Company: NCL
Filing Date: 2025-09-26
Form Type: S-1
Source: 0001575872-25-000602
Chunk: 79

Company: Northann Corp.
Filing Date: 2025-09-26
Form: S-1
Chunk 79
---
 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.

Options.

The Committee will be
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 will be 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 will be 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 will be 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 will be
authorized to award stock appreciation rights (or SARs) under the 2023 Plan. SARs will be 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.

| 38 |

Restricted Stock.

The Committee will be
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