Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 261

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 261
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 with Senior Management

We
have entered into written employment or service agreements with our Chief Executive Officer, Chief Financial Officer and Chief Scientific
Officer, currently our only members of senior management. Except for our Chief Executive Officer, our other members of the management
team are not engaged as full-time employees as of December 31, 2024. We have entered into consulting or employment agreements with our
other management and employees. All of these agreements contained provisions regarding noncompetition, confidentiality of information
and assignment of inventions. However, the enforceability of the noncompetition provisions may be limited under applicable law and, our
assignment of inventions agreements with our senior management contain terms and conditions customary under Swiss law. In addition, our
senior management are subject to our directors’ and officers’ liability insurance policy, which we obtained prior to the
initial public offering. Members of our senior management are eligible for bonuses each year. The bonuses will be payable upon meeting
objectives and targets that are set annually by our board of directors and compensation and governance committee, and, in certain circumstances,
upon approval by our shareholders.

C. Board Practices

Board of Directors

On
May 3, 2023, our board of directors resolved to consider increasing the size of the board of directors by two seats and seek U. S. based,
industry experts as candidates to potentially serve as independent directors at our next annual general shareholders meeting.

Our
board of directors is currently composed of five directors. Each director is elected for a one-year term. Messrs. Hafner, Rinaldi and
Zwyer were reappointed at the annual shareholders’ meeting held on June 30, 2023. Audrey Greenberg and Anthony Walsh were elected
to the board of directors at the annual shareholders’ meeting held on June 30, 2023. Claudio L. A. Bassetti and Florence Allouche
Aknin joined the board of directors effective January 1, 2024. Mr. Walsh resigned from the board of directors on April 3, 2024. Dr. Apostol
resigned from the board of directors on May 28, 2024. Mr. Samuel was elected to the board of directors at an extraordinary shareholders’
meeting held on October 3, 2024. Dr. Bassetti resigned from the board of directors on November 15, 2024. Ms. Greenberg resigned from
the board of directors on April 18, 2025. The resign