Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 16

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 16
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 Kadimastem to do so (subject to the terms of the Merger Agreement).

<div align='center'>6</div>

If, at any time prior to the
receipt of the required vote by NLS’s shareholders the NLS Board receives a Parent Acquisition Proposal that NLS determines in good
faith, after consultation with its financial advisor and outside legal counsel, constitutes a Parent Superior Proposal (as defined in
the Merger Agreement), the NLS Board may (i) effect a Parent Adverse Recommendation Change (as defined in the Merger Agreement) or (ii)
authorize NLS to terminate the Merger Agreement pursuant to the terms thereof in order to enter into a definitive agreement providing
for a Parent Superior Proposal, provided that such Parent Superior Proposal is conditioned on the Merger Agreement being terminated, which
condition remains after NLS has used its reasonable best efforts to remove such condition, if (A) 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 NLS’s directors under applicable law; (B) NLS has notified Kadimastem in writing
that it intends to effect a Parent Adverse Recommendation Change or terminate the Merger Agreement; (C) if applicable, NLS has provided
Kadimastem a copy of the proposed definitive agreements between NLS and the person making such Parent Superior Proposal; (D) for a period
of five (5) days following the notice delivered pursuant to the Merger Agreement, NLS shall have discussed and negotiated in good faith
and made its representatives available to discuss and negotiate in good faith (in each case to the extent Kadimastem desires to negotiate)
with Kadimastem’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 consum