Company: NCEL
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026428
Chunk: 259

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: F-4/A
Chunk 259
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 record holders of the outstanding NLS Common Shares as of immediately prior to the Effective Time and the holders of the outstanding warrants of NLS as of immediately prior to the Effective Time are referred to herein, collectively, as the Holders. CVRs shall be issued and distributed by NLS in the form of a dividend, in connection with the Merger, to each Holder. Notwithstanding anything to the contrary, the CVR Agreement shall only become effective as of, and contingent upon, the Closing and shall be void ab initio and of no effect upon the valid termination of the Merger Agreement, if signed prior to the Closing. One CVR will be issued with respect to each NLS Common Share issued and outstanding as of immediately prior to the Effective Time and each NLS Common Share that may be acquired upon the exercise of the outstanding warrants of NLS as of immediately prior to the Effective Time. The CVRs shall not be sold, assigned, transferred, pledged, encumbered or in any other manner transferred or disposed of, in whole or in part, other than set forth in the CVR Agreement. Any purported transfer of a CVR other than permitted transfer as set forth in the CVR Agreement will be null and void ab initio. Pursuant to the CVR Agreement, a “permitted transfer” means, with respect to any Holder, a transfer of one or more of a Holder’s CVRs to (i) a Holder’s immediate family member (spouse, child or parent), (ii) one or more trusts established in whole or in part for the benefit of a Holder, (iii) one or more entities that are controlled by a Holder in which control means ownership of at least 50% of the equity interests there and the right to appoint or elect a majority 129 of the board of directors of such entity, or (iv) a corporate owning, owned by or under common ownership with such Holder. All costs and expenses related to any transfer of the VRS, including the cost of any transfer tax, will be the responsibility of the transferor. Upon the occurrence of sale or disposition of all or any part of the Legacy Assets (the CVR Transaction), and in any event within 30 days after the occurrence of the CVR Transaction, NLS will deliver to the Rights Agent a certificate certifying that the Holders are entitled to receive a corresponding CVR payment in cash of any CVR payment amount that sets forth, in reasonable detail, the calculation of the applicable CVR payment amount, together