04
Form: DEF 14A
Chunk 48
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 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 is 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 is 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 is 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.

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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