Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 188

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 188
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(i) Except
as expressly set forth below, the Investor covenants that from and after the Closing Date through and including the Trading Day next following
the expiration or termination of this Agreement as provided in Article VIII (the “Restricted Period”), none
of the Investor any of its officers, or any entity managed or controlled by the Investor (collectively, the “Restricted Persons”
and each of the foregoing is referred to herein as a “Restricted Person”) shall, directly or indirectly, (i)
engage in any Short Sales of the Common Shares or (ii) hedging transaction, which establishes a net short position with respect to the
Common Shares, with respect to each of clauses (i) and (ii) hereof, either for its own principal account or for the principal account
of any other Restricted Person. Notwithstanding the foregoing, it is expressly understood and agreed that nothing contained herein shall
(without implication that the contrary would otherwise be true) prohibit any Restricted Person during the Restricted Period from: (1)
selling “long” (as defined under Rule 200 promulgated under Regulation SHO) the Shares; or (2) selling a number of Common
Shares equal to the number of Shares that such Restricted Person is unconditionally obligated to purchase under a pending VWAP Purchase
Notice but has not yet received from the Company or the Transfer Agent pursuant to this Agreement, so long as (X) such Restricted Person
(or the Broker-Dealer, as applicable) delivers the Shares purchased pursuant to such VWAP Purchase Notice to the purchaser thereof or
the applicable Broker-Dealer promptly upon such Restricted Person’s receipt of such Shares from the Company in accordance with Section
3.2 of this Agreement and (Y) neither the Company or the Transfer Agent shall have failed for any reason to deliver such Shares to the
Investor or its Broker-Dealer so that such Shares are received by the Investor as DWAC Shares on the applicable VWAP Purchase Share Delivery
Date in accordance with Section 3.2 of this Agreement, including, without limitation, within the time period specified for receipt of
such Shares by the Investor or its Broker-Dealer as DWAC Shares from the Company or the Transfer Agent.

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(ii) In
addition to the foregoing, in connection with any sale of Shares (including any sale permitted by paragraph (i) above), the Investor shall
comply in all respects with all applicable laws, rules, regulations and orders, including, without limitation, the