Company: NCEL
Filing Date: 2025-10-24
Form Type: POS AM
Source: 0001213900-25-102149
Chunk: 17

Company: NewcelX Ltd.
Filing Date: 2025-10-24
Form: POS AM
Chunk 17
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em’s representatives any proposed modifications to the terms and conditions of the Merger Agreement so that the NLS
Board determines in good faith that the failure to take such action would no longer reasonably be expected to be inconsistent with the
fiduciary duties of the NLS directors under applicable law; and (E) no earlier than the end of such negotiation period, the NLS Board
shall have determined in good faith, after consultation with its outside legal counsel, and after considering the terms of any proposed
amendment or modification to the Merger Agreement (and all financial, legal, and regulatory terms and conditions of such Parent Acquisition
Proposal and the expected timing of consummation and the relative risk of consummation of the applicable proposal), that (x) the Parent
Acquisition Proposal that is the subject of the notice delivered by NLS to Kadimastem still constitutes a Parent Superior Proposal and
(y) 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.

Other than in connection with
a Parent Superior Proposal, prior to obtaining the required vote by NLS shareholders, the NLS Board may take any action otherwise prohibited
by the terms of the Merger Agreement, but only in response to a Parent Intervening Event (as defined in the Merger Agreement) and only
if (i) the NLS Board determines in good faith, after consultation with its financial advisor and outside legal counsel, that the failure
to take such action would reasonably be expected to be inconsistent with the fiduciary duties of the NLS directors under applicable law;
(ii) NLS has notified Kadimastem in writing that it intends to effect a Parent Adverse Recommendation Change due to the occurrence of
a Parent Intervening Event; (iii) for a period of five (5) days following the delivery of such notice, NLS shall have discussed and negotiated
in good faith, and shall have made its representatives available to discuss and negotiate in good faith (in each case to the extent Kadimastem
desires to negotiate), with Kadimastem representatives any proposed modifications to the terms and conditions of the Merger Agreement
so that the failure to take such action would no longer reasonably be expected to be inconsistent with the fiduciary duties of the NLS
directors under applicable law; and (iv) no earlier than the end of the negotiation period, the NLS Board shall have determined in good
faith