Company: NCL
Filing Date: 2025-11-14
Form Type: 424B3
Source: 0001575872-25-000688
Chunk: 75

Company: Northann Corp.
Filing Date: 2025-11-14
Form: 424B3
Chunk 75
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. In addition, the agreement
may be terminated by either party at any time and for any reason with at least 30 days’ prior written notice. On April 15, 2024,
Mr. Kratochvil resigned as the CFO and signed a separation agreement with the Company, pursuant to which the Company agrees
to pay a separation payment of $55,000 by two equal instalments and reimburse Mr. Kratochvil $89.87 expenses.

Agreement with Kurtis W. Winn

Mr. Winn entered into
an employment agreement with the Company on July 1, 2022. Pursuant to the employment agreement, Mr. Winn serves as the Chief Operating
Officer and a director of the Company, and is entitled to receive a base salary at an annual rate of US$100,000 and any bonus, equity
awards as the board of directors and/or the compensation committee may determine. The employment agreement is for a term of three years.
The agreement may be terminated upon either party’s failure to renew the agreement, by the Company for or without cause or by Mr.
Winn with or without good reason. In addition, the agreement may be terminated by either party at any time and for any reason with at
least 30 days’ prior written notice.

| 38 |

Employee Benefit Plans

Enterprises in China
are required by PRC laws and regulations to participate in certain employee benefit plans, including social insurance funds, namely a
pension plan, a medical insurance plan, an unemployment insurance plan, a work-related injury insurance plan and a maternity insurance
plan, and a housing provident fund, and contribute to the plans or funds in amounts equal to certain percentages of salaries, including
bonuses and allowances, of the employees as specified by the local government from time to time at locations where they operate their
businesses or where they are located. Failure to make adequate contributions to various employee benefit plans may be subject to fines
and other administrative sanctions. Each of the PRC subsidiaries has established employee benefit plans and has made adequate contributions
to such plans as required by law.

Equity Incentive Plan

On May 30, 2023, the
Company adopted the 2023 Equity Incentive Plan, or the 2023 Plan, for the purpose of granting share-based compensation awards to current
or prospective employees, directors, officers, advisors or consultants of the Company or its affiliates and align their interests with
ours. On December 31,