<SEC-DOCUMENT>0001171843-24-000337.txt : 20240122
<SEC-HEADER>0001171843-24-000337.hdr.sgml : 20240122
<ACCEPTANCE-DATETIME>20240122160114
ACCESSION NUMBER:		0001171843-24-000337
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20240122
DATE AS OF CHANGE:		20240122
EFFECTIVENESS DATE:		20240122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORTHERN TECHNOLOGIES INTERNATIONAL CORP
		CENTRAL INDEX KEY:			0000875582
		STANDARD INDUSTRIAL CLASSIFICATION:	COATING, ENGRAVING & ALLIED SERVICES [3470]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				410857886
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-276642
		FILM NUMBER:		24548856

	BUSINESS ADDRESS:	
		STREET 1:		4201 WOODLAND ROAD
		STREET 2:		PO BOX 69
		CITY:			CIRCLE PINES
		STATE:			MN
		ZIP:			55014
		BUSINESS PHONE:		(763) 225-6601

	MAIL ADDRESS:	
		STREET 1:		4201 WOODLAND ROAD
		STREET 2:		PO BOX 69
		CITY:			CIRCLE PINES
		STATE:			MN
		ZIP:			55014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTHERN INSTRUMENTS CORP
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
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<TYPE>S-8
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<FILENAME>s8_012224.htm
<DESCRIPTION>FORM S-8
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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">As filed with the Securities and Exchange Commission
on January 22, 2024</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: right; text-indent: 4.5in">Registration No. 333-_______</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: right; text-indent: 4.5in">&nbsp;</P>



<HR COLOR="Black" NOSHADE SIZE="1" STYLE="width: 100%; margin-top: 2pt; margin-bottom: 3pt">
<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: right; text-indent: 4.5in">&nbsp;</P>



<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>United States</B></FONT></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>SECURITIES AND EXCHANGE cOMMISSION</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Washington, D.C. 20549</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>___________________________</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>fOrm S-8</B></FONT></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>registration statement </B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B><I>under the securities act of
1933</I></B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>___________________________</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; margin: 0pt 0">NORTHERN TECHNOLOGIES INTERNATIONAL
CORPORATION</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Delaware</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(State or other jurisdiction of incorporation or organization)</P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>41-0857886</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">(I.R.S. E</FONT>mployer Identification
    No.)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>4201 Woodland Road</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>P.O. Box 69</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Circle Pines, Minnesota</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Address of Principal Executive Offices)</P></TD>
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>55014</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Zip Code)</P></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>___________________________</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 16pt"><B>Northern Technologies International Corporation
</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 16pt"><B>2024 Stock Incentive Plan</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Full title of the plan)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>G. Patrick Lynch </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>President and Chief Executive Officer </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Northern Technologies International Corporation </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>4201 Woodland Road</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>P.O. Box 69</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Circle Pines, Minnesota 55014</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">(</FONT>Name and address of agent
for service)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(763) 225-6600</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">(</FONT>Telephone number, including
area code, of agent for service)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Copies requested to:</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Amy E. Culbert, Esq.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Emily Humbert, Esq.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Fox Rothschild LLP</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>City Center</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>33 South Sixth Street, Suite 3600</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Minneapolis, Minnesota 55402-3601</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(612) 607-7000</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>___________________________</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">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 &#8220;large accelerated filer,&#8221;
&#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the
Exchange Act.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; width: 50%; font-size: 10pt; text-align: left">Large accelerated filer &#9744;</TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: left">Accelerated filer &#9744;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: left">Non-accelerated filer &#9746;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Smaller reporting company &#9746;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Emerging growth company &#9744;</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 4.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">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. &#9744;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0"><FONT STYLE="text-decoration: underline double">&#9;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>EXPLANATORY NOTE<BR>
<BR>
</B></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">On January 19, 2024 (the &#8220;Effective Date&#8221;), the stockholders
of Northern Technologies International Corporation (the &#8220;Company&#8221; or the &#8220;Registrant&#8221;) approved and adopted the
Northern Technologies International Corporation 2024 Stock Incentive Plan (the &#8220;2024 Plan&#8221;), which was approved by the Company&#8217;s
Board of Directors on November 9, 2023. As of the Effective Date, the Company&#8217;s authority to grant new awards under the Northern
Technologies International Corporation 2019 Stock Incentive Plan, as amended and restated (the &#8220;2019 Plan&#8221;), terminated upon
stockholder approval of the 2024 Plan on such date. The maximum number of shares of the Company&#8217;s common stock, par value $0.02
per share (the &#8220;Common Stock&#8221;), available for issuance under the 2024 Plan, subject to adjustment pursuant to the terms of
the 2024 Plan, is (i) 800,000 shares of Common Stock (the &#8220;New 2024 Plan Shares&#8221;); plus (ii) 157,059 shares of Common Stock
remaining available for issuance under the 2019 Plan but not subject to outstanding awards under the 2019 Plan as of the Effective Date
(the &#8220;2019 Plan Carryover Shares&#8221;); plus (iii) up to 1,387,415 shares of Common Stock subject to awards outstanding under
the 2019 Plan as of the Effective Date but only to the extent such awards are subsequently forfeited, cancelled, expire, or otherwise
terminate without the issuance of such shares of Common Stock after the Effective Date (the &#8220;2019 Plan Unused Award Shares&#8221;).</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company has filed this Registration Statement on Form S-8 (this &#8220;Registration
Statement&#8221;) with the Securities and Exchange Commission (the &#8220;SEC&#8221;) under the Securities Act of 1933, as amended (the
&#8220;Securities Act&#8221;), to register the 800,000 New 2024 Plan Shares and such indeterminate number of shares as may become available
under the 2024 Plan as a result of the adjustment provisions thereof pursuant to Rule 416(a) under the Securities Act.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The following shares of Common Stock issuable under the 2019 Plan were previously
registered on the following registration statements filed by the Company with the SEC on the dates as set forth below (collectively, the
&#8220;2019 Plan Registration Statements&#8221;):</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Registration Statement on Form S-8 (Registration No. 333-252197) filed by the Company on January 19, 2021 registering 800,000 shares
of Common Stock; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Registration Statement on Form S-8 (Registration No. 333-229391) filed by the Company on January 28, 2019 registering 800,000 shares
of Common Stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">All figures have been adjusted to reflect the two-for-one stock split effected
on June 28, 2019.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Contemporaneously with the filing of this Registration Statement, the Company
is filing with the SEC a Post-Effective Amendment No. 1 to each of the 2019 Plan Registration Statements to reflect that the Company&#8217;s
authority to grant new awards under the 2019 Plan terminated and to add the 2024 Plan and reflect that, as of the Effective Date, the
previously registered 2019 Plan Carryover Shares and any 2019 Plan Unused Award Shares may be issued under the 2024 Plan.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>PART I</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Item 1. Plan Information.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">The document(s) containing the information specified in Part I of Form S-8
will be sent or given to participants in the 2024 Plan in accordance with Rule 428(b)(1) under the Securities Act. Such documents are
not required to be and are not being filed with the SEC either as part of this Registration Statement or as prospectuses or prospectus
supplements pursuant to Rule 424 under the Securities Act, but constitute, along with the documents incorporated by reference into this
Registration Statement pursuant to Item 3 of Part II hereof, a prospectus that meets the requirements of Section 10(a) of the Securities
Act.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Item 2. Registrant Information and Employee Plan Annual Information.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">The Company will furnish without charge to each person to whom the prospectus
is delivered, upon the written or oral request of such person, a copy of any and all of the documents incorporated by reference into this
Registration Statement pursuant to Item 3 of Part II hereof, other than exhibits to such documents (unless such exhibits are specifically
incorporated by reference in such documents that are incorporated), and the other documents required to be delivered to eligible participants
in the 2024 Plan pursuant to Rule 428(b) under the Securities Act. Those documents are incorporated by reference in the Section 10(a)
prospectus. Requests should be directed to:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Northern Technologies International Corporation</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">4201 Woodland Road</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">P.O. Box 69</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Circle Pines, Minnesota 55014</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Attention: President and Chief Executive Officer</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Tel: (763) 225-6600</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>PART II</B></P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Information
Required In The Registration Statement</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">Item 3. Incorporation of Documents by Reference.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company hereby incorporates by reference into this Registration Statement
the following documents which have been previously filed (not furnished) with the SEC (File No. 001-11038):</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The Company&#8217;s Annual Report on Form 10-K for the year ended August 31, 2023 filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/875582/000117184323007230/ntic20230831_10k.htm">November 21, 2023</A>;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>The Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended November 30, 2023 filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000875582/000117184324000207/ntic20231130_10q.htm">January 11, 2024</A>;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>The Company&#8217;s Current Report on Form 8-K (other than portions thereof furnished under Item 2.02 or Item 7.01 of Form 8-K and
exhibits accompanying such reports that are related to such items) filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000875582/000117184324000312/f8k_011924.htm">January 19, 2024</A>;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>The Company&#8217;s Definitive Proxy Statement on Schedule 14A for the Company&#8217;s 2024 Annual Meeting of Stockholders held on
January 19, 2024 filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/875582/000117184323007389/def14a_120423.htm">December 4, 2023</A>; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>The description of the Common Stock contained in Exhibit 4.2 to the Company&#8217;s Annual Report on Form 10-K for the year ended
August 31, 2023 filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/875582/000117184323007230/ex_597032.htm">November 21, 2023</A> and any amendment or report filed for the purpose of updating such description.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In addition, all other documents filed (not furnished) by the Company pursuant
to Section&nbsp;13(a), Section&nbsp;13(c), Section&nbsp;14 or Section&nbsp;15(d) of the Exchange Act on or after 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 in this Registration
Statement by reference and to be a part of this Registration Statement from the date of filing of such documents;&nbsp;<I>provided</I>,&nbsp;<I>however</I>,
that documents or information deemed to have been furnished to and not filed with the SEC in accordance with the rules of the SEC shall
not be deemed incorporated by reference into this Registration Statement.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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
contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes
such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a
part of this Registration Statement.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">Item 4. Description of Securities.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">Item 5. Interests of Named Experts and Counsel.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">Item 6. Indemnification of Directors and Officers.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Delaware General Corporation Law</I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 145(a) of the General Corporation Law of the State of Delaware (the
&#8220;DGCL&#8221;) provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than
an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent
of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses (including attorneys&#8217; fees), judgments, fines and amounts
paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted
in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with
respect to any criminal action or proceeding, had no reasonable cause to believe the person&#8217;s conduct was unlawful. The termination
of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, shall
not, of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed to
be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable
cause to believe that the person&#8217;s conduct was unlawful.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 145(b) of the DGCL states that a corporation may indemnify any person
who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of
the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director, officer, employee or agent
of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise against expenses (including attorneys&#8217; fees) actually and reasonably incurred
by the person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the
person reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be
made in respect of any claim, issue or matter as to which the person shall have been adjudged to be liable to the corporation unless and
only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, the person is fairly and reasonably entitled
to indemnity for such expenses as the Delaware Court of Chancery or such other court shall deem proper.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 145(c) of the DGCL provides that to the extent that a present or
former director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding
referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or matter therein, such person shall be indemnified
against expenses (including attorneys&#8217; fees) actually and reasonably incurred by such person in connection therewith.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 145(d) of the DGCL states that any indemnification under subsections
(a) and (b) of Section 145 (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a
determination that indemnification of the present or former director, officer, employee or agent is proper in the circumstances because
the person has met the applicable standard of conduct set forth in subsections (a) and (b) of Section 145. Such determination shall be
made with respect to a person who is a director or officer at the time of such determination (1) by a majority vote of the directors who
are not parties to such action, suit or proceeding, even though less than a quorum, (2) by a committee of such directors designated by
majority vote of such directors, even though less than a quorum, (3) if there are no such directors, or if such directors so direct, by
independent legal counsel in a written opinion or (4) by the stockholders.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 145(f) of the DGCL states that the indemnification and advancement
of expenses provided by, or granted pursuant to, the other subsections of Section 145 shall not be deemed exclusive of any other rights
to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or
disinterested directors or otherwise, both as to action in such person&#8217;s official capacity and as to action in another capacity
while holding such office.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 145(g) of the DGCL provides that a corporation shall have the power
to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or
is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, against any liability asserted against such person and incurred by such person in any such capacity
or arising out of such person&#8217;s status as such, whether or not the corporation would have the power to indemnify such person against
such liability under the provisions of Section 145.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 145(j) of the DGCL states that the indemnification and advancement
of expenses provided by, or granted pursuant to, Section 145 shall, unless otherwise provided when authorized or ratified, continue as
to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators
of such a person.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 102(b)(7) of the DGCL permits a corporation to provide in its certificate
of incorporation that a director or officer of the corporation shall not be personally liable to the corporation or its stockholders for
monetary damages for breach of fiduciary duty as a director or an officer, except for liability for any breach of the director&#8217;s
or officer&#8217;s duty of loyalty to the corporation or its stockholders, for acts or omissions not in good faith or which involve intentional
misconduct or a knowing violation of law, for unlawful payments of dividends or unlawful stock purchases or redemptions in the case of
a director, for any transaction from which the director or officer derived an improper personal benefit or in the case of an officer any
action by or in the right of the corporation. No such provision shall eliminate or limit the liability of a director or officer for any
act or omission occurring prior to the date when such provision becomes effective.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Certificate of Incorporation</I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company has adopted provisions in its Restated Certificate of Incorporation
that limit director and officer liability in accordance with, and to the fullest extent provided by, the provisions of the DGCL as they
may from time to time be amended.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Bylaws</I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company&#8217;s Second Amended and Restated Bylaws provide for the indemnification
of eligible persons, including directors and officers, to the maximum extent permitted by law.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Indemnification Agreements</I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company has entered into agreements with its directors and executive
officers that require the Company to indemnify them against certain liabilities that may arise by reason of their status or service as
directors or executive officers to the fullest extent permitted by the Company&#8217;s Restated Certificate of Incorporation, Second Amended
and Restated Bylaws and DGCL or other applicable law.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Insurance Policies</I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company purchased an insurance policy that purports to insure our directors
and officers against certain liabilities incurred by them in the discharge of their functions as directors and officers.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><I>Northern Technologies International Corporation 2024 Stock Incentive Plan</I></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Section 21.11 of the Northern Technologies International Corporation 2024
Stock Incentive Plan provides that, subject to any limitations and requirements of Delaware law, each individual who is or will have been
a member of the Board, or a committee appointed by the Board, or an officer or employee of the Company to whom authority was delegated
in accordance with Section 3.1 of the 2024 Plan, will be indemnified and held harmless by the Company against and from any loss, cost,
liability or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action,
suit or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to
act under the 2024 Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company&#8217;s approval,
or paid by him or her in satisfaction of any judgment in any such action, suit or proceeding against him or her, provided he or she will
give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it
on his/her own behalf.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The foregoing description of Section 145 of the DGCL, our Restated Certificate
of Incorporation, Second Amended and Restated Bylaws and the 2024 Plan is only a summary and is qualified in its entirety by the full
text of each of the foregoing.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company understands that it is the position of the SEC that insofar
as the foregoing provisions may be invoked to disclaim liability for damages arising under the Securities Act, that such provisions are
against public policy as expressed in the Securities Act and are therefore unenforceable.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">Item 7. Exemption from Registration Claimed.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">Item 8. Exhibits.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The following exhibits are filed with or incorporated by reference into
this Registration Statement:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; width: 10%">  <B>Exhibit No.</B></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 87%">  <B>Description</B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/875582/000117184323002270/ex_497228.htm"><FONT STYLE="font-size: 10pt">Restated Certificate of Incorporation of Northern Technologies International Corporation, dated January 31, 2023 (Incorporated by reference to Exhibit 3.1 to the Company&#8217;s Quarterly Report on Form 10-Q for the fiscal quarter ended February 28, 2023 (File No. 001-11038))</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/875582/000117184322007433/exh_31.htm"><FONT STYLE="font-size: 10pt">Second Amended and Restated Bylaws of Northern Technologies International Corporation (Incorporated by reference to Exhibit 3.1 to the Company&#8217;s Current Report on Form 8-K as filed with the Securities and Exchange Commission on November 14, 2022 (File No. 001-11038))</FONT></A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Specimen Stock Certificate Representing Common Stock of Northern Technologies
         International Corporation (Incorporated by reference to Exhibit 4.1 to the Company&#8217;s Registration Statement on Form 10
         (File No. 001-19331) (Filed on paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T))</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">Opinion of Fox Rothschild LLP regarding the validity of the shares of Common Stock being registered (Filed herewith)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="exh_231.htm"><FONT STYLE="font-size: 10pt">Consent of Baker Tilly US, LLP (Filed herewith)</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">Consent of Fox Rothschild LLP (Included within the opinion filed as Exhibit 5.1)</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">Power of Attorney (Included on signature page to this Registration Statement)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/875582/000117184324000312/exh_101.htm"><FONT STYLE="font-size: 10pt">Northern Technologies International Corporation 2024 Stock Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K as filed with the Securities and Exchange Commission on January 19, 2024 (File No. 001-11038))</FONT></A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">107</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="exh_107.htm"><FONT STYLE="font-size: 10pt">Filing Fee Table (Filed herewith)</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">Item 9. Undertakings.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Registrant hereby undertakes:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To include any prospectus required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Filing Fee Tables&#8221;
or &#8220;Calculation of Registration Fee&#8221; table, as applicable, in the effective registration statement; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 1in; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or
any material change to such information in this Registration Statement;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in"><I>Provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) herein do not apply
if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with
or furnished to the SEC by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that are incorporated
by reference in this Registration Statement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: left; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: left; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&#8217;s
annual report pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s
annual report pursuant to Section&nbsp;15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to the directors, officers, and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling
person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by final adjudication of such issue.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, as amended,
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 the City of Circle
Pines, State of Minnesota, on January 22, 2024.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt">/s/ G. Patrick Lynch</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">G. Patrick Lynch</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">President and Chief Executive Officer</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0"><B><A NAME="a_001"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We, the undersigned officers and directors of Northern Technologies International
Corporation hereby severally constitute and appoint G. Patrick Lynch and Matthew C. Wolsfeld, and each of them singly (with full power
to each of them to act alone), our true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in
each of them for each of the undersigned and in each of the undersigned&#8217;s name, place and stead, and in any and all capacities,
to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits
thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done
in and about the premises, as fully to all intents and purposes as each of the undersigned might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or any of them, or any of their substitute or substitutes, may lawfully do or
cause to be done by virtue hereof.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 30%; border-bottom: Black 1pt solid; text-align: center"><B>Name and Signature</B></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 50%; border-bottom: Black 1pt solid; text-align: center"><B>Title</B></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: Black 1pt solid; text-align: center"><B>Date</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">/s/ G. Patrick Lynch</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font-size: 10pt; margin: 0pt 0">President and Chief Executive Officer and Director</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">(principal executive officer)</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">January 22, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">G. Patrick Lynch</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">/s/ Matthew C. Wolsfeld</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font-size: 10pt; margin: 0pt 0">Chief Financial Officer and Secretary</P>
    <P STYLE="font-size: 10pt; margin: 0pt 0">(principal financial and accounting officer)</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">January 22, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Matthew C. Wolsfeld</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">/s/ Richard J. Nigon</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Chairman of the Board</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">January 22, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Richard J. Nigon</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">/s/ &#9;Nancy E. Calderon</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">January 22, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Nancy E. Calderon</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">/s/ &#9;Sarah E. Kemp</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">January 22, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; text-align: center">Sarah E. Kemp</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">/s/ Sunggyu Lee, Ph.D.</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">January 22, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Sunggyu Lee, Ph.D.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 30%">/s/ Ramani Narayan, Ph.D.</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 50%">Director</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 18%">January 22, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; text-align: center">Ramani Narayan, Ph.D.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">/s/ Cristina Pinho</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Director</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">January 22, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Cristina Pinho</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Konstantin von Falkenhausen</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">January 22, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Konstantin von Falkenhausen</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>exh_51.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; text-indent: -0.25in; margin: 0pt 0 0pt 0.25in"><B>Exhibit 5.1</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: Red"><IMG SRC="fr_logo.jpg" ALT=""></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #68675A; font-size: 10pt; margin: 0pt 0">City Center<BR>
33 South Sixth Street<BR>
Suite 3600<BR>
Minneapolis, MN 55402</P>

<P STYLE="color: #68675A; font-size: 10pt; margin: 0pt 0"><IMG SRC="fr_01.jpg" ALT="" STYLE="width: 15px; height: 14px">612.607.7000
<IMG SRC="fr_02.jpg" ALT="" STYLE="height: 15px; width: 15px">612.607.7100</P>

<P STYLE="color: #68675A; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">January 22, 2024</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Northern Technologies International Corporation</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">4201 Woodland Road</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">P.O. Box 69</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Circle Pines, Minnesota, 55014</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Northern Technologies International Corporation</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><B>Registration Statement on Form S&#45;8</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">We have acted as counsel to Northern Technologies International Corporation, a Delaware corporation
(the &#8220;Company&#8221;), in connection with the Company&#8217;s registration of an aggregate of 800,000 shares (collectively, the
&#8220;Shares&#8221;) of the Company&#8217;s common stock, par value $0.02 per share (the &#8220;Common Stock&#8221;), issuable under
the Northern Technologies International Corporation 2024 Stock Incentive Plan (the &#8220;Plan&#8221;) pursuant to a registration statement
on Form S-8 (the &#8220;Registration Statement&#8221;) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;),
filed by the Company with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on January 22, 2024.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">In connection with this opinion, we have examined and relied upon the originals, or copies certified
or otherwise identified to our satisfaction, of such records, documents, certificates and other instruments as in our judgment are necessary
or appropriate to enable us to render the opinions expressed below. As to certain factual matters, we have relied upon certificates of
the officers of the Company and have not sought to independently verify such matters.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">In rendering this opinion, we have assumed the genuineness and authenticity of all signatures
on original documents; the legal capacity of all natural persons; the authenticity of all documents submitted to us as originals; the
conformity to originals of all documents submitted to us as certified or photocopies; the authenticity of the originals of such latter
documents, including electronic signatures made and/or transmitted using electronic signature technology (e.g., via DocuSign or similar
electronic signature technology); that any such signed electronic record shall be valid and as effective to bind the party so signing
as a paper copy bearing such party&#8217;s handwritten signature; the accuracy and completeness of all documents and records reviewed
by us; the accuracy, completeness and authenticity of certificates issued by any governmental official, office or agency and the absence
of change in the information contained therein from the effective date of any such certificate; and other than for the Company, the due
authorization, execution and delivery of all documents where authorization, execution and delivery are prerequisites to the effectiveness
of such documents.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Our opinion herein is expressed solely with respect to the General Corporation Law of the State
of Delaware (including the statutory provisions, all applicable provisions of the Delaware Constitution and reported judicial decisions
interpreting the foregoing) and is based on these laws as in effect on the date hereof. We express no opinion as to whether the laws of
any jurisdiction are applicable to the subject matter hereof. We are not rendering any opinion as to compliance with any federal or other
state law, rule or regulation relating to securities, or to the sale or issuance thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">On the basis of the foregoing and in reliance thereon, and subject to the qualifications herein
stated, we are of the opinion that the Shares registered pursuant to the Registration Statement have been duly and validly authorized
and reserved for issuance and that upon the issuance of the Shares and payment therefor in accordance with the provisions of the Plan,
the Shares will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement.
In giving such consent, we do not 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 SEC thereunder. This opinion is expressed as of the date hereof, and we disclaim any undertaking
to update or supplement this opinion or to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent
changes in applicable law.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">/s/ Fox Rothschild LLP</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>exh_231.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">


<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Exhibit 23.1</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">Consent of Independent Registered
Public Accounting Firm</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8
of our report dated November 21, 2023 relating to the consolidated financial statements of Northern Technologies International Corporation
and subsidiaries (the Company), appearing in the Annual Report on Form 10 K of the Company for the year ended August 31, 2023.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">/s/ Baker Tilly US, LLP</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">Minneapolis, Minnesota</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">January 22, 2024</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>


</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>exh_107.htm
<DESCRIPTION>CALCULATION OF FILING FEE TABLE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">


<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Exhibit 107</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Calculation of Filing Fee Table</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Form S-8</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Form Type)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Northern Technologies International Corporation</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>Table 1: Newly Registered Securities</U></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 11%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security <BR>
Type</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security <BR>
Class Title</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee <BR>
Calculation <BR>
Rule</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount <BR>
Registered<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed <BR>
Maximum <BR>
Offering <BR>
Price Per <BR>
Unit<SUP>(2)</SUP>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum <BR>
Aggregate <BR>
Offering Price</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Rate</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of <BR>
Registration <BR>
Fee<SUP>(3)</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, par value $0.02 per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">457(c) and 457(h)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">800,000 shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$12.075 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$9,660,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$147.60 per $1,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,425.82 </FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Total Offering Amounts</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$9,660,000</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,425.82</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Total Fee Offsets</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Net Fee Due</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,425.82</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), this registration statement
will also cover any additional shares of common stock, par value $0.02 per share, of Northern Technologies International Corporation (the
&#8220;Common Stock&#8221;) that become issuable under the Northern Technologies International Corporation 2024 Stock Incentive Plan (the
&#8220;2024 Plan&#8221;) by reason of any stock split, stock dividend, recapitalization or other similar transaction effected without
the registrant&#8217;s receipt of consideration which would increase the number of outstanding shares of Common Stock.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Estimated solely for the purpose of calculating the amount of the registration fee and calculated pursuant to Rule 457(c) and Rule
457(h) under the Securities Act on the basis of the average of the high and low sales prices of the Common Stock on January 18, 2024,
as reported by the Nasdaq Stock Market.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">The Registrant does not have any fee offsets.</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>




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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
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