Company: NCL
Filing Date: 2025-11-24
Form Type: PRE 14A
Source: 0001575872-25-000718
Chunk: 47

Company: Northann Corp.
Filing Date: 2025-11-24
Form: PRE 14A
Chunk 47
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such terms, including the exercise price and the conditions and timing of exercise, as may be determined by the Committee and specified
in the applicable award agreement. The maximum term of an option granted under the 2023 Plan is ten years from the date of grant (or
five years in the case of a qualified option granted to a 10% stockholder).

Stock Appreciation Rights.The
Committee is authorized to award stock appreciation rights (or SARs) under the 2023 Plan. SARs are subject to the terms and conditions
established by the Committee. An SAR is a contractual right that allows a participant to receive, either in the form of cash, shares
or any combination of cash and shares, the appreciation, if any, in the value of a share over a certain period of time. An option granted
under the 2023 Plan may include SARs and SARs may also be awarded to a participant independent of the grant of an option. SARs granted
in connection with an option shall be subject to terms similar to the option corresponding to such SARs. SARs shall be subject to terms
established by the Committee and reflected in the award agreement.

Restricted Stock. The
Committee is authorized to award restricted stock under the 2023 Plan. The Committee will determine the terms of such restricted stock
awards. Restricted stock are shares of common stock that generally are non-transferable and subject to other restrictions determined
by the Committee for a specified period. Unless the Committee determines otherwise or specifies otherwise in an award agreement, if the
participant terminates employment or services during the restricted period, then any unvested restricted stock is forfeited.

Restricted Stock Unit Awards. The Committee is authorized to award restricted stock unit awards. The Committee will determine the terms of such restricted
stock units. Unless the Committee determines otherwise or specifies otherwise in an award agreement, if the participant terminates employment
or services during the period of time over which all or a portion of the units are to be earned, then any unvested units will be forfeited.

Stock Bonus Awards. The
Committee is authorized to grant awards of unrestricted common stock or other awards denominated in common stock, either alone or in
tandem with other awards, under such terms and conditions as the Committee may determine.

Performance Compensation Awards. The Committee is authorized to grant any award under the 2023 Plan in the form of a performance compensation award by
conditioning the vesting of the award on the attainment of specific levels of