Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 232

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 232
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, the “Warrant Shares”). The purchase price of one Common Share under this Warrant shall
be equal to the Exercise Price, as defined in Section 2. The Company may issue the Warrant Shares from its Treasury Shares and/or conditional
capital and/or capital band (Kapitalband) for shareholders’ options at its own discretion. It is mutually understood and
agreed that within this Warrant, the term “issued” shall be interpreted as “delivered” in instances where Warrant
Shares are being transferred to the Holder from the Company’s Treasury Shares.

1. Definitions.
In addition to the terms defined elsewhere in this Warrant or in the Common Shares Purchase Agreement dated March [*], 2025 by and among
the Company and the investors (the “Purchasers”) referred to therein (the “Purchase Agreement”),
the following terms have the meanings indicated in this Section 1:

1.1. “Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

1.2. “Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares is then listed
or quoted on a Trading Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading
Market on which the Common Shares is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the
Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares is not then listed
or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of Common Shares so reported, or (d) in
all other cases, the fair market value of a share of Common Shares as determined by an independent appraiser selected in good faith