Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 95

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 95
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 the investors had converted     
 immediately before the dilutive event, or if the total of the Shares that had been issued up to that time under all the dilutive events      
 would be 20% or more than the Company’s issued capital after the issuance of the Shares in the last dilutive event - the protection          
 mechanism will be on a “full ratchet” basis, that is, the conversion price will be adjusted to the Effective Price of the                    
 security.                                                                                                                                    |

<div align='center'>F-26</div>

| 6. | Investors will have the right to demand the repayment of the Loan immediately in certain situations, the                                        
 main of which include: (a) the submission of an application by or against the Company for insolvency, liquidation, settlement, [or other        
 similar event] that is not dismissed or stricken out within 90 days; (b) the appointment of a receiver, liquidator, trustee, special manager,   
 [or other similar person] without their release after a period of more than 30 days; (c) the termination or suspension of all or substantially  
 all of the Company’s business activities at that time, for a period that exceeds 30 days; (d) a material violation of a condition,              
 representation, or warranty made by the Company as part of the convertible loan agreement that is not rectified for up to 30 days from          
 the date of receipt of a written notice of the said violation; (e) non-payment of the Loan on the due date in accordance with the convertible   
 loan agreement (hereinafter, “Causes for Immediate Repayment”). Insofar as a Cause for Immediate Repayment has occurred and                     
 the Company does not make the Loan repayment within three business days from the date of receipt of said demand, the investors will be          
 entitled to demand the repayment of the Loan through conversion according to the lower of (a) a Company valuation of USD $7 million (pre-money) 
 on the basis of issued and paid-up capital; or (b) a 20% discount on the average price of the Company’s Shares in the 30 trading                
 days preceding the date of the conversion notice (hereinafter, the “Conversion of the Loan upon an Immediate Repayment Cause”).                 |

| 7. | The completion of the convertible loan agreement depends on the fulfillment of the conditions precedent, 
 the main ones of which are detailed below:                                                               |

| A. | Obtaining the Stock Exchange’s approval for the issuance of