Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 522

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 522
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 minimum tax rate for large multinational enterprises. The people and cantons approved the necessary constitutional amendment in a popular vote on June18, 2023. During its meeting on December22, 2023, the Federal Council decided to implement the minimum tax rate with the introduction of a supplementary tax in Switzerland from January1, 2024, and in its meeting on September4, 2024 the Federal Council decided to additionally implement the international minimum tax from January1, 2025. Based on such ordinance large multinational enterprises with global turnover of at least EUR 750million which are effectively taxed below 15% will be liable to a top -uptax (Ergänzungssteuer), in line with the OECD framework for the Qualified Domestic Minimum Top -upTax and the Income Inclusion Rule up to 15% minimum taxation. 286

COMPARISON OF SHAREHOLDERS’ RIGHTS AND CORPORATE GOVERNANCE The following is a summary comparison of material differences between the rights of a Kadimastem shareholder and NLS (or, after the Merger, combined company) shareholder arising from the differences between the laws of the State of Israel and of the State of Switzerland and the governing documents of the respective companies. Kadimastem is incorporated under the laws of the State of Israel. NLS is (and, after the Merger, the combined company will be) incorporated under the laws of Switzerland. If the Merger is completed, Kadimastem shareholders’ Kadimastem Ordinary Shares will be exchanged against the right to receive NLS Common Shares upon consummation of the Merger, which are expected to trade (as shares of the combined company) on Nasdaq. The following summary does not purport to be a complete statement of the rights of holders of Kadimastem Ordinary Shares under the applicable provisions of the Israeli Companies Law, Kadimastem’s corporate documents, or the rights of holders of NLS (or, after the Merger, combined company) Common Shares under the applicable provisions of the CO and NLS’s articles. This summary does not furthermore purport to be a complete description of the specific provisions referred to in this summary. This summary contains a list of the material differences but is not meant to be relied upon as an exhaustive list or a detailed description of the provisions discussed and is qualified in its entirety by reference to the laws of Israel, the U.S. and Switzerland, Kadimastem’s articles of association and memorandum of association, and NLS’s (