Company: NCL
Filing Date: 2025-01-29
Form Type: S-1/A
Source: 0001575872-25-000097
Chunk: 73

Company: Northann Corp.
Filing Date: 2025-01-29
Form: S-1/A
Chunk 73
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7,540 |     |        | 11,310 |     |        | - |     |                | - |     |              | - |     |              | - |     |       | 18,850 |
| Umesh Patel (2)              |     |              | 12,296 |     |        | 12,296 |     |        | - |     |                | - |     |              | - |     |              | - |     |       | 24,592 |
| Scott Powell                 |     |              | 20,000 |     |        | 30,000 |     |        | - |     |                | - |     |              | - |     |              | - |     |       | 50,000 |

(1) Charles James Schaefer ceased being a
director of our Board, effective May 17, 2024.

(2) On May 21, 2024, the remaining members of
the Board appointed Mr. Umesh Patel as a member of the Company’s Board of Directors.

Employment Agreements with Executive Officers and Employee Director

We have entered into
employment agreements with each of our executive officers.

Agreement with Lin Li

Mr. Li entered into an
employment agreement with the Company on July 1, 2022. Pursuant to the employment agreement, Mr. Li serves as the Chairman of the Board,
Chief Executive Officer, President, Treasurer and Secretary of the Company, and is entitled to receive a base salary at an annual rate
of US$120,000 and any bonus, equity awards as the board of directors and/or the compensation committee may determine. The employment agreement
is for a term of three years. The agreement may be terminated upon either party’s failure to renew the agreement, by the Company
for or without cause or by Mr. Li 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.

Agreements with David M. Kratochvil

Mr. Kratochvil entered
into an employment agreement with the Company on April 18, 2023. Pursuant to the employment agreement, Mr. Kratochvil serves as the Chief
Financial Officer of the Company effective on July 14, 2023. Mr. Kratochvil is entitled to receive an initial retainer of $10,000 upon
signing