Company: NCEL
Filing Date: 2025-06-06
Form Type: 425
Source: 0001213900-25-052102
Chunk: 7

Company: NewcelX Ltd.
Filing Date: 2025-06-06
Form: 425
Chunk 7
---
 plans); and (b) the satisfaction of all conditions to such conversion, exercise, or exchange as of that date,
but excluding any shares issuable solely as a result of future grants, awards, or other issuances after such date;

“Merger Shares”
means the total number of Parent Common Stock to be issued by Parent to Company shareholders in connection with the Merger, calculated
as the result of (a) (x) the Fully Diluted Parent Common Stock as of immediately prior to the Closing divided by (y) the Parent
Adjusted Percentage, multiplied by(b) the Company Adjusted Percentage, multiplied by (c) the Parent Shareholder Percentage;

“Outstanding Shares”
means, as of immediately prior to the Effective Time, the total number of Shares issued and outstanding;

“Parent Adjusted Cash Amount” means the result of (a) Closing Cash minus (b) $600,000 minus (c) the amount of any distributions
or Closing Indebtedness; provided that if the Parent Adjusted Cash Amount is equal to or greater than $0, that amount shall be referred
to herein as the “Parent Excess Cash Amount” and if the Parent Adjusted Cash Amount is less than $0, the absolute value
of that amount shall be referred to herein as the “Parent Deficit Cash Amount”;

<div align='center'>3</div>

“Parent Adjusted Percentage” means the result of (a) 15% (which reflects the Basic Ratio Share Split) plus (b) the Parent Cash Percentage,
as applicable, or minus (c) the Parent Deficit Percentage, as applicable;

“Parent Cash Percentage”
means the quotient, expressed as a percentage, obtained by dividing (a) the Parent Excess Cash Amount, if any, by (b) the Combined
Company Valuation;

“Parent Deficit Percentage”
means the quotient, expressed as a percentage, obtained by dividing (a) the Parent Deficit Cash Amount, if any, by (b) the Combined
Company Valuation;

“Parent Shareholder Percentage” means the quotient, expressed as a percentage, obtained by dividing (a) the Outstanding Shares by (b) the
Fully Diluted Shares.

“Parent Valuation”
means the product of (a) the closing price per share of the Parent Common Stock on the principal market or exchange on which the Parent
Common Stock is traded on the trading date immediately preceding the Closing Date multiplied by (b) the Fully Diluted Parent Common
Stock outstanding as of immediately