Company: NCL
Filing Date: 2025-09-26
Form Type: S-1
Source: 0001575872-25-000602
Chunk: 78

Company: Northann Corp.
Filing Date: 2025-09-26
Form: S-1
Chunk 78
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 individuals authorized by the board of directors, and once the Compensation Committee is established,
the Compensation Committee will administer the 2023 Plan (such committee that administers the 2023 Plan, the “Committee”).
The Committee will have the authority to determine the terms and conditions of any agreements evidencing any awards granted under the
2023 Plan and to adopt, alter and repeal rules, guidelines and practices relating to the 2023 Plan. The Committee will have full discretion
to administer and interpret the 2023 Plan and to adopt such rules, regulations and procedures as it deems necessary or advisable.

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Eligibility.

Current or prospective
employees, directors, officers, advisors or consultants of the Company or its affiliates are eligible to participate in the 2023 Plan.
The Committee has the sole and complete authority to determine who will be granted an award under the 2023 Plan, however, it may delegate
such authority to one or more officers of the Company under the circumstances set forth in the 2023 Plan.

Number of Shares Authorized.

The 2023 Plan provides
for an aggregate of Twelve Million (12,000,000) shares of common stock to be available for awards. If an award is forfeited or if any
option terminates, expires or lapses without being exercised, the common stock subject to such award will again be 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