Company: NCL
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001575872-25-000134
Chunk: 76

Company: Northann Corp.
Filing Date: 2025-02-07
Form: 424B3
Chunk 76
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 made available for
future grant. Shares of common stock that are used to pay the exercise price of an option or that are withheld to satisfy the participant’s
tax withholding obligation will not be available for re-grant under the 2023 Plan.

Each share of common
stock subject to an option or a stock appreciation right will reduce the number of common stock available for issuance by one share, and
each common stock underlying an award of restricted stock, restricted stock units, stock bonus awards and performance compensation awards
will reduce the number of common stock available for issuance by one share.

If there is any change
in the corporate capitalization, the Committee in its sole discretion may make substitutions or adjustments to the number of shares reserved
for issuance under the 2023 Plan, the number of shares covered by awards then outstanding under the 2023 Plan, the limitations on awards
under the 2023 Plan, the exercise price of outstanding options and such other equitable substitution or adjustments as it may determine
appropriate.

Term of Plan.

The 2023 Plan will have
a term of ten years and no further awards may be granted under the 2023 Plan after that date.

Awards Available for Grant.

The Committee may grant
awards of non-qualified stock options, incentive (qualified) stock options, stock appreciation rights, restricted stock, restricted stock
units, stock bonus awards, performance compensation awards (including cash bonus awards) or any combination of the foregoing.

Options.

The Committee will be
authorized to grant options to purchase shares of common stock that are either “qualified,” meaning they are intended to satisfy
the requirements of Internal Revenue Code of 1986, as amended, or the Code, Section 422 for incentive stock options, or “non-qualified,”
meaning they are not intended to satisfy the requirements of Section 422 of the Code. Options granted under the 2023 Plan will be subject
to the terms and conditions established by the Committee. Under the terms of the 2023 Plan, the exercise price of the options will be
set forth in the applicable award agreement. Options granted under the 2023 Plan will be subject to 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 will be ten years from the date of grant (or five years in the case of a qualified
option granted to a 10% stockholder).