Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 118

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 118
---
 the general meeting
of the Company’s shareholders approved a revised service agreement with Mr. Twito, effective from February 4, 2024, under which,
in addition to his services as Executive Chairman of the board, Mr. Twito will serve as President of the Company. The terms of employment
are as follows:

<div align='center'>F-42</div>

| A. | Scope of employment - 70% .If the Company’s shares are listed for trading in the US and/or the Company                                
 merges with a Nasdaq listed Company, the scope of employment will automatically increase to 100% and the compensation will be revised 
 accordingly.                                                                                                                          |

Annual salary of NIS 600,000, (USD $165,600)
which will increase to NIS 857,400 (USD $236,640) in the event that the Company`s shares are listed for trading in the United States,
as described above, and an annual bonus of up to an amount equal to six months` salary, subject to the discretion of the Board. The employment
agreement also provides that either party may terminate the employment agreement with six months’ prior notice, and that Mr. Twito
will be subject to 12-month non-competition and non-solicitation clauses. The employment agreement also provides for standard confidentiality
provisions, reimbursement for certain expenses, as well as indemnity, exemption, and insurance provisions.

On October 22, 2024, Mr. Ronen Twito
was appointed CEO of the Company concurrently with his role as Executive Chairman of the Board of Directors, which was subsequently approved
on January 30, 2025 by the Company’s shareholders meeting.

In addition, the shareholders meeting
approved Mr. Ronen Twito’s revised compensation terms as Executive Chairman and CEO, effective upon closing of the Merger.

In addition, the grant of 157,995 RSUs
of the Company was approved with a vesting period of 24 months commencing on the date of approval by the Board of Directors.

| B. | The revised terms of the agreement are: |

Annual salary of USD $370,188 (including
social benefits) which will increase to USD $413,743 upon the combined company completing an equity raise greater than USD $10 million
accumulated following the Merger (a “Trigger Financing”) and a bonus, subject to the discretion of the Board. The employment
agreement also provides that either party may terminate the employment agreement with nine months’