Company: NCL
Filing Date: 2025-09-26
Form Type: S-1
Source: 0001575872-25-000602
Chunk: 75

Company: Northann Corp.
Filing Date: 2025-09-26
Form: S-1
Chunk 75
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2024.

(3) Charles James Schaefer IV resigned as an independent director on
May 17, 2024.

(4) Scott Powell’s term ended our 2024 annual general meeting
of shareholders (“AGM”) held on December 31, 2024 on December 31, 2024.

Employment Agreements with Executive Officers and Employee Director

We have entered into
employment agreements with each of our executive officers.

Agreement with Lin Li

Mr. Li entered into an
employment agreement with the Company on July 1, 2022. Pursuant to the employment agreement, Mr. Li serves as the Chairman of the Board,
Chief Executive Officer, President, Treasurer and Secretary of the Company, and is entitled to receive a base salary at an annual rate
of US$120,000 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. Li 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.

Agreements with David M. Kratochvil

Mr. Kratochvil entered
into an employment agreement with the Company on April 18, 2023. Pursuant to the employment agreement, Mr. Kratochvil serves as the Chief
Financial Officer of the Company effective on July 14, 2023. Mr. Kratochvil is entitled to receive an initial retainer of $10,000 upon
signing the employment agreement and a base salary at an annual rate of US$120,000. Mr. Kratochvil will also receive equity-based compensation
in the amount of $50,000 per annum, payable by issuance of the common stock of the Company, vested in four equal installments on a quarterly
basis. The price per share of common stock shall be the average closing price of the Company’s common stock of the last five business
days of such quarter. The employment agreement is for a term of one year. The agreement may be terminated upon either party’s failure
to renew the agreement, by the Company for or without cause or by Mr. Kratochvil with or without good reason. In addition, the agreement
may be terminated by either party at any