Company: NCL
Filing Date: 2025-11-24
Form Type: PRE 14A
Source: 0001575872-25-000718
Chunk: 45

Company: Northann Corp.
Filing Date: 2025-11-24
Form: PRE 14A
Chunk 45
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 text of the 2023 Plan, a copy of which was attached as to a registration statement on Form S-1, as amended (file No. 333-273246) filed with the Securities and Exchange Commission
and effective on September 29, 2023. Capitalized terms used and not otherwise defined in this section discussing the adoption of the
2023 Plan shall have the meanings given to them in the 2023 Plan.

Purpose of the 2023 Plan

Under the direction of the
Board of Directors or, should the Board delegate power to act on its behalf, a committee thereof, the 2023 Plan, which provides for the
granting of Incentive Stock Options, Non-Qualified Options, Stock Grants, and Stock-Based Awards, is intended to encourage ownership
of shares by Employees and directors of and certain Consultants to the Company and its Affiliates in order to attract and retain such
people, to induce them to work for the benefit of the Company or of an Affiliate and to provide additional incentive for them to promote
the success of the Company or of an Affiliate. All Employees, directors and Consultants of the Company and its Affiliates are eligible
to participate in the 2023 Plan.

Material Features of the 2023 Plan

Administration. The
2023 Plan is administered by the board of directors or committee or individuals authorized by the board of directors, and the Compensation
Committee administers the 2023 Plan (such committee that administers the 2023 Plan, the “Committee”). The Committee has 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 has full discretion to 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