Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 69

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 3
Chunk 69
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 will decrease and Kadimastem’s shareholders will have an ownership position in NLS that is smaller than their
current stake in Kadimastem. The parties currently estimate the fully diluted share split at the Closing will be 80% to Kadimastem shareholders
and 20% to NLS shareholders. Consequently, NLS’s and Kadimastem shareholders will have less influence over the management and policies
of NLS after the Effective Time (as such term is defined below in “ Item 4. Information on the Company - A. History and
Development of the Company - Agreement and Plan of Merger with Kadimastem”) than they currently exercise over the management
and policies of NLS and Kadimastem, respectively.

NLS’s and Kadimastem’s
directors and executive officers may have interests in the Merger that are different from, or in addition to, the interests of NLS’s
and Kadimastem’s shareholders generally. Mr. Alexander Zwyer will continue to be a director of the combined company after the
Effective Time of the Merger for a period of 12 months. Mr. Eric Konofal will continue to be a part-time officer of the
combined company after the Effective Time of the Merger. In addition, as of the Closing, NLS shall, at Kadimastem’s expense (up
to a maximum of $200,000), obtain a “run-off” prepaid directors’ and officers’ liability insurance policy for
the benefit of NLS’s current and former officers and directors, effective as of the Closing, with a reporting period of six (6)
years after the Closing, covering events, acts and omissions occurring before the Closing Date, and with coverage and amounts, and terms
and conditions that are acceptable to NLS. The premium for such policy (up to a maximum of $200,000) shall be paid by Kadimastem on or
prior to the Closing, and NLS shall take all necessary actions, and not fail to take any action, to prevent the cancellation of such policy
during its term.

Additionally, following the
Merger, several agreements related to compensation for NLS’ officers and directors will go into effecting, including:

  Mr. Twito’s annual salary of USD 370,188                                                                                                      

  Each director on the board of NLS (1) shall receive                                                                                                  

Additionally, Prof. Michel Revel, MD, Director
and Chief Scientific Officer