Company: NCL
Filing Date: 2025-10-24
Form Type: S-1/A
Source: 0001575872-25-000638
Chunk: 76

Company: Northann Corp.
Filing Date: 2025-10-24
Form: S-1/A
Chunk 76
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 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 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