Company: NCL
Filing Date: 2025-12-04
Form Type: DEF 14A
Source: 0001575872-25-000744
Chunk: 51

Company: Northann Corp.
Filing Date: 2025-12-04
Form: DEF 14A
Chunk 51
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Our stockholders are not entitled
to dissenters’ rights with respect to this Proposal 5, and we will not independently provide stockholders with any such right.

Effect of Failure to Obtain Stockholder Approval

If the stockholders do not approve
this Proposal 5 at the Annual Meeting, the Company may hold another stockholder meeting to seek approval.

Required Vote of Stockholders

The affirmative vote of the holders
of a majority of the votes cast is required to approve Proposal 5. Abstentions will have no effect on the outcome of Proposal 5 and broker
non-votes will not be counted as votes cast and, accordingly, will not have an effect on Proposal 5. This Proposal 5 will be considered
“non-routine” by the NYSE American and, because brokers will not have discretionary authority to vote on Proposal 5, we expect
broker non-votes in connection with this proposal.

Recommendation of the Board of Directors

OUR BOARD unanimously recommends a vote “ FOR” THE ISSUANCE OF 12,500,000 SHARES OF COMMON STOCK TO DESIGNEE of KINGSFORD INCONNECTION WITH THE Asset Purchase Agreement.

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<div align='center'>PROPOSAL SIX

APPROVAL OF THE ISSUANCE OF 15,000,000 SHARES OF COMMON STOCK TO DESIGNEE OF ASIA RESOURCE</div>

The Company’s Board of Directors
is asking stockholders to approve the issuance of 15,000,000 additional shares of the Company’s common stock in accordance with
the terms of the Development Agreement pursuant to which Asia Resource agreed to develop and provide to the Company a customized software.
The Company’s Board of Directors approved such stock issuance on November 23, 2025.

Background and Description of Development Agreement with Asia Resource

On November
23, 2025, the Company entered into a development agreement (the “Development Agreement”) with Asia Resource.

Pursuant
to the Development Agreement, Asia Resource agreed to develop and provide to the Company the NCL Customized Intelligent Decoration Platform,
a customized software, including all intellectual property rights therein (the “Platform”).

As the
consideration for the Platform, the Company agreed to pay $6,000,000, by issuing a total of 15,000,000 shares of the Company’s common
stock, i.e. $0.40 per share (the “Asia Resource Shares”), in two separate tranches of 8,000,000 shares and