Company: NCEL
Filing Date: 2025-02-10
Form Type: F-3
Source: 0001213900-25-011823
Chunk: 111

Company: NewcelX Ltd.
Filing Date: 2025-02-10
Form: F-3
Chunk 111
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 or know-how outside of Israel and the transfer of manufacturing of IIA-supported products, technology or know-how
outside of Israel may involve the payment of significant amounts, depending upon the value of the transferred or licensed technology or
know-how, Kadimastem’s research and development expenses, the amount of IIA support, the time of completion of the IIA-supported
research project and availability of similar services in Israel and other factors. These restrictions and requirements for payment may
impair its ability to sell, license or otherwise transfer its technology assets outside of Israel or to outsource or transfer development
or manufacturing activities with respect to any product or technology outside of Israel. Furthermore, the consideration available to Kadimastem’s
shareholders in a transaction involving the transfer outside of Israel of technology or know-how developed with IIA funding (such as a
merger or similar transaction) may be reduced by any amounts that Kadimastem are required to pay to the IIA.

Kadimastem may not be able to enforce covenants not-to-compete under current Israeli law that might result in added competition for its products.

Kadimastem have non-competition
agreements with all of its employees, all of which are governed by Israeli law. These agreements prohibit Kadimastem employees from competing
with or working for its competitors. However, Israeli courts are reluctant to enforce non-compete undertakings of former employees and
tend, if at all, to enforce those provisions for relatively brief periods of time in restricted geographical areas, and only when the
employee has obtained unique value to the employer specific to that employer’s business and not just regarding the professional
development of the employee. If it is not able to enforce non-compete covenants, it may be faced with added competition.

<div align='center'>74

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</div>

Some of the statements made
under “Our Business and “Use of Proceeds” and elsewhere in this prospectus, including in our 2023 Annual Report, or
incorporated by reference herein constitute forward-looking statements. In some cases, you can identify forward-looking statements by
terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “potential” “intends” or “continue,”
or the negative of these terms or other comparable terminology.

These forward