Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 490

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 490
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em. Kadimastem agreed to pay Mr.Twito an annual salary of $370,188 (including social benefits) which will increase to $413,743 upon the combined company completing a capital raise greater than $10million following the Merger (a “Trigger Financing”) and a bonus payment, subject to the discretion of the board of directors. Under the employment agreement with Kadimastem, Mr.Twito received 157,995 RSUs to be settled into such number of Kadimastem Ordinary Shares as provided under the agreement, vested over a two -yearperiod. The agreement includes acceleration provisions including at the Closing of the Merger. At the Closing of the Merger the unvested RSUs convert into RSUs of NLS, in accordance with the terms of the Merger Agreement. Under the employment agreement, upon the Closing of the Merger, Mr.Twito shall also be entitled to a bonus equal to the NIS equivalent of $100,000. The employment agreement also provides that either party may terminate the employment agreement with 9months’ prior notice, 3 -monthadaptation period. Mr.Twito is also subject to a 12 -monthnon -competitionand non -solicitationclauses. The employment agreement also provides for standard confidentiality provisions as well as reimbursement for certain expenses. Michel Revel Employment Agreement On January30, 2025, Kadimastem entered into a Service Agreement with Dr. Michel Revel, to serve as the Chief Scientist of the company. The Service Agreement did not involve any salary. In accordance with the Services Agreement, the Company directly bears the flight expenses and expenses for Prof. Revel’s stay abroad in the framework 264 of providing services to Kadimastem. Once a year, the Compensation Committee will discuss the reasonableness of the business expenses incurred by the Company as stated, with no ceiling set for these expenses. In addition, Prof. Revel is entitled to full reimbursement of reasonable business expenses (including transportation, accommodation, food, etc.), which will be made in accordance with the Company’s accepted procedures and in a maximum amount of NIS 150,000 ($41,666) per year plus VAT and indexed to the CPI. Kfir Molakandov Employment Agreement On January30, 2025, Kadimastem entered into an employment agreement with Mr.Molakandov, to serve as the VP of Research and Development. Kadimastem agreed to pay Mr.Molakandov an annual salary for