Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 114

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 114
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 Black-Scholes model based on the following assumptions:

| Dividend yield for the share (%)    |     |     - |   |
| Expected share price volatility (%) |     |    65 | % |
| Risk-free interest rate (%)         |     |   3.1 | % |
| Share price (USD)                   |     | 0.475 |   |

| E. | On March 21, 2024, the Shareholders’ Meeting approved the grant of equity compensation to Mr. Assaf                                         
 Shiloni, the Company’s CEO, comprising 139,558 restricted share units (“RSUs”) that will vest into up to 139,558 ordinary                   
 shares. The RSUs will vest into shares in 36 equal monthly installments, over a total period of 3 years, commencing on the date of approval 
 of the grant by the Board of Directors.                                                                                                     |

The share units will vest immediately,
in part or in full, in the following circumstances: Immediate vesting of 20% of the RSUs that have not yet vested in the event of a cumulative
equity raise (including equity from the exercise of warrants) amounting to USD $10 million or more commencing from the date of approval
of the grant by the Board of Directors; Immediate vesting of 30% of the restricted share units that have not yet vested upon listing of
the Company’s shares for trading in the United States or in the event that the Company merges with a company listed on a U.S. stock
exchange; and immediate vesting of all restricted share units that have not yet vested in the event of a change of control.

In 2024, expenses of USD $63 thousand
were recognized with respect to the grant of these RSUs.

In light of the termination of Mr. Assaf
Shiloni’s employment, 96,911 of the RSUs expired.

| F. | On March 21, 2024, the Shareholders’ Meeting approved the grant of equity compensation to Mr. Ronen                                            
 Twito, the Executive Chairman of the Company’s Board of Directors, comprising 209,337 RSUs that will vest into up to 209,337 ordinary          
 shares. The RSUs will vest into shares in 36 equal monthly installments, over a total period of 3 years, commencing on the date of approval    
 of the grant by the Board of Directors. The RSUs will vest immediately, in part or in full,