Company: NCL
Filing Date: 2025-12-04
Form Type: DEF 14A
Source: 0001575872-25-000744
Chunk: 45

Company: Northann Corp.
Filing Date: 2025-12-04
Form: DEF 14A
Chunk 45
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 to 12,000,000 shares of common
stock. On October 7, 2025, as a result of the 1-for-8 reverse split conducted by the Company, the authorized number of shares of common
stock under the 2023 Plan was reduced to 1,500,000. As of the date of this proxy statement, 189,979 shares of common stock remained reserved
for future issuance under the 2023 Plan. The Board believes that the availability of additional shares of common stock for awards granted
under the 2023 Plan is needed to enable the Company to meet its anticipated equity compensation needs to attract, motivate and retain
qualified employees, officers and directors. The proposed share increase is expected to last approximately two years. This estimate is
based on a forecast that takes into account our anticipated rate of growth in hiring, an estimated range of our stock price over time,
and our historical forfeiture rates.

The following summary of
the 2023 Plan is qualified in its entirety by reference to the complete text of the 2023 Plan, a copy of which was attached as to a registration statement on Form S-1, as amended (file No. 333-273246) filed with the Securities and Exchange Commission
and effective on September 29, 2023. Capitalized terms used and not otherwise defined in this section discussing the adoption of the
2023 Plan shall have the meanings given to them in the 2023 Plan.

Purpose of the 2023 Plan

Under the direction of the
Board of Directors or, should the Board delegate power to act on its behalf, a committee thereof, the 2023 Plan, which provides for the
granting of Incentive Stock Options, Non-Qualified Options, Stock Grants, and Stock-Based Awards, is intended to encourage ownership
of shares by Employees and directors of and certain Consultants to the Company and its Affiliates in order to attract and retain such
people, to induce them to work for the benefit of the Company or of an Affiliate and to provide additional incentive for them to promote
the success of the Company or of an Affiliate. All Employees, directors and Consultants of the Company and its Affiliates are eligible
to participate in the 2023 Plan.

Material Features of the 2023 Plan

Administration. The
2023 Plan is administered by the board of directors or committee or individuals authorized by the board of directors, and the Compensation
Committee administers the 2023 Plan (