Company: NCL
Filing Date: 2025-12-04
Form Type: 424B3
Source: 0001575872-25-000746
Chunk: 48

Company: Northann Corp.
Filing Date: 2025-12-04
Form: 424B3
Chunk 48
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Options. The
Committee is 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 are 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 are 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 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