Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 84

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 84
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 price, exchange price, conversion price and other terms of any Dilutive Issuance (such notice, the “”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to
this Section 4.30(b)(iii), upon the occurrence of any Dilutive Issuance, the Holders are entitled to receive a number of Common Shares
based upon the Base Conversion Price on or after the date of such Dilutive Issuance, regardless of whether a Holder accurately refers
to the Base Conversion Price in the Conversion Notice.

<div align='center'>43</div>

(c) .
The Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate by notice
to the Purchasers), a register for the Preferred Shares, in which the Company shall record the name, address and email address of the
Persons in whose name the Preferred Shares have been issued, as well as the name and address of each transferee. The Company may treat
the Person in whose name any Preferred Shares is registered on the register as the owner and Purchaser thereof for all purposes, notwithstanding
any notice to the contrary, but in all events recognizing any properly made transfers.

(d) . Dividends
shall be paid as set out in the Articles of Incorporation of the Company.

(e) . Upon conversion
into Common Shares, the issued Common Shares shall have the same voting rights as all other Common Shares.

4.31 . The
Company shall also issue to Alpha Capital Anstalt (“Alpha”) 435,000 Preferred Shares (the “Make Whole Shares”),
to compensate Alpha for the Common Shares that would have been issued (the “Missing Shares”) to Alpha under the Debt
SPA and the Securities Purchase Agreement entered into on December 4, 2025 (the “December SPA”), relating to an alleged
claim that the Company did not timely honor its price-protection and registration obligations under the Debt SPA and December SPA, respectively.
Alpha waives any and all liquidated damages arising from the registration obligation under the December SPA accrued through the date of
this Agreement. Additionally, Alpha waives any price protection for the Preferred Shares that may have resulted in the issuance of the
Missing Shares. Alpha retains all its rights related all other Preferred Shares it holds.

<div align='center'>ARTICLE V.
MISCELLANEOUS</div>

5.1 . This
Agreement may be terminated by any Purchaser, as to such