Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 221

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 221
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’s regulatory
milestones and the degree of use of

Ramot’s technology developed during the
project, as stipulated in the agreement. In addition, royalties will be paid to Ramot at a rate of 2.75% for consideration received by
Kadimastem for sublicensing of product in the field of diabetes, depending on the milestone specified in the agreement; or royalties at
the rate of 7% if the sublicensing is for a product that combines the technology of Ramot. It was also agreed that Kadimastem would grant
to Ramot up to 200,000 options, free of charge, subject to reaching regulatory milestones, at the following rates: 30% of the options
would be granted after meeting with a regulatory body, prior to submitting the IND application; an additional 30% of the options will
be granted after the submission of the IND application; and an additional 40% of options will be granted after receiving the IND approval.
The granting of such options is subject to Professor Efrat continuing to advise Kadimastem throughout various stages of the product’s
regulatory approval. The agreement may be terminated at any time if either party commits a material breach or if either party goes into
bankruptcy, liquidation, makes a general assignment for the benefit of its creditors, or becomes a party to dissolution proceedings.

Feasibility Study Agreement with Australian
Foundation for Diabetes Research

Originally on September 2018, and as
further amended, Kadimastem entered into a feasibility study agreement with the Australian Foundation for Diabetes Research, or the
AFDR, and the Sydney Cell Therapy Foundation Pty Limited, or the SCTF, to evaluate the feasibility of implementing medical solutions
derived from Kadimastem’s human stem cell technologies into AFDR’s medical devices, licensed to SCTF. Pursuant to
this agreement, Kadimastem and AFDR jointly own, in equal parts of all intellectual property resulting from the collaboration and
share equally in the costs of patent filings and protections. In addition, Kadimastem received an exclusive, perpetual, worldwide
license to commercialize the joint results. As consideration for such license, Kadimastem will pay AFDR 22.5% of all
non-sales-related upfront payments it or its affiliates actually received from any sublicensee, and 25% of all milestone payments
actually received upon the occurrence or achievement of milestones by any sublicensee. The agreement terminates on December 31,
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