Company: NCL
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001575872-25-000699
Chunk: 25

Company: Northann Corp.
Filing Date: 2025-11-18
Form: 424B3
Chunk 25
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INA CONTRIBUTION PLAN |

The Company participates in a government-mandated
multi-employer defined contribution plan pursuant to which certain retirement, medical and other welfare benefits are provided to employees.
Chinese labor regulations require the Company to pay to the local labor bureau a monthly contribution at a stated contribution rate based
on the monthly compensation of qualified employees. The relevant local labor bureau is responsible for meeting all retirement benefit
obligations; the Company has no further commitments beyond their monthly contributions. For the nine months ended September 30, 2025 and
2024, the Company contributed a total of $49,607 and $48,120, respectively, to these funds.

| 13. | OPERATING LEASE |

The Company has operating leases for its office
facilities. The lease is located at 9820 Dino Drive, Suite 110, Elk Grove, California, 95624, which consist of approximately 3,653 square
meters. The Company’s leases have remaining terms of approximately 37 months for a lease term commencing on August 1, 2020 and ended
on August 31, 2023. The lease was renewed for additional 36 months. Leases with an initial term of 12 months or less are not recorded
on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company
does not separate non-lease components from the lease components to which they relate, and instead accounts for each separate lease and
non-lease component associated with that lease component as a single lease component for all underlying asset classes.

The following table provides a summary of leases by balance sheet location
as of September 30, 2025 and December 31, 2024:

|                                         | Assets/liabilities |   | September 30, 2025 |     |   | December 31, 2024 |
|:----------------------------------------|:-------------------|:--|-------------------:|:----|:--|------------------:|
| Assets                                  |                    |   |                    |     |   |                   |
| Operating lease right-of-use assets     |                    | $ |          1,559,121 |     | $ |         1,822,266 |
| Liabilities                             |                    |   |                    |     |   |                   |
| Operating lease liability - current     |                    | $ |            375,573 |     | $ |           355,754 |
| Operating