Company: NCL
Filing Date: 2025-12-04
Form Type: 424B3
Source: 0001575872-25-000746
Chunk: 47

Company: Northann Corp.
Filing Date: 2025-12-04
Form: 424B3
Chunk 47
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 administer and interpret the
2023 Plan and to adopt such rules, regulations and procedures as it deems necessary or advisable.

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 One Million and Five Hundred Thousand (1,500,000) shares of common stock to be available for awards,
which shall be increased to Three Million and Five Hundred Thousand (3,500,000) shares of common stock if the 2023 Plan Amendment Proposal
is approved. 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.

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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 has 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.