Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 113

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 113
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 (NIS 5). The vesting period of the Options is three years, wherein one-third of the Options are to mature after 1 year and the remaining 
 Options are to mature linearly over eight quarters. The Options were granted in the equity track under section 102 under the Company’s   
 standard conditions and in accordance with the Company’s option plan.                                                                    |

The Options will be exercisable for a
period of 5 years from their grant date.

The CEO’s Options’ value
of USD $62 thousand was determined according to the Black-Scholes model based on the following assumptions:

100,000 options were granted to the chairman
of the Board of Directors, each of which is exercisable into one Share for an exercise price of USD $0.81 (NIS 2.68). The vesting period
of the Options is one year from their grant date. The Options will be exercisable for a period of five years from their grant date. The
Options were granted in the equity track under section 102 under the Company’s standard conditions and in accordance with the Company’s
option plan.

The chairman of the Board of Directors’
Options’ value of USD $30 thousand was determined according to the Black-Scholes model based on the following assumptions:

| Dividend yield for the share (%)    |     |   - |   |
| Expected share price volatility (%) |     |  72 | % |
| Risk-free interest rate (%)         |     | 0.3 | % |
| Share price (USD)                   |     | 1.1 |   |

| D. | On June 12, 2022, the shareholders’ meeting approved the grant of non-marketable options that can                                      
 be exercised into Shares in a 1:1 ratio as follows: 708,000 options for the CEO, and approximately 625,000 options for the chairman of 
 the board (the “June Options”).                                                                                                        |

The June Options will vest over a period
of 36 months in equal quarterly installments at an exercise price of USD $0.7. The vesting of the June Options shall accelerate in certain
cases, such as the sale of the Company, the Company’s listing on the Nasdaq Capital Market, or raising over USD $10 million in equity.
The June Options’ exercise period is 10 years.

<div align='center'>F-36</div>

The June Options’ value of USD
$381 thousand was determined according to the