Company: NCEL
Filing Date: 2025-03-31
Form Type: 425
Source: 0001213900-25-025889
Chunk: 230

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: 425
Chunk 230
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 in the case where the Sale
Price falls below the Threshold Price at any time on a VWAP Purchase Date, the VWAP Purchase Price shall be calculated using the volume
weighted average price of Common Shares as reported by Bloomberg through its “AQR” function sold during the portion of the
applicable VWAP Purchase Period that the Sale Price is not below the Threshold Price, and, as applicable, using the Block with the lowest
Sale Price that is not below the Threshold Price.

“VWAP Purchase Share Amount”
shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1, a number of Common Shares equal to the least of (i) a number
of Common Shares which, when aggregated with all other Common Shares then beneficially owned by the Investor and its affiliates (as calculated
pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the
Investor of more than the Beneficial Ownership Limitation; (ii) the VWAP Purchase Share Request; and (iii) the VWAP Purchase Share Estimate.

“VWAP Purchase Share Delivery Date”
shall have the meaning assigned to such term in Section 3.2 of this Agreement.

“VWAP Purchase Share Estimate”
shall mean the number of Common Shares set forth in any VWAP Purchase Notice, representing the Company’s good faith estimate of
the number of Common Shares equivalent to the VWAP Purchase Share Request during the VWAP Purchase Period on any VWAP Purchase Date.

“VWAP Purchase Share Request”
shall mean the number of Common Shares equal to (i) the total volume of Common Shares as reported by Bloomberg through its “AQR”
function during the applicable VWAP Purchase Period (provided that in the case where the Sale Price falls below the Threshold Price at
any time on a VWAP Purchase Date, this volume shall be calculated using the aggregate shares as reported by Bloomberg through its “AQR”
function for such portion of the VWAP Purchase Date that the Sale Price is not below the Threshold Price) multiplied by (ii) the lesser
of (A) the VWAP Purchase Share Request Percentage and (B) the VWAP Purchase Maximum Share Percentage.

“VWAP Purchase Share Request Percentage”
shall mean the percentage set forth in ay VWAP Purchase Notice.

“VWAP Purchase Termination Time”
shall mean, with respect to a VWAP Purchase made pursuant to Section 3.1,