Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 304

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 304
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 Kadimastem’s interests; (b) Breach of the duty of care performed intentionally or recklessly, excluding cases of negligence; (c) Acts performed with the intent to derive unlawful personal gain; (d) Fines, civil penalties, monetary sanctions, or ransom payments imposed on the officeholder. |     | Under Swiss law, fundamental legal principles require companies to indemnify their employees for expenses and losses incurred in the normal course of their duties. However, indemnification for directors and officeholders is not permissible under Swiss law in cases where the damage resulted from intentional misconduct or gross negligence (or according to some views negligence). |

153 NLS is a foreign private issuer and, as such, is eligible for an exemption from certain Nasdaq corporate governance requirements that apply to issuers that are not foreign private issuers. Differences between Swiss laws and Nasdaq corporate governance requirements: SEC rules require foreign private issuers, such as us, to comply with various corporate governance practices. In addition, we are required to comply with Nasdaq rules. Under those rules, we may elect to follow certain corporate governance practices permitted under the Swiss law in lieu of compliance with corresponding corporate governance requirements otherwise imposed by Nasdaq rules for U.S. domestic registrants. In accordance with Swiss law and practice and subject to the exemption set forth in Rule 5615 of the Nasdaq rules, as a foreign private issuer, we have elected to rely on home country governance requirements and certain exemptions thereunder rather than the Nasdaq rules, with respect to the following requirements: •Composition of the board of directors. Swiss law does not require that a majority of our board of directors consist of independent directors. Our board of directors therefore may include fewer independent directors than would be required if we were subject to Nasdaq Listing Rule 5605(b)(1). In addition, we will not be subject to Nasdaq Listing Rule 5605(b)(2), which requires that independent directors must regularly have scheduled meetings at which only independent directors are present. •Quorum. In accordance with Swiss law and generally accepted business practices, our articles of association do not provide quorum requirements generally applicable to general meetings of shareholders. Our practice thus varies from the requirement of Nasdaq Listing Rule 5620(c), which requires an issuer to provide in its bylaws for a generally applicable quorum, and that such quorum may not be less than one -thirdof the outstanding voting stock. •According to Swiss law, for the approval of the management report and the annual financial statements, the