Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 229

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 229
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 the applicable VWAP Purchase
Date, or such later time on such VWAP Purchase Date publicly announced by the Principal Market (or, if the Common Shares is then listed
on an Principal Market, by such Principal Market) as the official open (or commencement) of trading (regular way) on the Principal Market
(or such Principal Market, as applicable) on such VWAP Purchase Date; provided, however, that if a VWAP Purchase Notice is delivered
after 9:00 a.m., New York City time, on a VWAP Purchase Date, then the VWAP Purchase Commencement Time shall start only upon receipt by
the Company of written confirmation (which may be by email) of acceptance by the Investor, and which confirmation shall specify the VWAP
Purchase Commencement Time.

“VWAP Purchase Date”
shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1, the Trading Day on which the Investor receives, on such Trading
Day, a valid VWAP Purchase Notice for such VWAP Purchase in accordance with this Agreement.

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“VWAP Purchase Maximum Share Percentage”
shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1, thirty percent (30%) such day’s trading volume, unless
mutually agreed in writing (which may be by email) between the Company and Investor prior to delivery of a VWAP Purchase Notice in respect
of such VWAP Purchase.

“VWAP Purchase Notice”
shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1, an irrevocable written notice delivered by the Company to the
Investor in the form set forth in hereto.

“VWAP Purchase Period”
shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1, the period on the applicable VWAP Purchase Date for such VWAP
Purchase beginning at the applicable VWAP Purchase Commencement Time and ending at the applicable VWAP Purchase Termination Time.

“VWAP Purchase Price”
shall mean the purchase price per Share to be purchased by the Investor in such VWAP Purchase on such VWAP Purchase Date equal to ninety-five
percent (95%) of the lesser of the (i) lowest sale price on the VWAP Purchase Date and (ii) the VWAP over the applicable VWAP Purchase
Period on such VWAP Purchase Date for such VWAP Purchase. Notwithstanding anything herein to the contrary,