Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 79

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 79
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 represented by the certificate are being converted (in which event
such certificate(s) shall be delivered to the Company as contemplated by this Section 4.30) or (B) such Purchaser has provided the Company
with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of Preferred Shares upon physical
surrender of any Preferred Shares. Each Purchaser and the Company shall maintain records showing the number of Preferred Shares so converted
by such Purchaser and the dates of such conversions or shall use such other method, reasonably satisfactory to such Purchaser and the
Company, so as not to require physical surrender of the certificate representing the Preferred Shares upon each such conversion. In the
event of any dispute or discrepancy, such records of such Purchaser establishing the number of Preferred Shares to which the record Purchaser
is entitled shall be controlling and determinative in the absence of manifest error.

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(vi) . The Company
shall pay any and all documentary, stamp, transfer (but only in respect of the registered Purchaser thereof), transfer agent fees, issuance
and other similar taxes that may be payable with respect to the issuance and delivery of shares of Common Shares upon the conversion of
Preferred Shares.

(vii) . Notwithstanding anything to the contrary contained in this Agreement, the Preferred Shares held by a Purchaser shall not
be convertible by such Purchaser, and the Company shall not effect any conversion of any Preferred Shares held by such Purchaser, to the
extent (but only to the extent) that such Purchaser or any of its affiliates would beneficially own in excess of 9.99% (the “Maximum Percentage”) of the Common Shares. To the extent the above limitation applies, the determination of whether the Preferred Shares
held by such Purchaser shall be convertible (vis-à-vis other convertible, exercisable or exchangeable securities owned by such
Purchaser or any of its affiliates) and of which such securities shall be convertible, exercisable or exchangeable (as among all such
securities owned by such Purchaser and its affiliates) shall, subject to such Maximum Percentage limitation, be determined on the basis
of the first submission to the Company for conversion, exercise or exchange (each as the case may be). No prior inability of a Purchaser
to convert Preferred Shares, or of the Company to issue shares of Common Shares to such Purchaser, pursuant to this Section 4.30(a)(vii)