Company: NCEL
Filing Date: 2025-06-09
Form Type: F-4/A
Source: 0001213900-25-052354
Chunk: 456

Company: NewcelX Ltd.
Filing Date: 2025-06-09
Form: F-4/A
Chunk 456
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 of the majority of the preferred shareholders. This transaction also closed on October 10, 2024. Kadimastem Ronen Twito Employment Agreement On January30, 2025, Kadimastem updated the employment agreement with Mr.Twito, to serve as the CEO and Chairman of Kadimastem. Kadimastem agreed to pay Mr.Twito an annual salary of USD 370,188 (including social benefits) which will increase to USD 413,743 upon the combined company completing a capital raise greater than $10million following the Merger (a “Trigger Financing”) and a bonus payment, subject to the discretion of the Board. Under the employment agreement with Kadimastem, Mr.Twito received 157,995 RSUs to be settled into such number of Kadimastem Ordinary Shares as provided under the agreement, vested over a two -yearperiod. The agreement includes acceleration provisions including at the Closing of the Merger. At the Closing of the Merger the unvested RSUs convert into RSUs of NLS, in accordance with the terms of the Merger Agreement. Under the employment agreement, upon the Closing of the Merger, Mr.Twito shall also be entitled to a bonus equal to the NIS equivalent of one hundred thousand US Dollars (US$100,000). The employment agreement also provides that either party may terminate the employment agreement with 9months’ prior notice, 3 -monthadaptation period. Mr.Twito is also subject to a 12 -monthnon -competitionand non -solicitationclauses. The employment agreement also provides for standard confidentiality provisions as well as reimbursement for certain expenses. Michel Revel Employment Agreement On January30, 2025, Kadimastem entered into a Service Agreement with Dr. Michel Revel, to serve as the Chief Scientist of the company. The Service Agreement did not involve any salary. In accordance with the Services Agreement, the Company directly bears the flight expenses and expenses for Prof. Revel’s stay abroad in the framework of providing services to Kadimastem. Once a year, the Compensation Committee will discuss the reasonableness of 260 the business expenses incurred by the Company as stated, with no ceiling set for these expenses. In addition, Prof. Revel is entitled to full reimbursement of reasonable business expenses (including transportation, accommodation, food, etc.), which will be made in accordance with the Company’s accepted procedures and in a maximum amount of NIS 150,000 ($41,666