Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 121

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 121
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6.77) and shall be exercisable for a period of 42 months from the date of issuance.

| D. | Loan agreement in the amount of NIS 1 million (USD $269 thousand), on beneficial terms, between the 
 Company and Prof. Michel Revel                                                                      |

On April 23, 2025, the Company announced
that on April 22, 2025, the Company’s audit committee and Board of Directors approved the Company’s entry into a loan agreement,
on beneficial terms, with Prof. Michel Revel, the Company’s Chief Scientific Officer, who is also a significant shareholder and
a director of the Company (the “Loan Agreement”, accordingly), in accordance with the terms as follows:

| 1. | Upon approval by the Company’s Board of Directors, Prof. Revel shall provide the Company with a                                   
 loan in the amount of NIS 1 million (USD $269 thousand). The loan bears no interest and is not linked to any index and unsecured. |

| 3. | Subject to the approval of the Company’s general meeting                                                                                   
 of shareholders, the loan shall be converted into Company shares, at the earlier of: (i) a date close to the closing date of the Company’s 
 merger with NLS, if and when completed, at the market price as that time (calculated as the average share price of the 14 trading days     
 prior to the conversion date); or (ii) alternatively, if the Company conducts an equity financing round in proximity to the completion     
 of the merger, any other equity financing.                                                                                                 |

<div align='center'>F-44

Up to 5,000,000 Common Shares

NLS Pharmaceutics Ltd.

PROSPECTUS

, 2025

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS</div>

Item 6. Indemnification of Directors, Officers and Employees

Indemnification

Under Swiss law, a corporation
may indemnify its directors or officers against losses and expenses (except for such losses and expenses arising from willful misconduct
or negligence, although legal scholars advocate that at least gross negligence be required; however, some scholars also advocate that
with any breach of duty, indemnification by the Company is not permissible), including attorney’s fees, judgments, fines and settlement
amounts actually and reasonably incurred in a civil or criminal action, suit or proceeding by reason of having been the representative
of, or serving at the request of, the corporation.