Company: NCL
Filing Date: 2025-01-29
Form Type: S-1/A
Source: 0001575872-25-000097
Chunk: 78

Company: Northann Corp.
Filing Date: 2025-01-29
Form: S-1/A
Chunk 78
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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.

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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 the Committee determines otherwise or specifies otherwise in an award agreement, if the participant terminates
employment or services during the restricted period, then any unvested restricted stock is forfeited.

Restricted Stock Unit Awards.

The Committee will be
authorized to award restricted stock unit awards. The Committee will determine the terms of such restricted stock units. Unless the Committee
determines otherwise or specifies otherwise in an award agreement, if the participant terminates employment or services during the period
of time over which all or a portion of the units are to be earned, then any unvested units will be forfeited.

Stock Bonus Awards.

The Committee will
be authorized to grant awards of unrestricted common stock or other awards denominated in common stock, either alone or in tandem with
other awards, under such terms and conditions as the Committee may determine.

Performance Compensation Awards.

The Committee will be
authorized to grant any award under the 2023 Plan in the form of a performance compensation award by conditioning the vesting of the award
on the attainment of specific levels of performance of the Company and/or one or more affiliates, divisions or operational units, or any
combination thereof, as determined by the Committee.

Transferability.

Each award may be exercised
during the participant’s lifetime only by the participant or, if permissible under applicable law, by the participant’s guardian
or legal representative and may not be otherwise transferred or encumbered by a participant other than by will or by the laws of descent
and distribution. The Committee, however, may permit awards (other than incentive stock options) to be transferred to family members,
a trust for the benefit of such family members, a partnership or limited liability company whose partners or stockholders are the participant
and his or her family members or anyone else approved by it.

Amendment.

The board of directors
may amend, suspend or terminate the 2023