Company: NCEL
Filing Date: 2025-02-10
Form Type: F-3
Source: 0001213900-25-011823
Chunk: 9

Company: NewcelX Ltd.
Filing Date: 2025-02-10
Form: F-3
Chunk 9
---
 basis, inclusive of Kadimastem’s equity awards assumed by NLS), subject to the adjustments as set forth in the Merger Agreement, including: (i) the amount of any proceeds received by NLS in connection with the sale of Common Shares to investors introduced to NLS by Kadimastem or its representatives, in each case during the period following the Signing Date (as defined in the Merger Agreement) up to and including the Closing (as defined in the Merger Agreement), or the Investment Proceeds Adjustment, (ii) the amount by which NLS’s estimate of its cash at the Closing differs from the target of $600,000, subject to the Investment Proceeds Adjustment, (iii) the amount by which NLS’s estimate of its indebtedness at the Closing differs from the target of $0, and (iv) the amount by which Kadimastem’s estimate of its cash at the Closing differs from the target of $3,500,000, subject to the Investment Proceeds Adjustment.

<div align='center'>2</div>

The Merger Agreement includes covenants requiring
the Company and its representatives not to (i) initiate, seek, solicit or knowingly encourage (including by way of furnishing any non-public
information relating to the Company or any of its subsidiaries), or knowingly induce or take any other action which would reasonably be
expected to lead to the making, submission or announcement of any Parent Acquisition Proposal (as defined in the Merger Agreement), (ii)
engage in negotiations or discussions with, or provide any non-public information or non-public data to, any person (other than Kadimastem
or any of its affiliates or any of its representatives) relating to any Parent Acquisition Proposal or grant any waiver or release under
any standstill or other agreement (except that if the Board (or any committee thereof) determines in good faith that the failure to grant
any waiver or release would be inconsistent with the Company’s directors’ fiduciary duties under applicable law, the Company
may waive any such standstill provision in order to permit a third party to make a Parent Acquisition Proposal), (iii) enter into any
agreement, including any letter agreement, memorandum of understanding, agreement in principle merger agreement, or similar agreement
relating to any Parent Acquisition Proposal, or (iv) otherwise resolve to do any of the foregoing.

Notwithstanding these restrictions, the Company
may under certain circumstances provide information to and engage in discussions or negotiations with third parties with respect to an