Company: NCEL
Filing Date: 2025-03-03
Form Type: F-4/A
Source: 0001213900-25-018981
Chunk: 848

Company: NewcelX Ltd.
Filing Date: 2025-03-03
Form: F-4/A
Chunk 848
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. NIS 0.1), for an exercise price of USD $0.81 (NIS 2.68). The vesting period of the Options is 1 year from their grant date. The Options will be exercisable for a period of 5 years from their grant date. The Options were granted in the equity track under section 102 under the Company’s standard conditions and in accordance with the Company’s option plan. The Options’ value, USD $30 thousand, was determined according to the Black -Scholesmodel based on the following assumptions:

| DIVIDEND YIELD FOR THE SHARE (%)               |     |   — |   |
| EXPECTED SHARE PRICE VOLATILITY (%)            |     |  72 | % |
| RISK-FREE INTEREST RATE (%)                    |     | 0.3 | % |
| SHARE PRICE USD $0.03 P.V (NIS 0.1 P.V.) (USD) |     | 1.1 |   |

D.On June 12, 2022, the shareholders’ meeting approved the grant of non -marketableoptions that can be exercised into ordinary shares, p.v. USD $0.03 each, in a 1:1 ratio as follows: 708,000 options for the CEO, and approximately 625,000 options for the chairman of the board. The Options will vest over a period of 36 months in equal quarterly installments at an exercise price of USD $0.7. The vesting of the Options shall accelerate in certain cases, such as the sale of the Company, the Company’s listing on the Nasdaq Capital Market, or raising over USD $10 million in equity. The Options’ exercise period is 10 years. The Options’ value, USD $381 thousand, was determined according to the Black -Scholesmodel based on the following assumptions:

| Dividend yield for the share (%)               |     |     — |   |
| Expected share price volatility (%)            |     |    65 | % |
| Risk-free interest rate (%)                    |     |   3.1 | % |
| SHARE PRICE USD $0.03 P.V (NIS 0.1 P.V.) (USD) |     | 0.475 |   |

Annex G-37

KADIMASTEM LTD.
NOTES TO FINANCIAL STATEMENTS NOTE 19: — SHARE-BASED PAYMENT (cont.) E. Movement throughout the year Below is