Company: NCL
Filing Date: 2025-11-24
Form Type: PRE 14A
Source: 0001575872-25-000718
Chunk: 62

Company: Northann Corp.
Filing Date: 2025-11-24
Form: PRE 14A
Chunk 62
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 Our executive                                                                           
 officers, together with all our employees, are prohibited from engaging in hedging, pledging or similar transactions with respect         
 to our common stock.                                                                                                                      |
| ● | No perquisites. Our executive officers are not provided with                                                                              
 any perquisites or special benefits other than benefits such as healthcare, vacation and sick days available to other full-time employees 
 of Northann Corp.                                                                                                                         |
| ● | Change in control. All executive officers’ unvested equity                                                                                
 grants accelerate upon any change in control of Northann Corp.                                                                            |
| ● | No option re-pricing. Our 2023 Plan does not permit options                                                                               
 or stock appreciation rights to be repriced to a lower exercise price without the approval of our stockholders, except in connection      
 with certain changes to our capital structure.                                                                                            |
| ● | Clawback policy. If we are required as the result of misconduct                                                                           
 to restate our financial results due to our material noncompliance with any financial reporting requirements under the federal securities 
 laws, our Chief Executive Officer and Chief Financial Officer may be legally required to reimburse us for any bonus or incentive-based    
 or equity-based compensation they receive.                                                                                                |

Role of our Compensation Committee

Our Compensation Committee,
with input from our management and one or more independent compensation consultants, establishes, updates and administers our executive
compensation program. Our Compensation Committee establishes our compensation philosophy and objectives; oversees the design and administration
of our executive compensation program; establishes the elements and mix of total compensation; sets the parameters and specific target
metrics of our performance-based incentive compensation plan; and determines the target compensation of our executive officers. Our Compensation
Committee has the authority to retain independent counsel, advisors and other experts to assist it in the compensation-setting process
and receives adequate funding to engage those service providers.

Role of Management

Our Chief Executive Officer
and other executive officers attend Compensation Committee meetings as requested by the Compensation Committee. These individuals are
not present during executive sessions of Compensation Committee meetings except at the invitation of the Compensation Committee.

Summary Compensation Table

The following summary compensation
table sets forth the compensation earned by our named executive officers during the last two fiscal years as employees of the Company.

|                                                                                     |     | Fiscal |      |     | Salary |         |     | Bonus |   |     | Stock Awards |   |     | All                
 Other Compensation |   |     | Total |         |
| Name and Principal Position                                                         |     | Year   |      |     | -