Company: NCL
Filing Date: 2025-11-24
Form Type: PRE 14A
Source: 0001575872-25-000718
Chunk: 44

Company: Northann Corp.
Filing Date: 2025-11-24
Form: PRE 14A
Chunk 44
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 of the votes cast
in person via attendance at the Annual Meeting or by proxy and voting at the Annual Meeting.

Recommendation of the Board of Directors

OUR BOARD unanimously recommends a vote “ FOR”THE APPROVAL TO AUTHORIZE OUR BOARD TO EFFECT THE REVERSE SPLIT.

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<div align='center'>PROPOSAL FOUR

THE PLAN AMENDMENT PROPOSAL</div>

2023 Plan Amendment

The Board has approved, and
has recommended that the stockholders approve an amendment to our 2023 Plan to increase the authorized number of shares of common stock
for awards under the 2023 Plan from 1,500,000 shares, reflecting the 1-for-8 reverse stock split we effected on October 7, 2025, to 3,500,000
shares.

Background and Reasons for the 2023 Plan Amendment Proposal

On May 30, 2023, the Company adopted
the 2023 Plan. Initially, 4,000,000 shares of common stock (prior to the 1-for-8 reverse split we conducted on October 7, 2025) were authorized
to be issued pursuant to awards granted under the 2023 Plan. On December 31, 2024, with the stockholders’ approval, the Company
amended the 2023 Plan to increase the authorized number of shares of common stock under the 2023 Plan, from 4,000,000 shares of common
stock to 12,000,000 shares of common stock. On October 7, 2025, as a result of the 1-for-8 reverse split conducted by the Company, the
authorized number of shares of common stock under the 2023 Plan was reduced to 1,500,000. As of the date of this proxy statement, [ ]
shares of common stock remained reserved for future issuance under the 2023 Plan. The Board believes that the availability of additional
shares of common stock for awards granted under the 2023 Plan is needed to enable the Company to meet its anticipated equity compensation
needs to attract, motivate and retain qualified employees, officers and directors. The proposed share increase is expected to last approximately
two years. This estimate is based on a forecast that takes into account our anticipated rate of growth in hiring, an estimated range of
our stock price over time, and our historical forfeiture rates.

The following summary of
the 2023 Plan is qualified in its entirety by reference to the complete