# EDGAR Filing Document

**Accession Number:** 0001414767
**File Stem:** 0001493152-25-026755
**Filing Date:** 2025-12
**Character Count:** 48388
**Document Hash:** 95dee25df14a7b26c99d271bf62442b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-026755.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001493152-25-026755

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Netcapital Inc.
- **CENTRAL INDEX KEY:** 0001414767
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 870409951
- **STATE OF INCORPORATION:** UT
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292015
- **FILM NUMBER:** 251557542

**BUSINESS ADDRESS:**
- **STREET 1:** 1 LINCOLN STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** (781) 925-1700

**MAIL ADDRESS:**
- **STREET 1:** 1 LINCOLN STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ValueSetters Inc.
- **DATE OF NAME CHANGE:** 20140924

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ValueSetters Corp
- **DATE OF NAME CHANGE:** 20071011

**As filed with the Securities and Exchange Commission on December 9, 2025**

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

**Netcapital Inc.**

**(Exact Name of Registrant as Specified in Its Charter)** 

---

| | |
|:---|:---|
| **Utah** | **87-0409951** |
| **(State or Other Jurisdiction of** | **(I.R.S. Employer** |
| **Incorporation or Organization)** | **Identification No.)** |

---

**1 Lincoln Street**

**Boston, MA 02111**

**(Address of Principal Executive Offices, Including Zip Code)** 

**2023 Omnibus Equity Incentive Plan**

**(Full Title of the Plans)** 

**Coreen Kraysler**

**Chief Financial Officer**

**Netcapital Inc.**

**1 Lincoln Street**

**Boston, MA 02111**

**(781) 925-1700**

**(Name, Address, and Telephone Number, Including Area Code, of Agent For Service)** 

 ****

***<u>With a copy to</u>:***

**Richard A. Friedman, Esq.**

**Sheppard, Mullin, Richter & Hampton LLP**

**30 Rockefeller Plaza**

**New York, NY 10012**

**Telephone: (212) 653-8700**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act..

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**This Registration Statement will become effective upon filing in accordance with Rule 462(a) under the Securities Act.**

**PART I**

**STATEMENT OF INCORPORATION BY REFERENCE**

This Registration Statement on Form S-8, relating to the 2023 Omnibus Equity Incentive Plan, as amended (the "Plan") of Netcapital Inc. (the "Company"), is being filed for the purpose of registering additional securities of the same class as other securities for which a Registration Statement on Form S-8 relating to the Plan has previously been filed and is effective and consists only of those items required by General Instruction E to Form S-8. Accordingly, this Registration Statement incorporates by reference the contents of the (i) Registration Statement on Form S-8, File No.333-271120, filed with the Securities and Exchange Commission on April 4, 2023 and (ii) Registration Statement on Form S-8, File No.333-279193, filed with the Securities and Exchange Commission on May 8, 2024, by the Company, relating to the Plan (the "Prior Registration Statements"), except for Items 3 and 8, which are being updated by this Registration Statement.

This Registration Statement is being filed for the purpose of registering an additional 1,000,000 shares of common stock, par value $0.001 per share ("Common Stock") that that are being issued as a Restricted Stock Award under the Plan in accordance with NASDAQ Listing Rule 5635(c)(4) to Kevin Kilduff to induce him to accept employment with the Registrant as its General Counsel. The Restricted Stock Award will be an Exempt Award (as defined in the Plan) under the Plan by reason of being an award granted as an inducement grant pursuant to NASDAQ Listing Rule 5635(c), as this award is specifically made to induce Mr. Kilduff to become an employee of the Company.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of documents by reference.**

The following documents filed by the Company with the Securities and Exchange Commission ("SEC") pursuant to the Securities Act and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated herein by reference:

● The Company's Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1414767/000164117225023248/form10-k.htm) for the year ended April 30, 2025, filed with the SEC on August 12, 2025;

● The Company's Quarterly Report on [Form 10-Q](https://www.sec.gov/Archives/edgar/data/1414767/000149315225014479/form10-q.htm) for the period ended July 31, 2025 filed with the SEC on September 22, 2025;

● the Company's Current Reports on Form 8-K filed with the SEC on [May 28, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224021602/form8-k.htm) , [May 29, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224021785/form8-k.htm) , [July 24, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224028940/form8-k.htm) ; [August 2, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224030079/form8-k.htm) ; [August 19, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224033118/form8-k.htm) ; [August 23, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224033737/form8-k.htm) ; [September 26, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224038220/form8-k.htm) ; [November 27. 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224047985/form8-k.htm) ; [December 12, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224049834/form8-k.htm) ; [January 15, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315225002270/form8-k.htm) ; [March 10, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000149315225009730/form8-k.htm) ; [March 17, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000149315225010598/form8-k.htm) ; [March 28, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225001051/form8-k.htm) ; [March 31, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225001772/form8-k.htm) ; [May 5, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225008684/form8-k.htm) ; [June 12, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225014907/form8-k.htm) ; [June 23, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225016013/form8-k.htm) and [June 30, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225017158/form8-k.htm) ; [July 7, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225018003/form8-k.htm) ; [July 17, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225020048/form8-k.htm) [September 12, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000149315225013187/form8-k.htm) ; and [December 9, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000149315225026745/form8-k.htm) and

● The description of the Company's common stock, par value $0.001 per share, contained in Exhibit 4.17 to the Company's Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1414767/000164117225023248/form10-k.htm) for the year ended April 30, 2025 filed with the SEC on August 12, 2025, including any amendment or report filed for the purpose of updating such description; and

● A ll other reports and documents filed by the Company pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than Current Reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits furnished on such form that relate to such items) subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered hereby have been sold or that deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing such reports and documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement herein or in any subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not constitute a part of this Registration Statement, except as so modified or superseded.

**Item 8**. **Exhibits.**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Exhibit**<br>|
| 4.1 | [Netcapital Inc. 2023 Omnibus Equity Incentive Plan, filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K on January 5, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414767/000190359623000016/ex10_2.htm) |
| 5.1\* | [Opinion of Parr Brown Gee & Loveless](ex5-1.htm) |
| 10.1\* | [Form of Restricted Stock Award Agreement under the Netcapital 2023 Omnibus Equity Incentive Plan.](ex10-1.htm) |
| 23.1\* | [Consent of Fruci & Associates II, PLLC.](ex23-1.htm) |
| 23.2\* | [Consent of Parr Brown Gee & Loveless (included in Exhibit 5.1).](ex5-1.htm) |
| 23.3\* | [Power of Attorney (included on signature page).](#V-001) |
| 107\* | [Filing Fee Table](ex107.htm) |

---

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Boston, Massachusetts on December 8, 2025.

---

| | |
|:---|:---|
| **NETCAPITAL INC.** | **NETCAPITAL INC.** |
| By: | */s/ Rich Wheeless* |
| Name | Rich Wheeless |
|  | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint Rich Wheeless and Coreen Kraysler, with full power of substitution, his or her true and lawful attorney-in-fact to act for him or her in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file each of the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in order to effectuate the same as fully, to all intents and purposes, as he or she could do in person, hereby ratifying and confirming all that said attorneys-in-fact or substitutes, or any of them, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by each of the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Rich Wheeless* | Chief Executive Officer | December 8, 2025 |
|  | (Principal Executive Officer) |  |
| */s/ Coreen Kraysler* | Chief Financial Officer | December 8, 2025 |
| Coreen Kraysler | (Principal Financial and Accounting Officer) |  |
| */s/ Cecilia Lenk* | Director | December 8, 2025 |
| Cecilia Lenk |  |  |
| */s/ Steven Geary* | Director | December 8, 2025 |
| Steven Geary |  |  |
| */s/ Avi Liss* | Director | December 8, 2025 |
| Avi Liss |  |  |
| */s/ Arnold Scott* | Director | December 8, 2025 |
| Arnold Scott |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

December 9, 2025

Netcapital Inc.

1 Lincoln Street

Boston, MA 02111

***Re: Registration Statement on Form S-8 filed by Netcapital Inc. on December 8, 2025 (the "<u>Registration Statement</u>"), with respect to additional shares issuable under the 2023 Omnibus Equity Incentive Plan of Netcapital Inc. (the "<u>Plan</u>")***

Ladies and Gentlemen:

We have acted as counsel to Netcapital Inc., a Utah Corporation (the "<u>Company</u>"), in connection with the Company's registration under the Securities Act of 1933, as amended (the "<u>Securities Act</u>") on the Registration Statement, of the offer and sale of an aggregate of up to an additional 1,000,000 shares of the Company's common stock, par value $0.001 (the "<u>Additional Shares</u>") under the Plan. The Additional Shares are to be issued in connection with a Restricted Stock Award under the Plan to Kevin Kilduff ("<u>Mr. Kilduff</u>") to induce Mr. Kilduff to accept employment with the Company.

We have examined originals or copies, certified or otherwise identified to our satisfaction, of the Registration Statement and the exhibits thereto, including, but not limited to the Plan, the Articles of Incorporation of the Company and the Bylaws of the Company, each as amended through the date hereof, and such documents, corporate records and other instruments as we have deemed necessary or appropriate for the purpose of this opinion.

As to questions of fact material to this opinion, we have relied on certificates or comparable documents of public officials and of officers and representatives of the Company. In rendering the opinion expressed below, we have assumed without verification the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of such copies.

Subject to the foregoing and the other matters set forth herein, it is our opinion, as of the date hereof, that when the Additional Shares have been duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the recipients, and have been issued by the Company for legal consideration in excess of par value in the circumstances contemplated by the Plan, assuming in each case that the individual grant or award under the Plan is duly authorized by all necessary corporate action and duly granted or awarded and exercised in accordance with the requirements of law and the Plan (and the agreements and awards duly adopted thereunder and in accordance therewith), the issue and sale of the Additional Shares will have been duly authorized by all necessary corporate action of the Company, and the Additional Shares will be validly issued, fully paid and nonassessable.

In rendering our opinion, we have relied on the applicable laws of the State of Utah, as those laws presently exist and as they have been applied and interpreted by courts having jurisdiction within the State of Utah and the existing laws of the United States of America. We express no opinion as to the laws of any other jurisdiction.

This opinion letter speaks as of its date. We disclaim any express or implied undertaking or obligation to advise of any subsequent change of law or fact (even though the change may affect the legal analysis or a legal conclusion in this opinion letter). This opinion letter is limited to the matters set forth herein, and no opinion may be inferred or implied beyond the matters expressly stated herein.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement, and consent to the reference of our firm under "Legal Matters" in the Prospectus included in the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Securities and Exchange Commission thereunder.

This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Securities Act.

---

| |
|:---|
| Very truly yours, |
| */s/ Parr Brown Gee & Loveless* |
| PARR BROWN GEE & LOVELESS |

---

## Exhibit 10.1

**Exhibit 10.1**

**NETCAPTIAL, INC.**

**RESTRICTED STOCK Award** NOTICE**

**(2023 Omnibus Equity Incentive Plan)**

I am pleased to inform you that, in recognition of the role you play in the collective success of Netcapital, Inc., a Utah corporation (the "**Company**"), you have been granted a Restricted Stock award. This award is subject to the terms and conditions of the Netcapital, Inc. 2023 Omnibus Equity Incentive Plan (the "**Plan**"), this Award Notice, and the following Restricted Stock Award Agreement. The details of this award are indicated below:

---

| | |
|:---|:---|
| Participant: | _______________ |
| Date of Grant: | ________________, 2025 |
| Number of Shares subject to this Restricted Stock Award ("**Restricted Stock**"): | _______________ |
| Vesting Schedule: | The shares of Restricted Stock shall vest on March 15, 2027 ("**Vesting Date**"). The number of shares of Restricted Stock that will vest on the Vesting Date shall be determined based on the Company's revenue (the "**Revenue**"), as determined under generally accepted accounting principles (GAAP), generated during the measuring period commencing on February 1, 2026 and ending on January 31, 2027 (the "**Measuring Period**"). In the event that the Revenue during the Measuring Period is below $900,000, none of the shares of Restricted Stock shall vest and one hundred percent (100%) of the shares of Restricted Stock shall be immediately forfeited as of the Vesting Date. In the event that the Revenue during the Measuring Period is at least equal to $1,500,000, one hundred percent (100%) of the shares of Restricted Stock shall vest as of the Vesting Date. In the event that the Revenue during the Measuring Period is between $900,000 and $1,500,000, the shares of Restricted Stock shall vest on a straight-line interpolated basis as of the Vesting Date. Any shares of Restricted Stock that do not vest as of the Vesting Date shall be immediately forfeited as of the Vesting Date. In the event that a Change in Control (as defined in the Plan) occurs prior to the Vesting Date, one hundred percent (100%) of the shares of Restricted Stock shall immediately vest on the closing date of such Change in Control, provided, Participant remains employed by or continues providing services to the Company through the closing date of such Change in Control. |

---

[*Signature Page Follows*]

IN WITNESS WHEREOF, the Company has caused this Restricted Stock Award Notice to be executed as of the Date of Grant set forth above.

---

| |
|:---|
| **Netcapital, Inc.** |
| By: |
| Name: |
| Title: |

---

Acknowledged and agreed as of this [____] day of [____].

 <br> By: [___] <br> Its: [___]

**RESTRICTED STOCK AWARD AGREEMENT**

THIS RESTRICTED STOCK AWARD AGREEMENT (together with the above award notice (the "**Award Notice**"), this "**Agreement**") is made and entered into as of the date set forth on the Award Notice by and between the Company and the individual (the "**Participant**") set forth on the Award Notice.

WHEREAS, pursuant to the Netcapital, Inc. 2023 Omnibus Equity Incentive Plan (the "**Plan**"), the Administrator has determined that it is to the advantage and best interest of the Company to grant to the Participant an award of shares of Common Stock, of which is subject to certain vesting conditions (the "**Restricted Stock**") as set forth in the Award Notice and subject to the terms and provisions of the Plan, which is incorporated herein by reference, and this Agreement (the "**Award**"). This Award is an Exempt Award under the Plan by reason of being an award granted as an inducement grant pursuant to NASDAQ Listing Rule 5635(c).

NOW, THEREFORE, in consideration of the mutual agreements contained herein, the Participant and the Company hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Acceptance of Agreement</u>**. Participant has reviewed all of the provisions of the Plan, the Award Notice and this Award. By accepting this Award, Participant agrees that this Award is granted under and governed by the terms and conditions of the Plan, the Award Notice and this Agreement, and the applicable provisions contained in a written employment or service agreement (if any) between the Company or an affiliate and the Participant. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator on questions relating to the Plan, the Award Notice, this Agreement and, solely insofar as they relate to this Award, the applicable provisions contained in a written employment or service agreement (if any) between the Company or an Affiliate and the Participant. If Participant signs the Award Notice electronically, Participant's electronic signature of the Award Notice shall have the same validity and effect as a signature affixed by hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Grant of Award</u>**. The Restricted Stock granted hereunder pursuant to Section 9 of the Plan shall be subject to the terms and provisions of the Plan, and all capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Plan. For the purposes of this Agreement, "**Termination**" shall mean the termination of the employment or service of the Participant with the Company and all Affiliates thereof (including because of the Participant's employer ceasing to be an Affiliate of the Company); and "**Termination Date**" shall mean the date of the Termination. For purposes of this Agreement, Termination will not occur when Participant goes on a military leave, a sick leave or another bona fide leave of absence that was approved by the Company in writing if the terms of the leave provide for continued service crediting, or when continued service crediting is required by applicable law. Notwithstanding the foregoing, an approved leave of absence for six months or less, which does not in fact exceed six months, will not result in Termination for purposes of this Agreement. However, Termination will occur when an approved leave described in this Section 2 ends, unless Participant immediately returns to active work. Participant shall not be entitled to receive dividends declared with respect to the number of shares of Common Stock covered by the Restricted Stock until such Restricted Stock has fully vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Vesting</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** Subject to the provisions of the Plan and Section 3.2 of this Agreement, and except as otherwise provided in a written employment or service agreement between the Company or an Affiliate and the Participant (if any), the shares of Restricted Stock shall vest based on the vesting schedule described in the Award Notice. If any shares of Restricted Stock do not vest on the Vesting Date, such shares of Restricted Stock shall be forfeited on such Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** If the Participant experiences a Termination for any reason prior to the shares of Restricted Stock becoming vested, as of the Termination Date, the Participant shall forfeit any then unvested shares of Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** If Participant's Termination occurs as a result of Termination by the Company for Cause, then all such shares of Restricted Stock held by Participant shall be automatically forfeited to the Company on the Termination Date, without any payment therefor (and without the need of the Company to exercise the Repurchase Option).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Transfer of Restricted Stock</u>**. The Restricted Stock issued under this Agreement may not be sold, transferred or otherwise disposed of and may not be pledged or otherwise hypothecated (each, a "**Transfer**"). In addition, Participant shall not sell any shares of Restricted Stock issued pursuant to this Award (even following the vesting of such Restricted Stock) at a time when applicable laws, regulations, the Company's bylaws or other internal documents, agreements or policies, or an underwriter's trading policies prohibit such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>General</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 <u>Governing Law</u>**. This Agreement shall be governed by and construed under the laws of the State of Utah, without giving effect to principles of conflicts of law of Massachusetts or any other state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 <u>Community Property</u>**. Without prejudice to the actual rights of the spouses as between each other, for all purposes of this Agreement, the Participant shall be treated as agent and attorney-in-fact for that interest held or claimed by his or her spouse with respect to this Award and the parties hereto shall act in all matters as if the Participant was the sole owner of this Award. This appointment is coupled with an interest and is irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 <u>No Continued Service Rights</u>**. Nothing contained herein shall be construed as an agreement by the Company or any of its Subsidiaries, express or implied, to continue the service relationship with the Participant or contract for the Participant's services, to restrict the Company's or such Subsidiary's right to discharge the Participant or cease contracting for the Participant's services or to modify, extend or otherwise affect in any manner whatsoever the terms of any service agreement or contract for services which may exist between the Participant and the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 <u>Clawback Policy</u>**. Participant expressly acknowledges and agrees to be bound by any Company policy on recoupment of equity or other compensation, including the clawback provisions contained in Section 27 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 <u>Application to Other Stock</u>**. In the event any capital stock of the Company or any other corporation shall be distributed on, with respect to or in exchange for shares of Common Stock underlying Restricted Stock as a stock dividend, stock split, reclassification, recapitalization or similar transaction in connection with any merger or reorganization or otherwise, all restrictions, rights and obligations set forth in this Agreement shall apply with respect to such other capital stock to the same extent as they are, or would have been applicable, to the shares of Common Stock underlying Restricted Stock on or with respect to which such other capital stock was distributed, and references to "Company" in respect of such distributed stock shall be deemed to refer to the company to which such distributed stock relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6 <u>No Third-Party Benefits</u>**. Except as otherwise expressly provided in this Agreement, none of the provisions of this Agreement shall be for the benefit of, or enforceable by, any third-party beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7 <u>Successors and Assigns</u>**. Except as provided herein to the contrary, this Agreement shall be binding upon and inure to the benefit of the parties, their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8 <u>No Assignment</u>**. Except as otherwise provided in this Agreement, the Participant may not assign any of Participant's rights under this Agreement without the prior written consent of the Company, which consent may be withheld in its sole discretion. The Company shall be permitted to assign its rights or obligations under this Agreement so long as such assignee agrees to perform all of the Company's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9 <u>Severability</u>**. The validity, legality or enforceability of the remainder of this Agreement shall not be affected even if one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10 <u>Equitable Relief</u>**. The Participant acknowledges that, in the event of a threatened or actual breach of any of the provisions of this Agreement, damages alone will be an inadequate remedy, and such breach will cause the Company great, immediate and irreparable injury and damage. Accordingly, the Participant agrees that the Company shall be entitled to injunctive and other equitable relief, and that such relief shall be in addition to, and not in lieu of, any remedies it may have at law or under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11 <u>Jurisdiction</u>**. Any suit, action or proceeding with respect to this Agreement, or any judgment entered by any court in respect of any thereof, shall be brought in any court of competent jurisdiction in the State of Utah, and the Company and the Participant hereby submit to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding or judgment. The Participant and the Company hereby irrevocably waive (i) any objections which it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any court of competent jurisdiction in the State of Utah and (ii) any claim that any such suit, action or proceeding brought in any such court has been brought in any inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12 <u>Taxes</u>**. By agreeing to this Agreement, the Participant represents that he or she has reviewed with his or her own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement and that he or she is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. To the extent the Company is legally required to withhold any taxes in connection with the grant or vesting of shares of Restricted Stock, the Company shall be entitled to require a cash payment by or on behalf of the Participant as a condition of grant or vesting of any Restricted Stock and/or to deduct from the Restricted Stock or any cash payable with respect thereto or from other compensation payable to the Participant the minimum amount of any sums required by federal, state or local tax law to be withheld (or other such sums that will not cause adverse accounting consequences for the Company and is permitted under applicable withholding rules promulgated by the Internal Revenue Service or another applicable governmental entity) with respect to the Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.13 <u>Section 409A Compliance</u>**. The intent of the parties is that payments and benefits under this Agreement are exempt from Section 409A of Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and be administered to be in compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.14 <u>Headings</u>**. The section headings in this Agreement are inserted only as a matter of convenience, and in no way define, limit, extend or interpret the scope of this Agreement or of any particular section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15 <u>Number and Gender</u>**. Throughout this Agreement, as the context may require, (a) the masculine gender includes the feminine and the neuter gender includes the masculine and the feminine; (b) the singular tense and number includes the plural, and the plural tense and number includes the singular; (c) the past tense includes the present, and the present tense includes the past; (d) references to parties, sections, paragraphs and exhibits mean the parties, sections, paragraphs and exhibits of and to this Agreement; and (e) periods of days, weeks or months mean calendar days, weeks or months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.16 <u>Electronic Delivery and Disclosure</u>**. The Company may, in its sole discretion, decide to deliver or disclose, as applicable, any documents related to this Award granted under the Plan, future awards that may be granted under the Plan, the prospectus related to the Plan, the Company's annual reports or proxy statements by electronic means or to request Participant's consent to participate in the Plan by electronic means, including, but not limited to, the Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval system or any successor system ("**EDGAR**"). Participant hereby consents to receive such documents delivered electronically or to retrieve such documents furnished electronically (including on EDGAR), as applicable, and agrees to participate in the Plan through any online or electronic system established and maintained by the Company or another third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.17 <u>Data Privacy</u>**. Participant agrees that all of Participant's information that is described or referenced in this Agreement and the Plan may be used by the Company, its affiliates and the designated broker and its affiliates to administer and manage Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18 <u>Complete Agreement</u>**. The Award Notice, this Agreement, the Plan, and applicable provisions (if any) contained in a written employment agreement or service agreement between the Company or an Affiliate and the Participant constitute the parties' entire agreement with respect to the subject matter hereof and supersede all agreements, representations, warranties, statements, promises and understandings, whether oral or written, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.19 <u>Waiver of Jury Trial</u>**. TO THE EXTENT EITHER PARTY INITIATES LITIGATION INVOLVING THIS AGREEMENT OR ANY ASPECT OF THE RELATIONSHIP BETWEEN THE PARTIES (EVEN IF OTHER PARTIES OR OTHER CLAIMS ARE INCLUDED IN SUCH LITIGATION), ALL OF THE PARTIES WAIVE THEIR RIGHT TO A TRIAL BY JURY. THIS WAIVER WILL APPLY TO ALL CAUSES OF ACTION THAT ARE OR MIGHT BE INCLUDED IN SUCH ACTION, INCLUDING CLAIMS RELATED TO THE ENFORCEMENT OR INTERPRETATION OF THIS AGREEMENT, ALLEGATIONS OF STATE OR FEDERAL STATUTORY VIOLATIONS, FRAUD, MISREPRESENTATION, OR SIMILAR CAUSES OF ACTION, AND IN CONNECTION WITH ANY LEGAL ACTION INITIATED FOR THE RECOVERY OF DAMAGES BETWEEN OR AMONG US OR BETWEEN OR AMONG ANY OF OUR OWNERS, AFFILIATES, OFFICERS, EMPLOYEES OR AGENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.20 <u>Waiver</u>**. The Participant acknowledges that a waiver by the Company of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.21 <u>Signature in Counterparts</u>**. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.22 <u>Amendments and Termination</u>**. To the extent permitted by the Plan, this Agreement may be wholly or partially amended, altered or terminated at any time or from time to time by the Administrator or the Board, but no amendment, alteration or termination shall be made that would materially impair the rights of a Participant under this Agreement without such Participant's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.23 <u>Section 280G</u>.** If there occurs a transaction that constitutes a "Change in Control" of the Company under Treas. Reg. Section 1.280G and, in the event that any payment or benefit received or to be received by Participant whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Company (all such payments and benefits being hereinafter referred to as the "**Total Payments**") would not be deductible (in whole or part) by the Company as a result of Section 280G of the Code, then, to the extent necessary to make such portion of the Total Payments deductible (and after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, arrangement or agreement), the portion of the Total Payments that do not constitute deferred compensation within the meaning of Section 409A of the Code shall first be reduced (if necessary, to zero), and all other Total Payments shall thereafter be reduced (if necessary, to zero); provided that no such reduction of Total Payments will occur if (i) the net amount of such Total Payments, as reduced pursuant to the foregoing (and after subtracting the amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is less than (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of excise tax imposed under Section 4999 of the Code to which Participant would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).

\* \* \* \* \*

**<u>Exhibit A</u>**

**83(b) Election Form**

In order to make an election under Section 83(b) of the Internal Revenue Code of 1986, as amended, a statement similar to that below should be executed by the employee. **<u>Within thirty days</u>** after the restricted property has been transferred, one copy of this statement should be submitted to the employer and a second copy should be filed with the Internal Revenue Service Center with which the employee normally files his or her Federal income tax return.

—

ELECTION UNDER SECTION 83(b)

OF THE INTERNAL REVENUE CODE OF 1986

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in taxpayer's gross income for the current taxable year the amount of any compensation taxable to taxpayer in connection with taxpayer's receipt of the property described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name, address, taxpayer identification number and taxable year of the undersigned are as follows:

NAME OF TAXPAYER:

NAME OF SPOUSE:

ADDRESS:

---

| |
|:---|
| IDENTIFICATION NO. OF TAXPAYER: (TIN#) |
| IDENTIFICATION NO. OF SPOUSE: (SS#) |
| TAXABLE YEAR: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The property with respect to which the election is made is described as follows: _______ shares of Restricted Stock (together, the "**Restricted Stock**") of Netcapital, Inc. (the "**Company**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date on which the property was transferred is: [___], [___].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The property is subject to the following restrictions:

The Restricted Stock may not be transferred and is subject to forfeiture under the terms of an agreement between the taxpayer and the Company. These restrictions lapse upon the satisfaction of certain conditions in such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is: $[_____].<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The amount (if any) paid for such property is: $[___].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The amount to include in gross income is: $[___].<sup>2</sup>

The undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned's receipt of the above-described property. The transferee of such property is the person performing the services in connection with the transfer of said property.

The undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner.

Dated: _________________, ________ _____________________________, <br> Taxpayer

The undersigned spouse of taxpayer joins in this election.

Dated: _________________, ________ ______________________________, <br> Spouse of Taxpayer

<sup>1</sup> Note to Draft: To enter FMV as of the date of the grant.

<sup>2</sup> Note to Draft: To enter the equivalent of the FMV of a share \* number of shares granted.

## Exhibit 23.1

**E** **xhibit 23.1**

![](ex23-1_001.jpg)

**<u>CONSENT OF INDEPENDENT REGISTERED ACCOUNTING FIRM</u>**

We consent to the incorporation by reference in the Registration Statement to Form S-8 of our audit report dated August 12, 2025, with respect to the consolidated balance sheets of Netcapital Inc. as of April 30, 2025 and 2024, and the related consolidated statements of operations, changes in stockholders' equity, and cash flows for each of the years in the two-year period ended April 30, 2025.

Our report relating to these financial statements includes an emphasis of a matter paragraph regarding substantial doubt as to the Company's ability to continue as a going concern.

![](ex23-1_002.jpg)

Spokane, Washington

December 8, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107** 

**Calculation of Filing Fee Tables**

**Form S-8**

(Form Type)

**Netcapital Inc.** 

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security <br>Type** | **Security Class Title** | **Fee<br> Calculation<br> Rule** | **Amount<br> Registered(1)** |  | **Proposed<br> Maximum<br> Offering Price<br> Per Unit** |  | **Maximum<br> Aggregate<br> Offering Price** | **Fee Rate** | **Amount of<br> Registration Fee** |
| Equity | Common Stock, $0.001 par value per share | Other(3) | 1000000 | (2) | $0.8410 | (3) | $841000 | $0.0001381 | $&nbsp;&nbsp;&nbsp;&nbsp; 116.15 |
| Total Offering Amount | Total Offering Amount | Total Offering Amount | Total Offering Amount |  |  |  | $841000 |  | $116.15 |
| Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  |  |  |  |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  |  |  |  |
| Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  |  |  | $116.15 |

---

(1) Pursuant
 to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"),
 this Registration Statement shall also cover an indeterminate number of additional shares
 of common stock, $0.001 par value per share (the "Common Stock") of Netcapital
 Inc. (the "Registrant"), which become issuable under the Registrant's 2023
 Omnibus Equity Incentive Plan, as amended by reason of any stock splits, stock dividends,
 reorganizations, mergers, consolidations, recapitalizations or other similar transactions.

(2) Represents
 1,000,000 shares of Common Stock that are being issued as a Restricted Stock Award under
 the Plan in accordance with NASDAQ Listing Rule 5635(c)(4) to Kevin Kilduff to induce him
 to accept employment with the Registrant as its General Counsel. The Restricted Stock Award
 will be an Exempt Award (as defined in the Plan) under the Plan by reason of being an award
 granted as an inducement grant pursuant to NASDAQ Listing Rule 5635(c), as this award is
 specifically made to induce Mr. Kilduff to become an employee of the Registrant.

(3) Estimated
 solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and 457(h)
 under the Securities Act, based on the average of the high and low sales prices of the Common
 Stock as reported on the Nasdaq Capital Market on December 5, 2025, which was $0.8410 per
 share.

N/A