Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 212

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 212
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 any VWAP Purchases are made or settled hereunder
or any subsequent termination of this Agreement.

<div align='center'>51</div>

(iii) Irrevocable Transfer Agent Instructions; Opinion of Counsel. On the Effective Date of the Initial Registration Statement and prior to Commencement,
the Company shall deliver or cause to be delivered to its Transfer Agent (and thereafter, shall deliver or cause to be delivered to any
subsequent transfer agent of the Company), (i) irrevocable instructions executed by the Company and delivered to the Company’s transfer
agent (the “Commencement Irrevocable Transfer Agent Instructions”) directing the Transfer Agent to issue to
the Investor or its designated Broker-Dealer at which the account or accounts to be credited with the Shares being purchased by Investor
are maintained any Registrable Securities included in the Initial Registration Statement as DWAC Shares, if and when such Registrable
Securities are issued in accordance with this Agreement and (ii) an opinion of United States Counsel as contemplated by this Agreement
relating to the Initial Registration Statement and the removal of restrictive legends from the Shares. With respect to any post-effective
amendment to the Initial Registration Statement, any New Registration Statement or any post-effective amendment to any New Registration
Statement, in each case declared effective by the Commission after the Commencement Date, the Company shall deliver or cause to be delivered
to its Transfer Agent (and thereafter, shall deliver or cause to be delivered to any subsequent transfer agent of the Company) (i) irrevocable
instructions in the form substantially similar to the Commencement Irrevocable Transfer Agent Instructions executed by the Company and
acknowledged in writing by the Transfer Agent and (ii) an opinion of United States Counsel, in each case modified as necessary to refer
to such Registration Statement or post-effective amendment and the Registrable Securities included therein, to issue the Registrable Securities
included therein as DWAC Shares in accordance with the terms of this Agreement. For the avoidance of doubt, all Shares to be issued in
respect of any VWAP Purchase Notice delivered to the Investor pursuant to this Agreement shall be issued to the Investor in accordance
with Section 3.2 by crediting the Investor’s account at DTC as DWAC Shares, and the Company shall not take any action or give instructions
to any transfer agent of the Company otherwise. The Company represents and warrants to the Investor that, while this Agreement is effective,
no instruction other than those referred to in this