Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 92

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 92
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 16, 2023, the Company entered into an agreement with the Alpha Capital Anstalt Fund (hereinafter,                     
 the “Alpha Fund”) and Mr. Julian Ruggieri (hereinafter, “Mr. Ruggieri”), one of the Company’s shareholders,                      
 to invest up to USD $1.7 million in the Company through a convertible loan (hereinafter, the “Loan Principal”) that may be       
 converted into ordinary shares and non-marketable warrants, exercisable into the Company’s ordinary shares of NIS 0.1 par value. 
 The loan agreement was approved at the shareholders’ meeting on December 3, 2023.                                                |

| 1. | A total of USD $1.25 million (Alpha Fund - USD $1 million; Mr. Ruggieri - USD $250 thousand) (hereinafter,                 
 the “Initial Loan Amount”) will be disbursed by the investors up to 7 days after the fulfillment of all the conditions (as 
 defined below) (hereinafter, the “First Completion Date”).                                                                 |

| 2. | The Company will have the right to require the investors to provide the Company with an additional amount                                  
 in excess of the Initial Loan Amount of USD $450 thousand (Alpha Fund - USD $200 thousand; Mr. Ruggieri - USD $250 thousand) (hereinafter, 
 the “Second Loan Amount”) in the 12-month period starting on the First Completion Date.                                                    |

The loan principal will bear interest
at an annual rate of 10% (non-linked) (hereinafter, the “Interest” and with the loan principal, the “Loan”). The
Loan repayment date will be after 15 months from the First Completion Date, and despite the above, the Company may extend the Loan repayment
date by an additional period of 6 months (hereinafter, the “Extension Period” and the “Repayment Date,” respectively).
The Company will not be allowed to pay off the Loan before the Repayment Date. As of the reporting date, the Loan has not yet been converted,
as it is subject to the merger transaction with NLS.

<div align='center'>F-25</div>

On the due date, the investors will be
entitled, at their sole discretion, to repayment of the Loan in one of the following two methods: (a) paying off the Loan in cash, or
(b) paying off the Loan by way of conversion into