Company: NCEL
Filing Date: 2025-10-24
Form Type: POS AM
Source: 0001213900-25-102149
Chunk: 18

Company: NewcelX Ltd.
Filing Date: 2025-10-24
Form: POS AM
Chunk 18
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, after consultation with its financial advisor and outside legal counsel, and after considering the terms of any proposed amendment
or modification to the Merger Agreement, that the failure to take such action would still reasonably be expected to be inconsistent with
the fiduciary duties of the NLS directors under applicable Law.

The Merger Agreement and
the consummation of the transactions contemplated thereby require the approval of the shareholders of both NLS and Kadimastem, both of
which have been obtained.

<div align='center'>7</div>

In connection with the Closing, as of the Effective Time, NLS’s officers (other than Mr. Konofal who shall remain in a part-time position with NLS) and NLS Board will resign and it is anticipated that Kadimastem’s executive officers and members of the Board of Directors of Kadimastem will become NLS’s executive officers and members of the NLS Board; provided, however, that Mr. Alexander Zwyer shall remain as a member of the NLS Board and, from the date of the Closing until the date that is one year after the date of the Closing, the combined company shall not take any action to remove, or recommend the removal of Mr. Zwyer from the combined company’s board of directors without cause, and shall nominate for election and continue to recommend to its shareholders that Mr. Zwyer be elected to serve as a director of the combined company. As a condition to his continued service and re-appointment, Mr. Zwyer shall tender an irrevocable resignation letter effective upon the lapse of one year from the date of the Closing, subject to acceptance of his resignation by the NLS Board. Pursuant to the Merger Agreement, no later than 90 days after the Closing, NLS shall make all necessary preparations for the sale of the Legacy Assets and appoint a Board sub-committee (the “Legacy Sub-Committee”), consisting of at least three (3) members of the NLS Board, which such sub-committee shall include the designated director identified by Mr. Zwyer, to oversee, market, manage, direct, negotiate, and take all other actions reasonably necessary to dispose the Legacy Assets and liabilities of NLS as of the Effective Time (the “Legacy Sale”). The Legacy Sub-Committee shall use best commercial efforts to consummate the Legacy Sale within 12 months following the Closing. The proceeds of any Legacy Sale, net of (i) all costs and expenses incurred or to be