Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 115

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 115
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 in the following circumstances: Immediate          
 vesting of 25% of the RSUs that have not yet vested in the event of a cumulative equity raise (including equity from the exercise of warrants) 
 of USD $10 million or more commencing from the date of approval of the grant by the Board of Directors; immediate vesting of 60% of the        
 RSUs that have not yet vested upon the listing of the Company’s shares for trading in the United States or in the event that the               
 Company merges with a company listed on a U.S. stock exchange; and immediate vesting of all RSUs that have not yet vested in the event         
 of a change of control.                                                                                                                        |

In 2024, expenses of USD $145 thousand
were recognized in respect of the grant of these RSUs.

As of December 31, 2024, 63,221RSUs had
vested.

| G. | Movement throughout the year |

Below is a table that describes the changes
in the number of share options and their weighted average exercise price:

|                                                               |     |      2024 |          |    |     |                |      |     |      2023 |         |      |     |                |      |
|                                                               |     | Number of 
   Options |          |    |     | Weighted       
 average        
 exercise price |      |     | Number of 
   Options |         |      |     | Weighted       
 average        
 exercise price |      |
|                                                               |     |       USD |          |    |     |                |      |     |           |         |      |     | USD            |      |
| Share options outstanding at the beginning of year            |     |           |  222,811 | -* |     |                | 1.08 |     |           | 248,100 | -*   |     |                | 1.38 |
| Share options granted during the year                         |     |           |  348,895 |    |     |                | 0.08 |     |           |         |      |     |                |      |
| Share options that expired and were forfeited during the year |     |           | (115,552 | )  |     |                | 4.06 |     |           | (25,289 | )(*) |     |                | 4.07 |
| Share options outstanding at end of the year                  |     |           |  456,154 |