Company: NCEL
Filing Date: 2025-02-10
Form Type: F-3
Source: 0001213900-25-011823
Chunk: 10

Company: NewcelX Ltd.
Filing Date: 2025-02-10
Form: F-3
Chunk 10
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acquisition proposal that the Board determines in good faith, after consultation with its financial advisor and outside legal counsel,
constitutes or is reasonably likely to constitute or lead to a Parent Superior Proposal (as defined in the Merger Agreement). In addition,
the Board is permitted, subject to the terms and conditions set forth in the Merger Agreement, to make a Parent Adverse Recommendation
Change (as defined in the Merger Agreement).

The Merger Agreement contains customary termination
rights for each of the Company and Kadimastem. On January 30, 2025, the Merger Agreement was amended such that the amended Merger Agreement
includes the right of the Company and Kadimastem to terminate the Merger Agreement if the Closing shall not have occurred on or before
April 30, 2025, which outside date can be further extended by mutual agreement. The Merger Agreement also provides that the Company shall
pay to Kadimastem a termination fee of $10,000,000 plus the Company Operating Expenses (as defined in the Merger Agreement), up to a maximum
of $250,000 per month beginning July 28, 2024, and the Transaction Expenses (as defined in the Merger Agreement) if the Company terminates
the Merger Agreement prior to obtaining the Parent Requisite Vote (as defined in the Merger Agreement) to enter into a definitive agreement
providing for a Parent Superior Proposal (as defined in the Merger Agreement) in accordance with terms of the Merger Agreement.

For a more comprehensive discussion of the risks
related to the Merger, please see under the section “Risk Factors - Risks Related to the Merger.”

Contingent Value Right Agreement

Prior to the Closing, the Company will enter into
the CVR Agreement with VStock Transfer, LLC, which will govern the terms of the CVRs. Each CVR will represent the right to additional
payments based on the proceeds, subject to certain adjustments, received by the Company from the disposition of the Legacy Assets.

The right to the CVRs as evidenced by the CVR Agreement
is a contractual right only and will not be transferable, except in the limited circumstances specified in the CVR Agreement.

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Support Agreement Concurrently with the execution of the Merger Agreement, the Company entered into support agreements, each, a Support Agreement with certain shareholders and of the Company, or the Supporting Persons, covering approximately 40% of the outstanding Common Shares