Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 4

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 4
---
 Board; provided, however, that Mr. Alexander Zwyer shall not resign as a member of the NLS Board at the Effective Time and shall remain as a member of the NLS Board and, from the date of the Closing, until the date that is one year after the date of the Closing, the combined company shall not take any action to remove, or recommend the removal of Mr.Zwyer from the combined company’s board of directors without cause, and shall nominate for election and continue to recommend to its shareholders that Mr.Zwyer be elected to serve as a director of the combined company. As a condition to his continued service and re -appointment, Mr.Zwyer shall tender an irrevocable resignation letter effective upon the lapse of one year from the date of the Closing, subject to acceptance of his resignation by the NLS Board. At the Effective Time, each: •Kadimastem Ordinary Share issued and outstanding immediately prior to the Effective Time will be exchanged for and converted into the right to receive a number of newly issued, fully paid and nonassessable NLS Common Shares equal to the Exchange Ratio; •option, restricted share unit, restricted share, warrant or other right issued and outstanding, whether vested or unvested, to purchase Kadimastem Ordinary Shares, shall be assumed by the Company and converted into an option, warrant, other award, or right, as applicable, to purchase NLS Common Shares in accordance with the terms of the Merger Agreement; and •each NLS Common Share issued and outstanding, and each NLS Common Share acquirable upon the exercise of outstanding warrants of the Company, shall continue to remain outstanding and, in addition, be entitled to a contingent value right (“CVR”), pursuant to the terms of the Merger Agreement and the CVR Agreement. In addition, several convertible loans issued to Kadimastem will be converted into equity securities of Kadimastem upon Closing, including (1) a loan to NLS from certain lenders, including Alpha Capital Anstalt, in the amount of $1.7million; and (2) a loan from Michel Revel in the amount of NIS 3.4million. Under the Merger Agreement, any shareholder receiving NLS Common Shares in excess of a 9.99% beneficial ownership limitation as a result of the Merger, shall be issued instead pre -fundedwarrants exercisable for a number of NLS Common Shares equal to such NLS Common Shares in excess of the