# EDGAR Filing Document

**Accession Number:** 0001643303
**File Stem:** 0001193125-26-134641
**Filing Date:** 2026-3
**Character Count:** 717713
**Document Hash:** 06ac601fa5918121165c6078ed62bb62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-134641.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001193125-26-134641

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 122

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nano Dimension Ltd.
- **CENTRAL INDEX KEY:** 0001643303
- **STANDARD INDUSTRIAL CLASSIFICATION:** PRINTED CIRCUIT BOARDS [3672]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 520029109
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37600
- **FILM NUMBER:** 26822203

**BUSINESS ADDRESS:**
- **STREET 1:** 60 TOWER ROAD,
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02451
- **BUSINESS PHONE:** 972 54 6244465

**MAIL ADDRESS:**
- **STREET 1:** 60 TOWER ROAD,
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02451

?xml version='1.0' encoding='ASCII'? 10-K

**pro**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-K

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**(Mark One)** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended** **December 31,** 2025

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** **FOR THE TRANSITION PERIOD FROM TO** 

**Commission File No.:** 001-37600

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NANO DIMENSION LTD.

**(Exact name of registrant as specified in its charter)**

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| | |
|:---|:---|
| **State of** Israel | 52-0029109 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 60 Tower Road <br>Waltham**,** MA | 02451 |
| **(Address of principal executive offices)** | **(Zip Code)** |

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**Registrant's telephone number, including area code: (**866**)** 496-1805

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Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| Title of each class | Name of each exchange on which registered |
| American Depositary Shares **each representing one Ordinary Share par value NIS 5.00 per share (1) Ordinary Shares, par value NIS 5.00 per share (2)**<br> NNDM | The Nasdaq Stock Market LLC |
| Rights to Purchase American Depositary Shares**, each American Depositary Share representing one Ordinary Share, par value NIS 5.00 per share**<br> NNDM | The Nasdaq Stock Market LLC |

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(1)Evidenced by American Depositary Receipts.

(2)Not for trading, but only in connection with the listing of the American Depositary Shares.

Securities registered pursuant to Section 12(g) of the Act: **None**

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☐ No ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES ☐ No ☒

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ No ☒

Based on the closing price as reported on the Nasdaq Capital Market, the aggregate market value of the Registrant's voting and non-voting common equity held by non-affiliates on June 30, 2025 (the last business day of the Registrant's most recently completed second fiscal quarter) was approximately $353.3 million. Ordinary Shares held by each executive officer and director and by each shareholder affiliated with a director or an executive officer have been excluded from this calculation because such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

The number of shares of Registrant's Ordinary Shares outstanding as of March 20, 2026 was 207,986,287.

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  | [<u>INTRODUCTION</u>](#introduction) | 1 |
|  | [<u>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</u>](#cautionary_note_regarding_forward) | 2 |
| [<u>PART I</u>](#part_i) | [<u>PART I</u>](#part_i) |  |
| ITEM 1. | [<u>Business.</u>](#item1_business_overview) | 3 |
| ITEM 1A. | [<u>Risk Factors.</u>](#item_1a_risk_factors) | 12 |
| ITEM 1B. | [<u>Unresolved Staff Comments</u>](#item_1b_unresolved_staff_comments). | 29 |
| ITEM 1C. | [<u>Cybersecurity</u>](#item_1c_cybersecuity). | 29 |
| ITEM 2. | [<u>Properties</u>](#item_2_properties). | 30 |
| ITEM 3. | [<u>Legal Proceedings</u>](#item_3_legal_proceedings). | 31 |
| ITEM 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosure). | 32 |
| [<u>PART II</u>](#part_ii) | [<u>PART II</u>](#part_ii) |  |
| ITEM 5. | [<u>Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</u>](#item_5_market_for_registrants_common). | 32 |
| ITEM 6. | [<u>Reserved</u>](#item_6_reserved). | 33 |
| ITEM 7 | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_mda). | 33 |
| ITEM 7A. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_7a_quantitative_and_qualitative). | 45 |
| ITEM 8. | [<u>Financial Statements and Supplementary Data</u>](#item_8_financial_statements_and_supple). | 46 |
| ITEM 9. | [<u>Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</u>](#item_9_changes_in_and_disagreements). | 46 |
| ITEM 9A. | [<u>Controls and Procedures</u>](#item_9a_controls_and_procedures). | 46 |
| ITEM 9B. | [<u>Other Information</u>](#item_9b_other_information). | 47 |
| ITEM 9C. | [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>](#item_9c_disclosure_regarding_foreign). | 47 |
| [<u>PART III</u>](#part_iii) | [<u>PART III</u>](#part_iii) |  |
| ITEM 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#item_10_directors_executive_officers). | 48 |
| ITEM 11. | [<u>Executive Compensation</u>](#item11_executive_compensation). | 54 |
| ITEM 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u>](#item_12_security_ownership_of_certain). | 64 |
| ITEM 13. | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#item_13_certain_relationships_and_relate). | 66 |
| ITEM 14. | [<u>Principal Accountant Fees and Services</u>](#item14_principal_accounting_fees_and_ser). | 67 |
| [<u>PART IV</u>](#part_iv) | [<u>PART IV</u>](#part_iv) |  |
| ITEM 15. | [<u>Exhibits, Financial Statement Schedules.</u>](#exhibits_financial_statement_schedules) | 68 |

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i

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**INTRODUCTION**

Our vision is to become the leader in digital manufacturing. We are changing the way the world designs and manufactures high-performance, high-value parts. We do this through innovating and providing industrial manufacturing solutions that are at the pinnacle of multi-disciplinary technology - combining hardware, software, and materials science. The solutions include industrial machinery, such as those for additive manufacturing, surface-mount technology, industrial inkjet printing, along with software for design, simulation, and manufacturing management, as well as materials or consumables that are used by the machinery. Collectively, these solutions are used for design-to-manufacturing of electronics and mechanical parts by advanced industrial customers in aerospace, automotive, defense, electronics, medical, research and academia, as well as government organizations.

Since January 2025, we have been going through a transformation under a new board of directors and with a new management team. This transformation includes a strategic assessment anchored in maintaining a robust capital base, while focusing on products and services based on innovative technology, with a growth outlook that can deliver robust financial results through improving financial margins in manufacturing, operations, supply chains and information systems, and building indispensable customer partnerships. This assessment will result in the continuation of certain products and services and the discontinuance of others.

We were incorporated under the laws of the State of Israel in December 1960. On March 7, 2016, American Depositary Shares, or ADSs, representing our Ordinary Shares, commenced trading on the Nasdaq Capital Market ("Nasdaq") under the symbol "NNDM." Each one (1) ADS currently represents one (1) Ordinary Share. All descriptions of our ADS herein, including ADS amounts and per ADS amounts, are presented after giving effect to the ratio change.

Unless otherwise indicated, all references to the "Company," "we," "our" and "Nano Dimension" refer to Nano Dimension Ltd. and its subsidiaries, Global Inkjet Systems Ltd., or GIS, a United Kingdom corporation, Nano Dimension Technologies Ltd., or Nano Tech, an Israeli corporation, Essemtec AG, or Essemtec and Nano Dimension Swiss GmbH, or Nano Swiss, Swiss corporations, Nano Dimension USA Inc., or Nano USA, a Delaware corporation, Essemtec USA, LLC, a Delaware limited liability company, Nano Dimension GmbH, or Nano Germany and Essemtec Deutschland GmbH, German corporations, Nano Dimension Australia Pty Ltd., or Nano Australia, an Australian corporation, Nano Dimension (HK) Limited, a Hong Kong corporation, Essemtec France SAS, a French corporation, Nano Dimension NY Ltd., a New York corporation, Nano Dimension Trading (Shenzhen) Ltd., a Chinese corporation, Desktop Metal Inc and its subsidiaries, or Desktop, a Delaware corporation (which has completed bankruptcy proceedings), Markforged Holding Corporation, or Markforged, a Delaware corporation, and the subsidiaries of Markforged.

References to "U.S. dollars" and "$" are to the currency of the United States of America, and references to "NIS" are to New Israeli Shekel. References to "Ordinary Shares" are to our Ordinary Shares, par value of NIS 5.00 per share.

Taking into account the effects of the 2025 mergers of U.S.-based companies, as well as the appointments of a majority of the executives and directors, who are currently based in the U.S., when assessing our status under the foreign private issuer definition as of June 30, 2025 (the determination date), we no longer qualify as a foreign private issuer and have transitioned to a U.S. domestic issuer as of January 1, 2026.

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Certain information included or incorporated by reference in this annual report on Form 10-K may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Forward-looking statements are often characterized by the use of forward-looking terminology such as "may," "will," "expect," "anticipate," "estimate," "continue," "believe," "should," "intend," "project" or other similar words, but are not the only way these statements are identified.

These forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projections of results of operations or of financial condition, expected capital needs and expenses, statements relating to the research, development, completion and use of our products, and all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future.

Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate.

Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the outcome of the independent process now being conducted to evaluate strategic alternatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the integration of the operations of Markforged into our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the transformation of our business resulting from the change in our management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in our strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of competition and new technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•shareholder activism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the overall global economic environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•geopolitical tensions and political events, including the ongoing war between Ukraine and Russia and the conflict in the Middle East, including the ongoing war between Iran and Israel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•projected capital expenditures and liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•litigation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•those factors referred to in "Item 1. Business," "Item 1A. Risk Factors," and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations", as well as in this annual report on Form 10-K generally.

Readers are urged to carefully review and consider the various disclosures made throughout this annual report on Form 10-K which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

You should not put undue reliance on any forward-looking statements. Any forward-looking statements in this annual report on Form 10-K are made as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

In addition, the section of this annual report on Form 10-K entitled "Item 1. Business" contains information obtained from independent industry sources and other sources that we have not independently verified.

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**PART I**

**ITEM 1. BUSINESS.**

**Overview**

We innovate and provide industrial manufacturing solutions for design-to-manufacturing of electronics and mechanical parts. These solutions are based on a combination of hardware, software, and materials science technologies. The solutions include industrial machinery, such as those for additive manufacturing, surface-mount technology, industrial inkjet printing, along with software for design, simulation, and manufacturing management, as well as materials and consumables that are used by the machinery. These solutions are used by industrial customers in aerospace & defense, automotive, electronics, medical, research and academia, along with government organizations.

We do this through innovating and providing industrial manufacturing solutions that are built around multi-disciplinary technology - combining hardware, software, and materials science.

Our business and operations are currently being refocused based on the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Building technology that scales with the needs of manufacturing, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preserving capital for strategic moves and avoiding short-term survival mindset.

As a result, we are focusing on products and services where there is innovative technology with a growth outlook that can deliver sustainable improvements in our financial results and to discontinue certain product lines that have failed to generate adequate returns on investment and that do not align with our long-term objectives.

The Company has the following product lines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•DragonFly - Additively manufactured electronics (AME)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Essemtec – Surface-mount technology (SMT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Global Inkjet Systems (GIS) – Digital printing sub-components hardware and software

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Markforged – Desktop and industrial fused filament fabrication (FFF) solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Markforged Binder Jetting – Industrial Binder jetting solution for metal printing

These solutions are sold to industrial leaders and organizations, including: aerospace, automotive, defense, electronics, medical, research and academia, as well as government organizations.

We believe that additive manufacturing (AM), which is known to some as 3D printing, of electronics and precision industrial applications are key to future growth in the manufacturing industry. We also believe that advancements in Surface Mount Technology (SMT) via Essemtec's adaptive platforms represent the next frontier in high-mix, high-speed electronic assembly.

We have offices spanning across the United States, Germany, Israel, Japan, Poland, UK, Sweden, Switzerland, and Taiwan. These offices serve to broaden our customer engagement across regions and serve as focal points for advancing our strategic objectives. To date, some of our offices are those of a single product line, while others include teams representing more than one product line. Integrating these teams and offices is important to our ability to realize synergies in sales and marketing.

**History and Development** 

Our legal and commercial name is Nano Dimension Ltd. We were incorporated in the State of Israel in December 1960 and are subject to the Israeli Companies Law 5759-1999 (the "Companies Law"). In August 2014, we acquired 100% of the share capital of Nano Dimension Technologies. Nano Dimension Technologies was incorporated in the State of Israel in July 2012. On March 7, 2016, our ADSs commenced trading on the NASDAQ Capital Market under the symbol "NNDM". From 2012 until 2021, we

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operated solely as a 3D printing company focused on designing and manufacturing systems used in the fabrication of electronics. During this time, we leveraged our expertise in printing two materials in the same system to produce PCBs and electronic devices.

Starting in April 2021, we commenced a mergers and acquisitions program that resulted in a number of transactions that changed the Company considerably. On April 23, 2021, we acquired all of the issued and outstanding share capital of DeepCube. In September 2022, DeepCube was merged with Nano Tech. In 2025, we discontinued DeepCube operations.

In April 2021, we acquired all of the issued and outstanding share capital of NanoFabrica. In September 2022, NanoFabrica was merged with Nano Tech. In 2025, we discontinued the NanoFabrica product lines.

In June 2021, we established J.A.M.E.S., a joint venture with HENSOLDT Holding Germany GmbH, for developing additively manufactured electronics through engineering consulting and design sharing. In 2025, the Advisory Board of J.A.M.E.S. discontinued its operations.

In November 2021, we acquired all of the issued and outstanding share capital of Essemtec. Essemtec is a leader in adaptive highly flexible surface mount technology, or SMT, pick-and-place equipment, sophisticated dispenser suitable for both high-speed and micro-dispensing, and intelligent production material storage and logistic system. Its products are equipped with a sophisticated software package which makes extensive and efficient material management possible.

In January 2022, we acquired all of the issued and outstanding share capital of Global Inkjet Systems (GIS). GIS is a leading developer and supplier of high-performance control electronics, software, and ink delivery systems. GIS is known for inventing and delivering state-of-the-art 2D and 3D printing inkjet hardware and unique operating software. GIS has approximately 150 customers around the world with a focus on high-value, precision-oriented applications such as specialized direct-to-container packaging, printed electronics, functional fluids, and 3D printing, which can all be controlled by the proprietary software system.

In July 2022, we acquired all of the issued and outstanding share capital of Formatec Holding. Formatec Holding has two subsidiaries - Admatec and Formatec, based in the Netherlands. In April 2025, Admatec and Formatec were declared bankrupt by the Zeeland-West-Brabant court in the Netherlands.

In August 2023, we acquired all of the intellectual property assets of Additive Flow. Additive Flow develops high-performance and high-quality simulation software for mechanical, thermal, thermo-mechanical properties, along with frequency and fatigue across a range of materials and processes. Its product addresses design, production, and quality decisions, while optimizing for cost, weight, manufacturing productivity, and manufacturing yield – all simultaneously.

Additionally, from March through May 2023, we made several non-binding offers to acquire all of the outstanding ordinary shares of Stratasys. After not proceeding with these offers to acquire all ordinary shares, we made a series of special tender offers from May through July 2023 to acquire at least 51% of the outstanding shares, inclusive of the 14.1% ownership at the time of the offer. The offers were dependent on a number of closing conditions being met. As these conditions were not met, we did not complete the special tender offers.

In April 2025, the Company acquired Desktop Metal, Inc. ("Desktop Metal" or "Desktop"). Desktop Metal offered a portfolio of integrated additive manufacturing solutions comprised of hardware, software, materials, and services with support for metals, polymers, elastomers, ceramics, sands, composites, and biocompatible materials through pioneering a new generation of additive manufacturing technologies focused on Additive Manufacturing 2.0, the volume production of end use parts. In July 2025, Desktop Metal filed for Chapter 11 bankruptcy and the bankruptcy process was completed in the third quarter of 2025.

Additionally in April 2025, the Company acquired Markforged Holding Corporation ("Markforged"). Markforged designs, produces and markets cloud-based software products and hardware products, including precise and reliable 3D printers connected to its software enabled platform The Digital Forge, proprietary metal and composite materials to bring industrial production to the point of need on the factory floor.

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<u>Disputes with Shareholders and Change in Management</u>

In January 2023, Murchinson Ltd., or Murchinson (which is an advisor or sub-advisor of one of our major ADS holders), submitted a request to our board of directors for us to convene a special general shareholders meeting, or EGM, which would include certain amendments to our amended and restated articles of association, or Articles (including an amendment which would permit the shareholders to remove members of the board at a general meeting by a simple majority), as well as removal of four then currently serving directors – Mr. Stern, Mr. Gera, Mr. Rotem and Dr. Nissan-Cohen - and appointment of two new director nominees, proposed by Murchinson, namely Dr. Joshua Rosensweig and Mr. Kenneth Traub. Our former board of directors, or the Former Board rejected Murchinson's request, stating that they believed it failed to comply with requirements under laws and regulations in Israel and the United States, as well as with our amended and restated articles of association.

In March 2023, an extraordinary general meeting (the "March 2023 EGM") was convened by Murchinson, despite the rejection of the Former Board. At the March 2023 EGM, our shareholders approved the election of Dr. Rosensweig and Mr. Traub to our board of directors and further approved the removal of Messers. Stern, Gera, Rotem and Dr. Nissan-Cohen. The former Board did not recognize the results of the March 2023 EGM.

On September 7, 2023, the Former Board convened an Annual General Meeting of Shareholders, or the 2023 AGM. At the AGM, our shareholders approved the re-election to our board of Dr. Yoav Nissan Cohen, Mr. Oded Gera and Col. (Res.) Channa (Hanny) Caspi.

On November 21, 2024, the Israeli Central Court ruled that the March 2023 EGM was duly convened and the resolutions there duly approved, which included the election of Dr. Rosensweig and Mr. Traub to, and removal of Mr. Yoav Stern from, our board of directors, as well as the amendments to the Articles.

Following the announcement by the Company on October 16, 2024 of the convening of an annual general meeting on December 6, 2024, or the 2024 AGM, the Company received a written request from Murchinson requesting that the Company add certain items to the 2024 AGM agenda. As a result, an amended agenda was sent to the shareholders, which included on the agenda the items proposed by the Former Board as well as the items proposed by Murchinson. Consequently, the shareholders were asked to approve the election to our board of nominees recommended by the Former Board, namely Mr. Yoav Stern and General Michael X. Garrett, the Former Board Nominees, or alternatively approve the election of the nominees recommended by Murchinson, namely, Mr. Ofir Baharav and Mr. Robert Pons, or the Murchenson Nominees. The agenda also included the proposal by Murchinson to amend the Articles to "de-stagger" the board. At the 2024 AGM, the shareholders voted to approve the election of the Murchinson Nominees, but not to de-stagger the board.

On December 16, 2024, we announced that Dr. Yoav Nissan-Cohen, and Messrs. Eitan Ben-Eliahu, Oded Gera, Roni Kleinfeld, Chris Moran and Mrs. Georgette Mosbacher resigned from our board.

On December 26, 2024, Mr. Yoav Stern's engagement as Chief Executive Officer was terminated and Mr. Julien Lederman was appointed as Interim Chief Executive Officer.

On February 3, 2025, Mr. Kenneth Traub resigned from our board with immediate effect, following his appointment as CEO and President of Comtech Telecommunications Corp., and Mr. David Stehlin was appointed to the board.

On April 8, 2025, Mr. Ofir Baharav was appointed as the new permanent Chief Executive Officer, replacing Mr. Julien Lederman who was appointed our Chief Business Officer. On April 7, 2025, Mr. Baharav resigned from our board of directors with immediate effect.

For information relating to legal proceedings, see Item 3 "Legal Proceedings".

On April 2, 2025, we consummated a merger with respect to Desktop Metal pursuant to a Merger Agreement entered into on July 2, 2024. Upon consummation of the Merger Agreement, we purchased all of the outstanding shares of Desktop Metal for an aggregate consideration of approximately $179.3 million, or $5.295 per share and a merger subsidiary wholly-owned by us merged with and into Desktop Metal. Desktop Metal designed and offered a portfolio of integrated additive manufacturing solutions across a range of additive manufacturing technologies with support for metals, polymers, elastomers, ceramics, sands, composites, and biocompatible materials.

On April 24, 2025, Mr. Assaf Zipori, formerly the Chief Financial Officer of Markforged, was appointed as our Chief Financial Officer.

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On April 25, 2025, we consummated a merger with respect to Markforged pursuant to a Purchase Agreement entered into on September 25, 2024. Upon consummation of the transaction, we purchased all of the outstanding shares of Markforged for an aggregate consideration of approximately $115 million, or $5.00 per share, and a merger subsidiary wholly-owned by us merged with and into Markforged. Markforged designs and offers additive manufacturing solutions, with a focus on fused filament fabrication printing technology designed to support specialty materials.

From January 2025, we have discontinued a number of product lines, including Fabrica, Admatec, Formatec, Formatec Holdings, DeepCube, and the AME online community platform (J.A.M.E.S.). In April 2025 Admatec, Formatec, and Formatec Holdings were declared bankrupt.

On July 28, 2025, following a process conducted by Desktop Metal's independent Board of Directors to explore available strategic alternatives and address Desktop Metal's significant liabilities and liquidity needs stemming from decisions made by its prior management, Desktop Metal and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"). Desktop Metal's Chapter 11 filing was authorized by its independent Board of Directors. Desktop Metal was deconsolidated in the third quarter of 2025 following the Chapter 11 bankruptcy filing.

On September 9, 2025, Mr. David Stehlin was appointed as Chief Executive Officer, replacing Mr. Ofir Baharav.

On November 1, 2025, Mr. John Brenton, formerly the Vice President of Finance and Corporate Controller of Nano, was appointed as Chief Financial Officer.

Taking into account the effects of the 2025 acquisitions of U.S.-based companies, as well as the appointments of a majority of the executives and directors, who are currently based in the U.S., when assessing our status under the foreign private issuer definition as of June 30, 2025 (the determination date), we no longer qualify as a foreign private issuer and have transitioned to a U.S. domestic issuer as of January 1, 2026.

Our principal executive office is located at 60 Tower Road, Waltham, Massachusetts, 02451, United States. Our telephone number in Waltham MA is +1 (866) 496-1805.

**Industry Overview**

***Traditional manufacturing and the potential of additive manufacturing.***

We operate in the industrial machinery solutions industry.

The global manufacturing industry for electronics (PCB and high-performance electronics) and mechanical manufacturing (injection molding, CNC (Computer Numerical Control) machining, sheet metal, and casting) is composed primarily of subtractive technologies with numerous difficulties and limitations. Designers and engineers have been limited to the constraints of existing processes that have impacted the ability to manufacture important end products, thus affecting the firm's bottom line and the value provided to their customers. Existing means of manufacturing also increases the reliance on a network of suppliers and partners, which creates more supply chain risk and increases the time for production. These networks of suppliers and partners also often place a high reliance on leveraging suppliers and partners in the Far East, which adds time and risk of intellectual property ("IP") theft.

Additive manufacturing is the process of making a three-dimensional solid object from a digital model. Using an additive process, where successive layers of material are laid down in different shapes. Additive manufacturing is considered distinct from traditional machining techniques, which mostly rely on the removal of material by methods such as cutting or drilling (subtractive processes).

Additive manufacturing provides numerous advantages compared to traditional electronics and mechanical manufacturing.

Additive manufacturing provides:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Design flexibility: Traditional manufacturing methods have limited design flexibility. This is because they rely on subtractive manufacturing techniques, where material is removed from a solid block or sheet of material to create the

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desired shape. On the other hand, additive manufacturing allows for the creation of complex geometries and shapes that would be difficult or impossible to produce using traditional methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Low setup costs: Traditional manufacturing methods often require expensive tooling and setup costs. This makes them less suitable for small production runs or custom projects. On the other hand, additive manufacturing does not require tooling and setup costs as the changes are in the software design and is, therefore, more cost-effective for quick turnaround prototyping and small production runs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accelerated time-to-market: Traditional manufacturing methods can have long lead times due to the time required for tooling and setup and the reliance and several manufacturing suppliers. On the other hand, additive manufacturing eliminates the need for extensive tooling and setup and can reduce or eliminate the reliance on several manufacturing suppliers, thus enabling shorter lead times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assembly consolidation: Traditional manufacturing methods often require multiple components to be manufactured separately and then assembled together, which can add additional costs and time to the manufacturing process. On the other hand, additive manufacturing can consolidate multiple components into a single, complex part, reducing the need for assembly and further streamlining the manufacturing process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Material savings: Traditional manufacturing methods often produce significant material wastage, especially in subtractive manufacturing techniques where excess material is removed. On the other hand, additive manufacturing can produce parts with little to no wastage, which is more environmentally friendly and cost-effective.

***Additive manufacturing as a pillar of Industry 4.0***

Industry 4.0, also known as the Fourth Industrial Revolution, refers to the current trend of integrating advanced technologies such as Artificial Intelligence ("AI"), the Internet of Things, or IoT, robotics, and automation into manufacturing and other industries. The goal of Industry 4.0 is to create more intelligent, efficient, flexible, and productive manufacturing solutions.

We believe that additive manufacturing is at a defining inflection point, given an ever-growing commitment to industry 4.0 transformation by large and small companies. To underscore the potential of additive manufacturing, several Fortune 500 and other tier-one companies operating across a number of distinct industries have made substantial investments to decisively enter the additive manufacturing market. Examples include leading companies in aerospace and defense, dental and cosmetics, and apparel and footwear. With the production world increasingly depending on additive manufacturing, we see advancements internally and externally focused on new technologies, materials, and the integration of additional industry 4.0 solutions such as robotics and AI.

The industry 4.0 manufacturing revolution includes the electrical and mechanical precision and industrial manufacturing of mission-critical products across multiple industries, from satellites to medical devices and IoT devices that require precision and electronic components. We also see tremendous growth in low volume, high business impact tools and parts that keep assembly lines and operations running. We believe that fully additively manufactured smart connected products are the next phase of industry 4.0.

***Additive manufacturing has the potential to be key in the re-shoring trend***

Recent geopolitical, economic, and supply chain events have caused many advanced Western firms to consider re-shoring manufacturing and/or their manufacturing suppliers. Re-shoring provides supply chain resilience, cost savings, customization, in-house/local IP, and additive manufacturing specifically can be central to leverage this opportunity.

***Additive manufacturing has historically been used for prototyping and proof of concept manufacturing***

Additive manufacturing has mainly been used for prototyping because it offers a lower cost way of manufacturing single or small batches and provides a high degree of design freedom and flexibility in creating complex geometries that may be difficult or impossible to produce using traditional manufacturing methods. Additionally, additive manufacturing allows for rapid iteration and testing of multiple design concepts, which is critical as this stage in the development process. These benefits are a perfect fit for high value, low volume parts for critical operations in aerospace and defense, food and beverage manufacturing, and automotive manufacturing. Now, instead of waiting for replacement parts to make it through a supply chain, they can be manufactured at the point of need.

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***Surface-mount technology as a key complementary offering***

Surface-mount technology, or SMT is the leading method for assembling electronic circuits, with components mounted directly onto printed circuit boards, or PCBs. SMT enables higher component density, improved performance, and greater manufacturing efficiency compared to traditional methods. The industry serves critical sectors such as automotive, aerospace, industrial, medical, and consumer electronics. Companies provide highly automated placement machines, soldering equipment, inspection systems, and supporting software for PCB assembly. Growth is driven by increasing product complexity, miniaturization, and demand for high-reliability manufacturing. Innovation around automation, data-driven production, and smart manufacturing is reshaping the industry. SMT manufacturers are essential to advancing technology and operational excellence for OEMs and EMS providers globally. The industry remains highly competitive, with continuous investment in research and development and customer support required for success.

**Market Opportunity**

We are positioned to continue to take advantage of manufacturing industry trends. The future of manufacturing looks promising; businesses across industries such as aerospace/defense, automotive, electronics, industrial, medical, and research and development/academia have shown increasing demand for additive manufacturing solutions. The market opportunity should be considered based on the different segments that our respective technologies serve.

The current industry practices present challenges to electronics and manufacturing, including poor energy efficiency, slow production time and high costs, long time to get to market, and potential risks for IP theft. We provide systems and solutions for additive manufacturing and electronics manufacturing, a unique offering that enables a compelling proposition to the most innovative and advanced manufacturers seeking rapid fabrication of high-performance components.

**Strategy**

Our overall business strategy is based on the following pillars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Partnering with leading industrial titans to enable advanced, complex parts manufacturing at scale, rather than fabrication of experimental designs and concepts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Utilizing our cloud-based processing, machine learning, and intelligent systems to deliver precise and scalable parts production across facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Disciplined execution, true to our business model, aligned with our vision, and true to our customers' strong commitment to profitable growth with a strong capital base.

A number of transformative efforts are underway to realize this business strategy. This includes a greater focus and optimization of whatever is deemed core and key to long-term success, while also including a discontinuing of certain products and operations through divestment or shut down.

Nano Dimension's Board of Directors, with the support of its financial advisors, Guggenheim Securities, LLC and Houlihan Lokey, continues to advance a structured and data driven strategic alternatives review process. This thorough and comprehensive process is progressing in-line with the Company's stated plan and remains focused on evaluating all options to maximize shareholder value.

***Industrial machinery***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Additive manufacturing via inkjet for electronics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Additive manufacturing via binder jetting systems for mechanical parts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Additive manufacturing via fused filament fabrication systems for polymer, metal, and composite parts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ink delivery systems as sub-systems for industrial inkjet systems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Surface-mount technology printed circuit boards and electronic devices

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***Software***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A suite of software solutions that combined with industrial machinery aid in design, simulation, inspection, and manufacturing management

***Consumables and technology***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Composites

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Metal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Polymers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Replacement parts for machines

**Seasonality**

Our business is generally not subject to seasonality. However, we have historically experienced higher hardware sales in the third and fourth quarters. We believe this trend is likely driven by available funds in federal capital budgets at the end of the third quarter and commercial budgets at year end which they direct towards the evolution of their manufacturing processes through investments in additive manufacturing.

**Regulation**

The Company is subject to domestic laws, rules, regulations, self-regulatory codes, circulars and orders governing data privacy and transparency, including, but not limited to, the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act of 2009, the California Consumer Privacy Act, the California Privacy Rights Act, and the Physician Payments Sunshine Provisions of the Patient Protection and Affordable Care Act. Applicable privacy laws restrict the use and disclosure of personal information, and mandate the adoption of standards relating to the privacy and security of individually identifiable information such as data minimization, access control, providing transparent notice of our privacy practices, and respecting data subject rights. Privacy laws also require the reporting of certain breaches of individually identifiable information. The Physician Payments Sunshine Provisions of the Patient Protection and Affordable Care Act require the Company to record all transfers of value to physicians and teaching hospitals and to report this data to the Centers for Medicare and Medicaid Services for public disclosure.

**Intellectual Property**

We seek patent protection as well as other effective intellectual property rights related to our products, services and technologies in the United States and certain other countries. Our policy is to pursue, maintain and defend intellectual property rights developed internally and to protect the technology, inventions and improvements that are commercially important to the development of our business.

We have a portfolio of approximately 383 issued U.S. and foreign patents and pending or allowed patent applications.

We are currently in the process of evaluating our patent portfolio focusing on critical aspects of additional manufacturing and specialized materials. We are adjusting the geographical scope of each patent family according to its evaluation, assessing and ranking subsidiaries' IP in relation to our core technologies, and considering monetizing or dropping intellectual property that does not protect the core technologies. Furthermore, we are harvesting and developing intellectual property from existing knowledge that covers critical aspects of our technologies.

**Competition**

We have experienced, and expect to continue to experience, competition from several companies.

Our additive manufacturing solutions have competition from other vendors in the same domain. The current market landscape is fragmented, consisting of both established public companies focused on additive manufacturing and divisions within broader industrial conglomerates, as well as earlier stage start-ups and growth phase companies. Additionally, as a disruptive technology,

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a primary source of competition is the existing means of manufacturing. For example, for metal components it is CNC and for polymer components it is injection molding.

We believe our additive manufacturing solutions compare favorably based on our focus on sophisticated technologies that are oriented to the higher end of a combination of precision and high-performance materials, which are together complemented by a sophisticated software suite, including machine learning.

Our surface-mount technology has competition from other vendors in the same domain. The current market landscape is composed largely of larger industrial companies, especially those in China, who compete strongly on price and high-volume capabilities, which is a competitive advantage in a domain that is price sensitive and often requires scale.

We believe our surface-mount technology solutions compare favorably based on our focus on flexible solutions that are tailored specifically for the high-mix, low-volume segment of manufacturing, where many other solutions cannot compete as effectively.

***Research and Development***

Our efforts are continually focused on research and development in the domains of hardware, software, and materials science.

In nearly every product line, we have at least one research and development project in the pipeline. They take the form of a new manufacturing solution, the software that is used within it, or the materials that are used by it. These projects may be done as part of one larger program or individual efforts.

This relies on a team of talented and dedicated engineers, technicians, scientists, and professionals with experience from a wide variety of the world's leading industrial systems, robotics, materials, and technology organizations.

From time to time, we explore the application of our technology to additional areas within 3D printing and other industries.

Our research and development expenses totaled $30.1 million, $39.6 million and $65.1 million in the years ended December 31, 2025, 2024, and 2023, respectively (not taking into account the research and development expenses of acquired entities prior to consolidation). Given our acquisitions and our new strategy, we expect our research and development expenses to decrease over the foreseeable future given the smaller and more focused research and development organization of our combined company.

During 2025, the majority of our research and development operations were conducted at our facilities in Ness Ziona, Israel, the United States, and Switzerland.

***Grants from Israel's Innovation Authority***

Our research and development efforts are financed in part through royalty-bearing grants from the Israeli Innovation Authority ("IIA"). As of December 31, 2025, we have received the aggregate amount of $2.2 million from the IIA for the development of our additive manufacturing system and nano-inks. With respect to such grants, we are committed to pay royalties of 3% on sales proceeds from our products that were developed under IIA programs up to the total amount of grants received, linked to the U.S. dollar and bearing interest. For IIA grants approved by the IIA prior to January 1, 2024 but which are outstanding thereafter, as of January 1, 2024 the annual interest is calculated at a rate based on 12-month Secured Overnight Financing Rate ("SOFR"), or at an alternative rate published by the Bank of Israel plus 0.71513%; and, for grants approved on or following January 1, 2024 the annual interest shall be the higher of (i) the 12 months SOFR interest rate, plus 1%, or (ii) a fixed annual interest rate of 4%. Regardless of any royalty payment, we are further required to comply with the requirements of the Research Law, with respect to those past grants. When a company develops know-how, technology or products using IIA grants, the terms of these grants and the Research Law restrict the transfer or license of such know-how whether inside or outside of Israel and the transfer of manufacturing or manufacturing rights of such products, technologies or know-how outside of Israel, without the prior approval of the IIA. In addition, any change of control and any change of ownership of our Ordinary Shares that would make a non-Israel citizen or resident an "interested party," as defined in the Research Law, requires written notice to the IIA. We do not believe that these requirements will materially restrict us in any way.

**Production and Manufacturing**

We purchase the raw materials required for the production of our products, including components of additive manufacturing and surface-mount technology systems and materials to produce our ink products.

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The majority of our manufacturing equipment was assembled in house through 2024. From 2025, with our recent acquisitions, some products are manufactured via third-party partners.

With respect to our ink products, the majority of which are manufactured in-house, we have a production facility to support the commercialization and production of the inks. We believe that the size and capacity of our facilities will be sufficient to support our future commercialization activities.

We are certified for three international standards- the ISO 45001:2018 (occupational health and safety within the workplace), ISO 14001:2015 (Standard – EMS (Environmental Management System)) and ISO 9001:2015 (Quality management system). We are also ISO 27001:2022 certified (information security management).

Markforged's hardware products are either manufactured in-house or via third-party contract manufacturers with international quality certifications, such as ISO 9001 (Quality management system) and ISO 27001:2022 (information security management).

**Sales and Marketing**

We have a global sales and marketing organization. In some instances, we have sales and marketing leaders selling several products from our portfolio, in other instances we have dedicated people selling certain products. We work through a combination of direct sales and through channel partners, such as brokers or value-added reseller partners, or VARs. Our global marketing team drives our lead generation and new customer acquisition.

We believe our sales and marketing efforts will be more efficient as a result of our customer base increases arising from our acquisition of Markforged.

**Human Capital**

We consider our employees to be critical to our success. As of December 31, 2025, we had 468 full-time employees based primarily in Israel and the United States. A majority of our employees are engaged in engineering, operations and related functions. To date, we have not experienced any work stoppages and consider our relationship with our employees to be in good standing. Our employees based in Sweden are subject to one of two current collective bargaining agreements. These agreements apply to 22 of our full-time employees as of December 31, 2025.

Our success depends upon our ability to attract and retain highly qualified employees. We are committed to creating and maintaining an inclusive culture which values equality, opportunity and respect. We expect all of our employees to observe the highest levels of business ethics, integrity, mutual respect, tolerance and inclusivity. Our Code of Business Conduct and Ethics sets forth policies reflecting these values and also provides direction for registering complaints in the event of any violation of our policies. An "open door" policy is maintained at all levels of the organization and any form of retaliation against an employee is strictly prohibited.

The success of our business is fundamentally connected to the physical and mental well-being of our people. Accordingly, we are committed to the health, safety and wellness of our employees and contractors. We provide our employees with a wide range of benefits, including benefits directed to their health, safety and long-term financial security.

**Available Information** 

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K (including exhibits), and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are made available free of charge on or through our website at www.nano-di.com as soon as reasonably practicable after such reports are filed with, or furnished to, the Securities and Exchange Commission, or SEC. The SEC also maintains a website, www.sec.gov, that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The information contained on our website or available through our website is not incorporated by reference into and should not be considered a part of this annual report on Form 10-K, and the reference to our website in this annual report on Form 10-K is an inactive textual reference only. Nano USA is our agent in the United States, and its address is 60 Tower Road, Waltham, Massachusetts, 02451.

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**ITEM 1A. RISK FACTORS**

You should carefully consider the risks described below, together with all of the other information in this Annual Report on Form 10-K, including "Part II¾Item 7¾Management's Discussion and Analysis of Financial Condition and Results of Operations". These disclosures reflect our beliefs and opinions as to factors that could materially and adversely affect the Company and its securities in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future. The risks described below are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business operations. If any of these risks actually occurs, our business and financial condition could suffer and the price of our ADSs could decline.

**Summary of Risk Factors**

***Risks Related to Our Business and Industry***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our strategic shift away from acquiring businesses towards a focus on the evaluation of a comprehensive range of strategic alternatives and improving our core business may be unsuccessful;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our re-domestication from Israel to the United States may adversely affect shareholders and subject us to new legal, tax and regulatory risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The U.S. trade tariffs may increase the costs of importing our products into the U.S. and increase our supply chain costs, which could potentially reduce profit margins and affect our competitive position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are subject to particular risks in light of our two Interim National Security Agreements with the Committee on Foreign Investment in the United States ("CFIUS").

***Risks Related to Our Financial Condition and Capital Requirements***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Although we generate revenues from the sale of our current products, we may never reach profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Previous mergers and acquisitions resulted in acquiring businesses that themselves were operating at a financial loss. We may be unable to effectively mitigate those losses through post-merger integration and/or additional cost reductions measures and/or divestments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our non-financial assets may lead to impairments in the future.

***Risks Related to Our Intellectual Property***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Lack of patent protection may hinder our market competitiveness and failure to safeguard trade secrets could enable competition to use our proprietary information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inability to maintain effective proprietary rights for our products, may affect our ability to compete effectively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Third-party claims of intellectual property infringement may prevent or delay our development and commercialization efforts.

***Risks Related to the Ownership of the ADSs or our Ordinary Shares***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We do not anticipate paying any dividends, except as related to the repurchase of our Ordinary Shares as provided under the Israeli Companies Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may be a "passive foreign investment company", or PFIC, for U.S. federal income tax purposes in 2025 or in any subsequent taxable year. There generally would be adverse tax consequences for U.S. taxpayers that are holders of our ADSs or Ordinary Shares if we are or were to become a PFIC;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ADSs holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable results to the plaintiff(s) in any such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ADS holders may not have the same rights as the holders of our Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The market price of our ADSs has been, and may continue to be, highly volatile, and such volatility could cause the market price of our ADSs to decrease and could cause you to lose some or all of your investment in our ADSs.

***Risks Related to Israeli Law and Our Operations in Israel***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As some of our operations are located in Israel, we could be adversely affected by the implications of political, economic and military instability in Israel and the Middle-East;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Provisions of Israeli law, and our amended and restated articles of association may delay, prevent or otherwise impede a merger with, or an acquisition of, our company, which could prevent a change of control, even when the terms of such a transaction are favorable to us and our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our operations are subject to currency and interest rate fluctuations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We received Israeli government grants for certain portions of our research and development activities. The terms of those grants may require us to pay royalties and to satisfy specified conditions in order to manufacture products and transfer technologies outside of Israel. If we fail to satisfy these conditions, we may be required to pay penalties and refund grants previously received.

***General Risk Factors***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Raising additional capital would cause dilution to holders of our securities, and may affect the rights of existing shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Significant disruptions of our information technology systems or breaches of our data security could adversely affect our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may be subject to litigation, which is expensive and could divert management attention; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they adversely change their recommendations or publish negative reports regarding our business or our ADSs or Ordinary Shares, the price and trading volume of our ADSs or Ordinary Shares could decline.

**Risks Related to Our Business and Industry**

**Our strategic shift away from acquiring businesses towards a focus on the evaluation of a comprehensive range of strategic alternatives and improving our core business and executing its implementation may be unsuccessful.**

On September 9, 2025, we announced that we have initiated a process to explore and evaluate a comprehensive range of strategic alternatives to reinforce our commitment to maximize shareholder value while continuing to build relationships with critical customers and market segments. We are also reviewing every product line and individual product to determine if it aligns with our longer-term objectives. This review is very complex, involving multiple criteria and many members of our management team. As this process depends on anticipating future trends, opportunities regarding strategic alternatives and/or building products that meet future needs, our expectations may not be accurate or effective, and ultimately, we may not achieve the results that we intend. Consequently, our efforts to achieve profitability may not be successful.

Additionally, a particular element of this process, may be the determination from time to time, that the focus on our revised strategy will require us to close or divest certain product line or specific products, including those product lines or specific products developed and manufactured by the companies which we have recently acquired. Such closures or divestments can result in material disruptions to our business, employees, customers, and partners, which may have a material adverse effect on our operations and financial condition, and which may also not achieve the results intended in the longer term. In addition, Desktop filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in July 2025 and the bankruptcy process was completed in the third quarter of 2025.

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**Our re-domestication from Israel to the United States may adversely affect shareholders and subject us to new legal, tax and regulatory risks.**

After our re-domestication from Israel to the United States, our corporate affairs will be governed by certain U.S. state law, under which the rights of shareholders may differ materially from those under the Israeli Companies Law, including with respect to fiduciary duties, shareholder litigation rights, derivative actions and the availability of monetary damages against directors and officers. The re-domestication may also result in increased compliance costs. We will be subject to certain U.S. state law and regulations that differ from those previously applicable to us, which may increase our administrative burden and expenses. In addition, uncertainty regarding the interpretation of state corporate law and potential changes in applicable tax or regulatory regimes could adversely affect us.

If investors perceive that the re-domestication reduces shareholder protections or increases risk, the market price of our ADSs could be adversely affected.

**The U.S. trade tariffs may increase the costs of importing our products into the U.S. and increase our supply chain costs which could potentially reduce profit margins and affect our competitive position.**

A material portion of our products is produced outside of the U.S. The U.S. trade tariffs implemented by President Trump may challenge us, particularly concerning the increased costs associated with importing our finished products into the U.S. The additional cost on goods imported to the U.S., as a result of the tariffs, would directly affect our profit margins when borne by us, or, when borne by our U.S. customers, would effectively lead to a higher purchase price for our customers. Such an increase could drive our customers to seek local alternatives that do not carry the tariff burden, potentially decreasing the demand for our products and affecting our market share. Furthermore, the uncertainty and volatility introduced by these tariffs complicate decision making, planning and forecasting for our customers as well as for us, making it difficult to predict future costs and financial outcomes accurately.

Additionally, the U.S. trade tariffs may challenge us in terms of increased supply chain costs. The tariffs will result in an immediate rise in expenses for any of our raw materials imported into the U.S., which depending on their country of origin, may be a very material increase, and as a result will directly affect our operational costs. This increase in costs may erode our profit margins, making it more difficult for us to maintain our competitive edge in the industry. Furthermore, the tariffs introduce a layer of uncertainty and volatility into our financial planning and forecasting.

The potential for further tariff changes or escalations could exacerbate these challenges, making it difficult to predict future costs and financial outcomes accurately.

**We are subject to particular risks in light of our Interim National Security Agreements with the U.S. Government.**

In connection with our acquisitions of each of Desktop and Markforged, we entered into two Interim National Security Agreements (the "Interim Agreements") with the U.S. Government, represented by the U.S. Department of the Treasury, the U.S. Department of War, and the U.S. Department of Energy, collectively acting as the CFIUS. The Interim Agreements, effective as of April 1 and April 24, 2025, include several requirements related to supply assurance, product integrity, protection of personal and technical information, and cybersecurity audits.

Consequently, we are subject to stringent compliance requirements through the Interim Agreements, which may impose operational constraints and require significant resources to ensure adherence. Failure to comply with the Interim Agreements could result in penalties, including fines or restrictions on business operations, which could adversely affect our financial condition and results of operations.

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We are committed to fulfilling all obligations under the Interim Agreements. However, there can be no assurance that compliance with these agreements will not have a material adverse effect on the Company's business, financial condition, or results of operations.

**Our operating results and financial condition may fluctuate.**

Even if we are successful in introducing our products to the market, the operating results and financial condition of our Company may fluctuate from quarter to quarter and year to year and are likely to continue to vary due to a number of factors, many of which will not be within our control. If our operating results do not meet the information that we provide to the marketplace or the expectations of securities analysts or investors, the market price of our ADSs will likely decline. Fluctuations in our operating results and financial condition may be due to a number of factors, including those listed below and those identified throughout this "Risk Factors" section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the level of market acceptance of our new more focused business plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the degree of market acceptance of our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the mix of products and services that we sell during any period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•long sales cycles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the amount we spend to develop, acquire or license new products, consumables, technologies or businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the amounts that we spend to promote our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the cost of satisfying our warranty obligations and servicing our installed base of systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•delays between our expenditures to develop and market new or enhanced systems and consumables and the generation of sales from those products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•development of new competitive products and services by others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•difficulty in predicting sales patterns and reorder rates that may result from a multi-tier distribution strategy associated with new product categories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•litigation or threats of litigation, including intellectual property claims by third parties and shareholder claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in accounting rules and tax laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the geographic distribution of our sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our responses to price competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic and industry conditions that affect end-user demand and end-user levels of product design and manufacturing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes that affect returns on our cash balances and short-term investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in exchange rates between the U.S. dollar and other currencies in which we operate, that affect the value of our net assets, future revenues and expenditures from and/or relating to our activities carried out in these currencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the level of research and development activities by us.

Due to all of the foregoing factors, and the other risks discussed in this Annual Report on Form 10-K, you should not rely on quarter-to-quarter comparisons of our operating results as an indicator of our future performance.

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**The markets in which we participate are competitive. Our failure to compete successfully could cause any future revenues and the demand for our products not to materialize or to decline over time.**

Given that we have a diverse portfolio of products, we compete for customers with a variety of manufacturers that fabricate specialty industrial products, including electronics and mechanical components. Our competitors usually have extensive track records and relationships within their respective domains. With regard to our electronics-oriented products our competitors are electronics design and manufacturing firms and/or other systems developers. For our mechanical oriented products, our competitors are parts manufacturers and/or other systems developers. In both domains, there are incumbents operating traditional technologies, as well as new entrants bringing disruptive technologies to the market. Many of our current and potential competitors have longer operating histories and more extensive name recognition than we have and may also have greater financial, marketing, manufacturing, distribution and other resources than we have. Current and future competitors may be able to respond more quickly to new or emerging technologies and changes in end-user demands and to devote greater resources to the development, promotion and sale of their products than we can. Our current and potential competitors may develop and market new technologies that render our existing or future products obsolete, unmarketable or less competitive (whether from a price perspective or otherwise). We cannot assure you that we will be able to maintain a competitive position or to compete successfully against current and future sources of competition.

**Defects in products could give rise to product returns or product liability, warranty or other claims that could result in material expenses, diversion of management time and attention, and damage to our reputation.**

Even if we are successful in introducing our products to the market, our products may contain undetected defects or errors that, despite testing, are not discovered until after a product has been used. This could result in delayed market acceptance of those products, claims from distributors, end-users or others, increased end-user service and support costs and warranty claims, damage to our reputation and business, or significant costs to correct the defect or error. We may from time to time become subject to warranty or product liability claims that could lead to significant expenses as we need to compensate affected end-users for costs incurred related to product quality issues.

This risk of product liability claims may also be greater due to the use of certain hazardous chemicals used in the manufacture of certain of our products. In addition, we may be subject to claims that our additive manufacturing systems have been, or maybe, used to create parts that are not in compliance with legal requirements.

Any claim brought against us, regardless of its merit, could result in material expense, diversion of management time and attention, and damage to our reputation, and could cause us to fail to retain or attract customers. Currently, we maintain product liability insurance. Our product liability insurance is subject to deductibles and there is no guarantee that such insurance will be available or adequate to protect against all such claims. Costs or payments made in connection with warranty and product liability claims and product recalls or other claims could materially affect our financial condition and results of operations.

**As the regulatory framework for AI technology evolves, our business, financial condition, and results of operations may be adversely affected.**

Some of our products use AI technology. However, in recent years, use of these methods has come under increased regulatory scrutiny, and the regulatory framework for AI technology is evolving and remains uncertain. It is possible that new laws and regulations will be adopted in the United States and in non-U.S. jurisdictions, or that existing laws and regulations may be interpreted in new ways that would affect the operation of our Industrial AI solutions business and the way in which we can sell AI based technologies. Specifically, such laws and regulations may limit our ability to use our AI models or require us to make changes to our operations that may decrease our operational efficiency, result in an increase to operating costs, or hinder our ability to improve our services. Further, the cost of complying with such laws, rules, or regulations could increase our operating expenses, which could adversely affect our business, financial condition, and results of operations.

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**If our relationships with suppliers for our products and services, especially with single source suppliers of components of our products, were to terminate or our manufacturing arrangements were to be disrupted, our business could be interrupted.**

We purchase component parts and raw materials that are used in our products and services from third-party suppliers, some of whom may compete with us. While there are several potential suppliers of most of these component parts and raw materials that we use, we currently choose to use only one or a limited number of suppliers for several of these components and materials. Our reliance on a single or limited number of vendors involves a number of risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential shortages of some key components;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•product performance shortfalls, if traceable to particular product components, since the supplier of the faulty component cannot readily be replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•discontinuation of a product on which we rely;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential insolvency of these vendors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reduced control over delivery schedules, manufacturing capabilities, quality and costs.

In addition, we require any new supplier to become "qualified" pursuant to our internal procedures. The qualification process involves evaluations of varying durations, which may cause production delays if we were required to qualify a new supplier unexpectedly. We generally assemble our systems and parts based on our internal forecasts and the availability of raw materials, assemblies, components and finished goods that are supplied to us by third parties, which are subject to various lead times. If certain suppliers were to decide to discontinue production of an assembly, component or raw material that we use, the unanticipated change in the availability of supplies, or unanticipated supply limitations, could cause delays in, or loss of, sales, increased production or related costs and consequently reduced margins, and damage to our reputation. If we were unable to find a suitable supplier for a particular component, material or compound, we could be required to modify our existing products or the end-parts that we offer to accommodate substitute components, material or compounds.

Related to Markforged printers, generally, our third-party contract manufacturers contract directly with component suppliers with our guidance. We rely on our contract manufacturers to manage their supply chains. If one of our contract manufacturers has supply chain disruptions, or our relationship with our contract manufacturer terminates, we could experience delays. We also source some materials directly from suppliers. While most manufacturing equipment and materials for our products are available from multiple suppliers, certain of those items are only available from limited sources. Should any of these suppliers become unavailable or inadequate, or impose terms unacceptable to us, such as increased pricing terms, we could be required to spend a significant amount of time and expense to develop alternate sources of supply, and we may not be successful in doing so on terms acceptable to us, or at all. As a result, the loss of a limited source supplier could adversely affect our brand and relationship with our customers as well as our results of operations and financial condition.

**A change in operations at our manufacturing sites and operations of our third-party service providers, such as discontinuation or disruption, could prevent us from timely filling customer orders and could lead to unforeseen costs for us.**

We rely on a limited number of major production facilities and third-party service providers, a disruption at any of those facilities could materially damage our ability to supply systems or consumable materials to the marketplace in a timely manner. Depending on the cause of the disruption, we could also incur significant costs to remedy the disruption and resume product shipments. Such disruptions may be caused by, among other factors, wars, earthquakes, fires, floods and other natural disasters. Accordingly, any such disruption could result in a material adverse effect on our revenue, results of operations and earnings, and could also potentially damage our reputation.

If any of our facilities, or those of our third-party contract manufacturers, suppliers, third-party logistics providers or customers are negatively impacted by such a disaster, production, shipment and installation of our additive manufacturing machines could be delayed, which would impact the period in which we recognize the revenue related to that additive manufacturing machine sale. Additionally, customers may delay purchases of our products until operations return to normal. Even if we are able to respond quickly to a disaster, the continued effects of the disaster could create uncertainty in our business operations. We have no way to predict the progress or outcome of these situations, including any impact on the rest of the world, as the conflicts and government reactions are rapidly developing. In addition, concerns about terrorism, the effects of a terrorist attack, political

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turmoil, labor strikes, war or the outbreak of epidemic or pandemic diseases could have a negative effect on our operations and sales. We maintain facilities and personnel in Israel, and our operations may be adversely affected by the ongoing conflict involving Israel and the surrounding region. The security situation in Israel has been volatile and unpredictable, and military conflicts, terrorist activities, missile or rocket attacks, and other hostilities could disrupt our operations, damage our facilities, interrupt supply chains, or adversely affect our employees and service providers.

Our international operations expose us to additional market and operational risks, and failure to manage these risks may adversely affect our business and operating results. Notably, the U.S. Department of Commerce has delegated certain authority to the Departments of War, Energy, Homeland Security, and Health and Human Services, and to the General Services Administration, to place, in accordance with the Defense Priorities and Allocations System regulation, priority ratings on contracts or orders necessary or appropriate to promote the national defense, which may increase costs and result in delays in the materials routinely used by us.

Our international operations expose us to additional market and operational risks, and failure to manage these risks may adversely affect our business and operating results.

We derive a substantial percentage of our sales from international markets. Accordingly, we face significant operational risks from doing business internationally, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fluctuations in foreign currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potentially longer sales and payment cycles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potentially greater difficulties in collecting accounts receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potentially adverse tax consequences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reduced protection of intellectual property rights in certain countries, particularly in Asia and Latin America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•difficulties in staffing and managing foreign operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•laws and business practices favoring local competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs and difficulties of customizing products for foreign countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance with a wide variety of complex foreign laws, treaties and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an outbreak of a contagious disease, which may cause us, third party vendors and manufacturers and/or customers to temporarily suspend our or their respective operations in the affected city or country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tariffs, trade barriers and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•being subject to the laws, regulations and the court systems of many jurisdictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general market, political and economic conditions in the countries in which we operate including those related to recent unrest and actual or potential armed conflict in Israel, the Middle-East and other parts of the world, such as the Russia-Ukraine war.

Our failure to manage the market and operational risks associated with our international operations effectively could limit the future growth of our business and adversely affect our operating results.

**Under applicable employment laws, we may not be able to enforce covenants not to compete and therefore may be unable to prevent our competitors from benefiting from the expertise of some of our former employees.**

We generally enter into non-competition agreements with our employees. These agreements prohibit our employees from competing directly with us or working for our competitors or clients for a limited period after they cease working for us. We may be unable to enforce these agreements under the laws of the jurisdictions in which our employees work and it may be

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difficult for us to restrict our competitors from benefiting from the expertise that our former employees or consultants developed while working for us. For example, Israeli courts have required employers seeking to enforce non-compete undertakings of a former employee to demonstrate that the competitive activities of the former employee will harm one of a limited number of material interests of the employer that have been recognized by the courts, such as the secrecy of a company's confidential commercial information or the protection of its intellectual property. If we cannot demonstrate that such interests will be harmed, we may be unable to prevent our competitors from benefiting from the expertise of our former employees or consultants and our ability to remain competitive may be diminished.

**We are subject to environmental laws due to the import and export of our products, which could subject us to compliance costs and/or potential liability in the event of non-compliance.**

The export of our products internationally from our production facilities subjects us to environmental laws and regulations concerning the import and export of chemicals and hazardous substances such as the U.S. Toxic Substances Control Act and the Registration, Evaluation, Authorization and Restriction of Chemical Substances. These laws and regulations require the testing and registration of some chemicals that we ship along with, or that form a part of, our systems and other products. If we fail to comply with these or similar laws and regulations, we may be required to make significant expenditures to reformulate the chemicals that we use in our products and materials or incur costs to register such chemicals to gain and/or regain compliance. Additionally, we could be subject to significant fines or other civil and criminal penalties should we not achieve such compliance.

**Recent changes in personnel and management may disrupt our operations and adversely affect our business.**

We have recently experienced changes in our personnel and management team. These changes may result in the loss of institutional knowledge, disruption to our operations, and challenges in executing our business strategy. The transition of responsibilities to new or existing personnel may take longer or require more resources than anticipated, and there can be no assurance that new or remaining personnel will be able to perform their roles effectively or integrate seamlessly into our organization.

Additionally, changes in management may impact employee morale, productivity, and our ability to attract and retain qualified personnel in the future. If we are unable to successfully manage these transitions or if additional changes occur, our business operations, financial condition, results of operations, and ability to achieve our strategic objectives could be materially and adversely affected.

**Shareholder activism could disrupt our business and adversely affect our strategic direction.**

We have been, and may in the future be, subject to shareholder activism, including campaigns related to corporate governance, strategic direction, capital allocation, management, or board composition. Such activities could divert the attention of our management and board of directors from executing our business strategy and require significant time, effort, and expense to address. Responding to shareholder activism may also involve legal, advisory, and other costs that could be substantial.

In addition, shareholder activism could result in changes to our strategy, operations, or leadership that may not align with the long-term interests of the Company or all of our shareholders. Activist actions or the perception of instability arising from such actions could adversely affect our relationships with employees, customers, suppliers, and other business partners, as well as our stock price and market reputation. If we are unable to effectively manage or respond to shareholder activism, our business, financial condition, results of operations, and prospects could be materially and adversely affected.

**Risks Related to Our Financial Condition and Capital Requirements**

**Although we generate revenues from the sale of our current products, we may never be profitable.**

We experienced net losses in each year from our inception, including net losses of $293.4 million, $99.9 million, and $57.1 million for the years ended December 31, 2025, 2024, and 2023, respectively. Markforged and Desktop, the two companies that we recently acquired, and the results of which are consolidated into our financial statements for 2025, also have a history of losses. We believe we will continue to incur operating losses and negative cash flow in the near-term as we continue to invest in our business, in particular across our research and development efforts and sales and marketing programs. These investments may not result in increased revenue or growth in our business or enable us to achieve profitability.

In addition, as a public company, we incur significant additional legal, accounting and other expenses in order to comply with public company reporting and disclosure requirements for domestic issuers. We will also incur additional legal, accounting and

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other expenses in connection with acquisitions and integration activities associated therewith. These increased expenditures may make it harder for us to achieve and maintain future profitability. Revenue growth and growth in our customer base may not be sustainable, and we may not achieve sufficient revenue to achieve or maintain profitability. We may incur significant losses in the future for a number of reasons, including due to the other risks described in this Annual Report on Form 10-K, and we may encounter unforeseen expenses, difficulties, complications and delays and other unknown events. As a result, our losses may be larger than anticipated, we may incur significant losses in the foreseeable future, and we may not achieve profitability, and even if we do, we may not be able to maintain or increase profitability. Furthermore, if our future growth and operating performance fail to meet investor or securities analyst expectations, or if we have future negative cash flow or losses resulting from our investment in acquiring customers or expanding our operations, this could have a material adverse effect on our business, financial condition, and results of operations.

**Previous mergers and acquisitions resulted in acquiring businesses that themselves were operating at a financial loss; and we may be unable to effectively mitigate those losses through post-merger integration and/or additional cost reductions measures and/or divestments.**

Our recent acquisitions of Desktop and Markforged have resulted in substantial operating losses. In their 2023 and 2024 filings with the U.S. Securities and Exchange Commission, or SEC, Desktop highlighted several risks associated with its acquisitions, including its difficulties in combining operations and corporate functions of acquired companies, such as EnvisionTEC and ExOne. These challenges include aligning operating practices, employee programs, internal controls, and IT systems, which could adversely affect relationships with customers and employees. Desktop also acknowledged that its restructuring activities and cost-saving measures might not achieve the intended results, and expressed concerns about its negative cash flows and the potential inability to continue as a going concern without additional funding. In addition, Desktop filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code and the bankruptcy process was completed in the third quarter of 2025. Desktop's income producing assets have been sold as part of the bankruptcy.

See Item 1A "Risk Factors – Risks Related to our Business and Industry" of Desktop's Annual Report on Form 10K for the year ended December 31, 2023, filed with the SEC on March 15, 2024, for more information on the risks relating to Desktop's operations.

See Item 1A Risk Factors – "Risks Related to our Business and Industry" and "Risks Related to the proposed merger with Nano Dimension Ltd." of the Markforged's Annual Report for the year ended December 31, 2024, filed with the SEC on March 28, 2025, for more information on the risks relating to Markforged's operations.

These disclosures underscore the complexities and financial risks associated with integrating acquired companies in general, and in particular Markforged. We may be unable to successfully reduce or eliminate these losses, which could materially and adversely affect our business, financial condition, and results of operations. The process of integrating acquired businesses into our operations may result in unforeseen difficulties and may require a disproportionate amount of resources and management attention. In particular, the integration of acquired technologies with our existing products could cause delays in the introduction of new products. Our acquisitions involve numerous risks, including problems combining the acquired operations, technologies or products, unanticipated costs or liabilities, diversion of management's attention, diverse effects on existing business relationships with suppliers and customers, risks associated with entering markets in which we have limited or no prior experience; and potential loss of key employees, particularly those of the acquired organizations.

**Our non-financial assets may lead to significant impairments in the future.**

We review our reporting units for impairment whenever events or changes in circumstances (triggering events) indicate that the carrying amount of such reporting units may not be recoverable. In those cases, an impairment of our non-financial assets, including intangible assets and property, plant and equipment might be recognized. The amount of goodwill, intangible assets and property, plant and equipment on our consolidated balance sheet may increase following acquisitions or other collaboration agreements. Changes in market conditions or other changes in the future outlook of value may lead to significant impairments in the future.

**We maintain our cash at financial institutions, some in balances that exceed federally insured limits.**

A portion of our cash is held in accounts at U.S. banking institutions that we believe are of high quality. Cash held in non-interest-bearing and interest-bearing operating accounts may exceed the Federal Deposit Insurance Corporation, or FDIC, insurance limits. If such banking institutions were to fail, we could lose all or a portion of those amounts held in excess of such insurance limitations. The FDIC took control of one such banking institution, Silicon Valley Bank, or SVB, on March 10, 2023

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though we did not lose any assets due to this event. The FDIC also took control of Signature Bank on March 12, 2023, though we do not hold any accounts at this bank.

On March 13, 2023, the U.S. Federal Reserve announced that account holders would not bear the loss of SVB's collapse and since that time, we have been able to make payments and move all of the funds held in SVB to other banks in the United States. Thus, we do not view the risk as material to our financial condition. However, as the FDIC continues to address the situation with SVB, Signature Bank and other similarly situated banking institutions, the risk of loss in excess of insurance limitations has generally increased. Any material loss that we may experience in the future could have an adverse effect on our ability to pay our operational expenses or make other payments and may require us to move our accounts to other banks, which could cause a temporary delay in making payments to our vendors and employees and cause other operational inconveniences.

**Failure to prevail in lawsuits in which we are involved may result in a reduction in our capital reserves and divert management attention.**

We have been and continue to be involved in a number of lawsuits, which are at various stages of the litigation process. These lawsuits were filed by shareholders of the Company, including Murchinson Ltd., or Murchinson based on actions taken by our previous management, including with respect to certain corporate governance matters as well as in relation to the previous acquisition of DeepCube and the attempted acquisition of Stratasys Ltd. On November 21, 2024, the Tel Aviv Central Court ruled against us in relation to Murchinson's right to convene a meeting of our shareholders. On December 11, 2024, Murchinson sent a letter in which it demanded that we reimburse its costs related to the shareholders meeting, including litigation costs, pursuant to section 64(b) of the Israeli Companies Law. Murchinson did not commence a legal proceeding in connection with this demand letter. If Murchinson will bring such a lawsuit against us, or if any of the holders of our Ordinary Shares or ADS were to bring a lawsuit against us, we could incur substantial costs defending the lawsuit and the attention of our senior management could be diverted from the operation of our business. Any adverse determination in existing or new litigation could also subject us to significant liabilities.

Additionally, in the past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be the target of this type of litigation in the future. Litigation of this type could result in substantial costs and diversion of management's attention and resources, which could seriously hurt our business. Any adverse determination in litigation could also subject us to significant liabilities.

See "Part I¾Item 3¾Legal Proceedings" for a description of our litigation.

**Risks Related to Our Intellectual Property**

**Lack of patent protection may hinder our market competitiveness and failure to safeguard trade secrets could enable competition to use our proprietary information.**

Our continued success depends in part on our ability to obtain, maintain, monitor and enforce patent and other intellectual property rights covering our proprietary technology and new products in the United States and in other countries.

We have sought to protect our proprietary position and sustain our competitive advantage by filing patent applications in the United States and certain in other countries. Patent prosecution in the United States and other countries is uncertain, expensive and time consuming, and we may not be able to file, prosecute and maintain all necessary or desirable patent applications at a reasonable cost or in a timely manner.

We have a substantial patent portfolio, including patents held by Markforged. We currently have approximately 383 patents issued, pending and allowed patent applications worldwide. While some patents have already been issued, uncertainties remain regarding pending applications' issuance, enforceability, scope, and potential challenges from third parties. Any successful opposition to these patents or any other patents owned by or licensed to us after patent issuance could hinder our ability to protect existing products and deprive us of rights necessary for the successful commercialization of any new products that we may develop.

Furthermore, there is no guarantee of discovering all relevant prior art, which could invalidate patents. Even if patents are issued, challenges from third parties may lead to narrowing, unenforceability, or invalidation. Patents might not sufficiently protect intellectual property, affecting competition and business adversely. Our ability to compete effectively depends on maintaining effective patent rights for our products, failure of which could result in our inability to compete effectively, thereby potentially harming our business and results of operations.

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**Inability to maintain effective proprietary rights for our products, may affect our ability to compete effectively.**

Apart from patents, copyrights and trademark law, we also rely on trade secrets, know-how and technology, which are not protected by our patents, and confidentiality agreements to protect certain proprietary know-how, processes, and devices. However, trade secret protection can be challenging and we cannot assure that such measures will be adequate to protect our proprietary technology, that competitors will not develop products with features based upon, or otherwise similar to our systems, that third-party licenses will be available to us or that we will prevail in any proceedings instituted by us in order to enjoin competitors from selling similar products. We employ confidentiality agreements, intellectual property assignment agreements, including with our employees and collaborators, to safeguard our technology and data. Nevertheless, breaches or independent discoveries by competitors may potentially impact our intellectual property rights and consequently our business. We cannot guarantee protection against unauthorized disclosure or competitors' access to our trade secrets. Unauthorized disclosure or misappropriation could harm our competitiveness and business, while inadequate protection measures may limit recourse against third-party misappropriation, affecting our trade secrets'. Agreements may be breached, and we may not have adequate remedies for any breach. In addition, our trade secrets and intellectual property may otherwise become known or be independently discovered by competitors. Also, to the extent that our commercial partners, collaborators, officers, employees, contractors and other service providers use intellectual property owned by others in their work for us, disputes may arise as to the rights in the related or resulting know-how and inventions.

**Third-party claims of intellectual property infringement may prevent or delay our development and commercialization efforts.**

It is inherently difficult to conclusively assess our freedom to operate and our ability of not infringing on third party rights. Such third parties may include competitors, as well as large companies, which heavily invest in their patent portfolios, regardless of their actual field of business, and non-practicing entities. Our competitive position may be adversely affected if existing patents or patents resulting from patent applications issued to third parties or other third-party intellectual property rights are held to cover our products or elements thereof, or our manufacturing or uses relevant to our development plans. In such cases, we may not be in a position to develop or commercialize products or our product candidates unless we successfully pursue litigation to nullify or invalidate the third-party intellectual property right concerned or enter into a license agreement with the intellectual property right holder, if available on commercially reasonable terms. There may also be pending patent applications that if they result in issued patents, could be alleged to be infringed by our new products. If such an infringement claim should be brought and be successful, we may be required to pay substantial damages, be forced to abandon our new products or seek a license from the patent holder. No assurances can be given that a license will be available on commercially reasonable terms, if at all.

Any competitor patents held by a competent US court to cover aspects of our formulations, processes or designs, or methods of use, may enable the holders of any such patents to block our ability to develop and commercialize product candidates unless we obtain a license or until such patent expires or is finally determined to be invalid or unenforceable. Regardless, such a license may not be available at all. In addition, third parties' claims against us may result in injunctions, halting product development. Defending these claims, regardless of merit, is costly and diverts resources. Successful infringement claims could lead to substantial damages, royalties, product redesign, or challenging licensing agreements.

Furthermore, our industry is characterized by the existence of a large number of patents and by litigation based on allegations of infringement or other violations of intellectual property rights. Moreover, in recent years, non-practicing entities have purchased patents and other intellectual property assets for the purpose of making claims of infringement in order to extract settlements from companies like ours. In addition, we may be or may become contractually obligated to indemnify our utility customers or other third parties that use or resell our products in the event our products are alleged to infringe a third-party's intellectual property rights. Responding to such claims, regardless of their merit, can be time consuming, costly to defend in litigation, divert management's attention and resources, damage our reputation and brand, and cause us to incur significant expenses. Even if we are indemnified against such costs, the indemnifying party may be unable to uphold its contractual obligations. Further, claims of intellectual property infringement might require us to redesign affected products, delay affected product offerings, enter into costly settlement or license agreements or pay costly damage awards or face a temporary or permanent injunction prohibiting us from marketing, selling or distributing the affected products. If we cannot or do not license the alleged infringed technology on reasonable terms or at all, or substitute similar technology from another source, our revenue and earnings could be adversely impacted. Additionally, our utility customers may not purchase our products if they are concerned that our products infringe third-party intellectual property rights. This could reduce the market opportunity for the sale of our products and services. The occurrence of any of these events may have a material adverse effect on our business, financial condition and results of operations.

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**We may be involved in lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming, and unsuccessful.**

Competitors might infringe our intellectual property. If we pursue legal action, they could counterclaim patent invalidity or unenforceability, common in U.S. patent litigation. Challenges could include lack of novelty or lack of inventive step. Post-grant proceedings add further uncertainty to patent validity, making legal outcomes unpredictable. Likewise, derivation proceedings, initiated by third parties or us, may resolve invention priority or patent scope disputes not in our favor, which may halt technology use, require costly licensing and harm business, diverting resources and funds from research and development partnerships. Furthermore, intellectual property litigation in the US entails extensive discovery, risking disclosure of confidential information. Our defense of litigation or other proceedings may fail and, even if successful, may result in substantial costs and distract our management and other employees. Public announcements of proceedings' results could negatively affect our share price if perceived unfavorably by securities analysts and/or investors and could have a material adverse effect on the price of our ADSs.

**We may not be able to protect our intellectual property rights throughout the world.**

Securing and protecting patents globally for our products and processes is financially daunting. Intellectual property rights in some countries are less stringent than in the U.S., allowing competitors to exploit our technologies. Competing products developed or exported in jurisdictions with weaker enforcement may undermine our market position. Protecting intellectual property rights abroad, if available to us, can be challenging, especially in jurisdictions where legal systems are less favorable to enforcement. This difficulty may allow competitors to market products, infringing on our rights. Enforcing patents overseas can incur significant costs and divert resources. Moreover, such proceedings could risk invalidating or narrowing future patents and potentially invite counterclaims. Overall, our efforts to safeguard intellectual property outside the US may not yield substantial commercial advantage.

**Risks Related to the Ownership of the ADSs or our Ordinary Shares**

**We do not anticipate paying any dividends, except as related to the repurchase of our Ordinary Shares as provided under the Companies Law.**

In accordance with the provisions of the Israeli Companies Law 5759-1999, or the Companies Law, and the regulations promulgated thereunder, repurchase of shares is considered a dividend distribution. Except in relation to the repurchase of our Ordinary Shares, no dividends have been paid on our Ordinary Shares. We do not intend to pay cash dividends on our Ordinary Shares in the foreseeable future, and anticipate that profits, if any, received from operations will be reinvested in our business. Any decision to pay dividends will depend upon our profitability at the time, cash available and other relevant factors including, without limitation, the conditions set forth in the Israeli Companies Law.

**We may be a "passive foreign investment company", or PFIC, for U.S. federal income tax purposes in 2025 or in any subsequent taxable year. There generally would be adverse tax consequences for U.S. taxpayers that are holders of our ADSs or Ordinary Shares if we are or were to become a PFIC.**

Based on the projected composition of our income and valuation of our assets, we believe that we may be a PFIC for 2025, although we do not intend to conduct an analysis to obtain assurance of this. The determination of whether we are a PFIC is made on an annual basis and will depend on the composition of our income and assets from time to time. We will be treated as a PFIC for U.S. federal income tax purposes in any taxable year in which either (1) at least 75% of our gross income is "passive income" or (2) on average at least 50% of our assets by value produce passive income or are held for the production of passive income. Passive income for this purpose generally includes, among other things, certain dividends, interest, royalties, rents and gains from commodities and securities transactions and from the sale or exchange of property that gives rise to passive income. Passive income also includes amounts derived by reason of the temporary investment of funds, including those raised in a public offering. In determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account. The tests for determining PFIC status are applied annually, and it is difficult to make accurate projections of future income and assets which are relevant to this determination. In addition, our PFIC status may depend in part on the market value of our ADSs or Ordinary Shares. Accordingly, because we do not intend to conduct an analysis to confirm our PFIC status, there can be no assurance that we currently are not or will not become a PFIC in the future. If we are a PFIC in any taxable year during which a U.S. taxpayer holds our ADSs or Ordinary Shares, such U.S. taxpayer would be subject to certain adverse U.S. federal income tax rules. In particular, if the U.S. taxpayer did not make an election to treat us as a "qualified electing fund," or QEF, or make a "mark-to-market" election, then "excess distributions" to the U.S. taxpayer, and any gain realized on the sale or other disposition of our ADSs or Ordinary Shares by the U.S. taxpayer: (1) would be allocated ratably over the U.S. taxpayer's holding period for the ADSs or Ordinary Shares; (2) the amount allocated to the current taxable year and any period prior to the first day of the first

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taxable year in which we were a PFIC would be taxed as ordinary income; and (3) the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. In addition, if the U.S. Internal Revenue Service, or the IRS, determines that we are a PFIC with respect to a certain year, it may be too late for a U.S. taxpayer to make a timely QEF or mark-to-market election. U.S. taxpayers that have held our ADSs or Ordinary Shares during a period when we were a PFIC will be subject to the foregoing rules, even if we cease to be a PFIC in subsequent years, subject to exceptions for U.S. taxpayer who made a timely QEF or mark-to-market election. A U.S. taxpayer can make a QEF election by completing the relevant portions of and filing IRS Form 8621 in accordance with the instructions thereto. We do not intend to notify U.S. taxpayers that hold our ADSs or Ordinary Shares if we believe we will be treated as a PFIC for any taxable year in order to enable U.S. taxpayers to consider whether to make a QEF election. In addition, we do not intend to furnish such U.S. taxpayers annually with information needed in order to complete IRS Form 8621 and to make and maintain a valid QEF election for any year in which we or any of our subsidiaries are a PFIC. U.S. taxpayers that hold our ADSs or Ordinary Shares are strongly urged to consult their tax advisors about the PFIC rules, including tax return filing requirements and the eligibility, manner, and consequences to them of making a QEF or mark-to-market election with respect to our ADSs or Ordinary Shares in the event that we are a PFIC.

**ADSs holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable results to the plaintiff(s) in any such action.**

The deposit agreement governing the ADSs representing our Ordinary Shares provides that holders and beneficial owners of ADSs irrevocably waive the right to a trial by jury in any legal proceeding arising out of or relating to the deposit agreement or the ADSs, including claims under federal securities laws, against us or the depositary to the fullest extent permitted by applicable law. If this jury trial waiver provision is prohibited by applicable law, an action could nevertheless proceed under the terms of the deposit agreement with a jury trial. To our knowledge, the enforceability of a jury trial waiver under the federal securities laws has not been finally adjudicated by a federal court. However, we believe that a jury trial waiver provision is generally enforceable under the laws of the State of New York, which govern the deposit agreement, by a court of the State of New York or a federal court, which have non-exclusive jurisdiction over matters arising under the deposit agreement, applying such law. In determining whether to enforce a jury trial waiver provision, New York courts and federal courts will consider whether the visibility of the jury trial waiver provision within the agreement is sufficiently prominent such that a party has knowingly waived any right to trial by jury. We believe that this is the case with respect to the deposit agreement and the ADSs. In addition, New York courts will not enforce a jury trial waiver provision in order to bar a viable setoff or counterclaim sounding in fraud or one which is based upon a creditor's negligence in failing to liquidate collateral upon a guarantor's demand, or in the case of an intentional tort claim (as opposed to a contract dispute), none of which we believe are applicable in the case of the deposit agreement or the ADSs. No condition, stipulation or provision of the deposit agreement or ADSs serves as a waiver by any holder or beneficial owner of ADSs or by us or the depositary of compliance with any provision of the federal securities laws. If you or any other holder or beneficial owner of ADSs brings a claim against us or the depositary in connection with matters arising under the deposit agreement or the ADSs, you or such other holder or beneficial owner may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against us and / or the depositary. If a lawsuit is brought against us and / or the depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in different results than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other things, the nature of the claims, the judge or justice hearing such claims, and the venue of the hearing.

**ADS holders may not have the same rights as the holders of our Ordinary Shares.**

ADS holders may not be treated as one of our shareholders and will not have direct shareholder rights. Israeli law governs shareholder rights, while the depositary serves as the registered holder of the shares underlying the ADSs. Registered holders of ADSs, will have ADS holder rights as outlined in the deposit agreement. New York law governs the deposit agreement and the ADSs.

However, recent case law has provided important clarification regarding the intersection of New York law governing deposit agreements and Israeli law governing shareholder rights. In a significant decision involving our company, the court concluded that ADS holders retain certain rights under Israeli law which companies must respect, despite the specific terms of deposit agreements. The court determined that:

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While the deposit agreement is governed by New York law, certain rights and obligations remain subject to Israeli law's mandatory provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deposit agreements do not fully encapsulate all rights, and Israeli law's mandatory provisions continue to apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ADS holders may have limited voting rights that can be exercised when permitted by the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Companies cannot unilaterally limit ADS holder rights solely through deposit agreement terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The deposit agreement and Israeli law collectively govern ADS holder rights.

Therefore, while the deposit agreement establishes the primary rights of our ADS holder under New York law, our ADS holders may also have certain additional rights under Israeli law as determined by applicable Israeli corporate law and mandatory provisions that cannot be waived by the deposit agreement.

**ADS holders may not receive the same distributions or dividends as those we make to the holders of our Ordinary Shares, and, in some limited circumstances, they may not receive dividends or other distributions on our Ordinary Shares and they may not receive any value for them, if it is illegal or impractical to make them available to ADS holders.**

The depositary for the ADSs has agreed to pay to you the cash dividends or other distributions it or the custodian receives on our Ordinary Shares or other deposited securities underlying the ADSs, after deducting its fees and expenses. You will receive these distributions in proportion to the number of Ordinary Shares your ADSs represent. However, the depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of ADSs if it consists of securities that require registration under the Securities Act of 1933, as amended, or the Securities Act, but that are not properly registered or distributed under an applicable exemption from registration. In addition, conversion into U.S. dollars from foreign currency that was part of a dividend or distribution made in respect of deposited Ordinary Shares may require the approval or license of, or a filing with, a government or an agency thereof, which may be unobtainable. In these cases, the depositary may determine not to distribute such property and hold it as "deposited securities" or may seek to effect a substitute dividend or distribution, including net cash proceeds from the sale of the dividends or distributions in accordance with the terms of the deposit agreement. We have no obligation to register under U.S. securities laws any ADSs, Ordinary Shares, rights or other securities received through such distributions. We also have no obligation to take any other action to permit the distribution of ADSs, Ordinary Shares, rights or anything else to holders of ADSs. In addition, the depositary may withhold from such dividends or distributions its fees and an amount on account of taxes or other governmental charges. This means that you may not receive the same distributions or dividends as those we make to the holders of our Ordinary Shares, and, in some limited circumstances, you may not receive any value for such distributions or dividends if it is illegal or impractical for us to make them available to you. These restrictions may cause a material decline in the value of the ADSs.

**The market price of our ADSs has been, and may continue to be, highly volatile, and such volatility could cause the market price of our ADSs to decrease and could cause you to lose some or all of your investment in our ADSs.**

During 2025, the market price of our Ordinary Shares fluctuated from a high of $2.66 per ADS to a low of $1.33 per ADS, has fluctuated even more in past years and our share price continues to fluctuate. The market price of our ADSs may continue to fluctuate significantly in response to numerous factors, some of which are beyond our control, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to grow our revenue and customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the announcement of new products or product enhancements by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•variations in our and our competitors' results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•successes or challenges in any future collaborative, licensing, or other arrangements or alternative funding sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developments in the additive manufacturing of electronics, additive manufacturing, surface-mount technology, industrial digital printing and printed electronics (PE) industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•future issuances of ADSs or other securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the addition or departure of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•announcements by us or our competitors of acquisitions, investments or strategic alliances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general market conditions, political conditions and other factors, including factors unrelated to our operating performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•geopolitical tensions and political events, including the ongoing war between Ukraine and Russia and the conflict in the Middle East, including the ongoing war between Iran and Israel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•shareholder activism.

These and other market and industry factors may cause the market price and demand for our ADSs to fluctuate substantially, regardless of our actual operating performance, which may limit or prevent investors from readily selling their ADSs and may otherwise negatively affect the liquidity of our ADSs. In addition, the stock market in general, and technology-based companies in particular, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies. In the past, when the market price of a security has been volatile, holders of that security have sometimes instituted securities class action litigation against the issuer.

**Short sales or hedging transactions involving the ADSs may cause the price of the ADSs to decline.** 

Short sales or hedging transactions involving our securities, whether or not we believe them to be prohibited, could adversely affect the price of ADSs. In particular, many short sellers publish, or arrange for the publication of, negative opinions regarding the relevant issuer and its business prospects that mimic the type of investment analysis performed by large Wall Street firms and independent research analysts to create negative market momentum. These short seller publications are not regulated by any governmental, self-regulatory organization or other official authority in the U.S. However, even if the opinions they express may be based on distortions, omissions or fabrications, these short attacks may have an adverse impact on the price of our ADSs.

**Risks Related to Israeli Law and Our Operations in Israel**

**As some of our offices, manufacturing facilities, and third-party contract manufacturers are located in Israel, we may be adversely affected by the implications of political, economic and military instability in Israel.**

We have offices and manufacturing facilities located in Israel. Some of our senior research and development personnel are residents of Israel. The primary third-party manufacturer of our industrial printers is based in Israel. Accordingly, political, economic and military conditions in Israel and the surrounding region may directly affect our business. Any armed conflicts, political instability, terrorism, cyberattacks or any other hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners could affect adversely our operations. For example, on October 7, 2023 an unprecedented attack was launched against Israel by terrorists from the Hamas terrorist organization that infiltrated Israel's southern border from the Gaza Strip and in other areas within the state of Israel attacking civilians and military targets while simultaneously launching extensive rocket attacks on the Israeli population. In response, the Security Cabinet of the State of Israel declared war against Hamas. On February 28, 2026, the U.S. and Israel initiated air strikes against Iranian military targets and leadership. Since then, retaliation by Iran against U.S. and Israeli interests in the Middle East has been widespread. As of the date of the filing of this Annual Report on Form 10-K, military activity and hostilities continue to escalate in the Middle East, and the situation throughout the region remains volatile, with the potential for continued escalation into a broader and more sustained regional conflict.

Ongoing and revived hostilities in the Middle East or other Israeli political or economic factors, could harm our operations and product development and cause any future sales to decrease.

Further, in the past, the State of Israel and Israeli companies have been subjected to economic boycotts. Several countries still restrict business with the State of Israel and with Israeli companies. These restrictive laws and policies may have an adverse impact on our operating results, financial condition or the expansion of our business. A campaign of boycotts, divestment and sanctions has been undertaken against Israel, which could also adversely impact our business.

The Israeli government is pursuing extensive changes to Israel's judicial system. In response to the foregoing developments, individuals, organizations and institutions, both within and outside of Israel, have voiced concerns that the proposed changes may negatively impact the business environment in Israel including due to reluctance of foreign investors to invest or conduct

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business in Israel, as well as to increased currency fluctuations, additional downgrades in credit rating, increased interest rates, increased volatility in securities markets, and other changes in macroeconomic conditions.

The risk of such negative developments has increased, and in some cases has been realized, in light of the recent Hamas attacks and the war against Hamas declared by Israel, regardless of the proposed changes to the judicial system and the related debate. To the extent that any of these negative developments do occur, they may have an adverse effect on our business, our results of operations and our ability to raise additional funds, if deemed necessary by our management and board of directors.

**Provisions of Israeli law, and our amended and restated articles of association delay, prevent or otherwise impede a merger with, or an acquisition of, our company, which could prevent a change of control, even when the terms of such a transaction are favorable to us and our shareholders.**

The Israeli Companies Law regulates, among others, mergers, requires tender offers for acquisitions of shares above specified thresholds, requires special approvals for transactions involving directors, officers or significant shareholders and regulates other matters that may be relevant to such types of transactions. The classification of our board into three classes with terms of approximately three years each, per our articles of association, the requirement of affirmative vote of at least 70% of the voting rights of the Company represented personally or by proxy and voting thereon at a general meeting in order to amend the provisions of our articles of association relating to our staggered board, together with the other provisions of the Articles and Israeli law, could deter or delay potential future merger, acquisition, tender or takeover offers, proxy contests or changes in control or management of the Company.

Further, Israeli tax considerations may make potential transactions undesirable to us or to some of our shareholders whose country of residence does not have a tax treaty with Israel granting tax relief to such shareholders from Israeli tax. With respect to mergers, Israeli tax law allows for tax deferral in certain circumstances but makes the deferral contingent on the fulfillment of numerous conditions, including a holding period of two years from the date of the transaction during which certain sales and dispositions of shares of the participating companies are restricted.

**Our operations are subject to currency rate fluctuations.**

Our operating results may be affected by volatility in currency exchange rates and our ability to effectively manage our currency transaction risks. Transactions in which we participate that are denominated in other than US Dollars may subject the Company to currency exchange losses because we do not currently engage in currency swaps or other currency hedging strategies to address this risk. Given the volatility of exchange rates, we can give no assurance that we will be able to effectively manage our currency transaction risks or that any volatility in currency exchange rates will not have an adverse effect on our results of operations.

**We received Israeli government grants for certain of our research and development activities. The terms of those grants may require us to pay royalties and to satisfy specified conditions in order to manufacture products and transfer technologies outside of Israel. If we fail to satisfy these conditions, we may be required to pay penalties and refund grants previously received.**

Our research and development efforts have been financed in part through royalty-bearing grants in an aggregate amount of approximately $8.7 million that we received from Israel's Innovation Authority, or the IIA, between the years of 2014 and 2024. As of December 31, 2025, the maximum obligation with respect to the grants received from the IIA, contingent upon future sales, was $2.2 million plus interest which may be increased, depending on the manufacturing volume that is performed outside Israel. With respect to the royalty-bearing grants we are committed to pay royalties at a rate of 3% to 3.5% on sales proceeds from our products that were developed under IIA programs up to the total amount of grants received, linked to the U.S. dollar and bear interest. Regarding IIA grants approved by the IIA prior to January 1, 2024 but which are outstanding thereafter, as of January 1, 2024 the annual interest is calculated at a rate based on 12-month Secured Overnight Financing Rate, or SOFR, or at an alternative rate published by the Bank of Israel plus 0.71513%; and, for grants approved on or following January 1, 2024 the annual interest shall be the higher of (i) the 12 months SOFR interest rate, plus 1%, or (ii) a fixed annual interest rate of 4%.

Regardless of any royalty payment, we are further required to comply with the requirements of the Israeli Encouragement of Research, Development and Technological Innovation in Industry Law, 5744-1984, as amended, and related regulations, or the Research Law, with respect to those past grants. When a company develops know-how, technology or products using IIA grants, the terms of these grants and the Research Law restrict the transfer or license of such know-how, whether inside or outside of Israel, and the transfer of manufacturing or manufacturing rights of such products, technologies or know-how outside of Israel, without the prior approval of the IIA. Therefore, the discretionary approval of an IIA committee would be required for any transfer or license to third parties inside or outside of Israel of know-how or transfer outside of Israel of manufacturing or

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manufacturing rights related to those aspects of such technologies. We may not receive those approvals. Furthermore, the IIA may impose certain conditions on any arrangement under which it permits us to transfer technology or development out of Israel.

The transfer or license of IIA-supported technology or know-how outside of Israel may involve the payment of significant amounts, depending upon the value of the transferred technology or know-how, our research and development expenses, the amount of IIA support, the time of completion of the IIA-supported research project and other factors. The transfer of manufacturing outside of Israel may also be subject to payment of increased royalties. These restrictions and requirements for payment may impair our ability to license, sell or otherwise transfer our 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 our 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 we are required to pay to the IIA.

**Inflation could adversely affect our business and results of operations.**

In recent years, the economy in the United States and global markets encountered a material increase in the level of inflation. The impact of geopolitical developments such as the Russia-Ukraine and Middle-East conflicts and global supply chain disruptions continue to increase uncertainty in the outlook of near-term and long-term economic activity, including whether inflation will continue and how long, and at what rate. Increases in inflation raise our costs for commodities, labor, materials and services and other costs required to grow and operate our business, and failure to secure these on reasonable terms may adversely impact our financial condition. Additionally, increases in inflation, along with the uncertainties surrounding geopolitical developments and global supply chain disruptions, have caused, and may in the future cause, global economic uncertainty and uncertainty about the interest rate environment, which may make it more difficult, costly or dilutive for us to secure additional financing. A failure to adequately respond to these risks could have a material adverse impact on our financial condition, results of operations or cash flows.

**Your rights and responsibilities as a shareholder will be governed by Israeli law, which differs in some material respects from the rights and responsibilities of shareholders of U.S. companies.**

We are incorporated under Israeli law. The rights and responsibilities of holders of our Ordinary Shares are governed by our amended and restated articles of association and the Israeli Companies Law. These rights and responsibilities differ in some respects from the rights and responsibilities of shareholders in typical U.S. corporations. In particular, pursuant to the Israeli Companies Law, each shareholder of an Israeli company has to act in good faith and in a customary manner in exercising his or her rights and fulfilling his or her obligations toward the Company and other shareholders and to refrain from abusing his or her power in the Company, including, among other things, in voting at the general meeting of shareholders, on amendments to a company's articles of association, increases in a company's authorized share capital, mergers and certain transactions requiring shareholders' approval under the Israeli Companies Law. In addition, a controlling shareholder of an Israeli company or a shareholder who knows that it possesses the power to determine the outcome of a shareholder vote or who has the power to appoint or prevent the appointment of a director or officer in the Company, or has other powers toward the Company has a duty of fairness toward the Company. However, Israeli law does not define the substance of this duty of fairness. There is little case law available to assist in understanding the implications of these provisions that govern shareholder behavior.

**General Risk Factors**

**Raising additional capital would cause dilution to holders of our securities and may affect the rights of existing shareholders and ADS holders.**

We may seek additional capital through a combination of private and public equity offerings, debt financing and collaborations and strategic and licensing arrangements. To the extent that we raise additional capital through the issuance of equity or convertible debt securities, your ownership interest will be diluted, and the terms may include liquidation or other preferences that adversely affect your rights as a holder of our ADSs or Ordinary Shares.

**Significant disruptions to our information technology systems or breaches of our data security could adversely affect our business.**

A significant invasion, interruption, destruction or breakdown of our information technology systems and/or infrastructure by persons with authorized or unauthorized access, or otherwise resulting from our acquisitions of Desktop and Markforged, could negatively impact our business and operations. We could also experience business interruption, information theft and/or reputational damage from cyber-attacks, which may compromise our systems and lead to data leakage either internally or at our

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third-party providers. Our systems have been, and are expected to continue to be, the target of malware and other cyber-attacks. Although we have invested in measures to reduce these risks, we cannot assure you that these measures will be successful in preventing compromise and/or disruption of our information technology systems and related data.

Our products contain complex information technology systems and software. We have implemented security measures intended to prevent and detect unauthorized access to our information technology networks, our products and their systems. However, hackers may attempt to gain unauthorized access to modify, alter and use such networks, products and systems to gain control of, or to change, our products' functionality, user interface and performance characteristics, or to gain access to data stored in or generated by our products. We encourage reporting of potential vulnerabilities in the security of our products and we aim to remedy any reported and verified vulnerability. We have received reports of potential vulnerabilities, threats, and security incidents related to our data and information technology systems in the past and have taken steps to remediate them. There can be no assurance that vulnerabilities will not be exploited in the future before they can be identified, or that our remediation efforts are or will be successful. Any unauthorized access to or control of our products or their systems or any loss of data could result in legal claims or proceedings. In addition, regardless of their veracity, reports of unauthorized access to our products, their systems or data, as well as other factors that may result in the perception that our products, their systems or data are capable of being "hacked," could negatively affect our brand and harm our business, prospects, financial condition and operating results.

**If securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they adversely change their recommendations or publish negative reports regarding our business or our ADSs or Ordinary Shares, the price and trading volume of our ADSs or Ordinary Shares could decline.**

The trading market for our ADSs or Ordinary Shares will be influenced by the research and reports that industry or securities analysts may publish about us, our business, our market or our competitors. We do not have any control over these analysts and we cannot provide any assurance that analysts will cover us or provide favorable coverage. If any of the analysts who may cover us adversely change their recommendation regarding our ADSs or Ordinary Shares, or provide more favorable relative recommendations about our competitors, the price of our ADSs or Ordinary Shares would likely decline. If any analyst who may cover us were to cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the price or trading volume of our ADSs or Ordinary Shares to decline.

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

Not applicable.

**ITEM 1C. CYBERSECURITY**

We recognize the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. The board of directors is actively involved in oversight of our crisis management plan, or the Crisis Management Plan, and cybersecurity represents an important component of our overall approach to risk management. Our cybersecurity policies, standards, processes and practices are fully integrated into our Crisis Management Plan and are based on recognized frameworks established by the Israeli National Institute of Standards and Technology, the International Organization for Standardization and other applicable industry standards. In general, we seek to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, security and availability of the information that we collect and store by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur.

**Risk Management and Strategy**

As part of the critical elements of our overall risk management approach, our cybersecurity program is focused on the following key areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Governance: The board of directors' oversight of cybersecurity risk management is supported by the Crisis Management Team, or CMT, which regularly interacts with it and with our Chief Information Security Officer, or CISO, other members of management and relevant management committees.

• Collaborative Approach: We implemented a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the

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prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Technical Safeguards: We deploy technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Incident Response and Recovery Planning: We have established and maintain a comprehensive Crisis Management Plan that fully addresses our response to a cybersecurity incident, and such plan is tested and evaluated on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Product Risk Management and Vulnerability Management: As a key part of our overall risk management strategy, our cybersecurity program implements a risk-based process to manage cybersecurity risks across our products throughout their lifecycles. This includes secure design, development, testing, release, and post-release activities. We also have processes to identify, assess, prioritize, and fix vulnerabilities, including those related to third-party components and software dependencies. Additionally, we deploy security updates and other corrective actions as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Third-Party Risk Management: We maintain a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Education and Awareness: We provide regular, mandatory training for personnel regarding cybersecurity threats as a means to equip our personnel with effective tools to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices.

We engage in the periodic assessment and testing of our policies, standards, processes and practices that are designed to address cybersecurity threats and incidents. These efforts include a wide range of activities, including audits, assessments, tabletop exercises, threat modeling, vulnerability testing, and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. For further information, see "Item 1A. Risk Factors—General Risk Factors--Significant disruptions of our information technology systems or breaches of our data security could adversely affect our business."

**Governance**

The board of directors, in coordination with the CMT, oversees our risk management process, including the management of risks arising from cybersecurity threats. Company's management and the CMT each receive presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. The board of directors and CMT also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed.

The CISO, in coordination with the CMT, works collaboratively across the Company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company's incident response and recovery plans.

Mr. Luzon has been our CISO since November 2021. He has several years of experience in security management. Prior to joining our Company, from 2016 through 2021, he served as Information Security Manager for the Israeli Ministry of Religious Services. Mr. Luzon has an M.B.A. from the College of Management and Academic Studies. He is a Technion Certified CISO, Information Security, of Technion – Israel Institute of Technology.

Cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected or are reasonably likely to affect our Company, including our business strategy, results of operations or financial condition.

**ITEM 2. Properties**

Our corporate headquarters are in Waltham, Massachusetts in an approximately 128,000 square foot facility located at 60 Tower

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Road, Waltham, Massachusetts. The lease of this facility expires on September 30, 2031. The total monthly base rent payment for the facilities in Waltham is currently approximately $433,000. We lease a 46,000 square foot manufacturing facility at 4 Suburban Park Drive, Billerica, Massachusetts which expires in October 2029. Our research and development facility, manufacturing facility and in-house laboratory are located at Ilan Ramon 2, and Ilan Ramon 6, Ness Ziona, Israel, where we currently lease altogether approximately 54,000 square feet. In addition, we have offices in Germany, Switzerland, UK, Sweden, and Poland. We own a 35,000 square feet building in Aesch, Switzerland utilized by Essemtec for both production and administration offices.

**ITEM 3. Legal Proceedings**

From time to time, we may become a party to various litigation matters incidental to the conduct of our business. Except as disclosed below, we are not presently party to any legal proceedings the resolution of which we believe would have a material adverse effect on our business, prospects, financial condition, liquidity, results of operation, cash flows or capital levels.

On September 20, 2024, Markforged entered into a settlement agreement with Continuous Composites Inc. ("Continuous Composites") related to previous litigation (the "Settlement Agreement") to resolve all claims and counterclaims. Under the terms of the Settlement Agreement, Markforged made an initial upfront payment of $18 million to Continuous Composites on October 10, 2024, and is required to make three additional installment payments thereafter of $1 million, $2 million and $4 million in the fourth quarters of fiscal years 2025, 2026 and 2027, respectively. In consideration of such payments, the Settlement Agreement provides for a dismissal of all claims with prejudice, cross-licenses of the parties' respective patent portfolios, a mutual release of claims for liabilities arising prior to the effective date of the Settlement Agreement and mutual covenants not to sue. The incremental amount due under the Settlement Agreement compared to the original verdict is determined to be representative of the amount attributable to the licensing of the patent rights contemplated under the Settlement Agreement and was recognized as an intangible asset of $5.5 million, after discount using a rate of 12%, to be amortized to cost of revenue over the 23 year life of the patents. Total amortization expense of $0.2 million was recognized from the period of acquisition through the year ended December 31, 2025, and included in cost of revenue. The Company paid $1.0 million during 2025 and the remaining future payments of $6.0 million under the Settlement Agreement as of December 31, 2025 are secured by a Security Agreement by and between Markforged and Continuous Composites (the "Security Agreement"). The Company has recorded a settlement payable on the consolidated balance sheet of $5.0 million, of which $2.0 million is a current liability. The settlement payable will accrete $1.0 million over the remaining payment term recognized as interest expense. Interest expense related to settlement payable was $0.4 million for the period of acquisition through the year ended December 31, 2025.

On July 8, 2025, Quinn Emanuel Urquhart & Sullivan, LLP ("Quinn") filed a lawsuit against Nano Dimension Ltd. and Ofir Baharav ("Defendants"). Quinn alleges that Defendants tortiously interfered with Quinn's contract with Desktop Metal, and prevented Desktop Metal from paying Quinn approximately $30.0 million. Quinn also asserts that Defendants are liable pursuant to an alleged attorney's lien and engaged in unfair and deceptive practices, in violation of Massachusetts law. The case is pending in the Business Litigation Session of the Suffolk Superior Court in Massachusetts. Defendants moved to dismiss. That motion was fully briefed in February 2026, argued on March 16, 2026, and remains pending.

During the third quarter of 2025, certain former employees or vendors of the Company or its subsidiaries filed lawsuits alleging that the Company is in breach of certain agreements and are entitled to certain compensation and other benefits. During the fourth quarter of 2025, the Company settled various matters for a total payment of $2.2 million. While other matters are still ongoing, the Company believes that it is probable that some amount of loss has been incurred and has accrued approximately $1.1 million during the fourth quarter of 2025 as an estimated probable loss which is included as part of general and administrative operating expenses.

During the fourth quarter of 2025, Markforged processed a $1.4 million payment to an account believed to be controlled by one of our vendors, however it was subsequently discovered that this account was not owned by the vendor. The Company suspects that a threat actor gained access to a valid email account of the vendor and used this account to fraudulently change payment instructions. The Company has notified its insurance carrier and engaged breach counsel as well as a forensics partner to help with the investigation. Pending conclusion of the investigation, approximately $1.0 million has been accrued at December 31, 2025 as the estimated amount of probable loss which is included as part of general and administrative operating expenses.

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**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**PART II**

**ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

**Market Information**

Our ADSs, which represent our Ordinary Shares, are traded on the Nasdaq Capital Market under the symbol "NNDM." Each ADS currently represents one Ordinary Share. Our ADSs are subject to the Rights Plan (as defined below).

**Holders**

Based upon a review of the information provided to us by The Bank of New York Mellon, the depositary of the ADSs, as of March 20, 2026, there were 93 holders of record of the ADSs on record with the Depository Trust Company.

These numbers are not representative of the number of beneficial holders of our shares nor is it representative of where such beneficial holders reside, since many of these shares were held of record by brokers or other nominees.

**Dividends**

Except in relation to the repurchase of our Ordinary Shares, which is considered a dividend under the Companies Law, we have never declared or paid any cash dividends on our Ordinary Shares and do not anticipate paying any cash dividends in the foreseeable future. Payment of cash dividends, if any, in the future will be at the discretion of our board of directors and will depend on then-existing conditions, including our financial condition, operating results, contractual restrictions, capital requirements, business prospects and other factors our board of directors may deem relevant.

Under the Companies Law, we may declare and pay dividends only if, upon the determination of our board of directors, there is no reasonable concern that the distribution will prevent us from being able to meet the terms of our existing and foreseeable obligations as they become due. Under the Companies Law, the distribution amount is further limited to the greater of retained earnings or earnings generated over the two most recent years legally available for distribution according to our then last reviewed or audited financial statements, provided that the end of the period to which the financial statements relate is not more than six months prior to the date of distribution, generally referred to as the Earnings Criteria. In the event that we do not meet such earnings criteria, we may seek the approval of the court in order to distribute a dividend. The court may approve our request if it is convinced that there is no reasonable concern that the payment of a dividend will prevent us from satisfying our existing and foreseeable obligations as they become due, generally referred to as the Solvency Criteria.

However, under the New Exemptions, an Israeli company whose shares are listed outside of Israel, is permitted to perform distribution in a way of repurchasing its own shares, even if the Earnings Criteria is not met, without the need for court's approval. The exemption is subject to certain conditions, including, among others: (i) the distribution meets the Solvency Criteria; and (ii) no rejection was filed by any of the Company's creditors to the court. If any creditor objects to the distribution, the Company will be required to obtain the court's approval for the distribution.

Payment of dividends may be subject to Israeli withholding taxes.

**Recent Sales of Unregistered Securities**

All sales of unregistered securities by us during the year ended December 31, 2025 have been included in our periodic reports furnished or filed with the SEC.

**Issuer Purchases of Equity Securities**

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As of December 31, 2025, the following equity securities were purchased as part of our $150 million Repurchase Plan, described below, and by affiliated purchasers:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of<br>Shares Purchased** | **Average Price<br>Paid per Share** | **Total Number<br>of Shares<br>Purchased as Part of<br>Publicly Announced<br>Plans or Programs** | **Maximum Number of<br>Shares (or Approximate<br>Dollar Value) that May<br>Yet be Purchased Under<br>the Plans or Programs** |
| Repurchase Program |  |  |  | $150000000.00 |
| September 22-30, 2025 | 3513549 | $1.57 | 3513549 | $144387623.28 |
| October 1-31, 2025 | 6599145 | $1.71 | 6599145 | $132896581.53 |
| November 1-30, 2025 | 1164514 | $1.71 | 1164514 | $130873061.47 |
| December 1-31, 2025 | 3147244 | $1.79 | 3147244 | $125144432.23 |
| **Total** | **14424452** | $**1.69** | **14424452** | $**125144432.23** |

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In January 2025, our board of directors authorized a repurchase plan, or the $150 million Repurchase Plan, allowing us to invest up to $150 million to repurchase ADSs from time to time, in open market transactions, and/or in privately negotiated transactions or in any other legally permissible ways, depending on market conditions, share price, trading volume and other factors. All repurchases made in 2025 were made pursuant to the $150 million Repurchase Plan.

**Item 6. [Reserved]**

Not applicable.

**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.**

The following discussion and analysis should be read in conjunction with our financial statements and related notes included elsewhere in this annual report on Form 10-K. This discussion and other parts of this annual report on Form 10-K contain forward-looking statements based upon current expectations of management that involve risks and uncertainties. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements."

**Overview**

We engage in industrial manufacturing solutions of multi-disciplinary technology - combining hardware, software, and materials science. These solutions are used for design-to-manufacturing of electronics and mechanical parts by advanced industrial customers in aerospace, defense, automotive, electronics, medical, research and academia, as well as government organizations.

Since our inception, we have incurred significant operating losses. Our ability to generate revenue sufficient to achieve profitability will depend on the successful further development and commercialization of our products. We generated revenue of $102.4 million and $57.8 million for the years ended December 31, 2025 and 2024, respectively, and incurred net losses of $293.3 million and $98.8 million, respectively, for those same periods. Net loss for the year ended December 31, 2025 included $193.3 million related to the disposition of Desktop Metal, Inc. As of December 31, 2025 we had an accumulated deficit of $971.0 million and cash, cash equivalents, bank deposits and marketable securities of $457.8 million. We expect to continue to incur operating losses as we focus on growing commercial sales of our products and scale our manufacturing operations, continuing research and development efforts to develop new products, and further enhance our existing products.

**Impact of Macroeconomic Trends** 

Recent negative macroeconomic factors, such as tariffs, inflation, interest rates, geopolitical instability and limited credit availability have and could further cause economic uncertainty and volatility, which could harm our business, result in price pressure or budget constraints. For more information on operations and risks related to macroeconomic disruptions, please see the section of this Annual Report on Form 10-K titled "Risk Factors — Risks Related to Our Business and Industry."

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**Key Factors Affecting Operating Results** 

We believe that our financial performance has been and in the foreseeable future will continue to be primarily driven by the factors discussed below. While each of these factors presents significant opportunities for our business, they also pose important challenges that we must successfully address in order to sustain our growth and improve our results of operations.

**Hardware sales** 

Our financial performance has largely been driven by, and in the future will continue to be impacted by, the rate of sales of our hardware. Management focuses on hardware sales as an indicator of current business success and a leading indicator of likely future recurring revenue from consumables and software and subscription services. We expect our hardware sales to grow in the future as we increase penetration in our existing markets and expand into new markets.

**Go to market** 

We believe that we are in a strong position within the industry with our accessible solutions that offer users design flexibility and industrial strength parts. Accordingly, we continue to invest in marketing, sales, and operations necessary to scale our business and continue to gain market share and open new market opportunities. We have proven an ability to design, manufacture, and distribute products through channels that provide a high value to customers at gross margins higher than many of our competitors. In addition to our go to market strategy, our integrated platform of hardware, software and consumables has been core to our success and we will continue to drive value through research and development as we introduce smarter and more adaptive technology that is expected to improve our integrated platform and, ultimately, the value provided by our 3D printers. We believe these investments are critical to achieve long-term scalability, but expect the near term impacts will be a muting of our short term profitability.

**Seasonality** 

Our business is generally not subject to seasonality. However, we have historically experienced higher hardware sales in the third and fourth quarters. We believe this trend is likely driven by available funds in federal capital budgets at the end of the third quarter and commercial budgets at year end which they direct towards the evolution of their manufacturing processes through investments in additive manufacturing.

**Components of Results of Operations** 

***Revenue*** 

The majority of our revenue results from the sale of hardware, including our additive manufacturing products, and related consumables. We deliver products and services primarily through a combination of value-added resellers ("VAR") network, who purchase and resell our products to end users, direct sales, and channel partners. Hardware and consumables revenue is recognized upon transfer of control to the customer and generally takes place at the point of shipment. We also generate a portion of our revenue from services, software, and subscriptions. Revenue related to software and subscriptions is recognized ratably over the term of the subscription. Our VARs may provide installation services, as needed depending on the product.

***Cost of revenue*** 

Our cost of revenue consists of the cost of product, maintenance services, personnel costs, third party logistics, freight, warranty fulfillment costs, and overhead.

Cost of products includes the manufacturing cost of our additive manufacturing products and consumables. We utilize a combination of third-party manufacturers for production of our additive manufacturing hardware and our own manufacturing facilities and personnel. The costs of revenue for internally manufactured products include the cost of raw materials, labor conversion costs, and overhead related to our manufacturing operations, including depreciation and amortization. Overhead costs include shipping, storage, and labor. Cost of services includes personnel-related costs associated with our customer success teams' provision of remote and on-site support services to our customers and the costs of replacement parts, as well as software costs. Our cost of revenue also includes indirect costs of providing our products and services to customers which consist primarily of reserves for excess and obsolete inventory and share-based compensation expenses.

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***Gross profit and gross margin*** 

Our gross profit is calculated based on the difference between our revenues and cost of revenue. Gross margin is the percentage obtained by dividing gross profit by our revenue. Our gross profit and gross margin are, or may be, influenced by a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Market conditions and competition that may impact our pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Product mix changes between our printer product lines and consumables trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The impact of global supply chain disruptions on the cost to both procure materials and ship materials and finished goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Growth in the number of customers utilizing our additive manufacturing products and changes in customer utilization rates, which affects sales of our consumable materials and may result in excess or obsolete inventories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our cost structure for manufacturing operations, including the extent to which we utilize contract manufacturers compared to in-house manufacturing, the ability to achieve economies of scale in our purchase volumes, and any impacts to changes in our manufacturing on our product warranty obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to directly monetize the capabilities of our software solutions in the future.

We expect our gross margins to fluctuate over time, depending on the factors described above.

***Research and development*** 

Our research and development expenses consist of payroll and related expenses, share-based compensation expenses, depreciation, subcontractors expenses, materials for R&D use, rental fees and maintenance, patent registration fees and other related research and development expenses.

***Sales and marketing*** 

Sales and marketing expenses consist of payroll and related expenses, marketing and advertising services, travel expenses, depreciation, share-based compensation expenses, facilities costs, and other demand generation services.

***General and administrative*** 

General and administrative expenses consist of payroll and related expenses for our executive leadership and finance, human resources and IT departments, professional services, share-based payments expenses, legal fees, transaction costs, depreciation, travel expenses, office expenses, facilities costs as well as other general and administrative expenses.

***Restructuring***

Restructuring costs are costs incurred related to cost savings initiatives and the Strategic Alternative Review announced on September 9, 2025, including losses from the deconsolidation of subsidiaries that do not meet the definition of discontinued operations.

***Desktop Metal litigation***

Desktop Metal litigation expenses include the costs incurred by the Company related to litigation brought against the Company by Desktop Metal prior to the acquisition. On December 16, 2024, Desktop filed a lawsuit against the Company in the Delaware Court of Chancery alleging that we failed to use our reasonable best efforts to obtain regulatory approval in connection with the Merger Agreement entered into on July 2, 2024, or Merger Agreement. We brought counterclaims against Desktop in connection with its obligations under the Merger Agreement, including its obligations to operate its business in the ordinary course and not to experience a bankruptcy. On December 31, 2024, Desktop filed an additional lawsuit in the Delaware Court of Chancery seeking to enjoin the Company and Markforged from consummating the acquisition of Markforged before we consummated the merger with Desktop. In that lawsuit, Desktop alleged that if the acquisition of Markforged were to be consummated before the merger with Desktop, it would violate the terms of the Merger Agreement. The court consolidated the Markforged action with Desktop's initial suit. These claims proceeded through discovery and to trial in the Delaware Court of Chancery, which trial took

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place on March 11-12, 2025. On March 24, 2025, the Delaware Court of Chancery ruled in Desktop's favor and ordered the Company to proceed to close the Desktop transaction. On April 2, 2025, the parties finalized the transaction and filed a stipulation of dismissal in the Delaware Court of Chancery.

***Impairment losses***

Consists of impairment expenses related to the impairment of right-of-use assets, disposal of property, plant, and equipment, and intangible assets.

***Other (expense) income, net*** 

Other (expense) income, net includes other non-operating expenses.

***Finance income*** 

Finance income includes bank interest earned on deposits, exchange rate differences, revaluation of financial assets and liabilities through profit and loss.

***Finance expense***

Finance expense exchange rate differences, revaluation of financial assets and liabilities through profit and loss, revaluation of government grant liabilities, and interest from the intangible asset of $5.2 million from the Continuous Composites settlement that will accrete $1.8 million of interest over the payment term recognized as interest expense.

***Income tax benefit (expense)***

We have historically recorded an immaterial income tax benefit (expense) each year since our inception. As part of purchase accounting for the Markforged acquisition, a deferred tax liability of $7.0 million was recorded related to the fair value adjustments of tangible and finite lived intangible assets. The Company determined this future source of taxable income allowed them to release a portion of its valuation allowance and a corresponding $7.0 million income tax benefit was recorded.

**Fiscal Year 2025 Acquisitions and Subsequent Bankruptcy** 

On April 2, 2025, we acquired Desktop Metal, Inc. ("Desktop Metal"), a provider of industrial-grade 3D printers, materials, and software. The acquisition of Desktop Metal was expected to generate operational synergies, while expanding our customer base and global market presence across key industries. On July 28, 2025, Desktop Metal filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code and all income producing assets were sold in the third quarter of 2025. The preliminary purchase price of Desktop Metal was $180.3 million. The acquisition was funded through available cash.

The consolidated statements of operations and comprehensive loss includes impairment of the asset group of $139.4 million and loss from operations for the period of acquisition through the date that the bankruptcy plan was approved of $53.9 million, which are both included within net loss from discontinued operations.

On April 25, 2025, we acquired Markforged Holding Corporation ("Markforged"), a provider of cloud-based software products (including its software enabled platform the Digital Forge) and hardware products, including precise and reliable 3D printers, proprietary metal and composite materials to bring industrial production to the point of need on the factory floor. Taking control of Markforged will enable us to access Markforged's additive manufacturing technology, facilitating a broader, more integrated product portfolio. The preliminary purchase price of Markforged was $116.2 million. The acquisition was funded through available cash.

**Critical Accounting Policies and Estimates**

Our discussion and analysis of our financial condition and results of operations are based on the historical consolidated financial statements included elsewhere herein. We prepared these consolidated financial statements in conformity with U.S. GAAP. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We base our estimates on historical experience and on various other assumptions we

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believe to be reasonable under the circumstances. We routinely evaluate these estimates, utilizing historical experience, consultation with experts and other methods we consider reasonable in the particular circumstances. Our results may differ from these estimates, and any effects on our business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Changes in these estimates could materially affect our financial position, results of operations or cash flows. See Note 2, "Significant Accounting Policies" in the Notes to Consolidated Financial Statements.

***Business Combinations***

The Company accounts for business combinations under the acquisition method of accounting. The Company allocates the amounts that it pays for each acquisition to the assets it acquires and liabilities it assumes based on their fair values at the date of acquisition.

The excess of the value of consideration transferred over the aggregate fair value of those net assets is recorded as goodwill. Any identified definite lived intangible assets will be amortized over their estimated useful lives and any identified intangible assets with indefinite useful lives and goodwill will not be amortized but will be tested for impairment at least annually. When determining the fair value of assets acquired and liabilities assumed, management makes significant estimates and assumptions, including the selection of valuation methodologies, estimates of future revenues and cash flows, discount rates, especially with respect to intangible assets. The Company estimates fair value based upon assumptions that are believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.

Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company's consolidated statements of operations and comprehensive loss. Acquisition-related transaction costs are not included as a component of consideration transferred but are accounted for as an expense in the period in which the costs are incurred.

Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not re-measured, and settlement is accounted for within equity. Otherwise, other contingent considerations are classified as a financial liability and re-measured at fair value at each reporting date, and subsequent changes in the fair value of the contingent consideration are recognized in the consolidated statements of operations and comprehensive loss.

If share-based payment awards ("replacement awards") are required to be exchanged for awards held by the acquiree's employees ("acquiree's awards"), then all or a portion of the amount of the acquirer's replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based measure of the replacement awards compared with the market-based measure of the acquiree's awards and the extent to which the replacement awards relate to pre-combination service.

***Estimates of impairment of non-financial assets***

Goodwill represents the future economic benefits arising from other assets acquired in a business combination that is not individually identified and separately recorded. The excess of the purchase price over the estimated fair value of net assets of businesses acquired in a business combination is recognized as goodwill. Goodwill is not amortized but is tested for impairment annually in the fourth quarter, or as circumstances indicate that the carrying value of the asset may not be recoverable through future operations.

The Company reviews goodwill for impairment utilizing either a qualitative assessment or a quantitative goodwill impairment test. If we choose to perform a qualitative assessment and we determine that the fair value of the reporting unit more likely than not exceeds the carrying value, no further evaluation is necessary. When we perform the quantitative goodwill impairment test, we determine fair value using accepted valuation techniques, which can include the market and discounted cash flow methods. The fair value of the reporting unit is compared to the carrying value, which includes goodwill. If the fair value of the reporting unit exceeds its carrying value, we do not consider the goodwill impaired. If the carrying value is higher than the fair value, we recognize the difference as an impairment loss, limited to the total amount of goodwill.

A quantitative goodwill impairment testing process requires valuation of the reporting unit. In the market approach, we can reference the Company's market capitalization as a value indication given the Company's single operating segment and reporting unit. In the income approach, which is based on a discounted forecasted cash flow including a terminal value, we compute the terminal value using the constant growth method, which values the forecasted cash flows in perpetuity. The assumptions about future cash flows and growth rates are based on the reporting unit's long-term forecast and is subject to review and approval by

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senior management. A reporting unit's discount rate is a significant assumption and is a risk-adjusted weighted average cost of capital, which we believe approximates the rate from a market participant's perspective. The estimated fair value could be impacted by changes in market conditions and various other assumptions, however we consider the discount rate assumption to be the key assumption. We categorize the fair value determination as Level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs.

Intangible assets consist of identifiable intangible assets acquired, specifically, developed technology, mutual licensing under a settlement agreement, trademarks, and customer relationships. We evaluate definite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through future operations. If indicators of impairment are present, we then compare the estimated undiscounted cash flows that the specific asset is expected to generate to its carrying value. If such assets are impaired, the impairment recognized is measured as the amount by which the carrying amount of the asset exceeds its fair value.

***Impairment of long-lived assets*** 

The Company evaluates whether events or circumstances have occurred that indicate that the estimated remaining useful life of its long-lived assets may warrant reassessment or that the carrying value of these assets may not be recoverable. When a triggering event is identified, management assesses the recoverability of the asset group, which is the lowest level where identifiable cash flows are largely independent, by comparing the expected undiscounted cash flows of the asset group to the carrying value. When the carrying value is not recoverable and an impairment is determined to exist, the asset group is written down to fair value. The Company exited their previous U.S. headquarters at 300 5th Avenue, Waltham, Massachusetts and sublet the facility leading to a non-cash, pre-tax and after-tax impairment charge of $1.5 million recorded in the second quarter of 2025. The Company partially impaired an abandoned portion of the Markforged 60 Tower headquarters in Waltham, Massachusetts resulting in a non-cash, pre-tax and after-tax impairment charge of $5.7 million related to the operating lease right-of-use ("ROU") asset recorded in the third quarter of 2025. The Company is currently seeking a sublease for this space. A partial impairment of our lease in Germany was recorded in fourth quarter of 2025 in the amount of $0.3 million.

The impairment was determined by comparing the fair value of the impacted ROU asset to the carrying value of the asset as of the impairment measurement date, as required under ASC Topic 360, *Property, Plant, and Equipment*, using Level 2 inputs. The fair value of the ROU asset was based on the estimated sublease income for certain facilities taking into consideration the time period it will take to obtain a sublessor, the applicable discount rate and the sublease rate.

***Contingencies*** 

Litigation, arbitration and other legal proceedings against the Company may relate to compliance and trade practices, commercial claims, product liability claims, intellectual property rights, and employment and wrongful discharge claims. For each claim or grouping of similar claims, management makes judgments regarding the relative merits and risks within the claims. These judgments inform the Company's defense strategies, whether a loss or settlement from the claims is probable and whether sufficient information exists to make a reliable estimate of the likely outcome of the claims. Provisions are recognized when it is probable that a liability will be incurred, and the amount of the loss can be reasonably estimated. Management has assessed as "contingent" matters that cannot be reliably estimated or are not considered probable at the current time. For more details of all the outstanding legal proceedings including those that have been deemed contingent, see Note 14 the Consolidated Financial Statements.

***Recent accounting pronouncements*** 

Refer to Note 2 of our consolidated financial statements included elsewhere in this Annual Report on Form 10-K for the recent accounting pronouncements that we have adopted and have not yet adopted.

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**Results of Operations**

**Fiscal Year 2025 Compared to Fiscal Year 2024**

***Revenue and Net Loss***

The following table presents consolidated revenue and net loss:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |  |  |
| *(in thousands of U.S. dollars, except percentages)* | **2025** | **2024** | **$ change** | **% change** |
| Revenue: |  |  |  |  |
| Product | $80385 | $45557 | $34828 | 76% |
| Service | 22052 | 12218 | 9834 | 80% |
| Total revenue | 102437 | 57775 | 44662 | 77% |
| Cost of revenue: |  |  |  |  |
| Product | 57923 | 26308 | 31615 | 120% |
| Service | 10169 | 6578 | 3591 | 55% |
| Total cost of revenue | 68092 | 32886 | 35206 | 107% |
| Gross profit | 34345 | 24889 | 9456 | 38% |
| Research and development | 30054 | 39558 | (9504) | (24)% |
| Sales and marketing | 35713 | 27657 | 8056 | 29% |
| General and administrative | 59766 | 45987 | 13779 | 30% |
| Restructuring | 7581 |  | 7581 | 100% |
| Desktop Metal litigation | 31046 |  | 31046 | 100% |
| Impairment losses | 10516 | 1283 | 9233 | 720% |
| Total operating loss | (140331) | (89596) | (50735) | 57% |
| (Loss) gain on investment in marketable equity securities | (2036) | (52256) | 50220 | (96)% |
| Other (expense) income, net | (479) | 486 | (965) | (199)% |
| Finance income | 35400 | 42573 | (7173) | (17)% |
| Finance expense | (111) | (668) | 557 | (83)% |
| Loss before income taxes | (107557) | (99461) | (8096) | 8% |
| Income tax benefit (expense) | 7202 | (397) | 7599 | (1914)% |
| Net loss from continuing operations | (100355) | (99858) | (497) | 0% |
| Net loss from discontinued operations, net of income tax of nil | (193263) |  | (193263) | 100% |
| Net loss | $(293618) | $(99858) | $(193760) | 194% |

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Total revenue increased $44.7 million, of which $54.3 million was attributable to the acquisition of Markforged, which comprised $44.0 million of product revenue and $10.2 million of service revenue. The Nano legacy business units experienced lower sales largely attributed to increased tariffs.

Cost of revenue increased $35.2 million, of which $40.9 million was attributable to the acquisition of Markforged, $2.6 million cost of service revenue and $38.3 million cost of product revenue. Of the Markforged cost of product revenue, $12.2 million is

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the impact of inventory step-up amortization and intangible asset amortization from purchase accounting. This increase was partially offset by the costs associated with the reduction in revenue from the aforementioned impact of tariffs on sales.

Research and development expense decreased $9.5 million, due primarily to a $17.0 million decrease in legacy payroll and related expenses, subcontractors and professional services, and materials, largely associated with organizational synergies. These decreases were partially offset by the acquisition of Markforged, which increased expenses by $9.9 million.

Sales and marketing expense increased $8.1 million due primarily to the acquisition of Markforged which added $19.0 million, partially offset by a decrease in legacy payroll and related expenses, largely associated with organizational synergies.

General and administrative expense increased $13.8 million due to the acquisition of Markforged, which added $15.3 million of general and administrative costs. In 2025, we accrued or paid contingent litigation settlements of $4.6 million. Partially offsetting these increases, there was a decrease in legacy payroll and related expenses, including stock based compensation.

Restructuring expense reflects $7.6 million due to cost initiatives and the initiation of the strategic alternative review announced on September 9, 2025, including the loss from deconsolidation of the Admatec-Formatec and J.A.M.E.S of $1.7 million.

We incurred $31.0 million of litigation expense associated with the 2025 Desktop Metal acquisition and subsequent bankruptcy.

Impairment losses increased $9.2 million primarily due to the partial impairment of our lease at 60 Tower of $5.7 million. In addition, impairment losses include $1.8 million impairment of intangible assets related to Additive Flow, $1.7 million of impairments of other leased facilities, and $1.2 million of property, plant and equipment impairment driven by the discontinuation of certain product lines.

***Loss on Investment in Marketable Equity Securities***

Loss on investment in marketable equity securities for the year ended December 31, 2025 was $2.0 million compared to $52.3 million for the year ended December 31, 2024. These changes are consistent with the change in share price of Stratasys Ltd. (SYSS) over both periods.

***Other (Expense) Income, Net***

Other expense, net includes miscellaneous income and expense and was an expense for the year ended December 31, 2025 of $0.5 million compared to income of $0.5 million for the year ended December 31, 2024.

***Finance Income and Expense***

We recognized net financial income of $35.3 million for the year ended December 31, 2025, compared to $41.9 million for the year ended December 31, 2024, a decrease of $6.6 million. The decrease is primarily attributed to a decrease of $18.2 million in bank interest due to lower cash balances and interest rates. In addition, in the year ended December 31, 2025, we had $10.9 million of foreign currency losses, compared to $0.7 million of foreign currency gains for the year ended December 31, 2024.

***Net Loss from Discontinued Operations***

We incurred a loss from discontinued operations of $193.3 million for the year ended December 31, 2025 due to the full impairment of the Desktop Metal asset group of $139.4 million. In addition, losses from discontinued operations during the year ended December 31, 2025 were $41.0 million and a loss on deconsolidation was recognized for $12.9 million.

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**Fiscal Year 2024 Compared to Fiscal Year 2023**

***Revenue and Net Loss***

The following table presents consolidated revenue and net loss:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |  |  |
| *(in thousands of U.S. dollars, except percentages)* | **2024** | **2023** | **$ change** | **% change** |
| Revenue: |  |  |  |  |
| Product revenue | $45557 | $47231 | $(1674) | (4)% |
| Service revenue | 12218 | 9083 | 3135 | 35% |
| Total revenue | 57775 | 56314 | 1461 | 3% |
| Cost of revenue: |  |  |  |  |
| Product | 26308 | 23358 | 2950 | 13% |
| Service | 6578 | 6898 | (320) | (5)% |
| Total cost of revenue | 32886 | 30256 | 2630 | 9% |
| Gross Profit | 24889 | 26058 | (1169) | (4)% |
| Research and development | 39558 | 65146 | (25588) | (39)% |
| Sales and marketing | 27657 | 34258 | (6601) | (19)% |
| General and administrative | 45987 | 55973 | (9986) | (18)% |
| Impairment losses | 1283 |  | 1283 | 100% |
| Total operating loss | (89596) | (129319) | 39723 | (31)% |
| (Loss) gain on investment in marketable equity securities | (52256) | 23462 | (75718) | (323)% |
| Other income, net | 486 | 1627 | (1141) | (70)% |
| Finance income | 42573 | 47584 | (5011) | (11)% |
| Finance expense | (668) | (367) | (301) | 82% |
| Loss before income taxes | (99461) | (57013) | (42448) | 74% |
| Income tax expense | (397) | (62) | (335) | 540% |
| Net loss | $(99858) | $(57075) | $(42783) | 75% |

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Total revenue increased $1.5 million due primarily to increased and more effective sales efforts.

Cost of revenue increased $2.6 million primarily from the above-mentioned increase in revenues and an increase in the cost of revenues related to write-down of inventories following the discontinuation of Fabrica product lines $1.7 million.

Research and development expense decreased $25.6 million due to lower payroll and related costs, and subcontractor costs.

Sales and marketing expense decreased $6.6 million due to lower payroll and related costs.

General and administrative expense decreased $10.0 million due primarily to an $18.0 million decrease in professional services, mainly from proxy contest and legal related expenses incurred during the year ended December 31, 2023. This was partially offset by transaction costs related to the Desktop Metal and Markforged acquisitions incurred in 2024 of $6.5 million.

We incurred $1.3 million of an impairment loss during the year ended December 31, 2024.

***Other Income, Net***

Other income, net for the year ended December 31, 2024 was $0.5 million compared to $1.6 million for the year ended December 31, 2023. In 2023, the amount represents compensation from government authorities for damaged inventory.

***Finance Income and Expense***

Finance expenses and income mainly consist of bank interest, exchange rate differences and bank fees.

We recognized net financial income of $41.9 million for the year ended December 31, 2024, compared to net financial income of $47.2 million for the year ended December 31, 2023, a decrease of $5.3 million. The decrease is primarily attributed to a

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decrease of $3.3 million in bank interest. In addition, in the year ended December 31, 2024, we had $0.5 million of foreign currency losses, compared to $1.7 million foreign currency gains for the year ended December 31, 2023.

**Liquidity and Capital Resources**

***Overview***

Since our inception through December 31, 2025, we have funded our operations principally with $1.6 billion from issuance of Ordinary Shares, warrants and convertible notes. As of December 31, 2025, and following (i) the execution of Share Repurchase Plans during 2023-2025; and (ii) the acquisition of the Stratasys shares, we held $204.7 million in cash and cash equivalents along with an additional $169.0 million in short-term unrestricted bank deposits.

Our material cash requirements from known contractual and other obligations relate to minimum operating lease obligations. We are also subject to ongoing payment obligations. For example, pursuant to the Settlement Agreement, we paid the second settlement payment of $1.0 million to Continuous Composites in December 2025, and are required to make two additional installment payments thereafter of $2.0 million and $4.0 million in the fourth quarters of fiscal years 2026 and 2027, respectively, which payments represent substantial ongoing payment obligations.

The table below presents our cash flows:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands of U.S. dollars)* | **2025** | **2024** |
| Cash flows used in operating activities | $(70267) | $(18921) |
| Cash flow from investing activities | 1399 | 97623 |
| Cash flow used in financing activities | (25005) | (69743) |
| Net cash used in discontinued operations | (21445) |  |
| Effect of exchange rate fluctuations on cash | 3249 | (997) |
| Net (decrease) increase in cash | $(112069) | $7962 |

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***Operating Activities***

Net cash used in operating activities of $70.3 million during the year ended December 31, 2025 was primarily used for payment of payroll and related expenses, payments for materials and inventory, professional services, acquisition related transaction and legal costs, rental fees and maintenance, offset by interest received from banks.

Net cash used in operating activities of $18.9 million during the year ended December 31, 2024 was primarily used for payment of payroll and related expenses, payments for materials and inventory, professional services, rental fees and maintenance, travel and other miscellaneous expenses, offset by interest received from banks.

***Investing Activities***

Net cash from investing activities of $1.4 million during the year ended December 31, 2025 was the offset of the change in our cash in bank deposits used to finance purchases of Desktop Metal and Markforged in April 2025.

Net cash from investing activities of $97.6 million during the year ended December 31, 2024 was primarily from change in our cash in bank deposits.

***Financing Activities***

Net cash used in financing activities of $25.0 million in the year ended December 31, 2025 was mainly due to repurchase of our ADSs.

Net cash used in financing activities of $69.7 million in the year ended December 31, 2024 was mainly due to repurchase of our ADSs.

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***Discontinued Operations*** 

Net cash used in discontinued operations is related the activity of Desktop Metal for the period from acquisition in April 2025 until deconsolidation in July 2025.

***Share Repurchase***

In February 2023, we announced that we would put into action our previously announced share repurchase plan, or the $100 million Repurchase Plan, allowing us to invest up to $100 million to repurchase our ADSs from time to time, in open market transactions, and/or in privately negotiated transactions or in other legally permissible ways, depending on market conditions, share price, trading volume and other factors. The $100 million Repurchase Plan was approved by the Israeli court in August 2022 for a period of up to 12 months and was later extended by an additional two months. The $100 million Repurchase Plan expired on October 12, 2023, with $4,160,138 remaining, and thereafter no longer eligible for repurchases under such plan. All repurchases made in 2023 were made pursuant to the $100 million Repurchase Plan.

In August 2023, our board of directors authorized a repurchase plan, or the $200 million Repurchase Plan, allowing us to invest up to $200 million to repurchase ADSs from time to time, in open market transactions, and/or in privately negotiated transactions or in any other legally permissible ways, depending on market conditions, share price, trading volume and other factors. The Israeli court approved the $200 million Repurchase Plan on October 17, 2023 for a twelve-month period. The $200 million Repurchase Plan expired on October 16, 2024, with $130,504,940 remaining, and thereafter no longer eligible for repurchases under such plan. All repurchases made in 2024 were made pursuant to the $200 million Repurchase Plan.

In January 2025, our board of directors authorized a repurchase plan, or the $150 million Repurchase Plan, allowing us to invest up to $150 million to repurchase ADSs from time to time, in open market transactions, and/or in privately negotiated transactions or in any other legally permissible ways, depending on market conditions, share price, trading volume and other factors. During 2025, 14.4 million shares were repurchased under the $150 million Repurchase Plan.

See "Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities" for additional information.

***Current Outlook***

To date, we have not achieved profitability and have sustained net losses in every fiscal year since our inception, and we have financed our operations primarily through proceeds from issuance of our Ordinary Shares, warrants and convertible notes. Our primary requirements for liquidity and capital resources are to finance working capital, capital expenditures and general corporate purposes. Markforged and Desktop, the two companies that we recently acquired, and the results of which are consolidated into our consolidated financials statements for 2025, also have a history of losses. Desktop was deconsolidated from our results following bankruptcy on July 28, 2025.

We believe we will continue to incur operating losses and negative cash flows in the near-term as we continue to invest in our business, in particular across our research and development efforts and sales and marketing programs. Nevertheless, we believe that our current resources will be sufficient to meet our business needs for at least the next 12 months and into 2027.

In addition, our operating plans may change as a result of many factors that may currently be unknown to us, and we may need to seek additional funds sooner than planned. Our future capital requirements will depend on many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our continued efforts to explore strategic alternatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the progress and costs of our research and development activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the progress of commercial sales of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of manufacturing our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of filing, prosecuting, enforcing and defending patent claims, intellectual property rights and other legal claims;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the potential costs of contracting with third parties to provide marketing and distribution services for us or for building such capacities internally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the magnitude of our general and administrative expenses.

**Non-GAAP Metrics**

EBITDA is a non-GAAP measure and is defined as earnings before interest income and expense, income tax (benefit) expense, depreciation and amortization. We believe that EBITDA should be useful in evaluating the performance of our business and operations. EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting interest expenses (income), net), and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively) and EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company's operating performance without regard to the items mentioned above.

Adjusted EBITDA and operating expenses are non-GAAP measures and are defined as earnings before interest income and expense, income tax (benefit) expense, depreciation and amortization, share-based compensation expense, exchange rate differences, finance expenses (income) for revaluation of assets and liabilities, Desktop Metal litigation related expenses, Desktop Metal and Markforged transaction related expenses, restructuring costs, impact of deconsolidation, impairment losses, litigation settlements and step-up amortization from purchase accounting. We believe that Adjusted EBITDA and operating expenses, as described above, should also be useful in evaluating the performance of our business. Like EBITDA, Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting other financial expenses (income), net), and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), as well as from share-based payments, restructuring costs, impairment losses, and step-up amortization from purchase accounting. Adjusted EBITDA and operating expenses are useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company's operating performance without regard to non-cash items, such as expenses related to share-based payments.

EBITDA, Adjusted EBITDA, and Adjusted gross profit can be useful in evaluating our performance by eliminating the effect of financing and non-cash expenses such as share-based payments, however, we may incur such expenses in the future, which could impact future results. In addition, other companies, including companies in our industry, may calculate non-GAAP metrics differently or not at all, which may reduce the usefulness of this measure as a tool for comparison.

The following is a reconciliation of net loss to EBITDA and Adjusted EBITDA:

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---

| | | |
|:---|:---|:---|
|  | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
| *(In thousands of U.S. dollars)* | **2025** | **2024** |
| Net loss from continuing operations | $(100355) | $(99858) |
| Income tax (benefit) expense | (7202) | 397 |
| Depreciation and amortization | 7433 | 2642 |
| Interest expense | 971 |  |
| Interest income | (24636) | (42573) |
| EBITDA (loss) | (123789) | (139392) |
| Finance expenses (income) from revaluation of assets and liabilities | 2056 | 52344 |
| Exchange rate differences | (10764) | 485 |
| Share-based compensation expense | 4930 | 15721 |
| Desktop Metal litigation related expenses | 31046 |  |
| Desktop Metal and Markforged transaction related expenses | 10614 | 6452 |
| Restructuring costs | 7581 |  |
| Impairment losses | 10516 | 1283 |
| Acquisition inventory step-up amortization | 10661 |  |
| Litigation settlements and contingencies | 4621 |  |
| Other non-GAAP items | (711) | (486) |
| Adjusted EBITDA (loss) | $(53239) | $(63593) |

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**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

In the ordinary course of our operations, we are exposed to certain market risks, primarily changes in foreign currency exchange rates and interest rates.

**Quantitative and Qualitative Disclosure About Market Risk**

We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our current investment policy is to invest available cash in bank deposits, mainly with banks that have a credit rating of at least BBB Plus, money market accounts and money market funds. Accordingly, a substantial majority of our cash and cash equivalents are held in deposits that bear interest. As a substantial percentage of our cash is currently held in NIS, our market risk exposure is primarily a result of NIS/U.S. dollar exchange rates.

**Foreign Currency Exchange Risk**

Our results of operations and cash flow are subject to fluctuations in currency exchange rates other than U.S. Dollars. The vast majority of our liquid assets are held in U.S. Dollars, and a certain portion of our expenses is denominated in other currencies (mainly NIS for 2025). Of the $373.7 million of cash and cash equivalents and bank deposits held as of December 31, 2025, approximately 12% of the balance relates to deposits held in NIS. Changes of 5% and 10% in the U.S. Dollar/NIS exchange rate would not have had a material effect in relation to the Company's loss in 2025.

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**ITEM 8. Financial Statements and Supplementary Data.**

Our consolidated financial statements, together with the report of our independent registered public accounting firm, appear beginning on page F-1 of this Annual Report on Form 10-K for the year ended December 31, 2025.

**ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.**

None.

**ITEM 9A. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Evaluation of Disclosure Controls and Procedures**

Management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended ("the Exchange Act")), as of the end of the period covered by this report. Based on such evaluation, our CEO and CFO concluded that our disclosure controls and procedures were not effective as of the end of such period because of the material weakness in internal control over financial reporting described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Management's Annual Report on Internal Control over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f) of the Exchange Act.

Management, with participation of the CEO and CFO, under the oversight of our Audit Committee, conducted an evaluation of the effectiveness of the internal control over financial reporting based on the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on the assessment, management determined that the Company's internal control over financial reporting was not effective as of December 31, 2025 due to the material weakness described below.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

In April 2025, we completed our acquisitions of Desktop Metal, Inc. ("Desktop Metal") and Markforged Holding Corporation ("Markforged") (collectively the "Acquisitions"). In July 2025, we disposed of Desktop Metal. We are in the process of evaluating the existing controls and procedures of Markforged and integrating Markforged into our internal control over financial reporting. In accordance with SEC Staff guidance permitting a company to exclude an acquired business from management's assessment of the effectiveness of internal control over financial reporting for one year following the date on which the acquisition is completed, we have excluded Markforged from our evaluation of the internal control over financial reporting. The excluded business, excluding goodwill and intangible assets of $40.3 million and $19.4 million which are included in the scope of the assessment, constituted approximately 15% of total assets and 53% of revenues as of and for the year ended December 31, 2025.

Based on this assessment, our CEO and CFO concluded that the Company did not maintain sufficient resources with an appropriate level of accounting knowledge, training and experience in the accounting for business combinations and discontinued operations to fulfill our responsibilities with respect to internal control over financial reporting. As a result, we did not design and operate effective process level control activities related to the accounting and disclosure for the Acquisitions, including valuation of certain acquired intangible assets, and discontinued operations of Desktop Metal.

Our independent registered public accounting firm, KPMG LLP, who audited the consolidated financial statements included in this Annual Report on Form 10-K, issued an adverse opinion on the effectiveness of the Company's internal control over financial reporting. KPMG LLP's report appears on page F-2 of this Annual Report on Form 10-K.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Remediation Plan for Material Weakness**

Management, with the oversight of the Audit Committee, is currently taking actions to remediate the material weakness and is designing and will implement additional processes and controls to address the underlying causes associated with the material weakness described above. We have begun the process to remediate the material weakness and will continue our efforts through fiscal 2026. The remediation efforts include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Enhancing our risk assessment process to identify and assess risks of material misstatement and to ensure controls are designed and implemented to respond to those risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Engaging additional third-party personnel and/or hiring additional competent and qualified technical accounting and financial reporting personnel with appropriate knowledge and experience of U.S. GAAP and SEC financial reporting requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Training of new personnel and existing personnel in new roles on proper execution of designed control procedures.

The material weakness identified above will not be considered fully remediated until these additional controls and procedures have operated effectively for a sufficient period of time and management has concluded, through testing, that these controls are effective. Our management will monitor the effectiveness of our remediation plans and will make changes management determines to be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Changes in Internal Control over Financial Reporting**

No changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**ITEM 9B. Other Information.**

*Securities Trading Plans of Directors and Executive Officers* 

During the three months ended December 31, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

**ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

Not applicable.

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**PART III**

**Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.**

**Information Regarding Our Board of Directors and Executive Officers**

The following table identifies our directors and sets forth their principal occupation and business experience during the last five years and their ages as of December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Positions and Offices Held with Nano Dimension** | **Director Since** | **Age** |
| Robert Pons | Director and Chairman of the Board of Directors | 2025 | 69 |
| David Stehlin | Director, President and Chief Executive Officer | 2025 | 69 |
| Phillip Borenstein | Director | 2025 | 42 |
| Dr. Joshua Rosensweig | Director | 2025 | 73 |
| Andrew Sriubas | Director | 2025 | 57 |

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***Robert Pons*** has served on our board of directors since December 2024 and as Chairman of our board of directors since April 2025. Mr. Pons has served as President and Chief Executive Officer of Spartan Advisors, Inc., a management consulting firm specializing in public company governance, since January 2017. Mr. Pons has served in several senior management roles in technology companies. Mr. Pons has also served on the boards of more than a dozen publicly traded companies, utilizing his more than 40 years of hands-on operating experience as a CEO and senior executive in high-growth companies and companies needing turnaround strategies. Mr. Pons currently serves on the Board of Directors of Marpai, Inc. (OTCQX: MRAI), a leading national third-party administrator, since December 2023. Mr. Pons previously served on the Board of Directors of Seachange International Inc. (formerly NASDAQ: SEAC) ("Seachange"), and on the Boards of Directors of CCUR Holdings, Inc. (OTCPK: CCUR) (formerly Concurrent Computer Corp), Alaska Communications Inc. (formerly NASDAQ: ALSK), Inseego Corp. (NASDAQ: INSG), INNOVATE (NYSE: VATE) , and MRV Communications, Inc. (formerly NASDAQ: MRVC). Mr. Pons also previously served on the Boards of Directors of Arbinet Corporation, Proxim Wireless Corporation, Network-1 Technologies, Inc., and DragonWave-X. Mr. Pons holds a B.A. degree from Rowan University with Honors. We believe Mr. Pons' public company experience qualifies him to serve as a director of the Company.

***David Stehlin*** has served on our board of directors since February 2025 and as our Chief Executive Officer since September 2025. Mr. Stehlin is an accomplished executive with extensive leadership experience in the technology sector where he has led strategic turnarounds, drove business growth, and ushered in technological advancements, based on which we believe Mr. Stehlin is qualified to serve as a director of the Company. Mr. Stehlin has served as the CEO of the Telecommunications Industry Association since September 2019. Prior to that, Mr. Stehlin held leadership roles at various publicly traded and private high growth companies including, Spirent Communications (August 2016 - May 2019), MRV Communications (April 2011 - December 2014), Overture Networks/ Ceterus Networks (December 2003 - December 2010), Valo (May 2002 - December 2003), Foxcom/OnePath (December 1998 - August 2001) and Antec/Keptel (September 1990 - December 1998). Mr. Stehlin served as an officer in the US Marine Corps from May 1979 - August 1984. Stehlin holds a B.S. from the United States Naval Academy and an M.B.A. from National University.

***Phillip Borenstein*** has served on our board of directors since December 2025. Mr. Borenstein has served as a director, portfolio manager and partner at Hamilton Equity Partners LLC, a private equity firm, since March 2014. Mr. Borenstein founded and has served as a partner of Hamilton EQ Management LLC, a commercial real estate company, where he oversees M&A activity and manages its portfolio of commercial real estate and healthcare facilities with a value of over $500 million, since 2016. In addition, Mr. Borenstein raised the seed money and is an active partner and supporter of the Triumph Leadership Innovation group, an organization working to empower and develop young managers and entrepreneurs in Israel, since 2016. Mr. Borenstein earned a M.S. degree in accounting from Fairleigh Dickinson University, including research and studies relating to forensic reviews of public company financial reports, and a Bachelor of Talmudic Law from Yeshiva Shaar HaTorah. We believe Mr. Borenstein's experience qualifies him to serve as a director of the Company.

***Dr. Joshua Rosensweig*** has served on our board of directors since December 2024. Dr. Rosensweig has over four decades of experience as a legal professional, with significant experience in corporate governance and enhancing shareholder value as an executive and director at Israel-based public companies, based on which we believe Dr. Rosensweig is qualified to serve as a

director of the Company. Dr. Rosensweig is the founder and senior partner of Rosensweig & Co., a boutique law firm based in Tel Aviv. Between 2012 and 2013, Dr. Rosensweig was head of the tax department at Agmon & Co., and from 1999 until 2005, he served as a senior partner at Gornitzky & Co., where he led the international transactions and taxation practices. Since 2017, Dr. Rosensweig has been serving as a member of the board of directors of Israel Corporation. Previously,

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Dr. Rosensweig served on the board of directors of Bezeq Israel Telecommunication Corp., from 2010 until 2018. Additionally, Rosensweig served on the board of Alrov Properties and Lodgings Ltd. from 2010 until 2018 and has held leadership positions as Chairman of the board of directors of First International Bank of Israel from 2003 until 2006 and of Poalim IBI in 2013. Dr. Rosensweig holds a LLB from Bar-Ilan University in Israel and an LLM and Ph.D. from New York University.

 ***Andrew Sriubas*** has served as a director of the Company since June 2025. He served as OUTFRONT Media's Executive Vice President, Chief Commercial Officer from July 2017 until January 2025. Prior to that, he served as the Company's Executive Vice President, Strategic Planning & Development from July 2014 to July 2017. Prior to that, Mr. Sriubas served as Chief of Strategy & Corporate Development at Sonifi Solutions, Inc. from 2013 to 2014, where he was responsible for corporate partnerships, product development, content acquisitions and digital deployment systems. Before joining Sonifi, from 1989 to 2013, Mr. Sriubas held senior roles at Citicorp Securities, Inc., Donaldson, Lufkin & Jenrette/Credit Suisse First Boston, UBS Investment Bank, JP Morgan Chase and Moorgate Partners, advising and raising capital for technology, media and telecommunications companies. Mr. Sriubas currently serves on the boards of directors of Argus Capital Corp. and the Media Rating Council, and on the advisory board of Palisades Ventures, L.L.C. His professional certificates include Stanford Law School, Board of Directors College; MIT xPro in Quantum Mechanics; and MIT Sloan School of Management in Blockchain Technology. We believe Mr. Sriubas' experience qualifies him to serve as a director of the Company.

**Executive Officers Who Are Not Directors**

The following table identifies our non-director executive officers and sets forth their current positions at Nano Dimension Ltd. and their ages as of December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Positions Held with Nano Dimension** | **Officer Since** | **Age** |
| John Brenton | Chief Financial Officer | 2025 | 57 |
| Jonathan Bond | General Manager, FFF | 2025 | 42 |
| Olivier Carnal | General Manager, Essemtec | 2025 | 61 |
| Nir Sade | General Manager, AME | 2025 | 50 |

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***John Brenton*** has served in the role of Chief Financial Officer since November 2025. Mr. Brenton previously served as the Company's Vice President of Finance and Corporate Controller since April 2025. Prior to his roles at Nano Dimension Ltd., Mr. Brenton was the Vice President of Finance and Corporate Controller of Markforged since November 2020 and led the finance team through their IPO in July 2021. Mr. Brenton holds a bachelors of science in accounting from Syracuse University.

***Jonathan Bond*** has served as our General Manager of the Fused Filament Fabrication (FFF) business since April 2025. Mr. Bond held a series of senior engineering and leadership roles in Markforged from 2018 to 2025. Most recently, he served as Senior Director of Engineering, Hardware and Materials, where he led a 50-person global team across Hardware Engineering, Materials Engineering, and Hardware Product Management. Mr. Bond's career spans industries including additive manufacturing, medical devices, robotics, sporting goods, and consumer products, where he has led development programs from early-stage concept through to high-volume manufacturing. He is named as an inventor on numerous patents covering technologies in electrophysiology, robotics, additive manufacturing, and sports equipment. Mr. Bond holds a Bachelor of Science in Mechanical Engineering from Tufts University.

***Olivier Carnal*** has served as General Manager of Essemtec AG since April 2023. Prior to this, Mr. Carnal served as Business Development Manager for Georg Fischer AG, Switzerland, (Swiss company listed on the Swiss stock exchange, active in water systems, machine tools and casting solutions), from 2005 to 2009, CEO of Von Roll Solar (a startup within Von Roll AG, developing and manufacturing flexible, printed photovoltaic cells), from 2009 to 2012, and CEO of Sontex SA (a Swiss technology company producing thermal energy measurement devices to reduce energy consumption), from 2013 to 2023. Prior to joining us, Mr. Carnal served as CEO of Sontex SA for 10 years. Mr. Carnal holds a Master and Ph.D. in Physics (Dr. rer. nat.) from the ETH Zurich. In addition, Mr. Carnal completed a Post doctorate at California Institute of Technology, Pasadena. Management courses at IMD Lausanne and St. Gallen Management School.

***Nir Sade*** has served as our AME General Manager since September 2024. Prior to this, Mr. Sade served as AM General Manager, October 2023 – September 2024; Global SVP Product, November 2022 - October 2023, and VP Product, April 2020 – November 2022. Prior to joining us, Mr. Sade served as the VP of R&D Engineering at Xjet from September 2018 – April 2020, leading the development of an Additive Manufacturing system for metals and ceramics. Mr. Sade has more than 20 years of engineering development experience from companies such as Applied Materials, Objet (later Stratasys) and Elbit Systems and brings extensive experience in R&D management from various multi-disciplinary companies and positions. Mr. Sade holds a B.Sc. in Computer Engineering from the Technion - Israel Institute of Technology.

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**Board Committees**

Our board of directors has established a standing audit committee and compensation committee. The audit committee and compensation committee operate under charters that satisfies the applicable standards of the Securities and Exchange Commission ("SEC") and Nasdaq rules. A current copy of the charter for each of the audit committee and compensation committee is posted on the governance section of our website, https://investors.nano-di.com/governance-1/.

***Audit Committee***

Dr. Joshua Rosensweig, Robert Pons, Phillip Borenstein, and Andrew Sriubas serve on the audit committee, which is chaired by Mr. Rosensweig. Our board of directors has determined that each member of the audit committee is "independent" for audit committee purposes as that term is defined in the rules of the SEC and the applicable Nasdaq rules, and each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our board of directors has designated Mr. Rosensweig as an "audit committee financial expert," as defined under the applicable rules of the SEC.

The responsibilities of the audit committee under the Companies Law include: (i) identifying flaws in the management of a Company's business and making recommendations to the board of directors as to how to correct them; (ii) with respect to certain actions involving conflicts of interest and with respect to certain related party transactions, deciding whether such actions are material actions and whether such transactions are extraordinary transactions, respectively, all for the purpose of approving such actions or transactions; (iii) reviewing and deciding whether to approve certain related party transactions and certain actions involving conflicts of interest; (iv) reviewing the internal auditor's work program; (v) examining the Company's internal control structure and processes, the performance of the internal auditor and whether the internal auditor has at his or her disposal the tools and resources required to perform his or her duties, considering, inter alia, the special needs of the Company and its size; (vi) examining the independent auditor's scope of work as well as the independent auditor's fees and providing its recommendations to the appropriate corporate organ; (vii) providing for arrangements as to the manner in which the Company will deal with employee complaints with respect to deficiencies in the management of the Company's business and the protection to be provided to such employees; and (viii) with respect to related party transactions with a controlling shareholder, regardless of whether such transactions are extraordinary transactions, that prior to entering into such transaction, to establish the requirement of having a competitive process under the supervision of the audit committee or any individual, committee or body on its behalf and according to criteria established by the audit committee and to determine procedures for approving certain related party transactions with a controlling shareholder, which were determined by the audit committee to be non-extraordinary transactions, but which are not negligible transactions. In addition, the audit committee is required to supervise the manner the Company implements the requirements of the Privacy Protection Law, 1981 and the Privacy Protection Regulations (Data Security), 2017.

Additionally, under our audit committee charter, our audit committee also (i) oversees and monitors our consolidated financial statements, our compliance with legal and regulatory requirements as they relate to consolidated financial statements or accounting matters, and the independent registered public accounting firm's qualifications, independence and performance, and (ii) provides the board of directors with the results of its monitoring and recommendations and such additional information and materials as it may deem necessary to make the board of directors aware of significant financial matters that require its attention.

Our audit committee may not conduct any discussions or approve any actions requiring its approval, unless at the time of the approval a majority of the committee's members are present.

***Financial Statement Examination Committee***

Under the Companies Law, the board of directors of a public company in Israel must appoint a financial statement examination committee, which consists of members with accounting and financial expertise or the ability to read and understand consolidated financial statements. According to a resolution of our board of directors, the audit committee has been assigned the responsibilities and duties of a financial statement examination committee, as permitted under relevant regulations promulgated under the Companies Law. The function of a financial statement examination committee is to discuss and provide recommendations to its board of directors (including the report of any deficiency found) with respect to the following issues: (1) estimations and assessments made in connection with the preparation of consolidated financial statements; (2) internal controls related to the consolidated financial statements; (3) completeness and propriety of the disclosure in the consolidated financial statements; (4) the accounting policies adopted and the accounting treatments implemented in material matters of the Company; and (5) value evaluations, including the assumptions and assessments on which evaluations are based and the supporting data in the consolidated financial statements. Our independent registered public accounting firm and our internal auditor are invited to attend all meetings of the audit committee when it is acting in the role of the financial statement examination committee.

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***Compensation Committee*** 

Robert Pons, Phillip Borenstein, Dr. Joshua Rosensweig, and Andrew Sriubas serve on the compensation committee, which is chaired by Mr. Pons. Our board of directors has determined that each member of the compensation committee meets the requirements of a "non-employee director" pursuant to Rule 16b-3 under the Exchange Act. Our board of directors has determined that each member of the compensation committee is "independent" for compensation committee purposes as that term is defined in the rules of the SEC and the applicable Nasdaq rules.

Under the Companies Law, the board of directors of any public company must establish a compensation committee. Under the Nasdaq rules, we are required to maintain a compensation committee consisting entirely of independent directors (or the determination of such compensation solely by the independent members of our board of directors).

The responsibilities of the compensation committee under the Companies Law include: (i) making recommendations to the board of directors with respect to the approval of the compensation policy and any extensions thereto; (ii) periodically reviewing the implementation of the compensation policy and providing the board of directors with recommendations with respect to any amendments or updates thereto; (iii) reviewing and resolving whether or not to approve transactions with respect to the terms of office and employment of our office holders and (iv) resolving, under certain circumstances prescribed under the Companies Law, whether or not to exempt a transaction with a candidate for chief executive officer who meets non-affiliation criteria from shareholder approval.

Our compensation committee also reviews and recommends to our board of directors: (1) the annual base compensation of our office holders and directors; (2) annual incentive bonus plans, including the specific goals and amount; (3) equity compensation; (4) employment agreements, severance arrangements, and change in control agreements/provisions; (5) retirement grants and/or retirement bonuses; and (6) any other benefits, compensation, compensation policies or arrangements.

The duties of the compensation committee include the recommendation to the Company's board of directors of a policy regarding the terms of engagement of office holders, to which we refer as a compensation policy. That policy must be adopted by the Company's board of directors, after considering the recommendations of the compensation committee. The compensation policy is then brought for approval by our shareholders. Our current Compensation Policy (as defined below) was approved on June 7, 2022. On December 6, 2024, our shareholders approved a specific amendment to the compensation policy pursuant to which equity-based compensation and an annual cash retainer shall be granted our non-executive board members. Further information on the terms of our Compensation Policy is detailed in Form 6-K filed by the Company on December 6, 2024.

The compensation policy must serve as the basis for decisions concerning the financial terms of employment or engagement of office holders and directors, including exculpation, insurance, indemnification or any monetary payment or obligation of payment in respect of employment or engagement. The compensation policy must relate to certain factors, including advancement of the Company's objectives, the Company's business and its long-term strategy, and creation of appropriate incentives for executives. It must also consider, among other things, the Company's risk management, size and the nature of its operations. The compensation policy must furthermore consider the following additional factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the knowledge, skills, expertise and accomplishments of the relevant director or executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the director's or executive's roles and responsibilities and prior compensation agreements with him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the relationship between the terms offered and the average and median compensation of the other employees of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of disparities in salary upon work relationships in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the possibility of reducing variable compensation at the discretion of the board of directors; and the possibility of setting a limit on the exercise value of non-cash variable compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•as to severance compensation, the period of service of the director or executive, the terms of his or her compensation during such service period, the Company's performance during that period of service, the person's contribution towards the Company's achievement of its goals and the maximization of its profits, and the circumstances under which the person is leaving the Company.

The compensation policy must also include the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the link between variable compensation and long-term performance and measurable criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the relationship between variable and fixed compensation, and the ceiling for the value of variable compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the conditions under which a director or executive would be required to repay compensation paid to him or her if it was later shown that the data upon which such compensation was based was inaccurate and was required to be restated in the company's financial statements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the minimum holding or vesting period for variable, equity-based compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•maximum limits for severance compensation.

The Compensation Policy must also consider appropriate incentives from a long-term perspective and maximum limits for severance compensation.

Our current Compensation Policy was adopted on June 7, 2022, amended on December 6, 2024, and is due for renewal or replacement, by our shareholders within three years of its adoption.

***Internal Auditor***

Under the Companies Law, the board of directors must also appoint an internal auditor nominated by the audit committee. Our internal auditor is Yisrael Gewirtz from Fahn Kanne Control Management Ltd. Grant Thornton Israel. The role of the internal auditor is to examine whether a company's actions comply with the law and proper business procedure. The internal auditor may not be an interested party or office holder, or a relative of any interested party or office holder, and may not be a member of the company's independent accounting firm or its representative. The Companies Law defines an interested party as a holder of 5% or more of the shares or voting rights of a company, any person or entity that has the right to nominate or appoint at least one director or the general manager of the company or any person who serves as a director or as the general manager of a company. Our internal auditor is not our employee, but the managing partner of a firm which specializes in internal auditing.

***Remuneration of Directors***

Under the Companies Law, remuneration of directors is subject to the approval of the compensation committee, thereafter by the board of directors and thereafter by the general meeting of the shareholders. If the remuneration of the directors is in accordance with the regulations applicable to remuneration of the external directors, if any, then such remuneration shall be exempt from the approval of the general meeting of the shareholders.

***Insurance***

Under the Companies Law, a company may, if specified in its articles of association, obtain insurance for any of its office holders for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a breach of duty of care to the company or to any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a breach of duty of loyalty to the company, provided that the office holder acted in good faith and had reasonable grounds to assume that the act that resulted in such breach would not prejudice the interests of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a financial liability imposed on such office holder in favor of any other person.

Our amended and restated articles of association also allow us to obtain insurance for any of our officer holders for any other event, occurrence, matter or circumstance under any law with respect to which the Company may, or will be able to, insure an office holder, and to the extent such law requires the inclusion of a provision permitting such insurance in our amended and restated articles of association, then such provision shall be deemed to be included in our amended and restated articles of association (including, without limitation, in accordance with Section 56h(b)(1) of the Israeli Securities Law, if and to the extent applicable, and Section 50P of the Israeli Economic Competition Law).

We currently have directors' and officers' liability insurance, providing total coverage of $40 million for the benefit of all of our directors and officers, in respect of which we paid a twelve-month premium of $0.7 million, which expires on November 4, 2026.

***Indemnification***

Subject to the provisions of the Companies Law, the Company may retroactively indemnify an office holder of the Company, if specified in its articles of association, with respect to the following liabilities and expenses, provided that such liabilities or expenses were imposed on such office holder or incurred by such office holder due to an act performed by or an omission of the office holder in such office holder's capacity as an office holder of the Company:

i. financial liability imposed on an office holder in favor of another person by any court judgment, including a judgment given as a result of a settlement or an arbitrator's award which has been confirmed by a court in respect of an act

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performed by the office holder;

ii. reasonable litigation expenses, including attorneys' fees, expended by the office holder as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, or in connection with a financial sanction, provided that (1) no indictment (as defined in the Companies Law) was filed against such office holder as a result of such investigation or proceeding; and (2) no financial liability in lieu of a criminal proceeding (as defined in the Companies Law) was imposed upon him or her as a result of such investigation or proceeding or if such financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent; and

iii. reasonable litigation costs, including attorney's fees, expended by an office holder or which were imposed on an office holder by a court in proceedings filed against the office holder by the Company or in its name or by any other person or in a criminal charge in respect of which the office holder was acquitted or in a criminal charge in respect of which the office holder was convicted for an offense which did not require proof of criminal intent.

iv. any other event, occurrence, matter or circumstance under any law with respect to which the Company may, or will be able to, insure an office holder, and to the extent such law requires the inclusion of a provision permitting such insurance in our amended and restated articles of association, then such provision shall be deemed to be included and incorporated in our amended and restated articles of association (including, without limitation, in accordance with Section 56h(b)(1) of the Israeli Securities Law, if and to the extent applicable, and Section 50P of the Israeli Economic Competition Law).

Our amended and restated articles of association allow us to indemnify our office holders up to a certain amount. The Companies Law also permits a company to undertake in advance to indemnify an office holder, provided that if such indemnification relates to financial liability imposed on him or her, as described above, then the undertaking should be limited to sub-sections i to iii described above, and to sub-section iv described above, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the undertaking to indemnify is limited to such events which our board of directors shall deem to be likely to occur in light of the operations of the Company at the time that the undertaking to indemnify is made and for such amounts or criterion which our directors may, at the time of the giving of such undertaking to indemnify, deem to be reasonable under the circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the undertaking to indemnify shall set forth such events which our directors shall deem to be likely to occur in light of the operations of the Company at the time that the undertaking to indemnify is made, and the amounts and/or criterion which our directors may, at the time of the giving of such undertaking to indemnify, deem to be reasonable under the circumstances.

We have entered into indemnification agreements with all of our directors and with certain members of our senior management. Each such indemnification agreement provides the office holder with indemnification permitted under applicable law and up to a certain amount, and to the extent that these liabilities are not covered by directors' and officers' insurance.

***Exemption***

Subject to the provisions of the Companies Law and the Securities Law, the Company may exempt and release, in advance, if specified in its articles of association, any office holder from any liability to the Company for damages arising out of a breach of the office holder's duty of care towards the Company.

Notwithstanding the foregoing, the Company may not exempt its directors in advance from his liability for damages with respect to violation of his duty of care to the Company with respect to distributions. In addition, the Company may not exempt an office holder from his liability to the Company with regard to a resolution and/or a transaction in which the controlling shareholder and/or any office holder has a personal interest.

***Limitations***

The Companies Law provides that we may not exculpate or indemnify an office holder nor enter into an insurance contract that would provide coverage for any liability incurred as a result of any of the following: (1) a breach by the office holder of his or her duty of loyalty unless (in the case of indemnity or insurance only, but not exculpation) the office holder acted in good faith and had a reasonable basis to believe that the act would not prejudice us; (2) a breach by the office holder of his or her duty of care if the breach was carried out intentionally or recklessly (as opposed to merely negligently); (3) any action taken with the intent to derive an illegal personal benefit; or (4) any fine levied against the office holder.

The foregoing descriptions summarize the material aspects and practices of our board of directors. For additional details, we also refer you to the full text of the Companies Law, as well as of our amended and restated articles of association, which is filed as an exhibit to this annual report on Form 10-K and is incorporated herein by reference.

There are no service contracts between us or our subsidiaries, on the one hand, and our directors in their capacity as directors,

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on the other hand, providing for benefits upon termination of service.

**Code of Business Conduct and Ethics**

We have adopted a written code of ethics that applies to our officers and employees, including our principal executive officer, principal financial officer, principal controller and persons performing similar functions as well as our directors. Our Code of Business Conduct and Ethics is posted on our website at www.nano-di.com. Information contained on, or that can be accessed through, our website does not constitute a part of this annual report on Form 10-K and is not incorporated by reference herein. If we make any amendment to the Code of Business Conduct and Ethics or grant any waivers, including any implicit waiver, from a provision of the code, we will disclose the nature of such amendment or waiver on our website to the extent required by the rules and regulations of the SEC. We have not granted any waivers under our Code of Business Conduct and Ethics.

**Insider Trading Policy** 

We have adopted an insider trading policy, or the Policy, governing the purchase, sale and other transactions in our securities that applies to our directors, officers, employees, consultants and other covered persons, including immediate family members and entities controlled by any of the foregoing persons.

The Policy prohibits, among other things, insider trading and certain speculative transactions in our securities (including short sales, buying put and selling call options and other hedging or derivative transactions in our securities) and establishes a regular blackout period schedule during which directors, officers, employees, consultants and other covered persons may not trade in the Company's securities, as well as certain pre-clearance procedures that directors and officers must observe prior to effecting any transaction in our securities. The Company believes that the Policy is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and listing standards applicable to the Company.

**Item 11. Executive Compensation**

**Director Compensation** 

Our compensation methodology is to provide a moderate, fixed and predictable annual compensation, while putting a greater emphasis on performance-based and variable compensation – comprised of equity – thereby aligning our non-executive directors' interests with those of our shareholders. We believe that our compensation policy for non-executive directors is effective in incentivizing achievement of key strategic objectives (operational and market based) which will result in long-term sustainable shareholder value, while keeping our director compensation packages competitive with the practices applied by other companies in our industry with a comparable market size.

In 2024, the Company engaged Aon's Human Capital Solutions practice, a division of Aon plc ("Aon"), as an independent, external consultant, to provide it with advice related to our executives and directors, to assist in the design, formulation, analysis, and implementation of our compensation program. In order to determine appropriate compensation packages for our non-executive directors, the Compensation Committee of the Board of Directors of the Company (the "Compensation Committee") and the Board of Directors reviewed a comprehensive compensation benchmark analysis conducted by our independent compensation advisor, Aon, of peer company data. Due to the international talent pool within which the Company competes, and the prominence of the U.S. market for our products, the Company's increasing presence in the U.S. market given recent acquisition activity and the sources of talent there, a market reference peer group of other U.S.-based companies listed on either Nasdaq or the New York Stock Exchange was created in order to determine compensation benchmarks for our non-executive directors. The peer group was constructed around a set of carefully chosen parameters.

In 2024, the Compensation Committee and the Board of Directors, respectively, approved and recommended to the Company's shareholders to enable Company's current and future non-executive directors to receive compensation in the form of cash in addition to increasing the maximum restricted share units ("RSU") award available to our non-executive directors, all as set forth below, and to amend the Company's compensation policy to reflect such compensation (the "Compensation Policy") and the shareholders approved the changes to the Compensation Policy on December 6, 2024.

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| | |
|:---|:---|
| **Compensation Element** | **Compensation Amount** |
| Annual Board Member Cash Retainer <sup>(1)</sup> | $65000 |
| Annual Board Member Equity Retainer <sup>(2)</sup> | Annual RSUs grant in the maximum value of $125,000 and in any case no more than 60,000 RSUs, vesting over a three-year period<sup>(3)(4)(5)</sup> |
| Annual Committee Member Cash Retainer | $10,000 for Audit Committee |

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| | |
|:---|:---|
| Annual Board Chair Cash Retainer<sup>(1)</sup> | $115000 |
| Annual Board Chair Equity Retainer<sup>(2)</sup> | Annual RSUs grant in the maximum value of $125,000 and in any case no more than 60,000 RSUs, vesting over a three-year period <sup>(3)(4)(5)</sup> |
| Annual Committee Chair Retainer<sup>(1)</sup> | $20,000 for Audit Committee |

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<sup>(1)</sup> The annual cash retainer will be paid on a quarterly basis, and shall apply to the non-executive directors, or to such non-executive directors that will be appointed or elected in the future, effective from their respective appointment or election, commencing on January 1, 2026.

<sup>(2)</sup> Will be granted annually at the beginning of each year commencing on January 1, 2026.

<sup>(3)</sup> Final number of RSUs will be calculated based on the average closing price of the ADS in the last 30 days before the last day of the required approval for entitlement (the "Date of Grant").

<sup>(4)</sup> As with the Compensation Policy, the RSUs would continue to vest annually over a three-year period. For new non-executive directors appointed or elected to the Board of Directors, outside of the normal annual general meeting cycle, annual equity awards would be pro-rated to reflect the remaining period in the annual cycle until the next planned award date. The pro-rated amount of RSUs will be subject to a standard three-year vesting.

<sup>(5)</sup> As with the Compensation Policy, in case a non-executive director ceases any of his or her duties as mentioned above, the unvested RSUs which were granted to him or her for his or her duty will expire immediately. Any annual grant of RSUs will be subject to standard three-year vesting under the Plan; 1/3 of the amount of the RSUs granted to each non-executive director shall vest on each anniversary following the Date of Grant (as applicable).

**Director Compensation Table**

The table below presents the total director compensation for each person who served as a non-employee director during fiscal year 2025. During fiscal year 2025, Mr. Stehlin, our Chief Executive Officer, was a member of our board of directors, as well as an employee, and received no additional cash compensation for his services as a director once he was appointed to the position of Chief Executive Officer. See the section titled "Executive Compensation" for more information about Mr. Stehlin's compensation for fiscal year 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Fees Earned for Director Service ($)** | **Stock Award for Director Service ($)** <sup>(1)</sup> | **All Other Compensation** | **Total ($)** |
| Robert Pons<sup>(2)</sup> | 132093 | 436707 |  | 568800 |
| Phillip Borenstein<sup>(3)</sup> | 5893 |  |  | 5893 |
| Dr. Joshua Rosensweig<sup>(4)</sup> | 77084 | 475207 |  | 552291 |
| Andrew Sriubas<sup>(5)</sup> | 48125 | 215223 |  | 263348 |
| David Stehlin<sup>(6)</sup> | 53558 | 436784 |  | 490342 |
| Ofir Baharav<sup>(7)</sup> | 33125 | 128707 |  | 161832 |
| Eileen Tanghal<sup>(8)</sup> | 27500 | 61223 |  | 88723 |
| Kenneth Traub<sup>(9)</sup> | 14347 | 128707 | 95400 | 238454 |

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<sup>(1)</sup> The amounts reported represent the aggregate grant date fair value of the restricted stock units awarded to the directors during fiscal year 2025, calculated in accordance with Financial Accounting Standard Board ("FASB") Accounting Standard Codification ("ASC") Topic 718. Such grant date fair value does not take into account any estimated forfeitures. The assumptions used in calculating the grant date fair value of the awards reported in this column are set forth in Note 10 to our audited financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The amounts reported in this column reflect the accounting cost for the restricted stock units and do not correspond to the actual economic value that may be received upon settlement of such restricted stock units or any sale of any of the underlying Ordinary Shares.

<sup>(2)</sup> During the year ended December 31, 2025, Mr. Pons was granted 51,898 unvested restricted stock units vesting annually over three years, and 200,000 unvested restricted stock units approved at the Annual General Meeting of Shareholders held on December 4, 2025 that vested on January 1, 2026. All restricted stock units granted in 2025 were outstanding as of December 31, 2025.

<sup>(3)</sup> Mr. Borenstein was elected to the Board of Directors during the Annual General Meeting of Shareholders held on December 4, 2025.

<sup>(4)</sup> During the year ended December 31, 2025, Mr. Rosensweig was granted an aggregate of 51,898 unvested restricted stock units vesting annually over three years, and 225,000 unvested restricted stock units approved at the Annual General Meeting of Shareholders held on December 4, 2025 and vesting on January 1, 2026. All restricted stock units granted in 2025 were outstanding as of December 31, 2025.

<sup>(5)</sup> During the year ended December 31, 2025, Mr. Sriubas was granted an aggregate of 40,015 restricted stock units vesting annually over three years, and 100,000 unvested restricted stock units approved at the Annual General Meeting of Shareholders

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held on December 4, 2025 that vested on January 1, 2026. All restricted stock units granted in 2025 were outstanding as of December 31, 2025.

<sup>(6)</sup> During the year ended December 31, 2025, Mr. Stehlin, during his tenure as a non-employee director, was granted 48,415 restricted stock units vesting annually over three years and cash compensation of $53,558. Mr. Stehlin was granted 200,000 unvested restricted stock units approved at the Annual General Meeting of Shareholders held on December 4, 2025 that vested on January 1, 2026. Mr. Stehlin was appointed Chief Executive Officer as of September 7, 2025 and as such all non-employee director compensation ceased on such date. Please see "Executive Compensation" for additional details on Mr. Stehlin's compensation for his tenure as Chief Executive Officer.

<sup>(7)</sup> During the year ended December 31, 2025, Mr. Baharav was granted an aggregate of 51,898 restricted stock units during his tenure as a non-employee director and cash compensation of $33,125. Mr. Baharav was appointed Chief Executive Officer as of April 8, 2025 and as such all non-employee director compensation ceased on such date. Mr. Baharav's tenure with the Company ended on September 6, 2025 and all unvested restricted stock units were cancelled.

<sup>(8)</sup> During the year ended December 31, 2025, Ms. Tanghal was granted an aggregate of 40,015 restricted stock units.

Ms. Tanghal's tenure as a director ended on December 4, 2025 and all unvested restricted stock units were cancelled.

<sup>(9)</sup> During the year ended December 31, 2025, Mr. Traub was granted an aggregate of 51,898 restricted stock units for his service as a director. Mr. Traub's tenure as a director ended on February 6, 2025 and all unvested restricted stock units were cancelled. On May 28, 2025, Mr. Traub was granted 60,000 RSUs, with a fair market value of $1.59 on the grant date, for consulting services. These RSUs vest in full on May 28, 2026.

As of December 31, 2025, there were 251,898 outstanding RSUs held by Robert Pons, zero outstanding RSUs held by Phillip Borenstein, 278,898 outstanding RSUs held by Dr. Joshua Rosensweig, 140,015 outstanding RSUs held by Andrew Sriubas, 942,859 outstanding RSUs held by David Stehlin (231,481 of which were vested and not released), zero outstanding RSUs held by Ofir Baharav, zero outstanding RSUs held by Eileen Tanghal, and 60,000 outstanding RSUs held by Kenneth Traub.

The aforementioned compensation amounts are inclusive of the restricted stock units granted to directors for 2025 service, and vested on January 1, 2026, that were approved by our shareholders at the Annual General Meeting of Shareholders held on December 4, 2025.

**Executive Compensation**

Our Named Executive Officers ("NEO") for the year ended December 31, 2025 include our principal executive officer, principal financial officer and our three most highly compensated executive officers other than the principal executive officer and principal financial officer who were serving as executive officers at the end of 2025, as well as other individuals who served as our principal executive officer or principal financial officer during 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•David Stehlin, Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•John Brenton, Chief Financial Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Jonathan Bond, General Manager of FFF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Olivier Carnal, General Manager of Essemtec;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Nir Sade, General Manager of AME;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ofir Baharav, Former Chief Executive Officer<sup>(1)</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Julien Lederman, Former Interim Chief Executive Officer<sup>(2)</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assaf Zipori, Former Chief Financial Officer<sup>(3)</sup>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tomer Pinchas, Former Chief Financial Officer<sup>(4)</sup>

<sup>(1)</sup> Mr. Baharav served as CEO of the Company from April 8, 2025 until September 8, 2025.

<sup>(2)</sup> Mr. Lederman served as interim CEO of the Company from December 6, 2024 until April 7, 2025. Mr. Lederman subsequently served a Chief Business Officer until July 17, 2025.

<sup>(3)</sup> Mr. Zipori joined Nano Dimension Ltd. as part of the MKFG merger on April 25, 2025 and was appointed CFO on April 25, 2025, a position he served until November 1, 2025.

<sup>(4)</sup> Mr. Pinchas served as CFO of the Company from September 5, 2023 until April 24, 2025.

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***Compensation Discussion and Analysis***

***Overview of Compensation Program***

Our board of directors and compensation committee reviewed compensation annually for all employees, including our executive officers. In setting executive base salaries and bonuses and granting equity incentive awards, the compensation committee and board of directors considered compensation for comparable positions in the market, the historical compensation levels of our executive officers, individual performance as compared to our expectations and objectives, internal equity, our desire to motivate our employees to achieve short- and long-term results that are in the best interests of our shareholders, and a long-term commitment to the Company. We targeted a general competitive position, based on independent third-party benchmark analytics to inform the mix of compensation of base salary, bonus and long-term incentives.

Our compensation committee was primarily responsible for determining the compensation for our executive officers. Our compensation committee typically reviewed and discussed management's proposed compensation with our Chief Executive Officer for all executives other than the Chief Executive Officer. Based on those discussions and its discretion, taking into account the factors noted above, the compensation committee then sets the compensation for each executive officer other than the Chief Executive Officer and recommends the compensation for the Chief Executive Officer to our board of directors for approval. Our board of directors discussed the compensation committee's recommendation and ultimately approved the compensation of our Chief Executive Officer without members of management present. Our compensation committee had the authority to engage the services of a consulting firm or other outside advisors to assist in its designing of our executive compensation programs and in making compensation decisions.

***Elements of Compensation***

**Base Salary**

We use base salaries to recognize the experience, skills, knowledge and responsibilities required of all our employees, including our named executive officers. Base salaries were reviewed annually, typically in connection with our annual performance review process, and adjusted from time to time to realign salaries with market levels after taking into account individual responsibilities, performance and experience. Messers. Stehlin, Brenton, Bond, Carnal, and Sade have base salaries for their current roles of $550,000, $325,000, $270,000, 240,006 CHF, and 822,000 ILS, respectively.

**Annual Cash Bonuses** 

Each of our named executive officers was eligible to earn an annual cash incentive bonus which was awarded by our compensation committee in its sole discretion based on achievement of specified corporate performance goals or individual performance. Messers. Brenton, Bond, Carnal, and Sade have bonus targets for their current roles of $150,000, $77,000, 60,000 CHF, and 411,000 ILS, respectively. In addition, we paid one-time bonuses in 2025 to Mr. Brenton of $60,000 and Mr. Baharav of $100,000, that were related to retention and CEO appointment, respectively.

During the year ended December 31, 2025, the Company experienced significant turn over at both the Board and executive level. Each business unit administered its own bonus program which was overseen by the Board. Performance metrics were determined at the business unit level and based primarily off of revenue, with final bonus achievement determined at the discretion of the Compensation Committee. See "Summary Compensation Table – 2025" for bonuses to be paid in 2026 for 2025 performance, and "Grants of Plan-Based Awards in 2025 Table" for bonus achievement of each officer.

**Equity Compensation** 

We believed that equity grants provide our executives with a strong link to our long-term performance, create an ownership culture and help to align the interests of our executives and our shareholders. In addition, we believed that equity grants promote executive retention because they incentivize our executive officers to remain in our employment during the vesting period. Accordingly, our board of directors and compensation committee periodically reviewed the equity incentive compensation of our named executive officers and granted equity incentive awards to them from time to time.

In 2025, we granted restricted stock units to our named executive officers in the amounts set forth in the "Grants of Plan-Based Awards in 2025 Table" below.

**Severance Benefits** 

We have entered into employment agreements with each of Mr. Stehlin and Mr. Brenton that include severance and change in

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control provisions. These agreements encourage continued attention and dedication to their duties should there arise the possibility of a change in the control and to help ensure a smooth transition should such a change in control occur. For a detailed description, see "Potential Payments Upon Termination or Change in Control – Employment Agreements," below.

**Other Benefits** 

Our named executive officers are eligible to participate in our broad-based employee benefits programs, including medical, dental, vision coverage, and other benefit plans, in the same manner as our other employees. We do not maintain any nonqualified deferred compensation plans or defined benefit pension plans.

***Summary Compensation Table – 2025***

The following table presents the compensation awarded to, earned by or paid to each of our named executive officers for the years indicated:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year** | **Salary Paid<br>($)** | **Bonus<br>($)** | **Stock Awards<br>($)(1)** | **Non-Equity<br>Incentive Plan<br>Compensation<br>($)(2)** | **All other<br>compensation<br>($)(3)** | **Total ($)** |
| David Stehlin (4) | 2025 | 172917 |  | 1436783 |  |  | 1609700 |
| *Chief Executive Officer* |  |  |  |  |  |  |  |
| John Brenton (5) | 2025 | 194086 | 60000 | 831020 | 46186 |  | 1131292 |
| *Chief Financial Officer* |  |  |  |  |  |  |  |
| Jonathan Bond (6) | 2025 | 201109 |  | 310866 | 46933 |  | 558908 |
| *General Manager, FFF* |  |  |  |  |  |  |  |
| Olivier Carnal | 2025 | 279145<br> \* |  | 114514 | 47073<br> \* |  | 440732 |
| *General Manager, Essemtec* |  |  |  |  |  |  |  |
| Nir Sade | 2025 | 253530<br> \* |  | 376250 |  |  | 629780 |
| *General Manager, AME* |  |  |  |  |  |  |  |
| Ofir Baharav (7) | 2025 | 247797 | 100000 | 2915493 |  |  | 3263290 |
| *Former Chief Executive Officer* |  |  |  |  |  |  |  |
| Julien Lederman (8) | 2025 | 201885<br> \* |  | 565997 |  | 25040<br> \* | 792922 |
| *Former Interim Chief Executive Officer* |  |  |  |  |  |  |  |
| Assaf Zipori (9) | 2025 | 291667 |  | 1097250 |  |  | 1388917 |
| *Former Chief Financial Officer* |  |  |  |  |  |  |  |
| Tomer Pinchas (10) | 2025 | 149105<br> \* |  |  |  |  | 149105 |
| *Former Chief Financial Officer* | 2024 | 378000<br> \* |  | 1252000<br> \* |  |  | 1630000 |
|  | 2023 | 414000<br> \* |  | 1004000<br> \* |  |  | 1418000 |

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\* Translated using the exchange rate as of December 31, 2025, which was 0.313 (NIS/USD) (and for Mr. Sade, 1.260 (CHF/USD)), exchange rate as of December 31, 2024, which was 0.274 (NIS/USD), and exchange rate as of December 31, 2023, which was 0.276 (NIS/USD).

(1) In accordance with SEC rules, this column reflects the aggregate grant date fair value of the restricted stock units granted during 2025, as applicable, computed in accordance with FASB ASC Topic 718. Assumptions used in the calculation of these amounts are included in Note 10 to our financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The amounts reported in this column reflect the accounting cost for the restricted stock units and does not correspond to the actual economic value that may be received upon settlement of the restricted stock units or any sale of any of the underlying Ordinary Shares.

(2) The amounts represent actual bonuses earned by our named executive officers for performance during 2025 upon the attainment of one or more pre-established company goals established by our board of directors on an annual basis.

(3) The amounts in this column represents one-time bonuses for Mr. Brenton and Mr. Baharav, and severance paid to Mr. Lederman.

(4) Mr. Stehlin was appointed CEO on September 9, 2025.

(5) Mr. Brenton joined Nano Dimension Ltd. as part of the MKFG merger on April 25, 2025 and was appointed CFO on November 2, 2025. The compensation included herein is related to the dates of employment by Nano Dimension Ltd. and the amount in the bonus column is a one-time retention bonus.

(6) Mr. Bond joined Nano Dimension Ltd. as part of the MKFG merger on April 25, 2025. The compensation included herein is related to his period of employment by Nano Dimension Ltd.

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(7) Mr. Baharav served as CEO of the Company from April 8, 2025 until September 8, 2025 and the amount in the bonus column is a one-time appointment bonus.

(8) Mr. Lederman served as interim CEO of the Company from December 6, 2024 until April 7, 2025. Mr. Lederman subsequently served a Chief Business Officer until July 17, 2025. The compensation included herein includes all of Mr. Lederman's compensation while employed by Nano Dimension Ltd. in 2025.

(9) Mr. Zipori joined Nano Dimension Ltd. as part of the MKFG merger on April 25, 2025 and was appointed CFO on April 25, 2025, a position he served until November 1, 2025. The compensation included herein is related to the dates of employment by Nano Dimension Ltd.

(10) Mr. Pinchas served as CFO of the Company from September 5, 2023 until April 24, 2025.

***Grants of Plan-Based Awards in 2025 Table***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Estimated Future Payouts Under Non-Equity Incentive Plan Awards** | **Estimated Future Payouts Under Non-Equity Incentive Plan Awards** |  |  |  |  |
| **Name** | **Bonus Target($)(1)** | **Maximum ($)** | **Bonus Achievement** | **Grant Date** | **Number of Units** | **Grant Date Fair Value of Unit Awards (2)** |
| David Stehlin |  |  |  | 2/6/2025 | 48415 | $128784 |
|  |  |  |  | 9/8/2025 | 694444 | 999999 |
|  |  |  |  | 1/1/2026(3) | 200000 | 308000 |
| John Brenton | 71056 | 71056 | 65% |  |  |  |
|  |  |  |  | 9/10/2025 | 200000 | 286000 |
|  |  |  |  | 11/2/2025 | 135000 | 348300 |
|  |  |  |  | 11/13/2025 | 128575 | 196720 |
| Jonathan Bond | 72205 | 72205 | 65% |  |  |  |
|  |  |  |  | 4/25/2025 | 82574 | 136247 |
|  |  |  |  | 11/13/2025 | 114130 | 174619 |
| Olivier Carnal | 72420 | 72420 | 65% |  |  |  |
|  |  |  |  | 11/13/2025 | 74846 | 114514 |
| Nir Sade | 128643 | 128643 | 0% |  |  |  |
|  |  |  |  | 3/18/2025 | 175000 | 376250 |
| Ofir Baharav |  |  |  | 4/8/2025 | 2112676 | 2915493 |
| Julien Lederman |  |  |  | 2/18/2025 | 235832 | 565997 |
| Assaf Zipori |  |  |  | 4/25/2025 | 665000 | 1097250 |
| Tomer Pinchas |  |  |  |  |  |  |

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(1) Bonus targets presented for the NEO's current role with the Company as of December 31, 2025 at 100% of attainment. Bonuses are pro-rated for the individuals tenure with the Company and respective roles. Actual 2025 annual incentive cash payments are reported under the heading "Non-Equity Incentive Plan Compensation" in the Summary Compensation Table. There is no threshold amount for the Annual Cash awards granted in 2025.

(2) We have computed the grant date fair value of unit awards in accordance with FASB ASC Topic 718, as further described in Note 10 to our consolidated financial statements.

(3) Unit award approved by shareholders on December 4, 2025 that vested on January 1, 2026.

***Stock Vested During Fiscal Year 2025*** 

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| | | |
|:---|:---|:---|
|  | **Stock Awards** | **Stock Awards** |
| **Name** | **No. of Shares Acquired on Vesting** | **Value Realized on Vesting (1)** |
| David Stehlin |  |  |
| John Brenton |  |  |
| Jonathan Bond | 62042 | 89157 |
| Olivier Carnal | 37500 | 61500 |
| Nir Sade | 31250 | 44438 |
| Ofir Baharav |  |  |
| Julien Lederman | 138750 | 226121 |
| Assaf Zipori | 750000 | 1235208 |
| Tomer Pinchas | 121833 | 205559 |

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(1) Computed by multiplying the closing market price of our Ordinary Shares on the vesting date by the number of RSUs subject to such award that vested on the applicable vesting date. No options were exercised by our NEOs during the year ended December 31, 2025.

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***Outstanding Equity Awards at 2025 Fiscal Year End Table*** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** |
| **Name** | **Vesting<br>Commencement<br>Date** | **Number of<br>Securities<br>Underlying<br>Unexercised<br>Options (#)<br>Exercisable** | **Number of<br>Securities<br>Underlying<br>Unexercised<br>Options (#)<br>Unexercisable**<br> <sup>(1)</sup> | **Option<br>Exercise<br>Price ($)** | **Option<br>Expiration<br>Date** | **Number of<br>Shares or<br>Units<br>of Stock That<br>Have Not<br>Vested (#)** | **Market Value<br>of<br>Shares or Units<br>of Stock That<br>Have Not<br>Vested ($)**<sup>(2)</sup> |
| David Stehlin | 4/25/2025 |  |  |  |  | 48415<br> <sup>(3)</sup> | 74559 |
|  | 9/8/2025 |  |  |  |  | 694444<br> <sup>(4)</sup> | 1069444 |
|  | 1/1/2026 |  |  |  |  | 200000<br> <sup>(10)</sup> | 308000 |
| John Brenton | 9/10/2025 |  |  |  |  | 200000<br> <sup>(5)</sup> | 308000 |
|  | 11/2/2025 |  |  |  |  | 135000<br> <sup>(6)</sup> | 207900 |
|  | 11/13/2025 |  |  |  |  | 128575<br> <sup>(5)</sup> | 198006 |
| Jonathan Bond | 5/1/2025 |  |  |  |  | 14954<br> <sup>(6)</sup> | 23029 |
|  | 11/13/2025 |  |  |  |  | 114130<br> <sup>(5)</sup> | 175760 |
| Olivier Carnel | 6/28/2023 |  |  |  |  | 75000<br> <sup>(7)</sup> | 115500 |
|  | 11/13/2025 |  |  |  |  | 74846<br> <sup>(5)</sup> | 115263 |
| Nir Sade | 6/28/2023 | 5000 |  | $0.70 | 6/28/2027 |  |  |
|  | 8/11/2023 | 3334 |  | $0.70 | 8/12/2027 |  |  |
|  | 9/29/2022 |  |  |  |  | 6250<br> <sup>(7)</sup> | 9625 |
|  | 8/31/2022 |  |  |  |  | 25000<br> <sup>(7)</sup> | 38500 |
|  | 3/18/2025 |  |  |  |  | 175000<br> <sup>(8)</sup> | 269500 |
| Ofir Baharav |  |  |  |  |  |  |  |
| Julien Lederman |  |  |  |  |  |  |  |
| Assaf Zipori | 4/25/2025 |  |  |  |  | 39000<br> <sup>(9)</sup> | 60060 |
| Tomer Pinchas |  |  |  |  |  |  |  |

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<sup>(1)</sup> Each stock option was fully vested as of December 31, 2025.

<sup>(2)</sup> The market value of each restricted stock unit award is based on the closing price of $1.53 per share for our Ordinary Shares on December 31, 2025, the last trading day of fiscal year 2025, as reported on Nasdaq.

<sup>(3)</sup> This restricted stock unit award vests annually over three years following the vesting commencement date, subject to the named executive officer's continuous service as a director.

<sup>(4)</sup> This restricted stock unit award vests monthly over one year following the vesting commencement date, subject to the named executive officer's continuous service as Chief Executive Officer. To the extent that the restricted stock units are assumed and continued in connection with a "sale event," the restricted stock units will fully accelerate upon the executive's termination without "cause" or resignation for "good reason" if such termination or resignation occurs within the 12 month period following such sale event.

<sup>(5)</sup> Each restricted stock unit award vests over two years following the vesting commencement date in four equal semi-annual installments, subject to the named executive officer's continuous service. To the extent that the restricted stock units are assumed and continued in connection with a "sale event," the restricted stock units will fully accelerate upon the executive's termination without "cause" or resignation for "good reason" if such termination or resignation occurs within the 12 month period following such sale event.

<sup>(6)</sup> Each restricted stock unit award vests over a term ending July 1, 2027, subject to the named executive officer's continuous service.

<sup>(7)</sup> This restricted stock unit award vests annually over four years following the vesting commencement date, subject to the named executive officer's continuous service.

<sup>(8)</sup> This restricted stock unit award vests over three years, with 1/3 vesting one year following the vesting commencement date and the remaining portion vesting in equal semi-annual increments over the remaining 2 years, subject to the named executive officer's continuous service.

<sup>(9)</sup> Mr. Zipori's separation agreement modified the terms of his CFO appointment equity grant to cancel 504,167 RSUs and allow for the vesting of 50,000 RSUs as follows: 11,000 RSUs vesting on December 1, 2025, 11,000 RSUs vesting on January 1, 2026, 11,000 RSUs vesting on February 1, 2026, and 17,000 RSUs vesting on April 1, 2026.

<sup>(10)</sup> Mr. Stehlin was granted 200,000 unvested restricted stock units as approved at the Annual General Meeting of Shareholders held on December 4, 2025 and such RSUs vested on January 1, 2026.

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***Policies on the Timing of Option Awards***

Item 402(x) of Regulation S-K requires us to discuss our policies and practices on the timing of awards of options in relation to the disclosure by us of material nonpublic information. We have not granted stock options, stock appreciation rights or similar option-like instruments since 2023. Accordingly, we do not consider the release of material nonpublic information in relation to the grant of such awards and do not time such release for the purpose of affecting the value of executive compensation.

***Clawback Policy***

In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, the Compensation Committee will require prompt reimbursement or forfeiture of any excess cash, equity, or equity-based compensation that is granted, earned or vested based wholly or in part on the attainment of a financial reporting measure affected by the restated financial statements ("Incentive Compensation") received by any current or former executive officer, including an NEO (a "Covered Executive"), during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement. For the sake of clarity, recoupment is required in the event of any restatement that either: (a) corrects an error in previously issued financial statements that is material to the previously issued financial statements; or (b) corrects an error not material to previously issued financial statements, but that would result in a material misstatement if (i) the error was left uncorrected in the then current period; or (ii) the error correction was recognized in the then current period. The Company's obligation to recover erroneously awarded compensation is not dependent on if or when the restated financial statements are filed. For purposes of determining the relevant recovery period, the date that the Company is required to prepare an accounting restatement as described above is the earlier to occur of: (A) the date the Board, a committee of the Board, or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an accounting restatement as described above; or (B) the date a court, regulator, or other legally authorized body directs the Company to prepare an accounting restatement as described above. In accordance with Nasdaq Rule 5608(e), this Policy is applicable to Incentive Compensation received on or after October 2, 2023. The amount to be recovered will be the excess of the Incentive Compensation paid to the Covered Executive based on the erroneous data over the Incentive Compensation that would have been paid to the Covered Executive had it been based on the restated results, as determined by the Compensation Committee, and without regard to any taxes paid by or withheld from the Covered Executive. During fiscal year 2025, there were no events that triggered a right to a clawback or recoupment from any of our executive officers.

**Potential Payments Upon a Termination or Change of Control**

*Employment Agreements:* We entered into an employment agreement with Mr. Stehlin as of September 7, 2025 (the "Stehlin Agreement") that has a one-year term that continues through September 7, 2026. The Stehlin Agreement provides that Mr. Stehlin's annual base salary is $550,000 and that he was entitled to a grant of RSUs with a value of $1,000,000 (the "Initial Stehlin RSUs"). If the Company terminates Mr. Stehlin's employment without cause (as defined in the Stehlin Agreement), Mr. Stehlin is entitled to the following severance benefits, subject to his execution of an irrevocable release of claims in favor of the Company and its affiliates: (i) continued payment of his base salary for the period from the termination date through September 7, 2026, (ii) continued health insurance coverage through September 30, 2026, and (iii) full acceleration of vesting of the unvested portion of the Initial Stehlin RSUs. Mr. Stehlin is entitled to the severance benefits described in (i) and (iii) of the preceding sentence if the termination occurs after a change in control (as defined in the Stehlin Agreement) and either the Company or its successor terminates his employment without cause. In addition, Mr. Stehlin is entitled to full acceleration of vesting of the unvested portion of the Initial Stehlin RSUs if his employment terminates due to his death or disability.

We entered into an employment agreement with Mr. Brenton as of October 20, 2025 (the "Brenton Agreement") that provides for at-will employment and does not have a fixed termination date. The Brenton Agreement provides that Mr. Brenton's annual base salary was initially $325,000, he had the opportunity to receive a discretionary annual bonus of $150,000 subject to the satisfaction of performance goals established by the board, which was to be prorated for 2025, and that he was to receive an initial grant of 135,000 RSUs. If the Company terminates Mr. Brenton's employment without cause (as defined in the Brenton Agreement) or he resigns for good reason (as defined in the Brenton Agreement), Mr. Brenton is entitled to the following severance benefits, subject to his execution of an irrevocable release of claims in favor of the Company and its affiliates: (i) continued payment of his base salary for nine months in accordance with our normal payroll practices, (ii) continuation of group health plan benefits for up to nine months (with the cost shared in the same relative proportion between the Company and Mr. Brenton as of the termination date), and (iii) if applicable, payment of the unpaid annual bonus for the calendar year prior to the year of termination. In the event that such termination occurs on or within twelve months following a change in control (as defined in the Brenton Agreement), Mr. Brenton will receive the following severance benefits instead

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of the benefits described in the preceding sentence: (i) continued payment of (A) his annual base salary, plus (B) his target annual bonus prorated for the year of termination based on the number of days that he was employed during the year, payable in twelve equal monthly installments, (ii) continuation of group health plan benefits for up to twelve months (with the cost shared in the same relative proportion between the Company and Mr. Brenton as of the termination date), and (iii) if applicable, payment of the unpaid annual bonus for the calendar year prior to the year of termination.

*No Severance Policy:* We do not maintain a severance policy with respect to potential payments to an NEO upon a termination of employment or a change of control.

*Equity Awards:* Pursuant to the equity agreements entered into with the respective NEOs, certain unvested equity awards may vest in connection with a change of control, which is generally defined in the employment agreements as the following:

The sale of substantially all of the Company's assets; or the consummation of a merger, consolidation, or similar corporate reorganization involving the Company and any third party, pursuant to which such third party becomes the surviving entity; or the dissolution or winding-up of the Company, whether by way of voluntary or involuntary liquidation (each, a "Transaction").

If, following the closing of the Transaction, or as part of, or in connection therewith, [the NEO]'s employment is terminated (i) by the Company other than for cause; or (ii) by [such NEO] for good reason, then all unvested RSUs shall become fully vested as of the effective date of such termination.

If you [the NEO] continuously employed and in good standing with the Company following the Transaction (whether in [such NEO]'s current role or in a comparable position assigned to [the NEO] with substantially equivalent responsibilities, authority, and duties) through the first one (1) year anniversary of the closing of the Transaction, then all unvested RSUs shall become fully vested on such first one (1) year anniversary.

The following table shows the amount of incremental value that would have been received by each of the NEOs who were serving the Company on December 31, 2025 upon certain events of termination or a change of control, including the accelerated vesting of the RSUs held by our NEOs on December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Benefit** | **Unit Value<br>(1)** | **Termination due to Death or Disability ($)** | **Termination for Any Other Reason ($)** | **Change of Control<br>with Not for Cause Termination or Good Reason Resignation<br>($)** | **Not for Cause Termination (or Resignation for Good Reason for Mr. Brenton) ($)** |
| David Stehlin | RSUs | $1069444 | $1069444 | $— | $1069444 | $1069444 |
|  | Cash Severance | 412500 |  |  | 412500 | 412500 |
|  | Benefits |  |  |  |  |  |
|  | Total | 1481944 | 1069444 |  | 1481944 | 1481944 |
| John Brenton | RSUs | 506006 |  |  | 506006 | 506006 |
|  | Cash Severance | 289936 |  |  | 425000 | 289936 |
|  | Benefits | 25794 |  |  | 34392 | 25794 |
|  | Total | 821735 |  |  | 965397 | 821735 |
| Jonathan Bond | RSUs | 175760 |  |  | 175760 |  |
| Olivier Carnal | RSUs | 115263 |  |  | 115263 |  |

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(1)The amounts reflected above represent the value of the accelerated vesting of the RSUs, which is equal to the product of the number of RSUs that were subject to vesting on December 31, 2025 multiplied by the closing price of our Ordinary Shares on that date.

*Other executive terminations in 2025:*

We entered into a Separation Agreement with Mr. Pinchas as of June 9, 2025 (the "Pinchas Separation Agreement"). The Pinchas Separation Agreement provides that Mr. Pinchas' employment with Company is terminated on June 10, 2025. In consideration for the executive's release of claims set forth in this Agreement, Mr. Pinchas agreed to provide post-termination services through December 10, 2025 (the "termination date"), during which time compensation was in the form of continued vesting of restricted stock units previously granted. All unvested restricted share units as of the termination date were cancelled.

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We entered into a Separation Settlement Agreement and Release with Mr. Lederman as of July 30, 2025 (the "Lederman Separation Agreement"). The Lederman Separation Agreement provides that Mr. Lederman's employment with Company terminated on July 17, 2025. In consideration for Mr. Lederman's release of claims set forth in the Lederman Separation Agreement, the Company paid Mr. Lederman a gross lump sum amount of NIS 80,000 in lieu of a one-month notice period.

We entered into a Settlement Agreement and General Release with Mr. Zipori as of October 21, 2025 (the "Zipori Separation Agreement"). The Zipori Separation Agreement provides that Mr. Zipori's employment with Company terminated on November 1, 2025. In consideration for Mr. Zipori's release of claims set forth in the Zipori Separation Agreement, the Company agreed to accelerate the vesting of 50,000 restricted stock units, granted to Mr. Zipori on April 8, 2025, under the Nano Dimension Ltd. Employee Stock Option Plan (2015) U.S. Allocation Agreement dated April 17, 2025, in four installments ending on April 1, 2026.

We have not yet entered into a separation agreement with Mr. Baharav and no severance benefits have been provided to Mr. Baharav as of the date of this annual report on Form 10-K.

**CEO Pay Ratio**

In accordance with Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of Regulation S-K, set forth below is information about the relationship of the annualized total compensation of Mr. Stehlin, who was serving as our Chief Executive Officer as of the date that was used to determine the median employee, and the annual total compensation of our employees. Mr. Stehlins' compensation includes an annual base salary of $550,000 and $1,000,000 in restricted stock units, and we have calculated his annualized compensation as $1,550,000. Based on this information, for 2025, the ratio of the annual total compensation of our CEO to the annual total compensation of our median employee as of December 31, 2025 was approximately 16 to 1.

To identify the median employee and such employee's annual total compensation, the following steps were taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.It was determined that, as of December 31, 2025, the applicable employee populations consisted of 478 employees employed around the world but primarily located in Israel, Switzerland, the United Kingdom, and the United States. This population consisted of our full-time and part-time employees. For our Markforged employees, the full annual reported wages were used in the calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.To identify the "median employee" from our employee population, we compared the total earnings of our employees as reflected in our payroll records as reported on Form W-2 for 2025 or other applicable payroll reports for international employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.We identified our median employee using payroll reporting and applied this compensation measure consistently to all of our employees required to be included in the calculation. We did not make any cost of living adjustments in identifying the "median employee."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Once we identified our median employee, we combined all elements of the employee's compensation for 2025 resulting in total annual compensation of $98,862.

**Equity Compensation Plan Information**

We maintain one equity incentive plan – our Employee Stock Option Plan (2015), or the 2015 Plan. Our 2015 Plan was adopted by our board of directors in February 2015 and will expire in February 2027. Our employees, directors, officer, consultants, advisors, suppliers and any other person or entity whose services are considered valuable to us are eligible to participate in this plan. We are authorized to issue equity-based compensation to our executive officers and/or directors and/or employees and/or subsidiaries in the amount that shall not exceed 20% of our issued and outstanding share capital on a fully diluted basis, as will be at the time of the issuance. The foregoing limitation does not preclude from our board of directors' authority to change and/or determine the amount of equity-based compensation to be issued in accordance with the 2015 Plan.

Our 2015 Plan is administered by our board of directors, regarding the granting of options and the terms of option grants, including exercise price, method of payment, vesting schedule, acceleration of vesting and the other matters necessary in the administration of these plan. Eligible Israeli employees, officers and directors, would qualify for provisions of Section 102(b)(2) of the Israeli Income Tax Ordinance, or the Tax Ordinance. Pursuant to such Section 102(b)(2), qualifying options and shares issued upon exercise of such options are held in trust and registered in the name of a trustee selected by the board of directors. In order to be eligible under Section 102, the trustee may not release these options or shares to the holders thereof for two years

------

from the date of the registration of the options in the name of the trustee. Under Section 102, any tax payable by an employee from the grant or exercise of the options is deferred until the transfer of the options or ordinary shares by the trustee to the employee or upon the sale of the options or ordinary shares, and gains may qualify to be taxed as capital gains at a rate equal to 25%, subject to compliance with specified conditions. Our Israeli non-employee service providers and controlling shareholders may only be granted options under Section 3(9) of the Tax Ordinance, which does not provide for similar tax benefits. The 2015 Plan also permits the grant to Israeli grantees of options that do not qualify under Section 102(b)(2).

Upon termination of employment for any other reason, other than in the event of death, disability, all unvested options will expire and all vested options will generally be exercisable for 3 months following termination, or such other period as determined by the plan administrator, subject to the terms of the 2015 Plan and the governing option agreement.

**Compensation Committee Interlocks and Insider Participation**

None of the members of our Compensation Committee is an executive officer or employee of our company. None of our executive officers serves as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving on our board of directors or Compensation Committee.

**Compensation Committee Report**

The Compensation Committee of the Board has reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K with management and, based upon such review and discussions, the Compensation Committee recommended to the Board that the Compensation Discussion and Analysis be included in this Annual Report on Form 10-K.

THE COMPENSATION COMMITTEE

Robert Pons, *Chairman*

Phillip Borenstein

Dr. Joshua Rosensweig

Andrew Sriubas

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**

**PRINCIPAL SECURITYHOLDERS**

The following table sets forth information, to the extent known by us or ascertainable from public filings, with respect to the beneficial ownership of our Ordinary Shares as of March 20, 2026 by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each of our named executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· all of our directors and executive officers as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each person, or group of affiliated persons, who is known by us to beneficially owner of greater- than 5.0% of our Ordinary Shares.

The column entitled "Shares Beneficially Owned" is based on a total of 207,986,287 shares of our Ordinary Shares outstanding as of March 20, 2026 (the "Determination Date").

Beneficial ownership is determined in accordance with the rules and regulations of the SEC and includes voting or investment power with respect to our Ordinary Shares. Ordinary Shares subject to options that are currently exercisable or exercisable within 60 days of March 20, 2026 are considered outstanding and beneficially owned by the person holding the options for the purpose of calculating the percentage ownership of that person but not for the purpose of calculating the percentage ownership of any other person. Except as otherwise noted, the persons and entities in this table have sole voting and investing power with respect to all of the Ordinary Shares beneficially owned by them, subject to community property laws, where applicable. Except as otherwise indicated in the table below, addresses of named beneficial owners is c/o Nano Dimension Ltd., 60 Tower Road, Waltham, Massachusetts 02451.

------

---

| | | |
|:---|:---|:---|
| **Principal Shareholders** | **Shares of<br>Ordinary Shares<br>Beneficially<br>Owned (1)** | **Percentage of Total<br>Ordinary Shares (2)** |
| **5% Stockholders:** |  |  |
| Murchinson Ltd. (3) | 15550000 | 7.5% |
| Oramed Pharmaceuticals Inc. (4) | 10942087 | 5.3% |
| **Executive Officers and Directors:** |  |  |
| David Stehlin, Chief Executive Officer and Director (5) | 578063 | \* |
| John Brenton, Chief Financial Officer (6) | 115893 | \* |
| Jonathan Bond, General Manager FFF (7) | 78622 | \* |
| Olivier Carnal, General Manager Essemtec (8) | 93711 | \* |
| Nir Sade, General Manager AME (9) | 160417 | \* |
| Robert Pons, Director (10) | 251999 | \* |
| Phillip Borenstein, Director (11) | 32501 |  |
| Dr. Joshua Rosensweig, Director (12) | 257299 | \* |
| Andrew Sriubas, Director (13) | 100000 | \* |
| All executive officers and directors as a group (9 persons)(13) | 1668505 | 0.8% |

---

\* Represents less than 1%.

(1) In computing the number of Ordinary Shares beneficially owned and the percentage ownership of that person, we deemed to be outstanding all shares of Ordinary Shares subject to awards under the Plans that the holder has the right to acquire within 60 days after of the Determination Date through the exercise of options and restricted stock units.

(2) Percentages are based on the 207,986,287 Ordinary Shares issued and outstanding as of the Determination Date. In computing the percentage ownership of each shareholder, we deemed to be outstanding all Ordinary Shares then subject to awards under the Plans that the holder has the right to acquire within 60 days after of the Determination Date through the exercise of options and restricted stock units, but we did not deem these Ordinary Shares outstanding for the purpose of computing the percentage ownership of any other shareholder.

(3) Information herein is based on the Schedule 13D filed with the SEC on November 11, 2025 jointly by Nomis Bay Ltd., BPY Limited, EOM Management Ltd., Murchinson, James Keyes, Jason Jagessar, Chaja Carlebach, and Marc J. Bistricer entered into a joint filing agreement in which they agreed to joint filing on behalf of each of their statements on Schedule 13D with respect to our Ordinary Shares.

(4) Information herein is based on the Schedule 13D/A filed with the SEC on February 19, 2026 by Oramed Pharmaceuticals Inc. ("Oramed"). Nadav Kidron is the President, Chief Executive Officer and Chairman of Oramed and may be deemed to beneficially own securities owned by Oramed. The principal mailing address for Oramed is 1185 Avenue of the Americas, Third Floor, New York, NY, 10036.

(5) Consists of 578,063 Ordinary Shares or underlying restricted stock units issued under the 2015 Stock Option Plan held by Mr. Stehlin that will vest within 60 days of the Determination Date.

(6) Consists of 115,893 Ordinary Shares or underlying restricted stock units issued under the 2015 Stock Option Plan held by Mr. Brenton that will vest within 60 days of the Determination Date.

(7) Consists of 78,622 Ordinary Shares or underlying restricted stock units issued under the 2015 Stock Option Plan held by Mr. Bond that will vest within 60 days of the Determination Date.

(8) Consists of 93,711 Ordinary Shares or underlying restricted stock units issued under the 2015 Stock Option Plan held by Mr. Carnel that will vest within 60 days of the Determination Date.

(9) Consists of 160,417 Ordinary Shares or underlying restricted stock units issued under the 2015 Stock Option Plan held by Mr. Sade that will vest within 60 days of the Determination Date.

(10) Consists of 251,999 Ordinary Shares or underlying restricted stock units issued under the 2015 Stock Option Plan held by Mr. Pons that will vest within 60 days of the Determination Date.

(11) Consists of 32,501 Ordinary Shares held by Mr. Borenstein.

(12) Consists of 257,299 Ordinary Shares or underlying restricted stock units issued under the 2015 Stock Option Plan held by Mr. Rosensweig that will vest within 60 days of the Determination Date.

(13) Consists of 100,000 Ordinary Shares or underlying restricted stock units issued under the 2015 Stock Option Plan held by Mr. Sriubas that will vest within 60 days of the Determination Date.

(14) See notes 5 through 13 above.

------

**Securities Authorized for Issuance Under Equity Compensation Plans**

The following table sets forth information as of December 31, 2025 with respect to our shares that may be issued under our incentive compensation plans and other option grants.

---

| | | | |
|:---|:---|:---|:---|
| **Plan category** | **Number of Securities to be Issued Upon Vesting of RSUs and Upon Vesting and Exercise of Outstanding Options and warrants**<br>**(a)** | **Weighted-average exercise price of outstanding options, warrants and rights** <br>**(b)** | **Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))**<br>**(c)** |
| Equity compensation plans approved by security holders  | 35888767 | $5.94 | 33488762 |
| Equity compensation plans not approved by security holders | - | - | - |

---

**ITEM 13. Certain Relationships and Related Transactions, and Director Independence**

**Director Independence** 

Our board of directors has undertaken a review of the independence of each director. Based on information provided by each director concerning his or her background, employment and affiliations, our board of directors determined that each of Robert Pons, Phillip Borenstein, Dr. Joshua Rosensweig, and Andrew Sriubas qualifies as "independent" as defined under applicable SEC rules and Nasdaq listing standards. In making these determinations, our board of directors considered the current and prior relationships that each non-employee director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence and eligibility to serve on the committees of our board of directors, including the transactions involving them described in the section titled "Certain Relationships and Related Party Transactions."

**Related Party Transactions**

There were not any related party transactions identified in the year ended December 31, 2025 in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we have been or are to be a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount involved exceeded or is expected to exceed $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any of our directors, executive officers or holders of more than 5% of our outstanding capital stock, or any immediate family member of, or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest.

***Policies and Procedures for Related Person Transactions***

Our audit committee has the primary responsibility for reviewing and approving or disapproving "related party transactions," which are transactions between us and related persons in which the aggregate amount involved exceeds or may be expected to exceed $120,000 and in which a related person has or will have a direct or indirect material interest. The charter of our audit committee provides that our audit committee shall review and approve in advance any related party transaction.

***Employment or Services Agreements***

We have entered into written employment or services agreements with each of our executive officers. All of these agreements contain customary provisions regarding noncompetition, confidentiality of information and assignment of inventions. However, the enforceability of the noncompetition provisions may be limited under applicable law. In addition, we have entered into agreements with certain executive officers and all of our directors pursuant to which we have agreed to indemnify each of them up to a certain amount and to the extent that these liabilities are not covered by directors' and officers' insurance.

------

**Equity Awards**

Since our inception we have granted equity awards to our officers and directors. Such equity award agreements may contain (and employment agreements of certain executive officers contain) acceleration provisions upon certain merger, acquisition, or change of control transactions. We describe our option plans under "Potential Payments Upon a Termination or Change of Control." If the relationship between us and an executive officer or a director is terminated, except for cause (as defined in the various option plan agreements), options that are vested will generally remain exercisable for 90 days after such termination.

**ITEM 14. Principal AccountANT Fees and Services.**

KPMG LLP, Independent Registered Public Accounting Firm ID 185, has served as our principal independent registered public accounting firm for the year ended December 31, 2025. Somekh Chaikin, a member firm of KPMG International, located in Tel Aviv, Israel, PCAOB ID 1057, served as our principal independent registered public accounting firm for the year ended December 31, 2024.

The following table provides information regarding fees paid by us to the respective auditor for all services, including audit services, for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in thousands, U.S dollars)* | **2025** | **2024** |
| Audit fees (1) | $2050 | $752 |
| Audit-related fees (2) |  | 70 |
| Tax fees (3) |  | 140 |
| Total | $2050 | $962 |

---

------

*(1) Includes professional services rendered in connection with the audit of our annual financial statements and audit of internal controls over financial reporting.*

*(2) Includes fees for other services.* 

*(3) Tax fees are the aggregate fees billed (in the year) for professional services rendered for tax compliance and tax advice other than in connection with the audit.*

***Pre-Approval of Auditors' Compensation***

Our audit committee has a pre-approval policy for the engagement of our independent registered public accounting firm to perform certain audit and non-audit services. Pursuant to this policy, which is designed to assure that such engagements do not impair the independence of our auditors, the audit committee pre-approves annually a catalog of specific audit and non-audit services in the categories of audit services, audit-related services and tax services that may be performed by our independent registered public accounting firm. If a type of service, that is to be provided by our auditors, has not received such general pre-approval, it will require specific pre-approval by our audit committee. The policy prohibits retention of the independent registered public accounting firm to perform the prohibited non-audit functions defined in applicable SEC rules. All the fees set forth above were pre-approved by the Audit Committee.

------

**PART IV**

**ITEM 15. Exhibits, Fina** **ncial Statement Schedules**

The exhibits filed with or incorporated into this Annual Report are listed below.

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 2.1 | [<u>Agreement and Plan of Merger, dated July 2, 2024, by and between Nano Dimension Ltd., Nano US I, Inc., Desktop Metal Inc., filed as Exhibit 2.1 to Form 6-K (File No. 001 37600) filed on July 3, 2024, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000121390024058791/ea020892801ex2-1_nano.htm) |
| 2.2 | [<u>Agreement and Plan of Merger, dated September 25, 2024, by and between Nano Dimension Ltd., Nano US II, Inc., and Markforged Holding Corporation, filed as Exhibit 2.1 to Form 6-K (File No. 001 37600) filed on September 26, 2024, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000121390024081939/ea021572601ex2-1_nano.htm) |
| 3.1 | [<u>Amended and Restated Articles of Association of Nano Dimension Ltd., filed as exhibit 99.1 to Form 6-K filed on November 27, 2024, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000121390024103560/ea022291701ex99-1_nano.htm) |
| 4.1 | [<u>Amended and Restated Form of Depositary Agreement, dated as of April 15, 2019, among Nano Dimension Ltd., The Bank of New York Mellon as Depositary, and owners and holders from time to time of ADSs issued thereunder, including the Form of American Depositary Shares, filed as Exhibit 1 to the Form F-6 (File No. 333-252477) filed on January 27, 2021, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1201935/000120193521000004/nanoda.htm#Exhibit:https://www.sec.gov/Archives/edgar/data/1201935/000120193521000004/nanoda.htm) |
| 4.2\* | [<u>Description of Registrant's Securities, filed herewith.</u>](nndm-ex4_2.htm) |
| 4.3 | [<u>Form of Warrant to purchase Ordinary Shares Represented by American Depositary Shares, dated January 30, 2019, filed as Exhibit 4.2 to Form F-1 (File No. 001-228521) filed on January 30, 2019, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000121390019001416/ff12018a2ex4-2_nano.htm) |
| 4.4 | [<u>Form of Warrant to purchase Ordinary Shares Represented by American Depositary Shares, dated September 4, 2019, filed as Exhibit 99.4 to Report on Form 6-K (File No. 001-37600), filed on September 3, 2019, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000121390019017095/f6k090319ex99-4_nano.htm) |
| 4.5 | [<u>Form of Series A Warrant to purchase Ordinary Shares Represented by American Depositary Shares, dated August 5, 2020, between Nano Dimension Ltd. and Stern YOI Ltd. Partnership, filed as Exhibit 4.5 to Form F-3 (File No. 333-252848), filed on February 8, 2021, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000121390021007419/ea134822ex4-5_nanodimens.htm) |
| 4.6 | [<u>Form of Warrant to purchase Ordinary Shares Represented by American Depositary Shares, dated September 6, 2020, between Nano Dimension Ltd. and YEDNE LLC, filed as Exhibit 4.7 to Form F-3 (File No. 333-252848), filed on February 8, 2021, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000121390021007419/ea134822ex4-7_nanodimens.htm) |
| 4.7 | [<u>Rights Agreement, dated February 2, 2026, by and between Nano Dimension Ltd. and the Bank of New York Mellon, filed as Exhibit 4.1 to Report on Form 6-K (File No. 001-37600), filed on February 3, 2026, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000110465926009462/tm264887d2_ex4-1.htm) |
| 10.1† | [<u>Nano Dimension Ltd. Employee Stock Option Plan (2015), filed as Exhibit 99.1 to Form S-8 (File No. 333-269436) filed on January 27, 2023, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000121390023005650/ea172109ex99-1_nanodimen.htm) |
| 10.2† | [<u>Nano Dimension Ltd. Amended and Restated Executive Officers Compensation Policy, filed as Exhibit 99.1 to Form 6-K filed on December 6, 2024, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000121390024106211/ea022383901ex99-1_nano.htm) |
| 10.3† | [<u>Form of Indemnification Agreement, filed as Exhibit 4.8 on the Registrant's Annual Report on Form 20-F for the year ended December 31, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000121390024024783/ea020161501ex4-8_nanodimen.htm) |
| 10.4 | [<u>First Amendment to Lease dated December 7, 2021, by and between 900 Middlesex Property Owner, LLC and Markforged, filed as Exhibit 10.1 to Markforged's Current Report on Form 8-K filed December 13, 2021, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1816613/000095017021005177/mkfg-ex10_1.htm) |

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------

---

| | |
|:---|:---|
| 10.5 | [<u>Consent to Assignment and Fifth Amendment dated as of December 17, 2021 by and Between Markforged, 1265 Main Office Subsidiary LLC and Clarks Americas, Inc., filed as Exhibit 10.1 to Markforged's Current Report on Form 8-K filed December 22, 2021, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1816613/000095017021005337/mkfg-ex10_1.htm) |
| 10.6 | [<u>Assignment and Assumption Agreement dated as of December 17, 2021 by and between Markforged and Clarks America's Inc., filed as Exhibit 10.2 to Markforged's Current Report on Form 8-K filed December 22, 2021, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1816613/000095017021005337/mkfg-ex10_2.htm) |
| 10.7 | [<u>Lease dated as of April 30, 2015 by between 1265 Main Office Subsidiary LLC and Clarks Americas, Inc. (including the First Amendment to Lease dated as of July 11, 2016, the Second Amendment to Lease dated as of January 17, 2017, the Third Amendment to Lease dated as of May 21, 2020, and the Fourth Amendment to Lease dated as of January 28, 2021), filed as Exhibit 10.3 to Markforged's Current Report on Form 8-K filed December 22, 2021, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1816613/000095017021005337/mkfg-ex10_3.htm) |
| 10.8 | [<u>Settlement and Patent License Agreement, dated September 20, 2024, by and between Markforged and Continuous Composites Inc., filed as Exhibit 10.1 to Markforged's Current Report on Form 8-K filed September 23, 2024, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1816613/000119312524223305/d848180dex101.htm) |
| 10.9 | [<u>Security Agreement, dated September 20, 2024, by and between Markforged and Continuous Composites Inc. filed as Exhibit 10.2 to Markforged's Current Report on Form 8-K filed September 23, 2024, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1816613/000119312524223305/d848180dex102.htm) |
| 10.10 | [<u>Northwest Park Office Lease, dated as of August 23, 2016, by and between NWP Building 27 LLC and Desktop, as amended by the First Amendment to Northwest Park Office Lease, dated as of October 3, 2017, by and between NWP Building 27 LLC and Desktop, and the Second Amendment to Northwest Park Office Lease, dated as of June 26, 2023, by and between NWP Building 27 LLC and Desktop filed as Exhibit 10.2 to Desktop's Quarterly Report on Form 10-Q filed August 3, 2023, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1754820/000155837023013220/dm-20230630xex10d2.htm) |
| 10.11 | [<u>Lease Agreement for Commercial Premises, dated December 10, 2019, between ExOne GmbH and Solidas Immobilien and Grundbesitz GmbH filed as Exhibit 10.3 to Desktop's Quarterly Report on Form 10-Q filed May 10, 2022, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1754820/000155837022007975/dm-20220331xex10d3.htm) |
| 10.12 | [<u>Addendum No. 1 to Lease Agreement for commercial Premises, dated December 10, 2019, between ExOne GmbH and Solidas Immobilien and Grundbesitz GmbH, filed as Exhibit 10.4 to Desktop's Quarterly Report on Form 10-Q filed May 10, 2022, and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1754820/000155837022007975/dm-20220331xex10d4.htm) |
| 10.13\*†^ | [<u>Executive Employment Agreement by and between MarkForged Inc. and David Stehlin, dated September 7, 2025, filed herewith.</u>](nndm-ex10_13.htm) |
| 10.14\*† | [<u>Employment Agreement by and between MarkForged Inc. and John Brenton, dated October 20, 2025, filed herewith.</u>](nndm-ex10_14.htm) |
| 10.15\*†^ | [<u>Separation Agreement by and between Nano Dimension Ltd. and Tomer Pinchas, dated June 9, 2025, filed herewith.</u>](nndm-ex10_15.htm) |
| 10.16\*†^ | [<u>Separation Settlement Agreement and Release by and between Nano Dimension Ltd. and Julien Lederman, dated July 30, 2025, filed herewith.</u>](nndm-ex10_16.htm) |
| 10.17\*† | [<u>Separation Settlement Agreement and General Release by and between MarkForged Inc. and Assaf Zipori, dated July 30, 2025, filed herewith.</u>](nndm-ex10_17.htm) |
| 10.18\*†<br>| [<u>Executive Employment Agreement by and between Nano Dimension USA Inc and Ofir Baharav, dated April 8, 2025, filed herewith.</u>](nndm-ex10_18.htm) |
| 16.1 | [<u>Letter from Somekh Chaikin, a member firm of KPMG International, filed as Exhibit 16.1 to the Company's Report on Form 6-K filed with the SEC on August 26, 2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000110465925083114/tm2524418d1_ex16-1.htm) |
| 19.1 | [<u>Insider Trading Policy, filed as Exhibit 11.1 on the Registrant's Annual Report on Form 20-F for the year ended December 31, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000141057825001194/nndm-20241231xex11d1.htm) |

---

------

---

| | |
|:---|:---|
| 21.1\* | [<u>List of Subsidiaries, filed herewith</u>](nndm-ex21_1.htm) |
| 23.1\* | [<u>Consent of KPMG LLP, independent registered public accounting firm.</u>](nndm-ex23_1.htm) |
| 23.2\* | [<u>Consent of Somekh Chaikin, a member firm of KPMG International, independent registered public accounting firm.</u>](nndm-ex23_2.htm) |
| 24.1\* | [<u>Power of Attorney.</u>](#signatures) |
| 31.1\* | [<u>Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, filed herewith.</u>](nndm-ex31_1.htm) |
| 31.2\* | [<u>Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, filed herewith.</u>](nndm-ex31_2.htm) |
| 32.1\*+ | [<u>Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350, furnished herewith.</u>](nndm-ex32_1.htm) |
| 32.2\*+ | [<u>Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350, furnished herewith.</u>](nndm-ex32_2.htm) |
| 97.1 | [<u>Nano Dimension Ltd. Clawback Policy, dated November 27, 2023, filed as exhibit 97.1 on the Registrant's Annual Report on Form 20-F for the year ended December 31, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1643303/000121390024024783/ea020161501ex97-1_nanodimen.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema with Embedded Linkbases document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Exhibits filed herein. All exhibits not so designated are incorporated by reference to a prior filing, as indicated.

† Indicates a management contract or any compensatory plan, contract or arrangement

^ Certain personal information in this exhibit has been omitted in accordance with Regulation S-K Item 601(a)(6).

+ This certification will not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent specifically incorporated by reference into such filing.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **NANO DIMENSION LTD.** | **NANO DIMENSION LTD.** |
| Date: March 31, 2026 | By: | /s/ David Stehlin |
|  |  | David Stehlin |
|  |  | Chief Executive Officer |

---

**POWER OF ATTORNEY AND SIGNATURES**

Each person whose individual signature appears below hereby authorizes and appoints David Stehlin and John Brenton, and each of them, with full power of substitution and resubstitution and full power to act without the other, as his or her true and lawful attorney-in-fact and agent to act in his or her name, place and stead and to execute in the name and on behalf of each person, individually and in each capacity stated below, and to file any and all amendments to this Annual Report on Form 10-K and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing, ratifying and confirming all that said attorneys-in-fact and agents or any of them or their or his or her substitute or substitutes may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ Robert Pons | Director and Chairman of the Board | March 31, 2026 |
| **Robert Pons** |  |  |
| /s/ David Stehlin | Chief Executive Officer, Director <br>(*Principal Executive Officer*) | March 31, 2026 |
| **David Stehlin** |  |  |
| /s/ John Brenton | Chief Financial Officer <br>(*Principal Financial and Accounting Officer*) | March 31, 2026 |
| **John Brenton** |  |  |
| /s/ Phillip Borenstein  | Director  | March 31, 2026 |
| **Phillip Borenstein**  |  |  |
| /s/ Dr. Joshua Rosensweig | Director  | March 31, 2026 |
| **Dr. Joshua Rosensweig** |  |  |
| /s/ Andrew Sriubas | Director  | March 31, 2026 |
| **Andrew Sriubas** |  |  |

---

------

**<u>**Table of Contents**</u>**

---

| | |
|:---|:---|
|  | **Page** |
| [<u>Report of Independent Registered Public Accounting Firm</u>](#report_of_independent_registered) (KPMG LLP, Stamford, CT, Auditor Firm ID 185) | F-2 |
| [<u>Report of Independent Registered Public Accounting Firm</u>](#report_kpmg_il) (Somekh Chaikin, Tel Aviv, Israel, Auditor Firm ID: 1057) | F-5 |
| [<u>Consolidated Balance Sheets</u>](#consolidated_balance_sheets) | F-7 |
| [<u>Consolidated Statements of Operations and Comprehensive Loss</u>](#consolidated_statements_of_comprehensive) | F-9 |
| [<u>Consolidated Statements of Changes in Equity</u>](#consolidated_statements_ofchanges_equity) | F-10 |
| [<u>Consolidated Statements of Cash Flows</u>](#consolidated_statements_of_cash_flows) | F-11 |
| [<u>Notes to the Consolidated Financial Statements</u>](#notes_to_consolidated_financial) | F-12 - F-45 |

---

------

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and Board of Directors

Nano Dimension Ltd.:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated balance sheet of Nano Dimension Ltd. and subsidiaries (the Company) as of December 31, 2025, the related consolidated statements of operations and comprehensive loss, changes in equity, and cash flows for the year ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 31, 2026 expressed an adverse opinion on the effectiveness of the Company's internal control over financial reporting.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

*Critical Audit Matter*

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Valuation of developed technology intangible asset acquired in the Markforged business combination*

As discussed in Notes 7 and 8 to the consolidated financial statements, on April 25, 2025, the Company acquired Markforged Holding Corporation (Markforged) for consideration of approximately $116.2 million. The Company accounts for business combinations under the acquisition method of accounting and allocates the amounts it pays for each acquisition to the assets it acquires and liabilities it assumes based on their fair values at the date of acquisition. The acquisition-date fair value of intangible assets recorded by the Company was $22.4 million, which included $13.6 million for the developed technology intangible asset.

We identified the evaluation of the acquisition-date fair value of the developed technology intangible asset as a critical audit matter. Subjective auditor judgment was required in evaluating certain assumptions used to estimate the acquisition-date fair value of the developed technology intangible asset, specifically the forecasted revenue growth rates and the discount rate. Changes in these assumptions could have had a significant impact on the acquisition-date fair value of the intangible asset. Valuation professionals with specialized skills and knowledge were needed to assist in the

------

evaluation of the discount rate. Additionally, the material weakness in internal control over financial reporting described above resulted in an increase in extent of audit effort related to the valuation of the developed technology intangible asset.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the Company's forecasted revenue growth rates used in the valuation of the developed technology intangible asset by comparing them to past performance of the acquired company and actual and forecasted revenue trends of the acquiree's peers. We involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the Company's discount rate used in the valuation of the developed technology intangible asset by comparing it to a discount rate that was independently developed using publicly available market data for comparable entities.

/s/ KPMG LLP

We have served as the Company's auditor since 2025.

Stamford, Connecticut

March 31, 2026

------

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and Board of Directors

Nano Dimension Ltd.:

*Opinion on Internal Control Over Financial Reporting*

We have audited Nano Dimension Ltd. and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, because of the effect of the material weakness, described below, on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, the related consolidated statements of operations and comprehensive loss, changes in equity, and cash flows for the year ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated March 31, 2026 expressed an unqualified opinion on those consolidated financial statements.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. A material weakness related to insufficient resources with appropriate level of accounting knowledge, training and experience resulting in ineffective design and operation of process-level controls related to accounting and related disclosures for acquisitions, including controls over the valuation of certain acquired intangible assets, and a discontinued operations charge has been identified and included in management's assessment. The material weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2025 consolidated financial statements, and this report does not affect our report on those consolidated financial statements.

The Company acquired Desktop Metal, Inc. and Markforged Holding Corporation during 2025, and management excluded from its assessment of the effectiveness of the Company's internal control over financial reporting as of December 31, 2025, Markforged Holding Corporation's internal control over financial reporting. The excluded business, excluding goodwill and intangible assets of $40.3 million and $19.4 million which are included in the scope of the assessment, constituted approximately 15% of total assets and 53% of revenues as of and for the year ended December 31, 2025. Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Markforged Holding Corporation.

*Basis for Opinion*

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

*Definition and Limitations of Internal Control Over Financial Reporting*

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of

------

the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Stamford, Connecticut

March 31, 2026

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors

Nano Dimension Ltd.:

***Opinion on the Consolidated Financial Statements***

We have audited the accompanying consolidated balance sheets of Nano Dimension Ltd. and its subsidiaries (the Company) as of December 31, 2024, the related consolidated statements of comprehensive loss, changes in equity, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| /s/ Somekh Chaikin |
| Member Firm of KPMG International |
| We have served as the Company's auditor from 2015 to 2025. |
| Tel-Aviv, Israel |
| August 19, 2025 |

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**NANO DIMENSION LTD.**

**CONSOLIDATED BALANCE SHEETS**

**(in thousands, except per share data)**

------

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $204672 | $317169 |
| Bank deposits | 168997 | 440790 |
| Marketable equity securities | 84154 |  |
| Restricted bank deposits | 123 | 537 |
| Trade receivables, net of allowance for doubtful<br> accounts ($861 and $811, respectively) | 26047 | 9141 |
| Inventory | 32878 | 16899 |
| Other current assets | 8938 | 4790 |
| Total current assets | 525809 | 789326 |
| Restricted bank deposits | 1610 | 768 |
| Marketable equity securities |  | 86190 |
| Property, plant and equipment, net | 24840 | 14143 |
| Operating lease right-of-use assets | 23789 | 9958 |
| Deferred tax assets | 424 |  |
| Goodwill | 40388 |  |
| Intangible assets, net | 19434 | 2155 |
| Other assets | 1930 |  |
| Total assets | $638224 | $902540 |
| **Liabilities and Equity** |  |  |
| Current liabilities: |  |  |
| Trade payables | $11999 | $4249 |
| Accrued liabilities | 19514 | 18771 |
| Deferred revenue | 11873 | 3523 |
| Current portion of lease liability | 8923 | 3421 |
| Current portion of bank loan | 158 | 138 |
| Total current liabilities | 52467 | 30102 |
| Employee benefits | 3697 | 4700 |
| Operating lease right-of-use liabilities | 23323 | 6707 |
| Bank loan | 158 | 276 |
| Long-term settlement payable | 2974 |  |
| Long-term deferred revenue | 3617 |  |
| Total liabilities | 86236 | 41785 |
| Commitments and contingencies (Note 14) |  |  |
| Non-controlling interests |  | 715 |
| Equity: |  |  |
| Share capital of NIS 5 par value each; 500,000,000 ordinary shares<br> authorized; 206,811,875 and 215,777,000 shares outstanding as of December 31, 2025 and <br> December 31, 2024, respectively, and 279,306,522 and 273,847,185 shares issued <br> as of December 31, 2025 and December 31, 2024, respectively. | 417084 | 409145 |
| Additional paid-in capital | 1297323 | 1297348 |
| Treasury stock | (192507) | (167651) |
| Accumulated other comprehensive income (loss) | 1048 | (1137) |
| Accumulated loss | (970960) | (677665) |
| Total equity attributable to common shareholders | 551988 | 860040 |
| Total equity | 551988 | 860755 |
| Total liabilities and equity | $638224 | $902540 |
| See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. |

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 **NANO DIMENSION LTD.**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**(in thousands, except share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Revenue: |  |  |  |
| Product | $80385 | $45557 | $47231 |
| Service | 22052 | 12218 | 9083 |
| Total revenue | 102437 | 57775 | 56314 |
| Cost of revenue: |  |  |  |
| Product | 57923 | 26308 | 23358 |
| Service | 10169 | 6578 | 6898 |
| Total cost of revenue | 68092 | 32886 | 30256 |
| Gross profit | 34345 | 24889 | 26058 |
| Operating expenses: |  |  |  |
| Research and development | 30054 | 39558 | 65146 |
| Sales and marketing | 35713 | 27657 | 34258 |
| General and administrative | 59766 | 45987 | 55973 |
| Restructuring | 7581 |  |  |
| Desktop Metal litigation | 31046 |  |  |
| Impairment losses | 10516 | 1283 |  |
| Operating loss | (140331) | (89596) | (129319) |
| (Loss) gain on investment in marketable equity securities | (2036) | (52256) | 23462 |
| Other (expense) income, net | (479) | 486 | 1627 |
| Finance income | 35400 | 42573 | 47584 |
| Finance expense | (111) | (668) | (367) |
| Loss before income taxes | (107557) | (99461) | (57013) |
| Income tax benefit (expense) | 7202 | (397) | (62) |
| Net loss from continuing operations | (100355) | (99858) | (57075) |
| Net loss from discontinued operations, net of income tax of nil | (193263) |  |  |
| Net loss | (293618) | (99858) | (57075) |
| Less: Net loss attributable to non-controlling interests | (323) | (1029) | (1110) |
| Net loss attributable to common shareholders | $(293295) | $(98829) | $(55965) |
| Net loss attributable to common shareholders: |  |  |  |
| Continuing operations - basic and diluted | $(0.46) | $(0.45) | $(0.23) |
| Discontinued operations - basic and diluted | $(0.90) | $— | $— |
| Weighted average common shares outstanding, basic and diluted | 215742 | 218311 | 248019 |
| Net loss | $(293618) | $(99858) | $(57075) |
| Other comprehensive income (loss): |  |  |  |
| Foreign currency translation adjustment | 1791 | (1944) | 2368 |
| Remeasurement of pension and post-employment benefit plans, net of tax | 312 | (2769) | (1920) |
| Comprehensive loss | (291515) | (104571) | (56627) |
| Less: Comprehensive loss attributable to non-controlling interests | (323) | (1088) | (1088) |
| Comprehensive loss attributable to common shareholders | $(291192) | $(103483) | $(55539) |
| See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. |

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**NANO DIMENSION LTD.**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

**(in thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share<br>Capital** | **Additional<br>Paid-In<br>Capital** | **Treasury<br>Stock** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Accumulated<br>Deficit** | **Total** | **Non-<br>Controlling<br>Interests** | **Total<br>Equity** |
| **December 31, 2022** | $**388406** | $**1285078** | $**(1509)** | $**3091** | $**(522871)** | $**1152195** | $**767** | $**1152962** |
| Investment of non-controlling party in subsidiary |  |  |  |  |  |  | 1332 | 1332 |
| Net loss |  |  |  |  | (55965) | (55965) | (1110) | (57075) |
| Comprehensive income (loss) for the year |  |  |  | 426 |  | 426 | 22 | 448 |
| Exercise of warrants, options and vesting of RSUs | 12294 | (12294) |  |  |  |  |  |  |
| Repurchase of treasury shares |  |  | (96387) |  |  | (96387) |  | (96387) |
| Payments of share price protection recognized in business combination |  | (4459) |  |  |  | (4459) |  | (4459) |
| Share-based compensation expense |  | 22110 |  |  |  | 22110 |  | 22110 |
| **December 31, 2023** | **400700** | **1290435** | **(97896)** | **3517** | **(578836)** | **1017920** | **1011** | **1018931** |
| Investment of non-controlling party in subsidiary |  |  |  |  |  |  | 792 | 792 |
| Net loss |  |  |  |  | (98829) | (98829) | (1029) | (99858) |
| Comprehensive loss for the year |  |  |  | (4654) |  | (4654) | (59) | (4713) |
| Exercise of warrants, options and vesting of RSUs | 8445 | (8445) |  |  |  |  |  |  |
| Repurchase of treasury shares |  |  | (69755) |  |  | (69755) |  | (69755) |
| Payments of share price protection recognized in business combination |  | (363) |  |  |  | (363) |  | (363) |
| Share-based compensation expense |  | 15721 |  |  |  | 15721 |  | 15721 |
| **December 31, 2024** | **409145** | **1297348** | **(167651)** | **(1137)** | **(677665)** | **860040** | **715** | **860755** |
| Net loss |  |  |  |  | (293295) | (293295) | (323) | (293618) |
| Comprehensive income for the year |  |  |  | 2103 |  | 2103 | 41 | 2144 |
| Exercise of warrants, options and vesting of RSUs | 7939 | (7939) |  |  |  |  |  |  |
| Repurchase of treasury shares |  |  | (24856) |  |  | (24856) |  | (24856) |
| Share-based compensation for pre-combination service |  | 2055 |  |  |  | 2055 |  | 2055 |
| Share-based compensation expense |  | 5859 |  |  |  | 5859 |  | 5859 |
| Deconsolidation of subsidiaries |  |  |  | 82 |  | 82 | (433) | (351) |
| **December 31, 2025** | $**417084** | $**1297323** | $**(192507)** | $**1048** | $**(970960)** | $**551988** | $**—** | $**551988** |
| See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. |

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**NANO DIMENSION LTD.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)** 

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Cash flow from operating activities** |  |  |  |
| Net loss from continuing operations | $(100355) | $(99858) | $(57075) |
| Adjustments: |  |  |  |
| Depreciation, amortization and non-cash lease interest | 20455 | 2642 | 1972 |
| Impairment losses | 10516 | 1350 | 326 |
| Changes in fair value of equity securities | 2037 | 52256 | (23462) |
| Loss from deconsolidation of subsidiaries | 1666 |  |  |
| Share-based compensation expense | 4930 | 15721 | 22110 |
| Changes in assets and liabilities: |  |  |  |
| Decrease (increase) in inventory | 5596 | 387 | (340) |
| (Increase) decrease in other current assets | (175) | 6078 | (5775) |
| (Increase) decrease in trade receivables | (1535) | 2950 | (5603) |
| Increase in deferred tax assets | (7456) |  | (11) |
| (Decrease) increase in other payables | (9993) | (1150) | 4856 |
| (Decrease) increase in employee benefits | (1393) | (562) | (1478) |
| Increase in trade payables | 6866 | 47 | 1089 |
| Other | (1426) | 1218 | (5266) |
| Net cash used in operating activities | (70267) | (18921) | (68657) |
| **Cash flow relating to investing activities** |  |  |  |
| Change in bank deposits | 270755 | 100530 | (189060) |
| Purchase of property plant and equipment | (1064) | (2196) | (9098) |
| Acquisition of intangible asset |  | (711) | (1524) |
| Acquisition of subsidiaries, net of cash acquired | (267816) |  |  |
| Deconsolidation of subsidiaries | (476) |  |  |
| Other |  |  | 835 |
| Net cash from (used in) investing activities | 1399 | 97623 | (198847) |
| **Cash flow relating to financing activities** |  |  |  |
| Repayment long-term bank debt | (149) | (180) | (536) |
| Proceeds from non-controlling interests |  | 555 | 1089 |
| Payment of a liability for contingent consideration in a business combination |  |  | (9255) |
| Payments of share price protection recognized in business combination |  | (363) | (4459) |
| Repurchase of treasury shares | (24856) | (69755) | (96387) |
| Net cash used in financing activities | (25005) | (69743) | (109548) |
| **Cash flow relating to discontinued operations** |  |  |  |
| Net cash used in operating activities | (31017) |  |  |
| Net cash used in investing activities | (437) |  |  |
| Net cash provided by financing activities | 10009 |  |  |
| Net cash used in discontinued operations | (21445) |  |  |
| (Decrease) increase in cash, cash equivalents and restricted cash | (115318) | 8959 | (377052) |
| Effect of exchange rate fluctuations on cash | 3249 | (997) | 1292 |
| Cash, cash equivalents and restricted cash at beginning of the year | 318474 | 310512 | 686272 |
| **Cash, cash equivalents and restricted cash at end of the year** | $206405 | $318474 | $310512 |
| **Supplemental disclosures of cash flow information** |  |  |  |
| Cash and cash equivalents | $204672 | 317169 | 309571 |
| Restricted cash in restricted deposits, current | 123 | 537 | 60 |
| Restricted cash in restricted deposits, non-current | 1610 | 768 | 881 |
| Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $206405 | $318474 | $310512 |
| **Non-cash operating activity** |  |  |  |
| Intangible asset acquired on credit |  |  | 711 |
| Property plant and equipment acquired on credit | 17 | 69 | 214 |
| Lease liabilities arising from obtaining right-of-use assets | 1167 | 1275 | 929 |
| **Non-cash investing activity** |  |  |  |
| Acquisition replacement awards for pre-combination service | 2055 |  |  |
| **Supplemental disclosure of cash flow information** |  |  |  |
| Income taxes paid during the year | 115 | 314 | 136 |
| See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. | See Notes to Consolidated Financial Statements. |

---

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

# <u>Note 1 – Description of Business</u> 
**Reporting Entity**

Nano Dimension Ltd. (the "Company") is an Israeli resident company incorporated in Israel. Until April 11, 2025, the address of the Company's principal executive office was 2 Ilan Ramon St., Ness Ziona 7403635, Israel. Effective from that date, the Company's principal executive office is located at 60 Tower Road, Waltham, Massachusetts, 02451, United States. Unless otherwise indicated, all references to the "Company," refer to Nano Dimension Ltd. and its subsidiaries, Global Inkjet Systems Ltd. ("GIS"), a United Kingdom corporation, Nano Dimension Technologies Ltd. ("Nano Tech"), an Israeli corporation, Essemtec AG ("Essemtec") and Nano Dimension Swiss GmbH ("Nano Swiss"), Swiss corporations, Formatec Holding B.V. ("Formatec Holding") (which is in the process of liquidation), Admatec Europe B.V. ("Admatec") (which is in the process of liquidation) and Formatec Technical Ceramics B.V. ("Formatec") (which is in the process of liquidation), Dutch corporations, Nano Dimension USA Inc. ("Nano USA"), a Delaware corporation, Essemtec USA, LLC, a Delaware limited liability company, Nano Dimension GmbH ("Nano Germany") and Essemtec Deutschland GmbH, German corporations, Nano Dimension Australia Pty Ltd. ("Nano Australia"), an Australian corporation, Nano Dimension (HK) Limited, a Hong Kong corporation, Essemtec France SAS, a French corporation, Nano Dimension NY Ltd., a New York corporation, Nano Dimension Trading (Shenzhen) Ltd., a Chinese corporation, and Markforged Holding Corporation ("Markforged") and Desktop Metal, Inc. ("Desktop Metal"), Delaware corporations. The Company engages in industrial manufacturing solutions of multi-disciplinary technology - combining hardware, software, and materials science. These solutions are used for design-to-manufacturing of electronics and mechanical parts by advanced industrial customers in aerospace, defense, automotive, electronics, medical, research and academia, as well as government organizations. Since March 2016, the Company's American Depositary Shares ("ADSs") have been trading on the Nasdaq Capital Market ("Nasdaq").

**Material events in the reporting period**

***Iron Swords War in Israel***

On October 7, 2023, Hamas terrorists infiltrated Israel's southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas also launched extensive rocket attacks on Israeli population and industrial centers located along Israel's border with the Gaza Strip and in other areas within the State of Israel. These attacks resulted in extensive deaths, injuries and kidnapping of civilians and soldiers. Following the attack, Israel's security cabinet declared war against Hamas and a military campaign against these terrorist organizations commenced in parallel to their continued rocket and terror attacks (the "Iron Swords War"). Following this, there was a decrease in Israel's economic and business activity. The security situation has led, inter alia, to a disruption in the chain of supply and production, a decrease in the volume of national transportation, a shortage in manpower as well as a decrease in the value of financial assets and a rise in the exchange rate of foreign currencies in relation to the NIS. There has been no material impact on the Company's operations and revenues.

On February 28, 2026, the U.S. and Israel initiated air strikes against Iranian military targets and leadership. Since then, retaliation by Iran against U.S. and Israeli interests in the Middle East has been widespread. As of the date of the filing of this Annual Report on Form 10-K, military activity and hostilities continue to escalate in the Middle East, and the situation throughout the region remains volatile, with the potential for continued escalation into a broader and more sustained regional conflict.

# <u>Note 2 - Summary of Significant Accounting Policies</u> 
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company's fiscal year end is December 31 and, unless otherwise stated, all years and dates refer to the fiscal year. Certain reclassifications have been made to prior year presentation to conform to current year presentation.

**Principles of Consolidation**

The consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation.

**Use of Estimates**

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management's significant estimates include: determination of the fair value of consideration transferred in an acquisition, estimated impairment of non-financial assets, impairment of long-lived assets, and estimation of legal contingencies. The Company prepares the estimates on the basis of past experiences, various facts, external circumstances, and reasonable assumptions according to the pertinent circumstances of each estimate. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

**Segment Information**

The Company operates in one operating and reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker, who is the Company's CEO, in deciding how to allocate resources and assessing performance. The Company's chief operating decision maker allocates resources and assesses performance based upon discrete financial information at the consolidated level, see Note 16.

**Functional Currency**

The Company's functional currency is the U.S. dollar ("USD"). The USD is the currency that represents the principal economic environment in which the Company operates. Accordingly, foreign currency assets and liabilities are re-measured into USD at the end-of-period exchange rates except for non-monetary assets and liabilities, which are measured at historical exchange rates. Revenue and expenses are re-measured each day at the exchange rate in effect on the day the transaction occurred or the average exchange rate in the month in accordance with ASC 830, *Foreign Currency Matters*. Gains or losses from foreign currency exchange rate re-measurements and settlements are included in finance income and finance expense in the consolidated statements of operations and comprehensive loss and accumulated other comprehensive income (loss) on the consolidated balance sheets.

The functional currency of certain subsidiaries and associated companies is their local currency. The financial statements of those companies are included in the consolidated financial statements, translated into USD. Assets and liabilities are translated at year-end exchange rates, while revenues and expenses are translated at the average exchange rates during the year. Differences resulting from translation are presented as other comprehensive income (loss) in the consolidated statements of operations and comprehensive loss, and are part of accumulated other comprehensive income (loss) on the consolidated balance sheets.

**Cash and Cash Equivalents**

All highly liquid investments purchased with original maturities of three months or less are considered to be cash equivalents.

**Bank Deposits and Restricted Bank Deposits**

The Company has bank deposits that have a term of three to twelve months and bear a fixed interest rate of between 3.4%-5.7%. In addition, the Company has restricted bank deposits for routine operations and the lease of its offices and labs. The restricted deposits are not linked and bear an annual interest rate of 0.01%-4.4%. The Company expects to lease its offices and labs for a period of more than a year, thus these restricted bank deposits were classified as a non-current asset.

**Trade Receivables, Net**

Trade receivables are recorded at the invoiced amount and do not bear interest. Credit losses are estimated for accounts receivable considered to be uncollectible based on management's assessment of collectability, which considers specific customers' abilities to meet their financial obligations, the length of time receivables are past due, and historical collection experience. If circumstances related to specific customers change, or economic conditions deteriorate such that past collection experience is no longer relevant, the Company's estimate of the recoverability of accounts receivable could be further reduced from the levels provided for in the consolidated financial statements.

**Concentrations of Credit Risk**

Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, bank deposits, marketable equity securities, and trade receivables. The cash and marketable securities of the Company is deposited in

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

Israeli, European and U.S. banking corporations. Two banking institutions each accounted for more than 10% of cash, cash equivalents and bank deposits as of December 31, 2025. In the estimation of the Company's management, the credit risk for these financial instruments is low.

For trade receivables, the Company is exposed to credit risk in the event of nonpayment by customers. Trade receivables are geographically diversified and derived primarily from sales in the United States, EMEA, and APAC. To manage its trade receivable risk, the Company evaluates the credit worthiness of its customers and maintains allowances for potential credit losses. The Company has not historically experienced any material credit losses related to individual customers or groups of customers in any specific area or industry. No single customer accounted for more than 10% of revenue in fiscal years 2025, 2024 or 2023. One customer accounted for more than 10% of trade receivables as of December 31, 2025, and no single customer accounted for more than 10% of trade receivables as of December 31, 2024.

**Fair Value Measurements**

The Company is required to provide information according to the fair value hierarchy based on the observability of the inputs used in the valuation techniques. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs which are supported by little or no market activity.

Financial instruments consist of cash equivalents, bank deposits, marketable securities, trade receivables, other receivables, trade payables, accrued liabilities, other current liabilities and derivative financial instruments. Derivative financial instruments are stated at fair value on a recurring basis. Cash equivalents, bank deposits, trade receivables, other receivables, trade payables, accrued liabilities and other current liabilities, are stated at their carrying value, which approximates their fair value due to the short time to the expected receipt or payment date.

The Company measures investment in marketable equity securities at fair value on the consolidated statements of operations and comprehensive loss. As part of the Strategic Initiative, marketable equity securities have been classified as a current asset as of December 31, 2025 as the Company explores all strategic alternatives.

The Company's financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Current assets: |  |  |  |  |
| Money market funds | $8403 | $— | $— | $8403 |
| Bank deposits | 339851 |  |  | 339851 |
| Marketable equity securities | 84154 |  |  | 84154 |
| Total assets measured at fair value | $432408 | $— | $— | $432408 |

---

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**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Current assets: |  |  |  |  |
| Money market funds | $99713 | $— | $— | $99713 |
| Bank deposits | 642880 |  |  | 642880 |
| Long-term assets: |  |  |  |  |
| Marketable equity securities | 86190 |  |  | 86190 |
| Total assets measured at fair value | $828783 | $— | $— | $828783 |

---

There were no transfers between fair value levels during 2025 and 2024.

**Inventory**

Inventory is stated at the lower of cost or net realizable value. Cost is based on a standard costing system which approximates the cost on a first in, first out method. The Company regularly reviews inventory for excess and obsolescence and records a provision to write down inventory to its net realizable value when carrying value is in excess of this value. The costs include materials, labor, and manufacturing overhead that relate to the acquisition of raw materials and production into finished goods. The net realizable value considers the ability to utilize the inventory prior to perishing as well as the estimated selling price and costs of completion and sale. Inventory on hand, product development plans, and sales forecasts are regularly reviewed to identify carrying values in excess of net realizable value.

**Property, Plant and Equipment, Net**

Property, plant and equipment, net are carried at cost, including directly attributed acquisition costs, less accumulated depreciation and losses from accrued decrease in value, and are subject to review for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. The cost of normal, recurring, or periodic repairs and maintenance activities related to property, plant and equipment is expensed as incurred. The cost of printers used for internal purposes includes the cost of materials and direct labor, and any other costs directly attributable to bringing the asset to a working condition for their intended use.

The Company generally depreciates the cost of its property, plant and equipment using the straight-line method over the estimated useful lives of the respective assets as follows:

---

| | |
|:---|:---|
|  | **Estimated Useful Life** |
| Machinery, equipment and vehicles | 4 to 14 years |
| Computer hardware and software | 3 to 10 years |
| Furniture and fixtures | 3 to 14 years |
| Buildings | 29 years |
| Leasehold improvements | shorter of the estimated useful life of the asset or the remaining lease term |

---

When the Company disposes of property, plant and equipment, it removes the associated cost and accumulated depreciation from the related accounts on its consolidated balance sheet and includes any resulting gain or loss within operating expenses on the accompanying consolidated statements of operations and comprehensive loss.

**Impairment of Long-Lived Assets** 

The Company evaluates whether events or circumstances have occurred that indicate that the estimated remaining useful life of its long-lived assets may warrant reassessment or that the carrying value of these assets may not be recoverable. When a triggering event is identified, management assesses the recoverability of the asset group, which is the lowest level where identifiable cash flows are largely independent, by comparing the expected undiscounted cash flows of the asset group to the carrying value. When the carrying value is not recoverable and an impairment is determined to exist, the asset group is written down to fair value.

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

The Company exited certain leased facilities during fiscal year 2025 and has obtained, or is in the process of seeking, subleases for those properties. The Company recorded a non-cash, pre-tax and after-tax partial impairment charge of $5.7 million during the year ended December 31, 2025 related to the operating lease right-of-use ("ROU") asset recorded for our headquarters at 60 Tower Road, Waltham, Massachusetts 02451 ("60 Tower") within the impairment caption of the consolidated statements of operations and comprehensive loss. The impairment was determined by comparing the fair value of the impacted ROU asset to the carrying value of the asset as of the impairment measurement date, as required under ASC Topic 360, *Property, Plant, and Equipment*, using Level 2 inputs. The fair value of the ROU asset was based on the estimated sublease income for certain facilities taking into consideration the time period it will take to obtain a sublessor, the applicable discount rate and the sublease rate.

We entered in to a sublease for our previous U.S. headquarters at 350 5th Ave in Waltham, Massachusetts during the year ended December 31, 2025 that resulted in impairment of $1.5 million, in addition we partially impaired our lease in Germany during the fourth quarter of 2025 in the amount of $0.3 million. The impairments are recorded within the impairment caption of the consolidated statements of operations and comprehensive loss.

**Business Combinations**

The Company accounts for business combinations under the acquisition method of accounting. The Company allocates the amounts that it pays for each acquisition to the assets it acquires and liabilities it assumes based on their fair values at the date of acquisition.

The excess of the value of consideration transferred over the aggregate fair value of those net assets is recorded as goodwill. Any identified definite lived intangible assets will be amortized over their estimated useful lives and any identified intangible assets with indefinite useful lives and goodwill will not be amortized but will be tested for impairment at least annually. When determining the fair value of assets acquired and liabilities assumed, management makes significant estimates and assumptions, including the selection of valuation methodologies, estimates of future revenues and cash flows, discount rates, especially with respect to intangible assets. The Company estimates fair value based upon assumptions that are believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.

Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company's consolidated statements of operations and comprehensive loss. Acquisition-related transaction costs are not included as a component of consideration transferred but are accounted for as an expense in the period in which the costs are incurred.

Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not re-measured, and settlement is accounted for within equity. Otherwise, other contingent considerations are classified as a financial liability and re-measured at fair value at each reporting date, and subsequent changes in the fair value of the contingent consideration are recognized in the consolidated statements of operations and comprehensive loss.

If share-based payment awards ("replacement awards") are required to be exchanged for awards held by the acquiree's employees ("acquiree's awards"), then all or a portion of the amount of the acquirer's replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based measure of the replacement awards compared with the market-based measure of the acquiree's awards and the extent to which the replacement awards relate to pre-combination service.

**Goodwill**

Goodwill represents the future economic benefits arising from other assets acquired in a business combination that is not individually identified and separately recorded. The excess of the purchase price over the estimated fair value of net assets of businesses acquired in a business combination is recognized as goodwill. Goodwill is not amortized but is tested for impairment annually at the start of the fourth quarter, or as circumstances indicate that the carrying value of the asset may not be recoverable through future operations.

The Company reviews goodwill for impairment utilizing either a qualitative assessment or a quantitative goodwill impairment test. If we choose to perform a qualitative assessment and we determine that the fair value of the reporting unit more likely than not exceeds the carrying value, no further evaluation is necessary. When we perform the quantitative goodwill impairment test, we determine fair value using accepted valuation techniques, which can include the market and discounted cash flow methods. The fair value of the reporting unit is compared to the carrying value, which includes goodwill. If the fair value of the reporting unit

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**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

exceeds its carrying value, we do not consider the goodwill impaired. If the carrying value is higher than the fair value, we recognize the difference as an impairment loss, limited to the total amount of goodwill.

A quantitative goodwill impairment testing process requires valuation of the reporting unit. In the market approach, we can reference the Company's market capitalization as a value indication given the Company's single operating segment and reporting unit. In the income approach, which is based on a discounted forecasted cash flow including a terminal value, we compute the terminal value using the constant growth method, which values the forecasted cash flows in perpetuity. The assumptions about future cash flows and growth rates are based on the reporting unit's long-term forecast and is subject to review and approval by senior management. A reporting unit's discount rate is a significant assumption and is a risk-adjusted weighted average cost of capital, which we believe approximates the rate from a market participant's perspective. The estimated fair value could be impacted by changes in market conditions and various other assumptions, however we consider the discount rate assumption to be the key assumption. We categorize the fair value determination as Level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs.

The entirety of the goodwill carrying value related to the Desktop Metal acquisition was impaired and charged to discontinued operations along with all other net assets in the disposal group. As of October 1, 2025, it was determined that the remaining goodwill balance attributable to Markforged was not impaired.

**Intangible Assets**

Intangible assets consist of identifiable intangible assets acquired, specifically, developed technology, mutual licensing under a settlement agreement, trademarks, and customer relationships. The Company evaluates definite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through future operations. If indicators of impairment are present, the Company then compares the estimated undiscounted cash flows that the specific asset is expected to generate to its carrying value. If such assets are impaired, the impairment recognized is measured as the amount by which the carrying amount of the asset exceeds its fair value.

**Warranty Reserve**

Substantially all of the Company's hardware products are covered by a standard assurance warranty of one year. In the event of a failure of a product covered by this warranty, the Company may repair or replace the product, at its option. The Company's warranty reserve reflects estimated material and labor costs for potential or actual product issues for which the Company expects to incur an obligation. The Company periodically assesses the appropriateness of the warranty reserve and adjusts the amount as necessary. If the data used to calculate the appropriateness of the warranty reserve are not indicative of future requirements, additional or reduced warranty reserves may be necessary. Warranty reserves are included within accrued liabilities on the consolidated balance sheets.

The following table presents changes in the balance of the Company's warranty reserve:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Beginning balance | $304 | $304 |
| Liability assumed from acquisition of Markforged | 670 |  |
| Additions to warranty reserve | 2052 | 304 |
| Claims fulfilled | (1717) | (304) |
| Ending balance | $1309 | $304 |

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**Discontinued Operations**

A component or group of components is classified as discontinued operations, (i) when it has been disposed of or meets the criteria to be classified as held for sale or disposal other than sale, and (ii) the disposal or intended disposal represents a strategic shift that has or is expected to have, a major effect on the Company's operations and financial results. A discontinued operation includes components that comprise operations and cash flows that can be clearly distinguished from the Company's continuing operations. As described in Note 8, Acquisitions and Divestures, the Company's disposal of Desktop Metal met the criteria for classification as discontinued operations. Unless otherwise noted, discussions in the notes to the consolidated financial statements refers to the Company's continuing operations.

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**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

**Deconsolidation of Subsidiaries**

The Company accounts for a gain or loss on deconsolidation of subsidiaries or derecognition of a group of assets in accordance with ASC 810-10-40-5. The Company measures the gain or loss as the difference between (a) the aggregate of fair value of any consideration received, the fair value of any retained noncontrolling investment, and the carrying amount of any noncontrolling interest in the former subsidiary at the date the subsidiary is deconsolidated and (b) the carrying amount of the former subsidiary's assets and liabilities or the carrying amount of the group of assets.

Loss on deconsolidation of subsidiaries represents the difference between proceeds received upon disposition and the book value of a subsidiary which has been divested and was excluded from treatment as a discontinued operation. Also included in loss on disposal of subsidiaries is the recognition of the cumulative translation adjustment associated with accumulated other comprehensive loss. The loss on deconsolidation of subsidiaries was $1.8 million related to Admatec-Formatec and a gain of $0.1 million related to J.A.M.E.S recorded to Restructuring on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2025.

**Pension and Post-Employment Benefit Plans**

The Company's liability for severance pay for its Israeli employees is mainly calculated pursuant to Israeli Severance Pay Law (1963) (the "Severance Pay Law"). The Company's liability is covered by monthly deposits with severance pay funds and insurance policies. For most of the Company's Israeli employees, the payments to pension funds and to insurance companies exempt the Company from any obligation towards its employees, in accordance with Section 14 of the Severance Pay Law, which is accounted for as a defined contribution plan. Accumulated amounts in pension funds and in insurance companies are not under the Company's control and, accordingly, neither those amounts nor the corresponding accrual for severance pay are presented in the consolidated balance sheets.

Post-employment benefits for Essemtec employees are treated as defined benefit plans. See Note 12.

**Revenue Recognition**

The Company recognizes revenue in accordance with Accounting Standards Codification ("ASC") Topic 606, *Revenue from Contracts with Customers* ("ASC Topic 606"). Under ASC Topic 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of the revenue recognition accounting standard, the Company performs the following five steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifies the contract with a customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifies the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determines the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•allocates the transaction price to the performance obligations in the contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•recognizes revenue when (or as) the entity satisfies a performance obligation.

On the contract's inception date, the Company assesses the goods or services promised in the contract with the customer and identifies as a performance obligation any promise to transfer to the customer goods or services (or a bundle of goods or services) that are distinct.

The Company identifies goods or services promised to the customer as being distinct when the customer can benefit from the goods or services on their own or in conjunction with other readily available resources and the Company's promise to transfer the goods or services to the customer is separately identifiable from other promises in the contract. The Company's identified performance obligations include printer, ink, maintenance (which is generally provided for a period of up to one year), training and installation. In some cases, the Company recognizes a warranty as a distinct service to the customer and is, therefore, a distinct performance obligation.

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**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

Revenue is allocated among performance obligations in a manner that reflects the consideration that the Company expects to be entitled to for the promised goods based on the standalone selling prices ("SSP") of the goods or services of each performance obligation. If a SSP is not directly observable, the Company allocates the transaction price to the identified performance obligations based on the residual approach, while allocating the estimated SSP for performance obligations relating to maintenance, training and installation services, and the residual is allocated to printers.

Revenue allocated to printers, installation and training, and ink and other consumables are recognized when the control is passed in accordance with the contract terms at a point in time. Maintenance revenue is recognized ratably, on a straight-line basis, over the period of the services. Revenue from training and installation is recognized at the time of performance. Revenue from development services is recognized only when the relevant contractual milestone is achieved, and recognition is contingent upon such achievement.

Product revenue is generally recognized when the customer obtains control of the Company's product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract. Service revenue is generally recognized over time as the services are delivered to the customer based on the extent of progress towards completion of the performance obligation.

**Research and Development Expenses**

Research and development costs, which consist primarily of salaries, share-based compensation expense, materials consumption and costs associated with subcontracting certain development efforts, are expensed as incurred.

**Governmental Grants**

The Company receives royalty-bearing grants from the Israeli government for approved research and development projects. These grants are recognized at the time the Company is entitled to such grants based on the costs incurred or milestones achieved as provided by the relevant agreement and included as a deduction from research and development.

**Sales and Marketing Expenses**

Sales and marketing expenses consist primarily of salaries, share-based compensation expense, travel expenses, marketing and advertising services, depreciation, facilities costs, and other demand generation services. Advertising expenses for the years ended December 31, 2025, 2024 and 2023 were $2.2 million, $0.8 million, and $0.4 million, respectively and are expensed as incurred.

**Contingent Liabilities**

A provision is recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. A provision for warranties is recognized when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities. A provision for legal claims is subject to subjective judgments, based on the status of such legal or regulatory proceedings, the merits of the Company's defenses and consultation with corporate and external legal counsel. Actual outcomes may differ materially from the Company's estimates. Legal costs associated with the proceedings are expensed as incurred.

**Share-Based Compensation**

Share-based compensation expense associated with share-based awards is recognized based on the fair value of the granted awards and is recorded as expense over the requisite service period for share options and restricted stock units ("RSUs"). For awards with graded vesting schedules that are solely based on a service condition, the Company elects the straight-line recognition method for the entire award. The Company recognizes forfeitures of awards as they occur. The fair value of each option award is calculated on the grant date using the Black-Scholes option-pricing model. Measurement inputs include the share price on the measurement date, the exercise price of the instrument, expected volatility (based on the weighted average volatility of the Company's shares, over the expected term of the options), expected term of the options (based on general option holder behavior and expected share price), expected dividends, and the risk-free interest rate (based on government debentures). The assumptions used to determine the fair value of the share awards represent management's best estimates. These estimates involve inherent uncertainties and the application of management's judgment. The fair value of each RSU award is based on the market value of the underlying ordinary shares on the grant date.

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**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

**Leases**

Arrangements meeting the definition of a lease are classified as operating and are recorded on the consolidated balance sheet as both a lease right-of-use asset and lease right-of-use liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company's incremental borrowing rate. Lease right-of-use liabilities are increased by interest and reduced by payments each period, and the lease right-of-use asset is amortized over the lease term.

For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. Variable lease payments that depend on an index are measured using the index at the commencement date. Subsequent changes to the index or rate during the lease term are accounted for as variable payments which are recorded when incurred.

In calculating the lease right-of-use asset and liability, the Company elects to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 months or less as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term.

The Company has the option to extend some of its lease agreements. In measuring the lease right-of-use asset and liability, the Company only takes into account options to extend when it is reasonably certain that such options to extend will be exercised.

The Company does not have any leases classified as finance leases.

**Income taxes**

The Company is subject to income taxes in Israel, and other foreign jurisdictions (such as the U.S., Switzerland, Germany, England and more). These foreign jurisdictions may have different statutory rates than in Israel. Income taxes are accounted for in accordance with ASC 740, *Income Taxes*. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax basis as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The financial effect of changes in tax laws or rates is accounted for in the period of enactment. Valuation allowance in respect of deferred tax assets is provided for, if necessary, to reduce deferred tax assets is amounts more likely than not to be realized.

Taxes which would apply in the event of disposal of investment in foreign subsidiaries have not been considered in computing the deferred taxes, since the intention of the Company is to hold and not to realize the investment.

The Company recognizes income tax benefits from uncertain tax positions only if it believes that it is more-likely-than-not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such uncertain tax positions are then measured based on the largest benefit that is more-likely-than-not to be realized upon the ultimate settlement. Although the Company believes that it has adequately reserved for its uncertain tax positions, it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company makes adjustments to these reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different from the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made. The Company classifies interest and penalties on income taxes (which includes uncertain tax positions) as taxes on income.

**Treasury Shares**

The Company repurchases its shares from time to time in the open market, or in other transactions, and holds such repurchased shares as treasury shares. The Company presents the cost to repurchase treasury shares as a separate component within the consolidated balance sheets and is a reduction of shareholders' equity.

**Basic and Diluted Loss Per Share**

Basic and diluted loss per share is calculated by dividing the net loss attributable to common shareholders by the weighted average number of common shares outstanding during the financial year, adjusted for shares issued during the year, if applicable.

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

**Recently Adopted Accounting Pronouncements** 

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures", which expands the disclosure requirements for income taxes, primarily related to the rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. The Company's adoption of this standard in fiscal year 2025 did not have a material impact on its consolidated financial statements and related disclosures.

**Recently Issued Accounting Pronouncements Not Yet Adopted** 

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." This ASU requires an entity to disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. It also requires an entity to include certain amounts that are already required to be disclosed under current GAAP in the same disclosure. Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on its disclosures in the consolidated financial statements.

In December 2025, the FASB issued ASU-2025-10, "Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities" which establishes authoritative guidance on the accounting for government grants received by business entities. The guidance is effective for annual periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements," which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently assessing the impact ASU 2025-11 will have on the Company's interim consolidated financial statements.

# <u>Note 3 - Allowance for doubtful accounts</u> 
The following is a summary of the activity of the Company's allowance for doubtful accounts:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Beginning balance | $811 | $660 |
| Provisions | 571 | 158 |
| Write-offs | (546) |  |
| Foreign currency adjustment | 25 | (7) |
| Ending balance | $861 | $811 |

---

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

# <u>Note 4 – Other current assets</u> 

# Other current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Government authorities | $2767 | $1868 |
| Prepaid expenses | 4363 | 1402 |
| Other | 1808 | 1520 |
| Other current assets | $8938 | $4790 |

---

# <u>Note 5 – Inventory</u> 

# Inventory consists of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Raw materials | $10659 | $8982 |
| Work in progress | 3803 | 1739 |
| Finished goods | 18416 | 6178 |
| Inventory | $32878 | $16899 |

---

The Company maintained a provision for excess and obsolete inventory of $6.5 million and $2.8 million as of December 31, 2025 and 2024, respectively. The charge to excess and obsolete inventories is recorded within cost of revenue in the consolidated statements of operations and comprehensive loss.

In 2023, the Group's warehouse located in the south of Israel suffered physical damage due to a direct missile hit related to the Iron Swords War. As a result, damaged inventory in the amount of $5.0 million was written off. The damage was covered by government authorities and the Company's insurance policy, part of which was received in 2023, and the remainder in 2024. The net excess over the cost of the inventory damaged, was recognized as other income, $0.4 million in 2024 and $3.8 million in 2023.

# <u>Note 6 – Property, plant and equipment, net</u> 
The composition of property, plant and equipment, net is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Machinery, equipment and vehicles | $24830 | $16893 |
| Computer hardware and software | 8416 | 5096 |
| Furniture and fixtures | 2548 | 1831 |
| Leasehold improvements | 16839 | 8595 |
| Buildings | 7185 | 6297 |
| Other | 630 |  |
| Total | 60448 | 38712 |
| Less: Accumulated depreciation | (35608) | (24569) |
| Property, plant and equipment, net | $24840 | $14143 |

---

Depreciation expense for the years ended December 31, 2025, 2024 and 2023 amounted to $4.3 million, $2.6 million and $2.0 million, respectively. Impairment losses of property, plant and equipment were $1.2 million and $1.3 million in the years ended December 31, 2025 and 2024, respectively. There was no impairment loss of property, plant and equipment in the year ended December 31, 2023. Impairment during the year ended December 31, 2025 primarily relates to long-lived assets held by subsidiaries deconsolidated during the period and is included within Impairment losses on the consolidated statements of operations and

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

comprehensive loss. See Note 13 for information regarding right-of-use asset impairment recorded during the year ended December 31, 2025.

# <u>Note 7 – Goodwill and Intangible Assets</u> 
**Goodwill**

The following table provides the carrying amount of the Company's goodwill:

---

| | |
|:---|:---|
|  | **Activity** |
| Balance as of December 31, 2024 | $— |
| Addition related to the acquisition of Desktop Metal | 139400 |
| Impairment of Desktop Metal goodwill | (139400) |
| Addition related to the acquisition of Markforged | 40388 |
| Balance as of December 31, 2025 | $40388 |

---

Desktop Metal was acquired by the Company on April 2, 2025 and goodwill of $139.4 million was recorded. The Company determined that the Desktop Metal asset group qualified as 'assets held for disposal other than sale' on the acquisition date and fully impaired the asset group, including the goodwill carrying value of $139.4 million, to 'net loss from discontinued operations' on the consolidated statements of operations and comprehensive loss (see Note 8).

On April 25, 2025, the Company acquired Markforged and recorded goodwill of $40.4 million (see Note 8).

The Company tests the recorded amount of goodwill for impairment on an annual basis on October 1 or more frequently if there are indicators that the book value of each reporting unit exceeds its fair value. The Company has a single reporting segment. As of December 31, 2025, it was determined that the remaining goodwill balance, which is solely attributable to Markforged was not impaired.

**Intangible assets, net**

The following table displays intangible assets, net by major class:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross** | **Accumulated Amortization** | **Net** | **Gross** | **Accumulated Amortization** | **Net** |
| Technology | $13636 | $(1519) | $12117 | $2235 | $(80) | $2155 |
| Mutual licensing under <br>settlement agreement | 5320 | (156) | 5164 |  |  |  |
| Trademark | 1811 | (1207) | 604 |  |  |  |
| Customer relationships | 1660 | (111) | 1549 |  |  |  |
| Intangible assets | $22427 | $(2993) | $19434 | $2235 | $(80) | $2155 |

---

The increase in intangible assets, net during 2025 is related to the acquisition of Markforged. See Note 8. Partially offsetting the increase was a $1.8 million impairment to legacy technology no longer being pursued, which is recorded in Impairment losses on the consolidated statements of operations and comprehensive loss.

The Company recognized amortization expense of intangible assets as follows, including $0.3 million of amortization related to legacy technology prior to impairment on December 31, 2025:

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** |
| Cost of revenue | $1837 | $80 | $— |
| Operating expenses | 1318 |  |  |
| Total | $3155 | $80 | $— |

---

Expected resulting revenue is the basis for the economic pattern used to determine the amortization schedule of technology and customer relationships. Trademark intangible amortization is based on the term in which the Company anticipates using the asset. Amortization related to technology and mutual licensing under a settlement agreement are recorded to cost of revenue on the consolidated statement of operations and comprehensive loss. Amortization related to trademarks and customer relationships are recorded in sales and marketing expense on the consolidated statements of operations and comprehensive loss.

As of December 31, 2025, estimated amortization expense for intangible assets for each of the next five fiscal years and thereafter is expected to be as follows:

---

| | |
|:---|:---|
| **Fiscal Year** | **December 31, 2025** |
| 2026 | $3276 |
| 2027 | 2673 |
| 2028 | 2673 |
| 2029 | 2673 |
| 2030 | 2673 |
| Thereafter | 5466 |
| Total intangible assets, net | $19434 |

---

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

# <u>Note 8 – Acquisitions and Divestitures</u> 

# Fiscal 2025 Activity
**Acquisition and Divestiture of Desktop Metal, Inc. ("Desktop Metal")**

On April 2, 2025, the Company acquired 100% of the shares and voting interests in Desktop Metal, a U.S. based publicly traded company (NYSE: DM). Desktop Metal designs and manufactures industrial-grade 3D printers, materials, and software. The acquisition of Desktop Metal was expected to generate operational synergies, while expanding the Company's customer base and global market presence across key industries. After signing the Merger Agreement, the Company and Desktop worked diligently to close the transactions. By late 2024, the sole remaining condition to closing the transactions was approval by the Committee for Foreign Investment in the United States ("CIFIUS"). Desktop instituted a series of legal proceedings against the Company to compel the closing of the transactions. In the months that followed, Desktop incurred significant legal expenses that placed financial strain on its financial resources. After several months, Desktop prevailed in the litigation while reaching insolvency. Immediately following the Merger, the Company provided a $12.0 million bridge loan to Desktop

but notified Desktop that no further capital would be infused from the Company. On July 28, 2025, Desktop Metal filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code and was immediately deconsolidated by the Company. The results of Desktop Metal from April 2, 2025 through July 28, 2025 as well as impairment charges related to the Desktop Metal assets and the costs associated with the bankruptcy and deconsolidation are included in Net loss from discontinued operations on the consolidated statements of operations and comprehensive loss.

Information related to the historical results of Desktop is not relevant to the Company's future results as well as any pro forma presentation giving effect to the Merger since the Desktop assets have already been disposed of and were never reflected in the Company's results for the period between the date of acquisition and the date of approval of the Insolvency Proceeding, in its consolidated statements of operations and comprehensive loss as discontinued operations and in related disclosures.

The Company determined that the Desktop assets would be disposed of through a sale or other process on the acquisition date and pursued a plan to sell or otherwise dispose of the Desktop business throughout the fiscal quarter following the closing of the Merger. The Company also recorded impairment charges related to the Desktop assets and the costs associated with the bankruptcy and deconsolidation of Desktop in discontinued operations on the Company's consolidated statements of operations and comprehensive loss following the closing of the Merger. The consolidated statements of operations and comprehensive loss includes impairment of the Desktop Metal asset group of $139.4 million and loss from operations for the period of acquisition through December 31, 2025 of $53.9 million, which are both included within net loss from discontinued operations of $193.3 million.

The acquisition was funded through available cash. The portion of the fair-value-based measure of the replacement awards attributable to Desktop Metal employee service rendered prior to the acquisition date was $1.0 million and is recorded in additional paid in capital on the consolidated balance sheet. The fair value of consideration transferred is as follows:

---

| | |
|:---|:---|
| Cash consideration | $179380 |
| Fair value of equity awards allocated to pre-acquisition period | 957 |
| Total acquisition consideration | $180337 |

---

The purchase price allocation for Desktop Metal was as follows:

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

---

| | |
|:---|:---|
|  | **April 2, 2025** |
| Cash and cash equivalents | $9089 |
| Restricted cash | 1110 |
| Trade receivables | 16450 |
| Other current assets | 7910 |
| Inventory | 73460 |
| Property, plant and equipment | 24560 |
| Goodwill | 139400 |
| Right-of-use assets | 21340 |
| Deferred revenue | (12880) |
| Other current liabilities | (74870) |
| Long-term lease liabilities | (21340) |
| Other liabilities | (3892) |
| Total purchase price allocation | $180337 |

---

The Company incurred acquisition-related costs of $11.9 million, of which $8.1 million was incurred in 2025 and $3.8 million in 2024. These costs consist primarily of legal and accounting fees and have been included in general and administrative costs within the consolidated statements of operations and comprehensive loss.

**Acquisition of Markforged Holding Corporation ("Markforged")**

On April 25, 2025, the Company acquired 100% of the shares and voting interests in Markforged Holding Corporation ("Markforged"), a U.S. based publicly traded company (NYSE: MKFG). Markforged designs, produces and markets cloud-based software products (including its software enabled platform the Digital Forge) and hardware products, including precise and reliable 3D printers, proprietary metal and composite materials to bring industrial production to the point of need on the factory floor. The acquisition of Markforged will enable the Company to access Markforged's additive manufacturing technology, facilitating a broader, more integrated product portfolio.

The acquisition was funded through available cash. The portion of the fair-value-based measure of the replacement awards attributable to Markforged employee service rendered prior to the acquisition date was $1.1 million and is recorded in additional paid in capital on the consolidated balance sheet. The fair value of consideration transferred is as follows:

---

| | |
|:---|:---|
| Cash consideration | $115080 |
| Fair value of equity awards allocated to pre-acquisition period | 1096 |
| Total acquisition consideration | $116176 |

---

The preliminary purchase price allocation for Markforged was as follows:

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

---

| | |
|:---|:---|
|  | **April 25, 2025** |
| Cash and cash equivalents | $17555 |
| Restricted cash | 805 |
| Trade receivables | 14819 |
| Other current assets | 3558 |
| Inventory | 33855 |
| Property, plant and equipment | 14336 |
| Right-of-use assets | 27417 |
| Goodwill | 40388 |
| Definite-lived intangible assets | 22427 |
| Other assets | 2446 |
| Accounts payable and accrued expenses | (14040) |
| Lease liability | (28190) |
| Deferred revenue | (12170) |
| Deferred tax liabilities | (7030) |
| Total purchase price allocation | $116176 |

---

The goodwill resulting from this transaction is primarily attributable to the potential growth and expected synergies from combining operations and is not deductible for tax purposes.

The definite-lived intangible assets acquired for Markforged were as follows:

---

| | | |
|:---|:---|:---|
| **Definite-Lived Intangible Assets** | **April 25, 2025** | **Weighted Average Amortization Life (in years)** |
| Developed technology | $13636 | 6 |
| Mutual licensing under settlement agreement | 5320 | 23 |
| Trademark | 1811 | 1 |
| Customer relationships | 1660 | 10 |
| Total definite-lived intangible assets | $22427 |  |

---

The Company incurred acquisition-related costs of $3.8 million, of which $2.2 million was incurred in 2025 and $1.6 million in 2024. These costs consist primarily of legal and accounting fees and have been included in general and administrative costs within the consolidated statements of operations and comprehensive loss.

The following selected unaudited pro forma consolidated results of operations are presented as if the Markforged acquisition had occurred as of the beginning of the period immediately preceding the period of acquisition.

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Revenue | $122167 | $142865 |
| Net loss attributable to common shareholders | (335260) | (189049) |
| Net loss per share - basic and diluted | (1.55) | (0.87) |

---

These unaudited pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on the date indicated or that may result in the future. No effect has been given for synergies, if any, that may be realized through the acquisition.

**Divestitures**

From January 2025, we have discontinued a number of product lines, including, Fabrica, Admatec, Formatec, Formatec Holdings, DeepCube, and the AME online community platform (J.A.M.E.S.). The Company implemented a complete cost reduction program for the DeepCube and Nano Fabrica product lines. In April 2025, Admatec, Formatec, and Formatec Holdings were declared

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

bankrupt. Additionally, in April 2025, J.A.M.E.S ceased operations.

Loss on deconsolidation of subsidiaries represents the difference between proceeds received upon disposition and the book value of a subsidiary which has been divested and was excluded from treatment as a discontinued operation. Also included in loss on disposal of subsidiaries is recognition of the cumulative translation adjustment out of accumulated other comprehensive loss. The loss on deconsolidation of subsidiaries was $1.8 million related to Admatec-Formatec and a gain of $0.1 million related to J.A.M.E.S recorded to Restructuring for the year ended December 31, 2025.

# <u>Note 9 – Accrued liabilities</u> 

# Accrued liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Employees and related liabilities | $7589 | $9918 |
| Professional services | 2209 | 2381 |
| Government authorities | 2870 | 3130 |
| Contingencies | 2123 |  |
| Current portion of settlement payable | 2000 |  |
| Other | 2723 | 3342 |
| Accrued liabilities | $19514 | $18771 |

---

# <u>Note 10 – Equity</u> 
Share capital activity was as follows (in thousands of shares of NIS 5 par value per share):

---

| | | |
|:---|:---|:---|
|  | **Ordinary shares** | **Ordinary shares** |
|  | **2025** | **2024** |
| Shares outstanding as of January 1 | 215777 | 235597 |
| Repurchase of treasury shares | (14424) | (26043) |
| Exercise of warrants during the period |  | 3 |
| Exercise of share options and vesting of RSUs during the period | 5459 | 6220 |
| Shares outstanding as of December 31 | 206812 | 215777 |

---

**Treasury shares**

As of December 31, 2025, the Company held 72,494,637 ordinary shares, constituting approximately 26.0% of its issued and paid-in share capital. The rights attached to the Company's own shares that were acquired are suspended until their re-issuance.

In August 2023, the Company's board of directors authorized a repurchase plan, or the $200 million Repurchase Plan, allowing us to invest up to $200 million to repurchase ADSs from time to time, in open market transactions, and/or in privately negotiated transactions or in any other legally permissible ways, depending on market conditions, share price, trading volume and other factors. The Israeli court approved the $200 million Repurchase Plan on October 17, 2023 for a twelve-month period. The $200 million Repurchase Plan expired on October 16, 2024, with $130,504,940 remaining, and thereafter no longer eligible for repurchases under such plan. All repurchases made in 2024 were made pursuant to the $200 million Repurchase Plan.

In January 2025, the Company's board of directors authorized a repurchase plan, or the $150 million Repurchase Plan, allowing it to invest up to $150 million to repurchase ADSs from time to time, in open market transactions, and/or in privately negotiated transactions or in any other legally permissible ways, depending on market conditions, share price, trading volume and other factors. During the year ended December 31, 2025, 14,424,452 shares were repurchased under the $150 million Repurchase Plan.

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

**Rights Plan**

In January 2024, the Company entered into a rights agreement, or the Rights Plan. The Rights Plan was designed to reduce the likelihood that any entity, person or group would gain control of, or significant influence over the Company. The Rights Plan expired on January 25, 2025.

In February 2026, the Company entered into a rights agreement, or the Rights Plan. The Rights Plan was designed to reduce the likelihood that any entity, person or group would gain control of, or significant influence over the Company. The Rights Plan will expire on February 1, 2027.

**Stock Options, RSUs and Warrants**

The Company has in effect the Employee Stock Option Plan (2015) (the "2015 Plan").

The 2015 Plan was adopted by Company's board of directors in February 2015, and expired in February 2026. On December 4, 2025, the shareholders of the Company approved a resolution to extend the 2015 Plan by an additional one-year period ending in February 2027. The Company's employees, directors, officers, consultants, advisors, and suppliers are eligible to participate in this plan.

On March 13, 2019, the Company's board of directors adopted an appendix to the 2015 Plan for U.S. residents. Under this appendix, the 2015 Plan provides for the granting of options to U.S. residents in compliance with the U.S. Internal Revenue Code of 1986, as amended.

As of December 31, 2025, the number of Ordinary Shares available for new equity awards under the plan was 33,488,762. RSUs and options to purchase Ordinary Shares of 6,520,368 were issued and outstanding as of such date.

Of these outstanding awards, as of December 31, 2025, 228,334 options to purchase ordinary shares were vested and exercisable.

<u>Stock options</u>

In 2023, the Company granted a total of 130,000 non-tradable share options to employees, officers, and consultants, with varying vesting periods and exercise prices. No share options were granted during 2024 or 2025. The share options vest over a period of four years. The share options will be exercisable, in consideration of an exercise price, until the earlier of (a) the anniversary of the vesting date of such options, or (b) 90 days from the end of employment date.

A summary of the Company's stock option activity and related information is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br>of options** | **Weighted<br>average<br>exercise price** | **Weighted<br>average<br>intrinsic value** |
| Outstanding on December 31, 2024 | 2627095 | $2.30 | $0.80 |
| Granted |  |  |  |
| Exercised | (323649) | 0.82 | 0.89 |
| Forfeited and expired | (2005112) | 2.35 | 0.32 |
| Outstanding on December 31, 2025 | 298334 | 3.57 | 0.02 |
| Exercisable as of December 31, 2025 | 228334 | 3.53 | 0.03 |

---

The Company used the binomial pricing model to determine the estimated fair value of stock-based compensation related to stock options during the year ended December 31, 2023. In applying this model, the Company uses the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Risk-Free Interest Rate: The risk-free interest rate is based on government debentures with maturities similar to the expected term of the options for each option group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Volatility: The Company utilizes the trading history of its Ordinary Shares to determine the expected stock price volatility for its Ordinary Shares.

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Expected Term: The Company determined the expected term based on general option holder behavior and expected share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Expected Dividend Rate: The Company has not paid and does not anticipate paying any cash dividends in the near future on its Ordinary Shares.

The table below summarizes the assumptions used in determining the fair value of the options granted in 2023:

---

| | |
|:---|:---|
| Range of expected share price volatility | 103.2%-121.85% |
| Range of estimated term (years) | 4.5-8 |
| Range of weighted average of risk-free interest rate | 4.33%-4.5% |
| Expected dividend yield |  |

---

The weighted average fair values at grant date of options granted for the year ended December 31, 2023 with an exercise price equal to the market value at the date of grant was $3.05 per share.

The total intrinsic value of options exercised during the years ended December 31, 2025, 2024, and 2023 were $0.3 million, $1.4 million, and $2.7 million, respectively

The weighted average remaining contractual life of the outstanding options is 2.6 years as of December 31, 2025.

<u>Restricted stock units ("RSU")</u>

From 2023 to 2025, the Company granted a total of 23,850,187 RSUs to employees, officers, and consultants, with varying vesting periods. The RSUs vest over a period of one to four years.

On April 22, 2021, the Company acquired 100% of the shares and voting interests in DeepCube. After the acquisition, one of DeepCube's founders continued to work at DeepCube, in the role of Chief Technology Officer. In accordance with the terms of the acquisition agreement, 892,465 ordinary shares of the Company were to be issued to this founder, with a share price protection mechanism. The granting of these shares was subject to conditions related to the continued employment of the founder. Hence, these shares were not taken into account as part of the consideration for the business combination. The fair value of those shares, with the share price protection mechanism, was estimated at $7.8 million, and was recognized as post-acquisition compensation cost. With respect to these shares, the Company recorded expenses of $0.8 million in 2024 and $2.4 million in each of the years 2022 and 2023.

During the years ended December 31, 2024 and 2023 the Company chose to settle the share price protection mechanism in cash, and therefore the cash paid in the amount of $0.4 million and $0.5 million, respectively, was treated as repurchase of equity awards that was reduced from equity.

On April 26, 2021, the Company acquired 100% of the shares and voting interests in NanoFabrica. In accordance with the terms of the acquisition agreement, 1,178,008 ordinary shares of the Company were to be issued to NanoFabrica's founders, with a share price protection mechanism. The granting of these shares was subject to conditions related to the continued employment of the founders for a period of two years following the acquisition. Hence, these shares were not taken into account as part of the consideration for the business combination. The fair value of those shares, with the share price protection mechanism, was estimated at $10.9 million, and were recognized as post-acquisition compensation cost.

During 2023, the Company chose to settle the share price protection mechanism in cash, and therefore the cash paid in the amount of $3.9 million was treated as repurchase of equity awards that was reduced from equity.

A summary of the Company's RSU activity is as follows:

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  |  | **Weighted** |
|  |  | **average** |
|  | **Number of Units** | **grant price** |
| Outstanding on December 31, 2024 | 10893388 | $2.75 |
| Granted | 12195051 | 1.61 |
| Vested | (5135973) | 1.68 |
| Forfeited | (11730432) | 1.89 |
| Outstanding on December 31, 2025 | 6222034 | $1.86 |

---

The weighted average fair values at grant date of RSUs granted for the years ended December 31, 2025, 2024, and 2023 were $1.61, $2.40, and $2.59 per share, respectively.

The total fair value of shares vested during the years 2025, 2024, and 2023 was $8.3 million, $18.3 million, $32.3 million, respectively.

As of December 31, 2025, the Company had approximately $8.5 million of unrecognized compensation expense related to non-vested stock options and non-vested RSU's, expected to be recognized over a weighted average period of 1.6 years.

<u>Warrants</u>

A summary of the Company's warrants activity and related information is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Weighted** |
|  |  |  | **average** |
|  |  | **Weighted** | **remaining** |
|  |  | **average** | **contractual** |
|  |  | **exercise** | **life (in** |
|  | **Warrants** | **price** | **years)** |
| Outstanding on December 31, 2024 | 34817626 | $6.26 | 1.24 |
| Granted |  |  |  |
| Exercised |  |  |  |
| Expired | (5575523) | 7.80 |  |
| Outstanding and exercisable as of December 31, 2025 | 29242103 | $5.96 | 1.60 |

---

As of December 31, 2025, the outstanding warrants include 27,742,103 Series B warrants issued to Stern YOI Ltd. Partnership in August 2020 to purchase Ordinary Shares at an exercise price of $6.16 per ADS and expiring in August 2027. Stern YOI Ltd. Partnership is a Nevada limited partnership. Mr. Yoav Stern, former Chief Executive Officer of Nano Dimension Ltd., is a managing member of Stern YOI Ltd. Partnership. In September 2020, the Company issued 1,500,000 warrants to purchase 1,500,000 ADSs to the Company's now former director, Mr. Yaron Eitan, in consideration of $150,000. The warrants have an exercise price of $2.25 per ADS and will expire in September 2027.

**<u>Stock-Based Compensation</u>**

Stock-based compensation expense related to stock options and RSUs is included in the consolidated statements of operations and comprehensive loss as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Cost of revenue | $669 | $938 | $811 |
| Research and development expenses | 1708 | 6079 | 10297 |
| Sales and marketing expenses | 896 | 1649 | 4891 |
| General and administrative expenses | 1647 | 7055 | 6111 |
| Discontinued operations | 939 |  |  |
|  | $5859 | $15721 | $22110 |

---

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

# <u>Note 11 – Revenue</u> 
The Company has one operating and reportable segment, which generates revenue via industrial manufacturing solutions of multi-disciplinary technology - combining hardware, software, and materials science.

Revenue per geographical location is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Americas | $44954 | $21010 | $22340 |
| APAC | 16743 | 3393 | 2947 |
| EMEA | 40740 | 33372 | 31027 |
| Total revenue | $102437 | $57775 | $56314 |

---

The following table disaggregates the Company's revenue by the timing of transfer of products or services:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Services transferred over time | $22052 | $12218 | $9083 |
| Goods transferred at a point in time | 80385 | 45557 | 47231 |
| Total revenue | $102437 | $57775 | $56314 |

---

The table below provides information regarding receivables and contract liabilities deriving from contracts with customers:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
| Trade receivables |  | 26,047 |  | 9,141 |
| Deferred revenue |  | 11,873 |  | 3,523 |
| Long-term deferred revenue |  | 3,617 |  |  |

---

The increase in trade receivables and current and long-term contract liabilities in 2025 is primarily due to the acquisition of Markforged.

<u>Contract balances</u>

Timing of revenue recognition may differ from the timing of invoicing to customers. The Company has a right to bill when products are shipped, which is often the point in time revenue is recognized. As a result, the Company will have accounts receivable for billings and also deferred revenue for the portion of billings in advance of service in its hardware maintenance agreements.

The Company recognized $3.5 million of revenue in 2025 from deferred revenue as of December 31, 2024. The Company recognized $3.9 million of revenue in 2024 from deferred revenue as of December 31, 2023.

Deferred revenue is expected to be recognized when the Company provides hardware maintenance services or contractual performance obligations for which the customer has already provided payment with $11.9 million to be recognized in 2026, $2.5 million in 2027, $0.9 million in 2028, and $0.2 million thereafter. These deferred revenues are included within other long-term liabilities on the consolidated balance sheets.

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

# <u>Note 12 – Employee Benefit Plans</u> 
**Post-Employment Benefit Plan – Defined Benefit Obligation**

Essemtec, a subsidiary of the Company, located in Switzerland, participates in a defined benefit obligation plan. Employees in Switzerland are insured against the risks of old age, death and disability. The supreme governing body of the pension fund is the Foundation Council, which is made up of an equal number of representatives from the employees and the employer. The pension fund rules, together with the legal provisions concerning occupational pension plans, constitute the formal regulatory framework of the pension plan. During the year ended December 31, 2024, Essemtec was affiliated with the collective foundation Bâloise Collective BVG foundation. All benefits in accordance with the regulations are reinsured in their entirety with Bâloise within the framework of the corresponding contract. This pension solution reinsures the risks of disability, death and longevity with Bâloise. Bâloise invests the vested pension capital and provides a 100% capital and interest guarantee. This plan was not fully insured in the event of termination of the contract. Effective January 1, 2025, the Company changed the underlying pension plan from Baloise to Profond Vorsorgeeinrichtung ("Profond"). Profond does not provide a guarantee nor reinsure risks.

The standard retirement age is 65 for women and men. Employees are entitled to early retirement with a reduced old-age pension. The amount of the old-age pension is the result of multiplying the individual retirement savings account at the time of retirement by a conversion rate set out in the pension-fund rules. The retirement benefits can also be paid out in the form of a capital payment either in full or in part. The amount of disability pensions is determined as a percentage of the insured salary and is independent of the number of years of service.

The Company's defined benefit obligations and the related defined benefit costs are determined at each balance sheet date by a qualified actuary using the Projected Unit Credit Method. The amount recognized in the consolidated balance sheet represents the present value of the projected benefit obligation reduced by the fair value of plan assets. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

***Plan assets***

As of December 31, 2025 and 2024, plan assets were $23.2 million and $17.9 million. As of December 31, 2025 the plan assets are accounted for at net asset value and at December 31, 2024, the plan assets are at fair value within Level 3 of the fair value hierarchy and included free funds and reserves such as fluctuation reserves and employer contribution reserves.

For the year ended December 31, 2025, service costs of $0.9 million are included in the respective compensation cost caption, and interest costs of $0.3 million and expected return on plan assets of $0.7 million are included in other (expense) income, net on the consolidated statement of operation and comprehensive income. The remeasurement of pension and postretirement benefit plan was $1.2 million as of December 31, 2025 within accumulated other comprehensive loss on the consolidated balance sheet.

Net defined benefit assets (liabilities) and their components are as follows:

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Projected benefit<br>obligation** | **Projected benefit<br>obligation** | **Fair value of plan assets** | **Fair value of plan assets** | **Net defined benefit<br>asset (liability)** | **Net defined benefit<br>asset (liability)** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Balance as of January 1 | $(22608) | $(19593) | $17908 | $17109 | $(4700) | $(2484) |
| **Included in profit or loss** |  |  |  |  |  |  |
| Current service cost | (908) | (607) |  |  | (908) | (607) |
| Past service cost |  | 223 |  |  |  | 223 |
| Interest (cost) income | (315) | (356) |  | 310 | (315) | (46) |
| Return on plan assets excluding interest income |  |  | 746 |  | 746 |  |
| Administrative cost | (32) | (30) |  |  | (32) | (30) |
| Effect of movements in exchange rates | 54 | 1399 |  | (1222) | 54 | 177 |
| **Included in other comprehensive income** |  |  |  |  |  |  |
| Actuarial gain (loss) arising from financial<br> assumptions | 346 | (2356) |  |  | 346 | (2356) |
| Actuarial gain (loss) arising from other assumptions | (2175) | (930) |  |  | (2175) | (930) |
| Return on plan assets excluding interest income |  |  | 2991 | 523 | 2991 | 523 |
| Effect of movements in exchange rates | (2983) | 127 | 2480 | (53) | (503) | 74 |
| **Other movements** |  |  |  |  |  |  |
| Contributions paid by the employer |  |  | 801 | 756 | 801 | 756 |
| Contributions paid by the employees and plan<br> participants | (700) | (1780) | 700 | 1780 |  |  |
| Benefits paid | 2462 | 1295 | (2462) | (1295) |  |  |
| **Balance as of December 31** | $(26859) | $(22608) | $23164 | $17908 | $(3696) | $(4700) |

---

The defined benefit liability is attributed to the plans' participants as follows:

- Active members: 94% for both 2025 and 2024

- Pensioners: 6% for both 2025 and 2024

***Actuarial Assumptions***

Principal actuarial assumptions at the reporting date (expressed as weighted averages):

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **%** | **%** |
| Discount rate as of December 31 | 1.20 | 0.85 |
| Future salary growth | 1.00 | 1.00 |
| Interest rate on the savings account | 2.00 | 1.25 |
| Price inflation | 0.75 | 1.00 |
| Social security increase | 1.00 | 1.00 |
| Future pension growth |  |  |

---

Assumptions regarding future mortality are based on published statistics and mortality tables (BVG 2020 generational).

Changes in actuarial gains and losses in the projected benefit obligation are generally driven by discount rate movement. We use the corridor approach to amortize actuarial gains and losses. Under this approach, net actuarial gains or losses in excess of 10% of the larger of the projected benefit obligation or the fair value of plan assets are amortized on a straight-line basis.

***Effect of the Plan on the Company's Future Cash Flows***

The Company expects to pay approximately $0.7 million in contributions to the funded defined benefit plan in 2026.

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

On December 31, 2025 the weighted-average duration of the defined benefit obligation was 15.5 years (2024: 15.2 years).

Estimated future benefit payments during the next five years and in the aggregate for years 2026 through 2035 are as follows:

---

| | |
|:---|:---|
| 2026 | $1221 |
| 2027 | 1012 |
| 2028 | 1618 |
| 2029 | 1424 |
| 2030 | 777 |
| 2031-2035 | 5662 |

---

***Termination liability***

In 2023 the Company's board of directors approved, as part of a reorganization plan in several departments of the Company, an employment termination of Company employees worldwide, with preferable terms.

In 2023, an expense related to payroll compensation due to this plan, in the amount of $2.1 million was recognized in Other (expense) income, net in the consolidated statements of operations and comprehensive loss. As of December 31, 2023 the remaining termination liability in the amount of $1.5 million was presented under other payables and was paid during 2024.

# <u>Note 13 – Leases</u> 
Information regarding the Company's material operating lease agreements is as follows:

***Vehicle leases***

The Company leases vehicles for approximately three-year periods from several different leasing companies and from time to time changes the number of leased vehicles according to its current needs. The leased vehicles are identified by means of license numbers and the vehicle's registration, with the leasing companies not being able to switch vehicles, other than in cases of deficiencies. The leased vehicles are used by the Company's headquarters staff, marketing and salespersons and other employees whose employment agreements include an obligation of the Company to put a vehicle at their disposal.

***Office leases***

The Company leases offices in Ness-Ziona, Israel for a contractual period of up to five years under a few different contracts for different floors used for offices, labs and manufacturing facilities. The contractual periods of the aforesaid lease agreements end in September 2026, November 2026 and July 2027. The Company also leases offices in Tel Aviv, Israel, for a contractual period of five years, which ends in March 2027, offices in Waltham, Massachusetts, U.S., for a contractual period of seven years, which ends in February 2029, in Munich, Germany for a contractual period of five years, which ends in December 2027 and, in Alkmaar and Goirle, Netherlands for a contractual period of five and seven years, which end in April 2028 and April 2029, respectively.

The lease payments in some of the Company's leases in Israel and Germany are linked to the local consumer price indexes known on the lease's date of inception.

The Company exited their previous U.S. headquarters at 300 5th Avenue, Waltham, Massachusetts and sublet the facility leading to a non-cash, pre-tax and after-tax impairment charge of $1.5 million recorded in the second quarter of 2025. The Company partially impaired an abandoned portion of the Markforged 60 Tower headquarters in Waltham, Massachusetts resulting in a non-cash, pre-tax and after-tax impairment charge of $5.7 million related to the operating lease right-of-use ("ROU") asset recorded in the third quarter of 2025. The Company is currently seeking a sublease for this space.

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

The following summarizes information about the Company's operating lease costs:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| ($ in thousands) | **2025** | **2024** | **2023** |
| Operating lease costs | $5729 | $4455 | $4809 |
| Variable lease costs | 2235 | 249 | 268 |
| Finance expense (income) | 75 | (220) |  |
| Total | $8039 | $4484 | $5077 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| ($ in thousands) | **2025** | **2024** | **2023** |
| Operating cash flows for operating leases | $7682 | $4524 | $4823 |
| Weighted average remaining lease term | 5.2 | 3.1 | 4.0 |
| Weighted average discount rate | 6.9% | 6.9% | 6.9% |

---

Future minimum lease payments under the Company's operating leases for each of the following five years and thereafter are as follows as of December 31, 2025, excluding short-term leases:

---

| | |
|:---|:---|
| ($ in thousands) |  |
| Year ended December 31, 2026 | $9131 |
| Year ended December 31, 2027 | 8427 |
| Year ended December 31, 2028 | 7463 |
| Year ended December 31, 2029 | 6526 |
| Year ended December 31, 2030 | 5732 |
| Thereafter | 4375 |
| Total future lease payments | 41654 |
| Less: Present value discount | (9408) |
| Minimum lease payments | $32246 |

---

# <u>Note 14 – Commitments and contingencies</u> 
From time to time, the Company may face legal claims or actions in the normal course of business. At each reporting date, the Company evaluates whether a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that address accounting for contingencies. The Company expenses the costs related to its legal proceedings as incurred.

On September 20, 2024, Markforged entered into a settlement agreement with Continuous Composites related to previous litigation (the "Settlement Agreement") to resolve all claims and counterclaims. Under the terms of the Settlement Agreement, Markforged made an initial upfront payment of $18 million to Continuous Composites on October 10, 2024, and is required to make three additional installment payments thereafter of $1 million, $2 million and $4 million in the fourth quarters of fiscal years 2025, 2026 and 2027, respectively. In consideration of such payments, the Settlement Agreement provides for a dismissal of all claims with prejudice, cross-licenses of the parties' respective patent portfolios, a mutual release of claims for liabilities arising prior to the effective date of the Settlement Agreement and mutual covenants not to sue. The incremental amount due under the Settlement Agreement compared to the original verdict is determined to be representative of the amount attributable to the licensing of the patent rights contemplated under the Settlement Agreement and was recognized as an intangible asset of $5.5 million, after discount using a rate of 12%, to be amortized to cost of revenue over the 23 year life of the patents. Total amortization expense of $0.2 million was recognized from the period of acquisition through the year ended December 31, 2025, and included in cost of revenue. The Company paid $1.0 million during 2025 and the remaining future payments of $6.0 million under the Settlement Agreement as of December 31, 2025 are secured by the Security Agreement. The Company has recorded a settlement payable on the consolidated balance sheet of $5.0 million, of which $2.0 million is a current liability. The settlement payable will accrete $1.0 million over the remaining payment term recognized as interest expense. Interest expense related to settlement payable was $0.4 million for the period of acquisition through the year ended December 31, 2025.

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

On July 8, 2025, Quinn Emanuel Urquhart & Sullivan, LLP ("Quinn") filed a lawsuit against Nano Dimension Ltd. and Ofir Baharav ("Defendants"). Quinn alleges that Defendants tortiously interfered with Quinn's contract with Desktop Metal, and prevented Desktop Metal from paying Quinn approximately $30.0 million. Quinn also asserts that Defendants are liable pursuant to an alleged attorney's lien and engaged in unfair and deceptive practices, in violation of Massachusetts law. The case is pending in the Business Litigation Session of the Suffolk Superior Court in Massachusetts. Defendants moved to dismiss. That motion was fully briefed in February 2026, argued on March 16, 2026, and remains pending.

During the third quarter of 2025, certain former employees or vendors of the Company or its subsidiaries filed lawsuits alleging that the Company is in breach of certain agreements and are entitled to certain compensation and other benefits. During the fourth quarter of 2025, the Company settled various matters for a total payment of $2.2 million. While other matters are still ongoing, the Company believes that it is probable that some amount of loss has been incurred and has accrued approximately $1.1 million during the fourth quarter of 2025 as an estimated probable loss which is included as part of general and administrative operating expenses.

During the fourth quarter of 2025, Markforged processed a $1.4 million payment to an account believed to be controlled by one of our vendors, however it was subsequently discovered that this account was not owned by the vendor. The Company suspects that a threat actor gained access to a valid email account of the vendor and used this account to fraudulently change payment instructions. The Company has notified its insurance carrier and engaged breach counsel as well as a forensics partner to help with the investigation. Pending conclusion of the investigation, approximately $1.0 million has been accrued at December 31, 2025 as the estimated amount of probable loss which is included as part of general and administrative operating expenses.

**Royalties to the Israel Innovation Authority ("IIA"):**

Between the years 2014 to 2025, Nano Tech received several grants from the Israeli Innovation Authority ("IIA"), to finance development projects in an aggregate amount of up to $8.7 million, while the IIA share of financing the aforesaid amount was in a range of 30% to 85% of expenditures. As of December 31, 2025, Nano Tech received grants in the aggregate amount of $3.8 million. In consideration, Nano Tech undertook to pay the IIA royalties at the rate of 3% of the future sales up to the amount of the grants received. As of December 31, 2025, the maximum obligation with respect to the grants received from the IIA, contingent upon entitled future sales, is $2.2 million plus interest which may be increased, depending on the manufacturing volume that is performed outside Israel.

# <u>Note 15 – Income Tax</u> 
The components of the Company's loss before income taxes from continuing operations are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Loss before income taxes: |  |  |  |
| Domestic | $(15325) | $(83768) | $(45319) |
| Foreign | (92232) | (15693) | (11694) |
| Total | $(107557) | $(99461) | $(57013) |

---

The components of income tax (benefit) expense from continuing operations are as follows:

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Current Provision |  |  |  |
| Federal | $3 | $— | $— |
| State |  |  |  |
| Foreign | 46 | 397 | 73 |
| Total current expense | 49 | 397 | 73 |
| Deferred Benefit |  |  |  |
| Federal |  |  |  |
| State |  |  |  |
| Foreign | (7251) |  | (11) |
| Total deferred benefit | (7251) |  | (11) |
| Total income tax benefit | $(7202) | $397 | $62 |

---

The income tax benefit from continuing operations primarily relates to acquired deferred tax liabilities serving as a source of income to support recognition of certain existing deferred tax assets.

The overall effective tax rate from continuing operations differs from the statutory Israel tax rate as follows:

---

| | | |
|:---|:---|:---|
|  | **Pretax Loss** | **Pretax Loss** |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
|  | **Amount** | **Percent** |
| Israel federal statutory tax rate | $(24738) | 23.0% |
| Foreign tax effects: |  |  |
| &nbsp;&nbsp;U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 2521 | (2.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on investment | (41239) | 38.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of rates different than statutory | 5031 | (4.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in valuation allowance | 45602 | (42.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (101) | 0.1% |
| Other | 2193 | (2.0)% |
| Changes in valuation allowance | 3487 | (3.2)% |
| Nontaxable or nondeductible items | 68 | (0.1)% |
| Other adjustments | (26) | 0.0% |
| Effective tax rate | $(7202) | 6.7% |

---

A reconciliation of the provision for income taxes to the amount computed by applying the 23% Israel statutory income tax rate to income before income taxes for years prior to the adoption of ASU 2023-09 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Pretax Loss** | **Pretax Loss** |
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** |
| Statutory tax rate in Israel | 23.0% | 23% |
| Nondeductible items | (4)% | (9)% |
| Change in valuation allowance | (19)% | (14)% |
| Effective tax rate | 0.0% | 0.0% |

---

Significant components of the Company's net deferred tax assets from continuing operations are as follows:

------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Deferred tax assets |  |  |
| Lease liability | $7005 |  |
| Research and development expenditures | 3908 | 6464 |
| Stock-based compensation | 398 |  |
| Reserves | 1369 |  |
| Deferred revenue | 177 |  |
| Accrued expenses | 371 | 436 |
| Amortization | 1655 |  |
| Inventory reserves | 553 |  |
| Interest | 103 |  |
| Long-term settlement payable | 1051 |  |
| Litigation expenses | 114 |  |
| Unrealized losses on securities | 21460 | 21065 |
| Net operating losses | 224827 | 93628 |
| Capital losses | 20550 |  |
| Research and development credits | 11751 |  |
| Other credits | 387 |  |
| Gross deferred tax assets | 295679 | 121593 |
| Less: Valuation allowance | (284063) | (121593) |
| Deferred tax liabilities |  |  |
| Right-of-use assets | (5073) |  |
| Deferred expenses | (122) |  |
| Acquired intangible assets | (3611) |  |
| Other assets - license | (1016) |  |
| Depreciation | (1370) |  |
| Net deferred tax assets | $424 | $— |

---

As of December 31, 2025, the Company had net operating loss (NOL) carryforwards of $1.2 billion, capital loss carryforwards of $89.3 million and credit carryforwards of $13.1 million from continuing operations, as follows:

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| | | | |
|:---|:---|:---|:---|
| **Jurisdiction** | **Attribute** | **Carryforward Amount** | **Expiration** |
| Australia | NOL | $1 | Indefinite |
| Germany | NOL | 3100 | Indefinite |
| Hong Kong | NOL | 400 | Indefinite |
| Israel | NOL | 360600 | Indefinite |
| Israel | Capital losses | 89300 | Indefinite |
| Sweden | NOL | 15100 | Indefinite |
| Switzerland | NOL | 14200 | Beginning in 2025 |
| United Kingdom | NOL | 13900 | Indefinite |
| United Kingdom | R&D | 100 | Indefinite |
| US - Federal | NOL | 15000 | Beginning in 2033 |
| US - Federal | NOL | 540600 | Indefinite |
| US - State | NOL | 260300 | Various, beginning in 2026 |
| US - Federal | R&D | 7900 | Beginning in 2033 |
| US - State | R&D | 4700 | Beginning in 2032 |
| US - State | Other credits | 400 | Beginning in 2026 |

---

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**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

The federal, state and foreign net operating loss and research and development credit carryforwards from continuing operations may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, and similar state provisions, due to ownership change limitations that have occurred previously or that could occur in the future. These ownership changes may limit the amount of net operating loss and research and development credit carryforwards from continuing operations that can be utilized annually to offset future taxable income and tax, respectively. As of December 31, 2025, the Company has completed a 382 study for the Markforged, Inc. subsidiary, for ownership changes through April 25, 2025. Based on the Company's analysis, approximately $298.7 million of NOLs are subject to limitation, of which $15.0 million may expire unused. Approximately $7.9 million of R&D credits are subject to limitation, of which $7.9 million may expire unused.

Uncertain tax positions represent tax positions for which income tax reserves have been established. The Company's policy is to record interest and penalties related to uncertain tax positions as part of income tax expense. Reserves for uncertain tax positions from continuing operations as of December 31, 2025 are not material and would not impact the effective tax rate if recognized due to the valuation allowance maintained against the Company's net deferred tax assets.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and foreign jurisdictions, where applicable. There are currently no pending income tax examinations. The Company is open to federal tax examination under statute from 2021 to present. The Company is open to tax examination in other jurisdictions from 2019 to present. Carryforward attributes from prior years may still be adjusted upon examination by federal, state and/or foreign tax authorities to the extent utilized in an open tax year or in future periods.

As of December 31, 2025, the Company has not provided for deferred income taxes on unremitted earnings of its foreign subsidiaries from continuing operations since these earnings are indefinitely reinvested. Upon distribution of such earnings in the form of dividends or otherwise, the Company could be subject to taxes. The Company's foreign unremitted earnings from continuing operations is not material and, as such, any taxes attributable to such unremitted earnings would not be material.

The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets from continuing operations, which are primarily comprised of net operating losses, capital losses and research and development credits. Management has determined that it is more likely than not that the Company will not recognize the benefits of its federal, state and foreign deferred tax assets from continuing operations in excess of $0.3 million and, as a result, a valuation allowance of $284.1 million has been established at December 31, 2025.

The following table presents the changes in the balance of the Company's deferred income tax asset valuation allowance:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
| Balance at beginning of year | $121593 | $85972 |
| Additions due to expense | 49089 | 35621 |
| Additions due to acquisitions and other | 113381 |  |
| Balance at end of year | $284063 | $121593 |

---

On July 4, 2025, the United States Congress enacted The One Big Beautiful Bill Act (the "OBBBA") which includes several significant corporate provisions, including the restoration of 100% bonus depreciation; the immediate expensing of domestic research and experimentation expenditures; modifications to the Section 163(j) interest limitations; and updates to the rules for global intangible low-taxes income and foreign-derived intangible income. The Company recognized the impacts of the OBBBA provisions in our financial results to the extent they are applicable to the year ended December 31, 2025.

**Income Taxes – Discontinued Operations**

In July 2025, Desktop Metal, Inc., a subsidiary of Nano Dimension, filed for Chapter 11 bankruptcy protection. As a result, the Company has classified the operations of Desktop Metal as discontinued operations in its consolidated financial statements for the year ended December 31, 2025. Due to the ongoing bankruptcy proceedings, the Company has been challenged to obtain the most recent and complete financial data from Desktop Metal's custodian. To adequately disclose the relevant tax consequences,

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**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

management performed a sensitivity analysis using the preliminary and public information available from the bankruptcy process, including Desktop Metal's estimated financial position and tax attributes.

Based on this analysis, the Company concluded that the wind-down and disposal of the Desktop Metal business will not result in any material income tax consequences to Nano Dimension, and no cash taxes are expected to be payable by the Company in connection with these discontinued operations. In the year ended December 31, 2025, no significant income tax expense or benefit was recorded in the Company's consolidated financial statements related to the discontinued operations of Desktop Metal, reflecting management's determination that any potential tax impacts are not material. The Company will continue to monitor the resolution of Desktop Metal's bankruptcy proceedings and will update its tax assessments in future periods if new information indicates a material change in this conclusion.

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**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

# <u>Note 16 – Segments</u> 
Operating segments are defined as components of an entity for which separate financial information is available and regularly reviewed by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company's CODM is its Chief Executive Officer.

The CODM evaluates the Company's financial information and resources and assesses the performance of these resources on a consolidated basis using adjusted EBITDA.

Adjusted EBITDA is a non-GAAP measure defined as earnings before interest income and expense, income tax (benefit) expense, depreciation and amortization, share-based compensation expense, exchange rate differences, finance expenses (income) for revaluation of assets and liabilities, Desktop Metal litigation related expenses, Desktop Metal and Markforged transaction related expenses, restructuring costs, impact of deconsolidation, impairment losses, litigation settlements and contingencies and step-up amortization from purchase accounting. We believe that Adjusted EBITDA and operating expenses, as described above, should also be useful in evaluating the performance of our business. Like EBITDA, Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting other financial expenses (income), net), and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), as well as from share-based payments, restructuring costs, impairment losses, and step-up amortization from purchase accounting. Adjusted EBITDA and operating expenses are useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company's operating performance without regard to non-cash items, such as expenses related to share-based payments.

There is not any revenue, expense, or asset information, that is supplemental to those disclosed in these consolidated financial statements or below, that are regularly provided to the CODM for evaluation of the single operating segment. The adjusted EBITDA reconciliations for the years ended as of December 31, 2025, 2024, and 2023 are as follow:

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| | |
|:---|:---|
| **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Operating Segment** |
| Net loss from continuing operations | $(64216) |
| Income tax (benefit) expense | (7202) |
| Depreciation and amortization | 7170 |
| Interest income and expense, net | 971 |
| EBITDA (loss) | (63277) |
| Exchange rate differences | (206) |
| Share-based compensation expense | 3459 |
| Restructuring costs | 1666 |
| Impairment losses | 10516 |
| Acquisition inventory step-up amortization | 10661 |
| Expected return on pension plan assets | (711) |
| Segment adjusted EBITDA (loss) from continuing operations | $(37892) |
| ***Reconciliation of segment adjusted EBITDA (loss) from continuing operations:*** |  |
| Operating segment adjusted EBITDA (loss) from continuing operations | $(37892) |
| Corporate reconciling items: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss from continuing operations<sup>(1)</sup> | (36139) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and expense, net | (24636) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance expenses (income) from revaluation of assets and liabilities | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange rate differences | (10558) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Desktop Metal litigation related expenses | 31046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Desktop Metal and Markforged transaction related expenses | 10614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs | 5915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation settlements and contingencies | 4621 |
| Adjusted EBITDA (loss) from continuing operations | $(53239) |

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------

**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

<sup>(1)</sup> Net loss from continuing operations in corporate adjustments relate to those costs incurred at the parent company level, such as financing gains and losses, gains and losses on marketable securities, and corporate overhead costs inclusive of public company costs, legal, corporate headcount, and real estate related costs.

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| | |
|:---|:---|
| **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Operating Segment** |
| Net loss from continuing operations | $(55725) |
| Income tax (benefit) expense | 397 |
| Depreciation and amortization | 2408 |
| EBITDA (loss) | (52920) |
| Finance expenses (income) from revaluation of assets and liabilities | 87 |
| Exchange rate differences | (589) |
| Share-based compensation expense | 7296 |
| Exceeded compensation for damaged inventory and fixed assets | (486) |
| Segment adjusted EBITDA (loss) from continuing operations | $(46612) |
| ***Reconciliation of segment adjusted EBITDA (loss) from continuing operations:*** |  |
| Operating segment adjusted EBITDA (loss) from continuing operations | $(46612) |
| Corporate reconciling items: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss from continuing operations<sup>(1)</sup> | (44133) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and expense, net | (42573) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance expenses (income) from revaluation of assets and liabilities | 52257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange rate differences | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 8425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Desktop Metal and Markforged transaction related expenses | 6452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment losses | 1283 |
| Adjusted EBITDA (loss) from continuing operations | $(63593) |

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---

| | |
|:---|:---|
| **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Operating Segment** |
| Net loss from continuing operations | $(25873) |
| Income tax (benefit) expense | 62 |
| Depreciation and amortization | 1753 |
| EBITDA (loss) | (24058) |
| Finance expenses (income) from revaluation of assets and liabilities | 335 |
| Exchange rate differences | (56) |
| Share-based compensation expense | 12296 |
| Exceeded compensation for damaged inventory and fixed assets | (2038) |
| Segment adjusted EBITDA (loss) from continuing operations | $(13521) |
| ***Reconciliation of segment adjusted EBITDA (loss) from continuing operations:*** |  |
| Operating segment adjusted EBITDA (loss) from continuing operations | $(13521) |
| Corporate reconciling items: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss from continuing operations<sup>(1)</sup> | (31202) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and expense, net | (45904) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange rate differences | (23468) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | (1666) |
| &nbsp;&nbsp;&nbsp;&nbsp;Desktop Metal litigation related expenses | 9814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exceeded compensation for damaged inventory and fixed assets | 411 |
| Adjusted EBITDA (loss) from continuing operations | $(105317) |

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**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

Revenue generated from customers within the Company's country of domicile, Israel, amounted to $0.4 million, $0.2 million and $0.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. Sales to external customers are made around the globe. Our Fused Filament Fiber product line primarily sells products and services in the United States. Location of sale is determined based on the shipping address.

The Company's long-lived assets, inclusive of right-of-use assets, are primarily located in the United States, where the Company's headquarters and primary operations are now located, and Switzerland representing 66% and 18% of the balance as of December 31, 2025, respectively. The Company's long-lived assets, inclusive of right-of-use assets, within the Company's country of domicile, Israel, is 8% as of December 31, 2025.

# <u>Note 17 – Net Profit (Loss) Per Share</u> 
The Company computes basic net profit (loss) per share using net profit (loss) attributable to the Company's common shareholders and the weighted-average number of common shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive. The Company does this through the treasury stock method. The calculations presented below represent the basic and diluted net profit (loss) per share for all classes of securities.

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| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Numerator:** |  |  |  |
| Net loss from continuing operations | $(100355) | $(99858) | $(57075) |
| Net loss from discontinued operations | (193263) |  |  |
| Less: Net loss attributable to non-controlling interests | (323) | (1029) | (1110) |
| Net loss attributable to common shareholders | $(293295) | $(98829) | $(55965) |
| **Denominator:** |  |  |  |
| Weighted-average shares outstanding - Basic | 215742 | 218311 | 248019 |
| *Add:* Weighted average unvested options and warrants outstanding |  |  |  |
| *Add*: Dilutive effect of restricted units issued |  |  |  |
| Weighted-average shares outstanding - Diluted | 215742 | 218311 | 248019 |
| **Net loss per common share:** |  |  |  |
| Basic and Diluted |  |  |  |
| Continuing operations attributable to common shareholders | $(0.46) | $(0.45) | $(0.23) |
| Discontinued operations | $(0.90) | $— | $— |
| Net loss attributable to common shareholders | $(1.36) | $(0.45) | $(0.23) |

---

For the years ended December 31, 2025, 2024 and 2023, the Company was in a net loss position, thus the effect of potentially dilutive securities was excluded from the denominator for the calculation of diluted net loss per share because the inclusion of such securities would be antidilutive. The following dilutive securities are excluded from the denominator:

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| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Unvested or unexercised option awards | 298334 | 2627095 | 4039537 |
| Unvested RSUs | 6222034 | 10893388 | 12468235 |
| Warrants | 29242103 | 34817626 | 36465771 |
| Total | 35762471 | 48338109 | 52973543 |

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**NANO DIMENSION LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

# <u>Note 18 – Subsequent Events</u> 

# In February 2026, the Company entered into a rights agreement, or the Rights Plan. The Rights Plan was designed to reduce the likelihood that any entity, person or group would gain control of, or sig nificant influence over the Company. The Rights Plan will expire on February 1, 2027.

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## Exhibit 4.2

**Exhibit 4.2**

**<u>Description of Registrant's Securities</u>**

**<u>REGISTERED PURSUANT TO SECTION 12 OF THE</u>**

**<u>SECURITIES EXCHANGE ACT OF 1934, AS AMENDED</u>**

As of the date of this Annual Report on Form 10-K, Nano Dimension Ltd., a company incorporated under the laws of the State of Israel ("we," "our" and the "Company") has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: American Depositary Shares, each representing one ordinary share, par value NIS 5.00 per share. The following description of such securities is intended as a summary of the terms of such securities as currently in effect and is qualified in its entirety by the provisions of our amended and restated articles of association, a copy of which is filed as an exhibit to this Annual Report on Form 10-K and is incorporated by reference herein. This description contains all material information concerning such securities but does not purport to be complete. We encourage you to read our amended and restated articles of association and the applicable provisions of the Israeli Companies Law, 5759-1999 (the "Companies Law"), for additional information.

**Type and Class of Securities**

Nano Dimension Ltd.'s (the "Company") authorized share capital consists of 500,000,000 ordinary shares, NIS 5.00 par value per share ("Ordinary Shares").

**Registration Number and Objectives of the Company**

Our registration number with the Israeli Registrar of Companies is 52-0029109. The Company's objectives are set forth in Section 3(b) of the Company's amended and restated articles of association and include every lawful purpose, subject to the purposes of the Company specified in the Company's Memorandum of Association.

***The Powers of the Directors***

The Company's Board of Directors shall direct the Company's policy and shall supervise the performance of the Company's chief executive officer and his actions. The Company's Board of Directors may exercise all powers that are not required under the Israeli Companies Law of 1999 (the "Companies Law") or under the Company's amended and restated articles of association to be exercised or taken by the Company's shareholders.

**Preemptive Rights**

The Company's Ordinary Shares are not redeemable and are not subject to any preemptive right.

**Limitations or Qualifications**

Not applicable.

**Other Rights**

Not applicable.

**Rights of the Shares**

Under the Companies Law and our amended and restated articles of association, the Company's Ordinary Shares shall confer upon the holders thereof:

------

● equal right to attend and to vote at all of the Company's general meetings, whether regular or special, with each Ordinary Share entitling the holder thereof, which attends the meeting and participates in the voting, either in person or by a proxy or by a written ballot or by any other means, to one vote;

● equal right to participate in distribution of dividends, if any, whether payable in cash or in bonus shares, in distribution of assets or in any other distribution, on a per share pro rata basis; and

● equal right to participate, upon the Company's dissolution, in the distribution of the Company's assets legally available for distribution, on a per share pro rata basis.

All Ordinary Shares have identical voting and other rights in all respects.

***Shareholder's rights of inspection of the Company records***

Pursuant to the Companies Law, shareholders have the right to inspect the Company's documents that are specified below:

(1) minutes of the general meetings;

(2) the Company's shareholders register and the register of substantial shareholders;

(3) a document in the Company's possession, relating to an act or transaction with interested parties that requires approval by the general meeting;

(4) Articles of association and financial reports; and

(5) any document that the Company must submit under the Companies Law and under any statute to the Companies Registrar or to the Israeli Securities Authority and that is available for public inspection at the Companies Registrar or the Israeli Securities Authority, as the case may be.

***Transfer of shares***

The Company's fully paid Ordinary Shares are issued in registered form and may be freely transferred under the Company's amended and restated articles of association, unless the transfer is restricted or prohibited by another instrument, applicable law or the rules of a stock exchange on which the ordinary shares are listed for trade. The ownership or voting of the Company's Ordinary Shares by non-residents of Israel is not restricted in any way by the Company's amended and restated articles of association or the laws of the State of Israel, except for ownership by nationals of some countries that are, or have been, in a state of war with Israel.

***Dividends rights***

Under the Companies Law, we may declare and pay dividends only if, upon the determination of our board of directors, there is no reasonable concern that the distribution will prevent us from being able to meet the terms of our existing and foreseeable obligations as they become due. Under the Companies Law, the distribution amount is further limited to the greater of retained earnings or earnings generated over the two most recent years legally available for distribution according to our then last reviewed or audited financial statements, provided that the end of the period to which the financial statements relate is not more than six months prior to the date of distribution, generally referred to as the Earnings Criteria. In the event that we do not meet such earnings criteria, we may seek the approval of the court in order to distribute a dividend. The court may approve our request if it is convinced that there is no reasonable concern that the payment of a dividend will prevent us from satisfying our existing and foreseeable obligations as they become due, generally referred to as the Solvency Criteria.

However, under the New Exemptions, an Israeli company whose shares are listed outside of Israel, is permitted to perform distribution in a way of repurchasing its own shares, even if the Earnings Criteria is

------

not met, without the need for court's approval. The exemption is subject to certain conditions, including, among others: (i) The distribution meets the Solvency Criteria; and (ii) no rejection was filed by any of the company's creditors to the court. If any creditor objects to the distribution, the company will be required to obtain the court's approval for the distribution.

***Election of Directors***

The Company's Ordinary Shares do not have cumulative voting rights for the election of directors. As a result, the holders of a majority of the voting power represented at a shareholders meeting have the power to elect all of the Company's directors, subject to the special approval requirements for external directors, if applicable, to the extent the Company is then required to elect external directors.

Under the Company's amended and restated articles of association, the Company's Board of Directors must consist of not less than three but no more than twelve directors, including, when the Company is required, two external directors who serve pursuant to the Companies Law. Pursuant to the Company's amended and restated articles of association, each of the Company's directors (other than, when applicable, external directors, for whom special election requirements apply under the Companies Law), will be appointed by a simple majority vote of holders of the Company's voting shares, participating and voting at an annual general meeting of the Company's shareholders. In addition, the Company's directors (other than the external directors, when applicable), which may be elected only in annual meeting, are divided into three classes that are each elected at the third annual general meeting of the Company's shareholders, in a staggered fashion (such that one class is elected each annual general meeting), and serve on the Company's Board of Directors unless they are removed by a vote of 50% of the total voting power of the Company's shareholders at a general meeting of the Company's shareholders or upon the occurrence of certain events, in accordance with the Companies Law and the Company's amended and restated articles of association. In addition, the Company's amended and restated articles of association provides that in the event of a vacancy, such vacancy may be filled by (i) the Board of Directors or (ii) the shareholders by a simple majority of the voting power represented at the general meeting of the shareholders; provided, however, that shareholders shall have the sole and exclusive authority to appoint a director to fill any vacancy resulting from the removal of a director by shareholders at a general meeting of the shareholders (or resulting from the resignation of a director(s) who has resigned at any time following the submission of a shareholder proposal to remove him or her and prior to his or her removal at the general meeting. A director that was appointed by (i) the Board of Directors to fill any vacancy (and, for the sake of clarity, was not thereafter appointed or elected by shareholders) shall only be until the first annual general meeting convened after such appointment or (ii) shareholders to fill any vacancy shall only be for the remaining period of time during which the director whose service has ended was filled would have held office.. The Company is not currently required to have external directors serving on the Company's Board of Directors, based on an exemption that the Company has elected to be governed by under the Companies Law regulations.

***Annual and Special Meetings***

Under the Israeli law and our articles of association, the Company is required to hold an annual general meeting of the Company's shareholders once every calendar year, at such time and place which shall be determined by the Company's Board of Directors, which must be no later than 15 months after the date of the previous annual general meeting. All meetings other than the annual general meeting of shareholders are referred to as special general meetings. The Company's Board of Directors may call special general meetings whenever it sees fit and upon the written request of: (a) any two of the Company's directors or of one quarter of the members of the Board of Directors in office at such time; and/or (b) one or more shareholders holding, in the aggregate, 5% of the Company's issued and outstanding share capital and at least one percent of the voting rights in the Company or a shareholder, one or more, who owns at least 5% of the voting rights in the Company (the "Non Exempted Holding"). However, under a new exemption applicable as of March 12, 2024, the board of directors of an Israeli company whose shares are listed outside of Israel, shall convene a special meeting at the request of one or more shareholders holding at least ten percent (10%) of the issued and outstanding share capital instead of five (5%) in the past, and at least one percent (1%) of the voting rights in the company, or one or more shareholders holding at least ten percent (10%) of the voting rights in the company, provided that if the applicable law as applicable to companies incorporated in the

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country which the Company is listed for trade, establishes a right to demand convening of such a meeting for those holding a percentage of holdings lower than ten percent (10%), then the Non Exempted Holding shall apply.

Resolutions regarding the following matters must be passed at a general meeting of the Company's shareholders:

● amendments to the Company's amended and restated articles of association;

● the exercise of the Company's Board of Director's powers if the Company's Board of Directors is unable to exercise its powers;

● appointment or termination of the Company's auditors;

● appointment of directors;

● approval of acts and transactions requiring general meeting approval pursuant to the provisions of the Companies Law and any other applicable law;

● increases or reductions of the Company's authorized share capital; and

● a merger (as such term is defined in the Companies Law).

***Notices***

The Companies Law and our articles of association require that a notice of any annual or special shareholders meeting be provided at least 14 or 21 days prior to the meeting, as the case may be, and if the agenda of the meeting includes the appointment or removal of directors, the approval of transactions with office holders or interested or related parties, approval of the chairman of the board or his relative to serve as the general manager or to exercise his powers and approval of the general manager or his relative to serve as the chairman of the board or to exercise his powers,, notice must be provided at least 35 days prior to the meeting.

***Quorum***

Under our amended and restated articles of association, the quorum required for the Company's general meetings consists of at least two shareholders present in person or by proxy, who hold or represent between them at least 25% of the total outstanding voting rights (instead of 33 1/3% of the issued share capital required under the Nasdaq Listing Rules). If within half an hour of the time appointed for the general meeting a quorum is not present, the general meeting shall stand adjourned either to (1) the same day of the following week, at the same hour and in the same place, (2) to such other date, time and place as prescribed in the notice to the shareholders and in such adjourned meeting, or (3) to such day and at such time and place as the Chairperson of the General Meeting shall determine (which may be earlier or later than the date pursuant to clause (1) above). If no quorum is present within half an hour of the time arranged, any number of shareholders participating in the meeting, shall constitute a quorum.

If a general meeting was summoned following the request of a shareholder, then a quorum required in an adjourned general meeting, shall consist of at least one or more shareholders, which holds and represents at least 5% of the company's issued and outstanding share capital and at least 1% of the company voting rights, or one or more shareholder, which holds at least 5% of the Company's voting rights.

***Adoption of Resolutions***

The Company's amended and restated articles of association provide that all resolutions in the Company's shareholders' meetings require a simple majority of the vote of the shareholders attending the general meeting, unless otherwise required under the Companies Law or the Company's amended and

------

restated articles of association. A shareholder of the Company may vote in a general meeting in person, by proxy or by a written ballot. The Company's amended and restated articles of association do not provide the Company's shareholders with any cumulative voting rights.

**Changing Rights Attached to Shares**

Unless otherwise provided by the terms of the shares and subject to any applicable law, in order to change the rights attached to any class of shares, such change must be adopted by the general meeting of the affected class or by a written consent of all the shareholders of the affected class.

The enlargement of an existing class of shares or the issuance of additional shares thereof shall not be deemed to modify the rights attached to the previously issued shares of such class or of any other class, unless otherwise provided by the terms of the shares.

**Limitations on the Rights to Own Ordinary Shares**

There are no limitations on the right to own the Company's securities*.*

***Provisions Restricting Change in Control of the Company***

There are no specific provisions of the Company's amended and restated articles of association that would have an effect of delaying, deferring or preventing a change in control of the Company or that would operate only with respect to a merger, acquisition or corporate restructuring involving the Company (or the Company's subsidiaries). However, as described below, certain provisions of the Companies Law may have such effect.

The Companies Law includes provisions that allow a merger transaction and requires that each company that is a party to the merger have the transaction approved by its Board of Directors and, unless certain requirements described under the Companies Law are met, a vote of the majority of its shares and, in the case of the target company, also a majority vote of each class of its shares.. For purposes of the shareholder vote of each party, unless a court rules otherwise, the merger will not be deemed approved if shares representing a majority of the voting power present at the shareholders meeting and which are not held by the other party to the merger (or by any person who holds 25% or more of the voting power or the right to appoint 25% or more of the directors of the other party) vote against the merger. If, however, the merger involves a merger with a company's own controlling shareholder or if the controlling shareholder has a personal interest in the merger, then the merger will be subject to the same Special Majority approval that governs all extraordinary transactions with controlling shareholders instead. Upon the request of a creditor of either party to the proposed merger, the court may delay or prevent the merger if it concludes that there exists a reasonable concern that as a result of the merger the surviving company will be unable to satisfy the obligations of any of the parties to the merger, and may further give instructions to secure the rights of creditors. If the transaction would have been approved by the shareholders of a merging company but did not receive the separate approval of each class or the exclusion of the votes of certain shareholders as provided above, a court may still approve the merger upon the petition of holders of at least 25% of the voting rights of a company. For such petition to be granted, the court must find that the merger is fair and reasonable, taking into account the value of the parties to the merger and the consideration offered to the shareholders. In addition, a merger may not be completed unless at least (1) 50 days have passed from the time that the requisite proposals for approval of the merger were filed with the Israeli Registrar of Companies by each merging company and (2) 30 days have passed since the merger was approved by the shareholders of each merging company.

The Companies Law also provides that, subject to certain exceptions, an acquisition of shares in a public company must be made by means of a "special" tender offer if as a result of the acquisition (1) the purchaser would become a 25% or greater shareholder of the company, unless there is already another 25% or greater shareholder of the company or (2) the purchaser would become a 45% or greater shareholder of the company, unless there is already a 45% or greater shareholder of the company. These requirements do not apply if, in general, the acquisition (1) was made in a private placement that received a shareholders'

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approval as a private placement intended to make the offeree a 25% or greater shareholder of the company, unless there is already another 25% or greater shareholder of the company or a 45% or greater shareholder of the company, unless there is already a 45% or greater shareholder of the company, (2) was from a 25% or greater shareholder of the company which resulted in the acquirer becoming a 25% or greater shareholder of the company, or (3) was from a 45% or greater shareholder of the company which resulted in the acquirer becoming a 45% or greater shareholder of the company. A "special" tender offer must be extended to all shareholders, and may be consummated only if (1) at least 5% of the company's outstanding shares will be acquired by the offeror and (2) the number of shares tendered in the offer exceeds the number of shares whose holders objected to the offer.

If, as a result of an acquisition of shares, the acquirer will hold more than 90% of a company's outstanding shares, the acquisition must be made by means of a tender offer for all of the outstanding shares. In general, if less than 5% of the outstanding shares are not tendered in the tender offer and more than half of the offerees who have no personal interest in the offer tendered their shares, all the shares that the acquirer offered to purchase will be transferred to it. Shareholders may request from the court appraisal rights in connection with a full tender offer for a period of six months following the consummation of the tender offer, but the acquirer is entitled to stipulate that tendering shareholders will forfeit such appraisal rights.

The Companies Law provides that any resolution to change the articles of association so that a certain provision may only be changed by a special majority of the shareholders (as shall be defined in such resolution) shall require the same special majority of the shareholders.

Lastly, Israeli tax law treats some acquisitions, such as stock-for-stock exchanges between an Israeli company and a foreign company, less favorably than U.S. tax laws. For example, Israeli tax law may, under certain circumstances, subject a shareholder who exchanges his Ordinary Shares for shares in another corporation to taxation prior to the sale of the shares received in such stock-for-stock swap.

**Borrowing Powers** 

Pursuant to the Companies Law and the Company's amended and restated articles of association, the Company's Board of Directors may exercise all powers and take all actions that are not required under law or under the Company's amended and restated articles of association to be exercised or taken by the Company's shareholders, including the power to borrow money for company purposes.

**Differences between law of different jurisdictions**

Not applicable.

**Changes in the Company's Capital**

The general meeting may, by a simple majority vote of the shareholders attending the general meeting:

------

● increase the Company's registered share capital by the creation of new shares from the existing class or a new class, as determined by the general meeting;

● cancel any registered share capital which has not been taken or agreed to be taken by any person;

● consolidate and divide all or any of the Company's share capital into shares of larger nominal value than the Company's existing shares;

● subdivide the Company's existing shares or any of them, the Company's share capital or any of it, into shares of smaller nominal value than is fixed;

● reduce the Company's share capital and any fund reserved for capital redemption in any manner, and with and subject to any incident authorized, and consent required, by the Companies Law; and

● reduce shares from the Company's share capital.

**Debt Securities**

The Company does not have any debt securities that are registered under Section 12 of the Securities Exchange Act of 1934, as amended.

**Warrants and Rights**

The Company does not have any warrants or rights that are registered under Section 12 of the Securities Exchange Act of 1934, as amended.

**Other Securities**

The Company does not have any other securities that are registered under Section 12 of the Securities Exchange Act of 1934, as amended.

**Name of the Depositary**

The Bank of New York Mellon, as depositary, will register and deliver ADSs. Each ADS will represent one share (or a right to receive one share) deposited with the Bank of New York Mellon. Each ADS will also represent any other securities, cash or other property which may be held by the depositary. The deposited shares together with any other securities, cash or other property held by the depository are referred to as the deposited securities. The depositary's office at which the ADSs will be administered and its principal executive office are located at 240 Greenwich Street New York, NY 10286.

**American Depositary Shares**

A holder of the Company's ADSs (the "Holder") may hold ADSs either (A) directly (i) by having American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific number of ADSs, registered in the Holder's name, or (ii) by having uncertificated ADSs registered in the Holder's name, or (B) indirectly by holding a security entitlement in ADSs through the ADS Holder's broker or other financial institution that is a direct or indirect participant in The Depository Trust Company, or DTC. If the Holder hold ADSs directly, the Holder is a registered ADS holder, also referred to as an ADS holder. This description assumes the Holder is an ADS holder. If the Holder holds the ADSs indirectly, the Holder must rely on the procedures of the Holder's broker or other financial institution to assert the rights of ADS holders described in this section. The Holder should consult with his broker or financial institution to find out what those procedures are.

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Registered holders of uncertificated ADSs will receive statements from the depositary confirming their holdings.

ADS holders may not be treated as one of our shareholders and will not have direct shareholder rights. Israeli law governs shareholder rights, while the depositary serves as the registered holder of the shares underlying the ADSs. Registered holders of ADSs, will have ADS holder rights as outlined in the deposit agreement. New York law governs the deposit agreement and the ADSs.

However, recent case law has provided important clarification regarding the intersection of New York law governing deposit agreements and Israeli law governing shareholder rights. In a significant decision involving our company, the court concluded that ADS holders retain certain rights under Israeli law which companies must respect, despite the specific terms of deposit agreements.

The court determined that while the deposit agreement is governed by New York law, certain rights and obligations remain subject to Israeli law's mandatory provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deposit agreements do not fully encapsulate all rights, and Israeli law's mandatory provisions continue to apply

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ADS holders may have limited voting rights that can be exercised when permitted by the company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Companies cannot unilaterally limit ADS holder rights solely through deposit agreement terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The deposit agreement and Israeli law collectively govern ADS holder rights.

Therefore, while the deposit agreement establishes the primary rights of our ADS holder under New York law, our ADS holders may also have certain additional rights under Israeli law as determined by applicable Israeli corporate law and mandatory provisions that cannot be waived by the deposit agreement.

The following is a summary of the material provisions of the deposit agreement. For more complete information, the Holder should read the entire deposit agreement and the form of ADR.

**Dividends and Other Distributions**

***How will the Holder receive dividends and other distributions on the shares?***

The depositary has agreed to pay or distribute to ADS holders the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, upon payment or deduction of its fees and expenses. The Holder will receive these distributions in proportion to the number of shares the Holder's ADSs represent.

***Cash***.

The depositary will convert any cash dividend or other cash distribution the Company pays on the shares into U.S. dollars, if it can do so on a reasonable basis and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and cannot be obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. It will hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest.

Before making a distribution, any withholding taxes, or other governmental charges that must be paid will be deducted. The depository will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, the Holder may lose some or all of the value of the distribution*.*

***Shares****.*

The depositary may distribute additional ADSs representing any shares the Company distributes as a dividend or free distribution. The depositary will only distribute whole ADSs. It will sell shares which would require it to deliver a fraction of an ADS (or ADSs representing those shares) and distribute the net

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proceeds in the same way as it does with cash. If the depositary does not distribute additional ADSs, the outstanding ADSs will also represent the new shares. The depositary may sell a portion of the distributed shares (or ADSs representing those shares) sufficient to pay its fees and expenses in connection with that distribution.

***Rights to purchase additional shares****.*

If the Company offers holders of the Company's securities any rights to subscribe for additional shares or any other rights, the depositary may (i) exercise those rights on behalf of ADS holders, (ii) distribute those rights to ADS holders or (iii) sell those rights and distribute the net proceeds to ADS holders, in each case after deduction or upon payment of its fees and expenses. To the extent the depositary does not do any of those things, it will allow the rights to lapse. *In that case, the Holder will receive no value for them.*

The depositary will exercise or distribute rights only if the Company ask it to and provide satisfactory assurances to the depositary that it is legal to do so. If the depositary will exercise rights, it will purchase the securities to which the rights relate and distribute those securities or, in the case of shares, new ADSs representing the new shares, to subscribing ADS holders, but only if ADS holders have paid the exercise price to the depositary.

U.S. securities laws may restrict the ability of the depositary to distribute rights or ADSs or other securities issued on exercise of rights to all or certain ADS holders, and the securities distributed may be able subject to restrictions on transfer.

***Other Distributions****.*

The depositary will send to ADS holders anything else the Company distributes on deposited securities by any means it thinks is legal, fair and practical. If it cannot make the distribution in that way, the depositary has a choice. It may decide to sell what the Company distributed and distributes the net proceeds, in the same way as it does with cash. Or, it may decide to hold what the Company distributed, in which case ADSs will also represent the newly distributed property. However, the depositary is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory evidence from the Company that it is legal to make that distribution. The depositary may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that distribution. U.S. securities laws may restrict the ability of the depositary to distribute securities to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. The Company has no obligation to register ADSs, shares, rights or other securities under the Securities Act. The Company also has no obligation to take any other action to permit the distribution of ADSs, shares, rights or anything else to ADS holders. *This means that the Holder may not receive the distributions the Company makes on the Company's shares or any value for them if it is illegal or impractical for the Company to make them available to the Holder*.

**Fees and Expenses**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Persons depositing or withdrawing shares or ADS holders must pay:*** | ***&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For:*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.00 (or less) per 100 ADSs (or portion of 100 ADSs). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property. Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$.05 (or less) per ADS. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any cash distribution to ADS holders. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$.05 (or less) per ADS per calendar year. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depositary services. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration or transfer fees. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses of the depositary. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement). Converting foreign currency to U.S. dollars. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As necessary. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any charges incurred by the depositary or its agents for servicing the deposited securities. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As necessary. |

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The depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable (or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.

From time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.

The depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used or obtained in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to the depositary's obligations under the deposit agreement. The methodology used to determine exchange rates used in currency conversions is available upon request.

**Liability of Holders for Taxes, Duties or Other Charges**

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Any tax or other governmental charge with respect to ADSs or any deposited ordinary shares represented by any ADS shall be payable by the holder of such ADS to the depositary. The depositary may refuse to effect transfer of such ADS or any withdrawal of deposited ordinary shares represented by such ADS until such payment is made, and may withhold any dividends or other distributions or may sell for the account of the holder any part or all of the deposited ordinary shares represented by such ADS and may apply such dividends or distributions or the proceeds of any such sale in payment of any such tax or other governmental charge and the holder of such ADS shall remain liable for any deficiency.

**Deposit, Withdrawal and Cancellation**

***How are ADSs issued?***

The depositary will deliver ADSs if the Holder or the Holder's broker deposits shares or evidence of rights to receive shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names the Holder requests and will deliver the ADSs to or upon the order of the person or persons that made the deposit.

***How can ADS holders withdraw the deposited securities?***

The Holder may surrender his ADSs for the purpose of withdrawal at the depositary's office. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will deliver the shares and any other deposited securities underlying the ADSs to the ADS holder or a person the ADS holder designates at the office of the custodian. Or, at the Holder's request, risk and expense, the depositary will deliver the deposited securities at its office, if feasible. However, the depository is not required to accept surrender of ADSs to the extent it would require delivery of a fraction of a deposited share of other security. The depositary may charge the Holder a fee and its expenses for instructing the custodian regarding delivery of deposited securities.

***How do ADS holders interchange between certificated ADSs and uncertificated ADSs?***

The Holder may surrender his ADR to the depositary for the purpose of exchanging the Holder's ADR for uncertificated ADSs. The depositary will cancel that ADR and will send to the ADS holder a statement confirming that the ADS holder is the registered holder of uncertificated ADSs. Upon receipt by the depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the depositary will execute and deliver to the ADS holder an ADR evidencing those ADSs.

**Voting Rights**

***How do the Holder vote?***

ADS holders may instruct the depositary how to vote the number of deposited shares their ADSs represent. If the Company request, the depositary to solicit the Holder's voting instructions (and the Company is not required to do so), the depositary will notify ADS holders of a shareholders' meeting and send or make voting materials to them if the Company asks it to. Those materials will describe the matters to be voted on and explain how ADS holders may instruct the depositary how to vote. For instructions to be valid, they must reach the depositary by a date set by the depositary.

The depositary will try, as far as practical, subject to the laws of the State of Israel and of the Company's articles of association or similar documents, to vote or to have its agents vote the shares or other deposited securities as instructed by ADS holders. If the Company does not request the depositary to solicit the Holder's voting instructions, the Holder can still send voting instructions, and, in that case, the depositary may try to vote as the Holder instruct, but it is not required to do so.

**Amendment and Termination**

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We may agree with the depositary to amend the deposit agreement and the ADSs without consent of the ADS holders for any reason. If an amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items, or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, ADS holders are considered, by continuing to hold your ADSs, to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended.

The Company may initiate termination of the deposit agreement by notice to the depositary. The depositary may initiate termination of this deposit agreement if (i) at any time 60 days shall have expired after the depositary delivered to the Company a written resignation notice and a successor depositary has not been appointed and accepted its appointment, (ii) an Insolvency Event or Delisting Event (each as defined in the deposit agreement) occurs with respect to the Company or (iii) a Termination Option Event (as defined in the deposit agreement) has occurred or will occur. If termination of the deposit agreement is initiated, the depositary shall disseminate a notice of termination to the owners of all ADSs then outstanding setting a date for termination (the "<u>Termination Date</u>"), which shall be at least 90 days after the date of that notice, and the deposit agreement will terminate on the Termination Date.

**Shareholder communications; inspection of register of holders of ADSs**

The depositary will make available for inspection by owners at its office any reports, notices and other communications, including any proxy soliciting material, received from the Company which are both (a) received by the depositary as the holder of the deposited securities and (b) made generally available to the holders of those deposited securities by the Company. The Company will furnish reports and communications to the depositary in English, to the extent such materials are required to be translated into English pursuant to any regulations of the SEC.

The depositary will keep books for the registration of ADSs and transfers of ADSs, which shall be open for inspection by the owners at the depositary's office during regular business hours, <u>provided</u> that such inspection shall not be for the purpose of communicating with owners in the interest of a business or object other than the business of the Company or a matter related to the deposit agreement or the ADSs.

**Listing**

The Company's ADSs are listed on the Nasdaq Capital Market under the symbol "NNDM."

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## Exhibit 10.13

**Exhibit 10.13**

# Executive Employment Agreement
This Executive Employment Agreement ("Agreement") is made and entered into as of September 7, 2025 by and between MarkForged Inc., a Delaware corporation (the "**Company**"), and David Stehlin (the "**Executive**").

**WHEREAS,** the Company desires to employ the Executive as the Global Chief Executive Officer of the Company and its Affiliates, as defined in Section 1 below (collectively, the "**Group**"); and

**WHEREAS,** the Executive desires to accept such employment upon the terms and conditions set forth herein;

**NOW, THEREFORE,** in consideration of the foregoing premises and the mutual covenants contained herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Employment.**

The Company hereby employs the Executive, and the Executive hereby accepts employment with the Company, as the Chief Executive Officer of the Group. This is a full-time, salaried, exempt position. Executive agrees to serve as an officer and/or director of the Company's Affiliate(s) upon request. "**Affiliate**" means any entity which controls, is controlled by, or is under common control with the Company, where "control" means the possession, directly or indirectly, of the power to direct the management and policies of an entity whether through the ownership of voting securities, contract or otherwise. The parent entity of the Group is Nano Dimension Ltd., an Israeli company ("**Parent**").

Executive will devote his business time and energy primarily to his duties to the Company and the Group. The Company acknowledges and agrees that Executive may continue to serve as Chief Executive Officer of Telecommunications Industry Association, which is not a competitor to the Group, and as a volunteer, unpaid board member of American National Standards Institute (ANSI). The Executive shall not otherwise serve as an officer, director, employee, consultant or advisor of, or perform services with or without compensation for, any entity not affiliated with the Company without the prior written consent of the board of directors of the Parent.

Executive will be based in New Jersey. Executive acknowledges that frequent domestic and foreign travel will be required.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Term.**

The term of this Agreement shall commence on September 8, 2025 ("**Start Date**") and shall continue through September 7, 2026 (the "**Term**"), unless earlier terminated in accordance with Section 5 below. The parties may extend the Term by mutual written agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Duties and Responsibilities.**

The Executive shall serve as the Global Chief Executive Officer of the Group and shall

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have the following duties and responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Oversee the day-to-day operations of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Develop and implement the Group's strategic plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Represent the Group to its stakeholders, including shareholders, employees, customers, and the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Ensure compliance with all applicable federal, state, and local employment laws, including but not limited to labor standards, anti-discrimination regulations, wage and hour laws, and workplace rights laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Comply with all Group policies, as in effect from time to time including, but not limited to, data protection, privacy, confidentiality, and information security policies, insider trading, and maintain the highest standards of data protection and privacy in all business activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Perform such other duties and responsibilities as may be assigned by the board of directors of the Parent from time to time.

Executive's performance will be formally evaluated by the compensation committee and the board of directors of the Parent periodically. The performance evaluation will assess the Executive's achievement of strategic objectives, operational performance, and compliance with the Group's policies and goals.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Base Salary:** Executive shall receive an annual base salary of $550,000 payable in accordance with the Company's regular payroll practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Equity Compensation:** The CEO shall be granted $1,000,000 in Restricted Stock Units (RSUs) of the ordinary shares of Parent (the "Equity Grant"). The Equity Grant will vest monthly commencing on the Start Date, subject to the Executive's continued employment with the Company or an Affiliate of the Company. The specific terms and conditions of the Equity Grant will be governed by the Parent's equity incentive plan and a separate RSU award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Benefits:** Executive shall be entitled to participate in all employee benefit plans and programs generally made available to senior executives of the Company, including, but not limited to, health insurance, life insurance, disability insurance, and retirement plans. All benefits provided shall comply with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**For Cause:** The Company may terminate the Executive's employment for "Cause" at any time, with or without notice. "Cause" shall include, but not be limited to, the following, in each case as reasonably determined by the board of directors of the Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Conduct that constitutes fraud, gross negligence or willful misconduct in the performance of the Executive's duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Breach of this Agreement or any other material agreement between the Executive and the Company or the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The indictment of, or the bringing of formal charges against, Executive for a

------

felony or any crime involving moral turpitude.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Material violation of the Parent's code of conduct or ethics policies, or breach of Executive's duty of loyalty or other fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Death or Disability:** This Agreement shall terminate automatically upon the death or Disability of the Executive. "Disability" shall mean the Executive's inability to perform the essential functions of the position for a period of 90 consecutive days due to a physical or mental condition, as certified by a qualified physician chosen by the board of directors of the Parent with the consent of Executive or Executive's representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Termination without Cause**: The Company may terminate this Agreement without Cause upon written notice to Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Resignation by Executive**: Executive may terminate this Agreement upon written notice to Company.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Payments upon Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Termination Without Cause:** If Executive's employment is terminated by the Company without Cause, Executive shall be entitled to receive the following severance benefits, subject to Executive's execution, delivery and non-revocation of a general release of claims against the Company and its Affiliates in a form approved by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)base salary for the period from the termination date through September 7, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Continued health insurance coverage through September 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Full vesting of the unvested portion of the Equity Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Termination Due to Death or Disability:** If Executive's employment is terminated for death or disability, Executive or Executive's estate (as the case shall be) shall be entitled to full vesting of the unvested portion of the Equity Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Change of Control:** Executive shall be entitled to the severance benefits set forth in subsection (a)(i) and to full vesting of the unvested portion of the Equity Grant, only if both of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Change in Control: A Change in Control (as defined below) of the Parent occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Termination Without Cause: the Executive's employment is terminated by the Company or any successor entity without Cause prior to September 7, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Definition of Change In Control:** For purposes of this Agreement, a "Change in Control" shall mean the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The acquisition by any person or group of beneficial ownership of more than 50% of the Parent's outstanding voting securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The sale or other disposition of all or substantially all of the Parent's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The approval by the Parent's board of directors and Parent's stockholders of a merger or consolidation in which the Parent is not the surviving entity other than in change of the Parent's incorporation.

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&nbsp;&nbsp;&nbsp;&nbsp;**7.** **IP; Confidentiality.**

Executive agrees that all intellectual property created during the course of employment, including but not limited to inventions, designs, developments, and works of authorship, shall be the sole and exclusive property of the Company. Executive hereby assigns all rights, title, and interest in such intellectual property to the Company and agrees to assist in documenting and protecting these intellectual property rights as needed.

Executive agrees to hold in confidence all Confidential Information (as defined below) of the Parent, the Company or its Affiliates, and not to use Confidential Information for any purpose other than the performance of Executive's duties under this Agreement. Notwithstanding the foregoing, Executive may disclose Confidential Information: (a) as required by law or legal process, after providing the Company with prompt notice to allow the Company to seek a protective order or other appropriate relief; (b) to legal or financial advisors under a duty of confidentiality; or (c) as expressly authorized in writing by the board of directors of the Parent. "Confidential Information" means any information that is not publicly known and that is used, developed, or obtained by the Company or its Affiliates in connection with its or their business, including but not limited to information relating to its products, services, strategies, pricing, customers, representatives, suppliers, employees, technology, data, and financial information. This obligation shall survive the termination of this Agreement indefinitely with respect to trade secrets and for a period of five (5) years from the date of termination for all other Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Non-Competition and Non-Solicitation.**

Executive acknowledges that in the course of Executive's employment with the Company Executive will become familiar with the Company's and the Parent's Confidential Information. In addition, Executive acknowledges Executive's services will be of special, unique and extraordinary value to the Company and the Parent. Executive understands and agrees that without Executive's employment by the Company, he would not have had, and would not continue to have, access or exposure to this Confidential Information. Executive further understands and agrees that this Confidential Information and other relationships take a long time to develop and are the product of substantial investment by Company and the Parent. Executive understands and agrees that Company has a legitimate and protectable interest in protecting the Confidential Information and its customers, referral sources, employees, and other business relationships and that this Section 8 is intended to protect those interests. Therefore, Executive agrees that, without limiting any other obligation pursuant to this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Non-Competition:** During the Term of this Agreement and for a period of 1 year after the termination of this Agreement for any reason, Executive shall not directly or indirectly engage in any business that is competitive with the Group's business. For the purposes of this Agreement, "competitive business" means any enterprise engaged in the development, production, or sale of products or services similar to or substitutable for those offered by the Group in the markets served by the Group at the time of Executive's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Non-Solicitation:** During the Term of this Agreement and for a period of 2 years after the termination of this Agreement for any reason, Executive shall not directly or

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indirectly solicit or induce any employee of the Group to leave the Group's employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Return of Company Property.** Upon termination of employment for any reason, Executive agrees to promptly return to the Company all property belonging to the Group, including but not limited to all documents, data, records, computer files, equipment, and other materials related to the Group or containing Confidential Information. Executive also agrees to irretrievably delete any such Group information from any personal devices or accounts.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Non-Disparagement**. Executive shall not at any time criticize, defame, or otherwise disparage the reputation of the Company, its Affiliates, or its or their respective officers, directors, agents or employees, either orally or in writing, including on social media. The board members of the Parent shall not at any time criticize, defame, or otherwise disparage the reputation of the Executive. Notwithstanding the foregoing, nothing in this Agreement will prevent the Executive from providing truthful testimony in response to a lawful subpoena, preclude any conduct protected under any state or federal "whistleblower" law, or any other applicable law or regulation, or exercising rights protected by the National Labor Relations Act or other law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Dispute Resolution; Waiver of Jury Trial.** Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall first be submitted to mediation. If mediation is unsuccessful, the dispute shall be resolved through binding arbitration in New Jersey under the rules of the American Arbitration Association, with the Company entitled to injunctive relief from a court of competent jurisdiction to prevent breaches of this Agreement.

TO THE EXTENT PERMITTED BY LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Governing Law.**

This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Entire Agreement.**

This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Waiver.**

No waiver of any provision of this Agreement shall be effective unless in writing and signed by the party against whom the waiver is sought to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Notices.**

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All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered personally, or on the first business day following deposit

in the United States mail, postage prepaid, certified or registered, return receipt requested, addressed as follows:

If to the Company:

Nano Dimension USA, Inc. c/o Nano Dimension Ltd. 60 Tower Rd.

Waltham, MA 02451 Attention: General Counsel

If to Executive: David Stehlin

[]

or to such other addresses as either party may designate in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Binding Effect.**

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Executive's Representations**. Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which Executive is bound, (ii) Executive is not a party to or bound by any employment agreement, non-compete agreement or confidentiality agreement with any other person, business or entity or any agreement or contract, (iii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. Executive hereby acknowledges and represents that Executive has consulted with independent legal counsel regarding Executive's rights and obligations under this Agreement and that Executive fully understands the terms and conditions contained herein.

[*Signature page immediately follows*]

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**IN WITNESS WHEREOF,** the parties have executed this Agreement as of the date first written above.

## MarkForged Inc.
By: <u>/s/ Robert Pons</u> 

Name: Robert Pons

Title: Chairman of the Board

By: <u>/s/ Assaf Zipori</u> 

Name: Assaf Zipori

Title: Director

## David S. Stehlin
<u>/s/ David Stehlin</u>

Signature

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## Exhibit 10.14

**Exhibit 10.14**

# EMPLOYMENT AGREEMENT
This Employment Agreement (the "**Agreement**") is made as of October 20, 2025 or such other date as may be mutually agreed to in writing by the parties hereto, between Nano Dimension Ltd., (the "**Parent**"), Markforged, Inc., (the "**Company**" and together with its subsidiaries and Parent and its subsidiaries, the "**Company Group**") and John Brenton (the "**Executive**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**<u>Employment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Term</u>. The term of Executive's employment with the Company pursuant to this Agreement shall commence as of November 2, 2025 (the "**Start Date**"). The Executive's employment with the Company under this Agreement is "at will" and may be terminated by either party at any time and for any reason subject to the terms of this Agreement (the period of time during which Executive is employed by the Company, the "**Employment Term**" and the date on which the Executive's employment with the Company is terminated, the "**Termination Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Position and Duties</u>. During the Term, Executive shall have the title of "**Chief Financial Officer**" and shall report directly to the Chief Executive Officer of Parent. In such capacity, Executive shall perform such services and duties in connection with the business, affairs and operations of Company Group as may lawfully be directed, assigned or delegated to Executive from time to time by the Chief Executive Officer and/or the Board of Directors of Parent (the "**Board**"). During the Term, Executive shall devote Executive's full business time and efforts to the business and affairs of the Company Group. Notwithstanding the foregoing, Executive may engage in religious, charitable or other community activities as long as such activities are disclosed in advance and in writing to the Board and do not interfere with Executive's performance of his duties to the Company Group. If requested by the Board, Executive shall serve as a director and/or officer of the Company or Parent for no additional consideration (aside from what is already provided for in this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Place of Performance</u>. Executive shall be based in Waltham, Massachusetts, except for travel that is required in connection with Executive's employment hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**<u>Compensation and Related Matters</u>**. Subject to the approval of (i) the Compensation Committee (the "Committee") of the Board and (ii) the Board, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Base Salary</u>. During the Term, Executive's annual base salary shall be at an annualized rate of $325,000, which shall be payable in a manner that is consistent with the Company's usual payroll practices for senior-level employees in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Annual Bonus</u>. During the Term, Executive will have the opportunity to receive a discretionary annual bonus for each calendar year in which Executive is employed by the Company

(each, an "**Annual Bonus**"), in the amount of $150,000, subject to applicable tax withholdings, subject to the satisfaction of performance goals to be set by the Board within its discretion and, if earned, shall be payable in a manner that is consistent with the Company Group's usual practices for senior-level employees in effect from time to time; provided that, for 2025 Executive will only

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be eligible to receive a pro-rated Annual Bonus based on the number of days the Executive is employed by the Company Group for 2025. Notwithstanding anything herein to the contrary, in order to be eligible to receive an Annual Bonus, Executive must be employed by the Company on the date that such Annual Bonus is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Expenses</u>. Executive shall be entitled to receive reimbursement for all reasonable and documented out-of-pocket expenses incurred by Executive during the Term in performing services hereunder, in accordance with the expense reimbursement policies and procedures that are then in effect and established by the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Equity</u>. Promptly following the date of this Agreement, subject to the approval of the Board, Parent shall grant Executive an award of 135,000 restricted share units (the "**RSUs**"). The RSUs shall be subject to the terms and conditions of Parent's Employee Stock Option Plan (2015), as amended from time to time (the "**Equity Plan**") and shall vest in four (4) equal semi-annual installments over the two-year period following the Start Date, subject to Executive's continued service with the Company Group through each such vesting date. Additionally, the Committee will determine any annual grant of equity awards, including the amount, type and terms of such equity awards, taking into consideration prevailing market compensation data for executives in comparable roles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Other Benefits</u>. During the Term, Executive shall be eligible to participate in or receive benefits under the Company Group's employee benefit plans and programs in effect from time to time, subject to the terms of such plans and programs. Nothing obligates the Company Group to implement or maintain any particular benefit plan or program; and the Company Group reserves the right to modify or terminate any benefit plan or program at any time, as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**<u>Termination of Employment</u>**. For purposes of this Section 3, a termination of the Executive's employment shall only occur if Executive ceases to be employed by any the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Termination on Death or Disability</u>. In the event of the death of the Executive during the Term, or in the event the Company terminates the employment of Executive as a result of a Disability (as defined below), the Company shall pay to the Executive or the estate or other legal representative of Executive (as appropriate): (i) the base salary provided for in Section 2(a) (at the annual rate then in effect) accrued to the Termination Date and not theretofore paid, (ii) if applicable, all unused, earned paid time off through the Termination Date at the base salary rate then in effect, and (iii) the amount of any documented out of pocket expenses properly incurred by Executive on behalf of the Company prior to any such termination and not yet reimbursed (collectively, the "**Accrued Amounts**"). Regardless of the reason for Executive's employment

termination, any portion of the Accrued Amounts that are required by applicable law to be paid on the Termination Date shall be paid on the Termination Date, and such other amounts not required by applicable law to be paid on the Termination Date shall be payable when such amounts would have been paid had Executive's employment not been terminated, but no later than sixty (60) days after the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Termination for Cause or Without Good Reason</u>. In the event the Company terminates the employment of Executive for Cause (as defined below), or Executive terminates his

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employment without Good Reason (as defined below), the Company shall pay to Executive, in accordance with the Company's customary payroll procedures and applicable laws, the Accrued Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Termination Without Cause or for Good Reason</u>**.** In the event the Company terminates the employment of Executive without Cause (other than as a result of a Disability), or Executive terminates his employment for Good Reason, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)pay to Executive, in accordance with the Company's customary payroll procedures and applicable laws, the Accrued Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)subject to (x) Executive's compliance with Executive's continuing obligations, (y) Executive's execution of a release of claims (the "**Release**"), and (z) the Release becoming effective and no longer being subject to revocation on or within 60 days following the date of termination (or such lesser period set forth in the Release) (the date on which the Release becomes effective and is no longer capable of being revoked, the "**Release Effective Date**"), provide to Executive "**Severance**" (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)"**Severance**" shall mean (1) nine (9) months of Executive's base salary (at the annual rate in effect on the Termination Date); (2) continuation of group health plan benefits to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq., with the cost of the regular premium for such benefits shared in the same relative proportion by the Company and the Executive as in effect on the Termination Date until the earlier of the end of the nine (9)-month severance period, and the date the Executive becomes eligible for health benefits through another employer or otherwise become ineligible for COBRA; and (3) notwithstanding anything to the contrary in the applicable bonus plan, if Termination Date occurs between the end of a calendar year and the date of payouts of annual bonuses for such calendar year, the Company shall pay Executive the annual bonus for such recently completed calendar year (the "**Prior Year Bonus**"), which the Company shall determine in good faith and pay in accordance with the terms of the applicable bonus plan. The Severance provided in the foregoing clauses (1) and (2) shall be payable in equal installments over the number of months of Severance owed in accordance with the Company's normal payroll practices, but no less frequently than monthly, commencing on the first regularly scheduled payroll date of the Company following the Release Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)Notwithstanding Section 3(c)(ii)(A), in the event such termination without Cause or resignation for Good Reason occurs on or within twelve (12) months following a Change in Control (as defined below): clause (1) of the Severance shall instead be twelve (12) months of Executive's base salary (at the annual rate in effect on the Termination Date) plus Executive's target bonus for the year in which the Termination Date occurs, prorated for the number of days Executive was employed during such year, and clause (2) of the Severance shall instead be twelve (12) months of continuing health benefits, in each case, payable in twelve (12) equal installments on the first regularly scheduled payroll date of the Company following the Release Effective Date, and the remainder of the Severance shall remain as provided in Section 3(c)(ii)(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)Notwithstanding anything herein to the contrary, to the extent the Severance constitutes "nonqualified deferred compensation" within the meaning of Section 409A of the Code and the 60-day period within which to execute the Release begins in one calendar year and ends in a second calendar year, the payment of Severance shall be paid or commence to be

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paid in the second calendar year by the last day of such 60-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Certain Definitions</u>. For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"**Cause**" means: (i) conduct by Executive constituting an act of misconduct in connection with the performance of Executive's duties, including, without limitation, misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of such property for personal purposes; (ii) the commission by Executive of (A) any felony or (B) a misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) any conduct by Executive that would reasonably be expected to result in injury or reputational harm to the Company or any of its subsidiaries and affiliates if Executive were retained in Executive's position; (iv) continued non- performance by Executive of Executive's duties to the Company or any of its subsidiaries and affiliates (other than by reason of Executive's physical or mental illness, incapacity or Disability) which has continued for more than 30 days following written notice of such non-performance from the Board; (v) a material violation by Executive of the Company's written employment policies or code(s) of conduct; (vi) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Board or the Company to cooperate, or the destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation; or (vii) failure to abide by any material provision of any confidentiality, non-competition, non-solicitation, assignment, or restrictive covenant agreement Executive has with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)"**Change in Control**" means (i) the sale or transfer by the Company of all or substantially all of its assets (which means at least 70% or more of its assets) on a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company's outstanding voting power and outstanding shares immediately prior to such transaction do not own a majority of the outstanding voting power and outstanding

share or other equity interests of the resulting or successor entity (or its ultimate parent, if applicable) immediately upon completion of such transaction, or (iii) any other transaction in which the owners of the Company's outstanding voting power immediately prior to such transaction do not own at least a majority of the outstanding voting power of the Company or any successor entity immediately upon completion of the transaction other than as a result of the acquisition of securities directly from the Company, but only to the extent such events constitute a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company that complies with the requirements set forth in Treas. Reg. 1.409A-3(i)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)"**Code**" means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)"**Disability**" means that the Company has determined that Executive is disabled within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)"**Good Reason**" means that Executive has complied with the Good Reason Process (hereinafter defined) following the occurrence of any of the following events without

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Executive's consent: (i) a material diminution in Executive's base salary except for across-the-board salary reductions based on the Company's financial performance similarly affecting all or substantially all senior management employees of the Company; (ii) a material diminution in Executive's responsibilities, authority, or duties; (iii) a material change in the principal geographic location at which Executive is required to provide services to the Company; (iv) the Executive reporting to a role other than the Chief Executive Officer of the Company, or (v) a material breach by the Company of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)"**Good Reason Process**" means that (i) Executive reasonably determines in good faith that a Good Reason condition has occurred; (ii) Executive notifies the Company in writing of the first occurrence of the Good Reason condition within 30 days of the first occurrence of such condition; (iii) Executive cooperates in good faith with the Company's efforts, for a period not less than 30 days following such notice (the "Cure Period"), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) Executive terminates Executive's employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**<u>Continuing Obligations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Restrictive Covenants Agreement</u>. As a condition of Executive's employment, Executive is required to enter into the Restrictive Covenants Agreement enclosed with this Agreement (attached hereto as **Exhibit A**). For purposes of this Agreement, the obligations in this Agreement and those that arise in the Restrictive Covenants Agreement and any other agreement

relating to confidentiality, assignment of inventions, or other restrictive covenants shall collectively be referred to as the "**Continuing Obligations**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Third Party Agreements and Rights</u>. Executive hereby confirms that Executive not bound by the terms of any agreement with any previous employer or other party which restricts Executive's engagement in the Company Group's, business in any way, other than confidentiality restrictions (if any). Executive represents to the Company Group that Executive's execution of this Agreement, Executive's employment with the Company and the performance of Executive's proposed duties for the Company Group will not violate any obligations Executive may have to any such previous employer or other party. In Executive's work for the Company Group, except as permitted by the Company Group, Executive will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**<u>Withholding</u>**. All payments made by the Company to Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**<u>Assignment; Successors and Assigns</u>.** Executive may not make any assignment of this Agreement or any interest herein, by operation of law or otherwise. The Company may assign its rights under this Agreement without any further consent to any person or entity, including any

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successor in interest to the Company and including in the event that the Company shall effect a reorganization, consolidate with or merge into any other corporation, limited liability company, partnership, organization or other entity, or transfer all or substantially all of its properties or assets to any other corporation, limited liability company, partnership, organization or other entity, in which event all references to the "Company" shall be deemed to mean the assignee or a designated affiliate of the assignee. Executive hereby consents to such assignment as set forth in the immediately preceding sentence and further acknowledges and agrees that no further consent by Executive is necessary to make such assignment. This Agreement shall inure to the benefit of and be binding upon the Company and Executive, and their respective successors, executors, administrators, heirs and (in the case of the Company) permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**<u>Severability</u>.** Each provision and portion thereof in this Agreement is intended to be and is severable. If any one or more of the provisions (or portions thereof) contained in this Agreement shall for any reason be determined by a court of competent jurisdiction to be unenforceable, such court shall reform such provision (to the extent permitted by law) to the minimum extent required so that the reformed provision (or portion thereof) is enforceable under applicable law. If, following implementation of the preceding sentence, any provisions (or portions thereof) contained in this Agreement shall, for any reason, be held by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions or portions of this Agreement, and this Agreement shall be construed as if such

invalid, illegal or unenforceable provision or portion had never been contained herein, and each other provision and portion shall be valid and enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**<u>Survival</u>.** The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of Executive's employment to the extent necessary to effectuate the terms contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**<u>Waiver</u>.** No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**<u>Notices</u>**. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and (a) delivered in person; (b) sent by a nationally recognized overnight courier service; or (c) sent by registered or certified mail, to Executive at the last home address Executive has on file with the Company or, in the case of the Company or Parent, at its main office address, attention of the Board, with a copy sent by email to each member of the Board at the time such notice is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**<u>Integration</u>.** This Agreement and the Restrictive Covenants Agreement (which is incorporated by reference into this Agreement) (combined, the "**Employment Documents**") constitute the entire agreement between the parties with respect to the subject matter hereof (i.e., Executive's employment with the Company) and supersede all prior agreements between the parties with respect to the subject matter hereof, including, without limitation, any offer letter, employment agreement or other agreement or understanding relating to compensation, benefits, or

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other terms and conditions of employment between the Company and Executive; <u>provided</u> that, notwithstanding the foregoing, the Employment Documents do not in any way merge with or supersede, but rather, are in addition to and supplement any confidentiality, non-competition, non-solicitation, assignment, or restrictive covenant agreement Executive has with, owes to, has been assigned to, and/or inures to the benefit of the Company Group or any of its subsidiaries, affiliates, or related entities under any other agreement or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**<u>Amendment</u>.** This Agreement may be amended or modified only by a written instrument signed by Executive and by a duly authorized representative of the Company and Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**<u>Governing Law; Waiver of Jury Trial</u>.** This Agreement shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such State that may lead to the application of the laws of any other jurisdiction. **EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR EXECUTIVE'S EMPLOYMENT WITH THE COMPANY.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**<u>Counterparts</u>.** This Agreement may be executed in any number of counterparts (including by facsimile, PDF or other electronically-delivered signature), each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**<u>Section 409A</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive's separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive's separation from service would be considered deferred compensation otherwise subject to the twenty percent (20%) additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six (6) months and one (1) day after the Executive's separation from service, or (B) the Executive's death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six- (6)-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in- kind benefits provided or reimbursable expenses incurred in one (1) taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except

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for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the extent that any payment or benefit described in this Agreement constitutes "non-qualified deferred compensation" under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive's termination of employment, then such payments or benefits shall be payable only upon the Executive's "separation from service." The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that

all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Neither Parent nor the Company makes any representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, this Agreement shall be effective as of the Start Date.

# NANO DIMENSION LTD.
By: <u>/s/ David Stehlin</u> 

Name: David Stehlin

Title: Chief Executive Officer

Date:10/27/2025

# MARKFORGED, INC.
By: <u>/s/ David Stehlin</u> 

Name: David Stehlin

Title: Chief Executive Officer

Date: 10/27/2025

**JOHN BRENTON**

<u>/s/ John Brenton</u> 

Date: 10/21/2025

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# <u>EXHIBIT B</u> 
**<u>RESTRICTIVE COVENANT AGREEMENT</u>**

This Restrictive Covenant Agreement (this "**Agreement**") is knowingly and voluntarily made and entered into as of October 20, 2025, by and between Markforged, Inc., a Delaware corporation (the "**Company**"), and the individual whose name is set forth on the signature page hereto (hereinafter, the "**Employee**"). Certain capitalized terms are defined in Section 7 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**<u>Confidential Information</u>**. Except as otherwise provided in this Agreement, the Employee shall not at any time divulge, communicate, use to the detriment of the Company or any Related Entity, use for the benefit of himself or herself or any other Person, or misuse in any way, any Confidential Information. Any Confidential Information now or hereafter acquired by the Employee shall be deemed a valuable, special and unique asset of the Company and the Related Entities that is received by the Employee in confidence and as a fiduciary, and the Employee shall remain a fiduciary to the Company and the Related Entities with respect to all such Confidential Information. Notwithstanding the foregoing, nothing herein shall be deemed to restrict the Employee from disclosing Confidential Information as required to perform the Employee's duties to the Company or any Related Entity or to the extent required by law. If any Person makes a demand on the Employee purporting to legally compel him or her to divulge any Confidential Information, the Employee shall as promptly as reasonably practicable give notice of the demand to the Company (unless such notice is prohibited by law) so that the Company may first assess whether to challenge the demand prior to the Employee's divulging of such Confidential Information. The Employee shall not, unless required by law, divulge such Confidential Information until the Company either has concluded not to challenge the demand, or has exhausted its challenge, including appeals, if any. Following the Termination Date and at any other time upon the Company's request, the Employee shall deliver promptly to the Company all memoranda, notes, records, reports, manuals, drawings, designs, computer files in any media and other documents (and all copies thereof) containing Confidential Information other than the copies of the Employee's agreements with the Company or any Related Entity, which the Employee may retain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**<u>Non-competition</u>**. The Employee and the Company agree that the Employee holds or will hold a unique position of trust and confidence that will afford him or her access to Confidential Information, including trade secrets, such that the Company and the Related Entities would likely suffer significant and irreparable harm from the Employee competing with the Company or any Related Entity during the Employee's employment with the Company or any Related Entity and/or after the Termination Date. The Employee and the Company further agree that the Company and the Related Entities do business throughout the United States. Accordingly, subject to the state-specific modifications in Appendix A, in consideration of the foregoing, at all times during the Restricted Period the Employee shall not, directly or indirectly (whether as a principal, agent, partner, employee, officer, investor, owner, consultant, director, manager, security holder, creditor or otherwise), engage in any Competitive Activity (including through an

investment firm), or have any direct or indirect interest in any Person that engages in a Competitive Activity (including through an investment firm); provided that the foregoing shall not apply to the acquisition by the Employee, solely as a passive investment (and not, for the avoidance of doubt, providing consulting or other advice with respect to such investment), of securities of any issuer

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that are registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934, and that are listed or admitted for trading on any United States national securities exchange, provided that such securities represent less than two percent (2%) of such issuer's capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**<u>Non-solicitation of Employees and Certain Other Third Parties</u>**. At all times during the Restricted Period, the Employee shall not, directly or indirectly, for himself or herself or for any other Person (i) employ or attempt to employ, or enter into any contractual arrangement of the Company with, any current or former employee, consultant or independent contractor of the Company or any Related Entity other than a former employee, consultant or independent contractor whose employment or engagement with the Company and its Related Entities ceased more than one (1) year prior thereto, (ii) solicit or engage in business with any of the actual or targeted prospective customers or clients of the Company or any Related Entity, on behalf of any Person in connection with any Competitive Activity, other than in connection with the performance of the Employee's duties for the Company or any Related Entity, or (iii) persuade or encourage or attempt to persuade or encourage any Person with whom the Company or any Related Entity does business or has some business relationship to cease doing business or to terminate or alter its business relationship with the Company or any Related Entity or to engage in any Competitive Activity on its own or with any competitor of the Company or any Related Entity; provided, that the foregoing shall not prohibit non-targeted solicitations or search inquiries, open notices or general media advertisements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**<u>Ownership of Developments</u>**.

of creation of the Work Product, without any requirement of further consideration, to the Company, or one or more of its designees, any right, title, or interest the Employee may have in such Work Product. Employee agrees the assignment of the Work Product includes all rights of paternity, integrity, attribution and withdrawal and any other rights known as, or substantially similar to, "moral rights." To the extent such moral rights may not be assigned under applicable law, Employee hereby waives such moral rights and consents to any action in connection therewith, including any violation of such moral rights, in the absence of such consent. Upon the request of the Company, the Employee shall take such reasonable actions, including review,

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execution and delivery of instruments of conveyance, as may be appropriate to give full and proper effect to such assignment. The Employee shall further: (i) promptly disclose the Work Product to the Company;

(ii) assign to the Company or its assignee, without additional compensation, all patent or other rights to such Work Product for the United States and foreign countries; (iii) sign all papers necessary to carry out the foregoing; and (iv) give testimony in support of the Employee's inventions of Work Product, all at the sole cost and expense of the Company. If the Company or any Related Entity is unable because of Employee's mental or physical incapacity, unavailability, refusal or for any other reason to secure Employee's signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering Work Product assigned to the Company or any Related Entity as above, then Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Employee's agent and attorney in fact, to act for and in Employee's behalf and stead to execute and file any such applications, execute all required documentation and to do all other lawfully permitted acts to further the prosecution, issuance and maintenance of letters patent or copyright registrations thereon with the same legal force and effect as if executed by Employee. Employee understands and agrees that the decision whether or not to use, exploit, commercialize or market any Work Product developed by Employee solely or jointly with others is within the Company and the Related Entities' sole discretion and for the Company and the Related Entities' sole benefit and that no royalty or other consideration will be due to Employee as a result of the Company or any Related Entity' efforts to use, exploit, commercialize or market any such Work Product. Notwithstanding anything herein to the contrary, the provisions of this Agreement requiring or relating to the assignment of Inventions to the Company do not apply to any Invention for which no equipment, supplies, facility or trade secret information of the Company or any Related Entity was used and which was developed entirely on the Employee's own time, and (1) which does not relate (a) directly to the business of the Company or any Related Entity or (b) to the Company's or any Related Entity' actual or demonstrably anticipated research or development, or (2) which does not result from any work performed by the Employee for the Company or any Related Entity. The Employee shall promptly notify the Company in writing of any Inventions that the Employee believes are eligible for the exclusion described in the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Records**. Employee shall maintain adequate and current written records of all Work Product made by Employee (solely or jointly with others) while Employee is employed by or providing services to the Company or any Related Entity. Such records will be available to and remain the sole property of the Company and the Related Entities at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Prior Inventions and Other Inventions**. The Employee will not include in any Inventions that the Employee delivers to the Company or any Related Entity or use on their behalf, without the prior written approval of the Company, any material which is or will be patented, copyrighted or trademarked by the Employee or others unless the Employee provides the Company with the written permission of the holder of any patent, copyright or trademark owner for the Company to use such material in a manner consistent with then-current Company policy. If in the course of Employee's employment with the Company, the Employee incorporates or incorporated into a product, process or service of the Company or any Related Entity an Invention which the Employee has not prepared or originated in the performance of the Employee's services to the Company and the Related Entities, but which the Employee provides or provided to the Company or the Related Entities or incorporates or incorporated in any product or system of the Company or any Related Entity, and which is owned by Employee or in which Employee has an

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interest (a "**Prior Invention**"), Employee hereby grants to the Company and the Related Entities a non-exclusive, royalty-free, fully paid-up, irrevocable, transferable, perpetual, worldwide license to make, have made, modify, use and sell such Prior Invention as part of or in connection with any product, process or service and to practice any method related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**<u>Books and Records</u>**. All books, records, and accounts relating in any manner to the customers or clients of the Company or any Related Entity, whether prepared by the Employee or otherwise coming into the Employee's possession during the Employee's employment with the Company, shall be the exclusive property of the Company and the Related Entities and shall be returned as promptly as practicable to the Company on termination of the Employee's employment or on the Company's request at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**<u>Non-Disparagement</u>**. The Employee agrees that during the Employee's employment with the Company or any Related Entity and thereafter the Employee will not make any false, misleading or disparaging statements about (i) the Company or any Related Entity, (ii) any of the direct or indirect equity holders of the Company or any Related Entity, or (iii) any of the products, services, directors, managers, officers, employees or customers of any entity described in the immediately preceding clauses (i) or (ii). Notwithstanding the preceding sentence, nothing in this Section 6 shall abrogate or restrict in any manner the Employee's rights, if any, under Section 7 of the National Labor Relations Act or the Employee's rights to discuss the terms and conditions of Employee's employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**<u>Definitions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"**Business**" means Additive Manufacturing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"**Competitive Activity**" means an activity and/or communication that is of the same or a similar type as the type of activities and/or communications that the Employee engaged in while employed by the Company and that is in direct or indirect competition with the Company or any Related Entity with respect to the Business in any area of the United States, or any state, district, territory, possession or other jurisdiction of the United States, in which the Employee worked for the Company or any Related Entity or over which the Employee had

responsibilities for the Company or any Related Entity or with respect to which the Employee performed services for the Company or any Related Entity, or in any other country or jurisdiction anywhere in the world in which the Company or any Related Entity conducts business in which the Employee worked for the Company or any Related Entity or over which the Employee had responsibilities for the Company or any Related Entity or with respect to which the Employee performed services for the Company or any Related Entity or in which the Company and or any Related Entity, to the knowledge of the Employee, is as of the Termination Date taking substantial steps to do business with the Employee's past or current assistance. "**Competitive Activity**" shall be limited to the type of activities in which Employee is substantively involved during the twelve

(12) month period prior to the Termination Date. Further the geographical areas will be limited to all territories that Employee has (a) provided services, either directly or remotely, and/or (b) had a material presence or influence in, on behalf of the Company, within the two (2) years prior to the Termination Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"**Confidential Information**" means all "trade secrets," as defined under applicable law (including non-public information which derives independent economic value,

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actual or potential, from not being generally known to, and not being readily ascertainable through proper means by, another person or entity who can obtain economic value from the disclosure or use of the information and is the subject of efforts that are reasonable under the circumstances to maintain its secrecy), and other information about the Company or any Related Entity or any of their respective businesses, disclosed to the Employee or known by the Employee as a consequence of or through the unique position of the Employee's employment with or services to the Company or any Related Entity (including information conceived, originated, discovered or developed by the Employee and information acquired by the Company or any Related Entity from others) prior to or during the Employee's employment with the Company or any Related Entity. Confidential Information includes, but is not limited to, (i) such information related to the Company's or any Related Entity's inventions, ideas, concepts, designs, computer software, circuits, schematics, formulas, algorithms, strategies, trade secrets, works of authorship, mask works, developmental or experimental work, processes, techniques, improvements, business methods, processes of manufacturing, know-how, data, data bases, financial information and forecasts, product plans, marketing plans and strategies, price lists, client and customer lists and contractual obligations and terms thereof, data, documentation and other information in whatever form disclosed, financial statements, financial projections, business plans, listings and contractual obligations and terms thereof, components of intellectual property, unique designs, methods of manufacturing or other technology and (ii) any of the proprietary playbooks the Company or any of its affiliates, and any work product or derivation of the work product from any of the Company's or any of its affiliates' operational tools or other confidential or proprietary information or documents. Confidential Information does not include: (i) information that is or becomes generally publicly known to others who are not under any obligation or other duty of confidentiality to the Company or any Related Entity with respect to the information, without breach by the Employee of Section 1 of this Agreement; (ii) information already known to the Employee before obtaining access to Confidential Information; (iii) information lawfully provided to the Employee by a third party who is not under any obligation or other duty of confidentiality to the Company, any Related Entity or

others with respect to the information; and (iv) information that is independently developed by the Employee without the use of Confidential Information as evidenced by the Employee's written records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"**Person**" means any natural person, sole proprietorship, partnership, corporation, limited liability company, bank, organization, firm, business, joint venture, association, trust or other entity and any government agency, body or authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"**Related Entity**" means (i) each direct or indirect subsidiary or joint venture of the Company (whether or not wholly owned); and (ii) each direct or indirect parent entity of the Company (whether or not the Company is a wholly owned subsidiary of such direct or indirect parent entity); and (iii) each direct or indirect subsidiary or joint venture of any such direct or indirect parent entity (whether or not a wholly owned subsidiary of such direct or indirect parent entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"**Restricted Period**" means the Employee's employment with the Company or any Related Entity and the twelve (12) consecutive months period after the Termination Date, whether Employee's termination of employment was voluntary or involuntary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"**Termination Date**" means the date on which the Employee's employment with the Company and the Related Entities terminates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**<u>Acknowledgment by Employee</u>**. The Employee acknowledges and confirms that the restrictive covenants contained in this Agreement (including the length of the term of the provisions of this Agreement) are reasonably necessary to protect the legitimate business interests of the Company and the Related Entities. The Employee further acknowledges and confirms that the compensation payable to the Employee by the Company and the Related Entities in consideration for the duties and obligations of the Employee hereunder, including the restrictive covenants contained in this Agreement, and that such compensation is sufficient, fair and reasonable. The Employee agrees that the restrictive covenants set forth in this Agreement are required for the protection of the Company's legitimate interests, and Employee further agrees that such restrictive covenants do not impose an undue hardship on the Employee. The Employee acknowledges and confirms that the Employee's special knowledge of the business of the Company and the Related Entities is such as would cause the Company and the Related Entities irreparable harm or loss if the Employee were to use such ability and knowledge to the benefit of a competitor or were to compete with the Company or the Related Entities in violation of the terms of this Agreement. The Employee further acknowledges that the restrictions contained in this Agreement are intended to be, and shall be, for the benefit of and shall be enforceable by, the Company's successors and assigns. The Employee expressly agrees that upon any breach or violation of the provisions of this Agreement, the Company shall be entitled to seek, in addition to any other rights or remedies it may have, temporary and/or permanent injunctive relief in any court of competent jurisdiction as described in Section 11 hereof and such other damages as are provided at law or in equity. The existence of any claim or cause of action against the Company or the

Related Entities, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement of the restrictions contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**<u>Reformation by Court</u>**. In the event that a court of competent jurisdiction shall determine that any provision of this Agreement is invalid or more restrictive than permitted under the governing law of such jurisdiction, then only as to enforcement of this Agreement within the jurisdiction of such court, such provision shall be interpreted or reformed and enforced as if it provided for the maximum restriction permitted under such governing law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**<u>Extension of Time</u>**. If the Employee shall be in violation of any provision of this Agreement, then each time limitation set forth in this Agreement shall be extended for a period of time equal to the period of time during which such violation or violations occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**<u>Injunction</u>**. It is recognized and hereby acknowledged by the parties hereto that a breach by the Employee of any of the covenants contained in this Agreement will cause irreparable harm and damage to the Company, and the Related Entities, the monetary amount of which may be virtually impossible to ascertain. As a result, the Employee recognizes and hereby acknowledges that the Company and/or the Related Entities shall be entitled to seek a temporary and/or permanent injunction (without a requirement to post bond if permitted by the court in which such action is brought) from any court of competent jurisdiction enjoining and restraining any violation of any or all of the covenants contained in this Agreement by the Employee or any of the Employee's affiliates, associates, partners or agents, either directly or indirectly, and that such right to injunction shall be cumulative and in addition to whatever other remedies the Company may possess. Employee and the Company agree that the Related Entities are third-party beneficiaries of Employee's covenants in this <u>Section 11</u>, and, therefore, have standing and may

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bring an action under this <u>Section 11</u> as though they were parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**<u>Cooperation</u>**. Following the Employee's employment with the Company or any Related Entity, the Employee shall, upon reasonable advance notice with due consideration for the Employee's other business or personal commitments, attend and provide truthful testimony where deemed appropriate by the Company, with respect to any investigation or the Company's defense or prosecution of any existing or future claims or litigations or other proceedings relating to matters in which the Employee was involved or potentially had knowledge by virtue of the Employee's employment with the Company or any Related Entity. Furthermore, Employee shall, for a period of twelve (12) months following the Termination Date, and upon reasonable advance notice and with due consideration for the Employee's other business or personal commitments, give assistance and cooperation willingly in any matter relating to Employee's position with the Company or any Related Entity, or the Employee's expertise or experience, as the Company may reasonably request. In no event shall the Employee's cooperation materially interfere with the Employee's services for a subsequent employer or other similar service recipient. To the extent permitted by law, the Company agrees that it shall reimburse the Employee for the Employee's reasonable, documented and pre-approved expenses in connection with the Employee's rendering

assistance and/or cooperation under this <u>Section 12</u> upon presentation of documentation for such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**<u>Return of Company Property</u>**. Promptly following the Termination Date, the Employee or the Employee's personal representative shall return all property of the Company and any Related Entity in the Employee's possession or control, including but not limited to all computer equipment (hardware and software), telephones, facsimile machines, iPads, iPhones, smartphones and other communication devices, credit cards, office keys, security access cards, badges, identification cards and all copies (including drafts) of any documentation or information (however stored) relating to the business of the Company or any Related Entity, or any of their respective customers or clients or prospective customers or clients, other than copies of the Employee's agreements with the Company or any Related Entity, and the personal computer (after removal of Company Confidential Information) and monitor used at the Employee's home office, which the Employee may retain. Employee shall certify compliance with this provision in writing within five (5) days following the Termination Date and shall deliver such certification in accordance with the notice provision in <u>Section 19(e)</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**<u>Exceptions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Generally**. Nothing in Section 1 hereof or any other provision of this Agreement prohibits Employee from: reporting possible violations of law or regulation to any governmental agency or entity including but not limited to Department of Justice, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Commission, and any Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal, state or local law or regulation. Employee does not need the prior authorization of the Company to make any such reports or disclosures and the Employee is not required to notify the Company that Employee has made such reports or disclosures. This Agreement does not, in any way, restrict or impede Employee from exercising protected rights to the extent that such rights cannot be waived by agreement, including, but not limited to, employees' rights under Section 7 of the National Labor Relations Act, or from

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complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation, or order, or from divulging information relating to sexual harassment or sexual assault as necessary or required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Defend Trade Secrets Act Notice**. The Employee is hereby notified in accordance with the Defend Trade Secrets Act that the Employee will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (i) is made (I) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (II) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. The Employee is further notified that if the Employee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Employee may disclose

the Company's trade secrets to the Employee's attorney and use the trade secret information in the court proceeding if the Employee: (i) files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**<u>Representations, Warranties and Covenants of Employee</u>**. The Employee represents, warrants and covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Employee's employment with the Company will not conflict with or result in the Employee's breach of any agreement to which the Employee is a party or otherwise may be bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Employee has not violated, and in connection with the Employee's employment with the Company will not violate, any non-solicitation, non-competition or other restrictive covenant or agreement of a prior employer or any other Person by which the Employee is or may be bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In connection with the Employee's employment with the Company, the Employee will not use any confidential or proprietary information that the Employee may have obtained in connection with employment with any prior employer or any other Person other than the Company and its Related Entities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Employee does not perform, and during the Employee's employment with the Company will not perform, without the prior written consent of the board of directors of the Company or board of managers of the Company, as applicable, any services for compensation for himself or herself or any other Person other than the Company and its Related Entities, whether as an employee, consultant, director or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If Employee is currently employed by the Company, Employee acknowledges that Employee has been afforded at least ten (10) business days to consider the provisions of Section 2 (Non-competition). If Employee is not currently employed by the Company, Employee acknowledges that Employee has been afforded at least ten (10) business days to consider the provisions of Section 2 (Non-competition) and that Employee received this Agreement, including Section 2 (Non-competition), no later than Employee's receipt of a formal offer of employment from the Company and at least ten (10) days before the commencement of

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employment. In the event Employee signs this Agreement within ten (10) business days of receipt of this Agreement from the Company, the provisions of Section 2 (Non-competition), shall not take effect until the eleventh business day after Employee's receipt of this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.**<u>Governing Law</u>**. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of Massachusetts, without regard to principles of conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.**<u>Venue</u>**. The parties agree that (a) any suit, action or legal proceeding arising out of or relating to this Agreement which is expressly permitted by the terms of this Agreement to be brought in a court of law or which is not subject to an Arbitration Agreement shall be brought solely and exclusively in the State or Federal courts of record in Boston, Massachusetts; (b) consents to the sole and exclusive jurisdiction of each such court in any such suit, action or proceeding; (c) waives any objection which he, she or it may have to the laying of venue of any such suit, action or proceeding in any of such courts; and (d) agrees that service of any court papers may be effected on such party by certified mail, as provided in this Agreement, or in such other manner as may be provided under applicable laws or court rules in such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**<u>Waiver of Jury Trial</u>**. The Employee hereby knowingly, voluntarily and intentionally waives any right that the Employee may have to a trial by jury in respect of any litigation based hereon, or arising out of, under or in connection with this Agreement and any agreement, document or instrument contemplated to be executed in connection herewith, or any course of conduct, course of dealing statements (whether verbal or written) or actions of any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**<u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Assignment**. The Company shall have the right to assign this Agreement and any or all of its rights and obligations hereunder to any corporation or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or any portion of its assets. The Employee shall not assign or transfer this Agreement or any rights or obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**No Limitation on Prior Agreements**. This Agreement shall not supersede, limit or otherwise affect the validity or enforceability of any other non-competition, non-solicitation, non-interference, confidentiality, non-disparagement or similar agreement or instrument by which the Employee is bound for the benefit of the Company or any Related Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Amendment**. This Agreement may not be modified in any way unless by a written instrument signed by both an authorized officer of the Company (other than the Employee) and the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Survival**. The respective rights and obligations of the parties hereunder shall survive any termination of the Employee's employment with the Company and/or the Related Entities in accordance with their express terms to the extent necessary to the intended preservation of such rights and obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**Notices**. All notices and other communications given or made pursuant to

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this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal business

hours, then on the recipient's next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. Notice shall be sent (i) if to the Company, addressed to Nano Dimension Ltd., Attention: legal department, email: legal@nano-di.com; and (ii) if to the Employee, to the Employee's address or e-mail address as reflected on the payroll records of the Company, or, in each case, to such other address or e-mail address as either party shall request by notice to the other in accordance with this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**Benefits; Binding Effect**. This Agreement shall be for the benefit of and binding upon the parties hereto and their respective heirs, personal representatives, legal representatives, successors and, where permitted and applicable, assigns, including any successor to the Company, whether by merger, consolidation, sale of stock, sale of assets or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)**Right to Consult with Counsel; No Drafting Party**. The Employee acknowledges having read and considered all of the provisions of this Agreement carefully and having had the opportunity to consult with counsel of the Employee's own choosing, and given this, the Employee agrees that the obligations created hereby are not unreasonable. The Employee acknowledges that the Employee has had an opportunity to negotiate any and all of these provisions and no rule of construction shall be used that would interpret any provision in favor of or against a party on the basis of who drafted the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)**Severability**. The invalidity of any one or more of the words, phrases, sentences, clauses, provisions, sections or articles contained in this Agreement shall not affect the enforceability of the remaining portions of this Agreement or any part thereof, all of which are inserted conditionally on their being valid in law, and, in the event that any one or more of the words, phrases, sentences, clauses, provisions, sections or articles contained in this Agreement shall be declared invalid, this Agreement shall be construed as if such invalid word or words, phrase or phrases, sentence or sentences, clause or clauses, provision or provisions, section or sections or article or articles had not been inserted. If such invalidity is caused by length of time or size of area, or both, the otherwise invalid provision will be considered to be reduced to a period or area which would cure such invalidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**Waivers**. The waiver by either party hereto of a breach or violation of any term or provision of this Agreement shall not operate nor be construed as a waiver of any subsequent breach or violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)**Damages**. Nothing contained herein shall be construed to prevent the Company or the Employee from seeking and recovering from the other damages sustained by either or both of them as a result of its, his or her breach of any term or provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)**Interpretation**. The article, section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or

interpretation of this Agreement. The terms "include," "including" and "includes" mean "include,

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without limitation," "including, without limitation" and "includes, without limitation," respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)**No Third-Party Beneficiary**. Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give any person other than the parties hereto, the Related Entities and their respective heirs, personal representatives, legal representatives, successors and permitted assigns, any rights or remedies under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)**Counterparts**. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

[*Signature page follows*]

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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

# NANO DIMENSION LTD.
By: <u>/s/ David Stehlin</u> 

Name: David Stehlin

Title: Chief Executive Officer

Date: 10/27/2025

# MARKFORGED, INC.
By: <u>/s/ David Stehlin</u> 

Name: David Stehlin

Title: Chief Executive Officer

Date: 10/27/2025

**JOHN BRENTON**

<u>/s/ John Brenton</u>

Date:10/21/2025

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## Appendix A
**State-Specific Modifications**

Massachusetts

The following provisions shall apply to Section 2 (Non-competition) only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Section 2 shall not apply to employees who are classified as nonexempt under the Fair Labor Standards Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In the event that Employee's employment is involuntarily terminated by the Company without cause or if Employee is laid off, Section 2 only shall be void. For purposes of this Agreement, "**cause**" shall have the meaning set forth in the Employee's written employment agreement with the Company. A termination for "cause" may be based on conduct that takes place in or outside of the workplace. The determination as to whether "cause" exists for purposes of this Agreement shall be made in the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless the Company provides a written notice to the Employee that meets the requirements of the next sentence, the Restricted Period for purposes of Section 2 shall terminate on the Termination Date. The Company in its sole discretion may elect to extend the Restricted Period for purposes of Section 2 until the date that is twelve (12) months following the Termination Date if the Company provides Employee with written notice of its election:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on or before the last day of Employee's employment with the Company pursuant to an involuntary termination by the Company for "cause", or (b) within two weeks after the Company's receipt of written notice from Employee of his or her resignation from employment (an "Opt-In Notice"). Provided that the Company provides an Opt-In Notice, and provided that Employee complies with the terms of this Agreement, including the non-compete provisions in Section 2, the Company will pay Employee bi-weekly consideration equal to 50% of Employee's highest annualized base salary within the two (2) years prior to the Termination Date (the "**Restricted Period Compensation**"), paid on a pro rata basis during the twelve (12) months following the Termination Date (the "**Post-Employment Restricted Period**") in accordance with the Company's normal payroll schedule. These payments will commence on the next regular payroll date following the Termination Date and shall be subject to all applicable withholdings. During the Post-Employment Restricted Period, Employee understands that he or she will not be an employee of the Company and will not be eligible to accrue (i) any bonuses, commissions, or other benefits, including, but not limited to any retirement contributions previously made by the Company; and (ii) any vacation/sick/paid time off. Any vacation/sick/paid time off accrued prior to the Termination Date will be paid in accordance with applicable law and Company policies. If the Company begins paying Employee the Restricted Period Compensation, the Company will continue making payments during the Post-Employment Restricted Period unless Employee: (i) breaches his or her fiduciary duty to the Company; (ii) unlawfully takes property belonging to the Company; or (iii) violates the Agreement in any way; at which

time the Company will discontinue payments to the Employee provided that the Post-Employment Restricted Period shall not be affected by such discontinuation of payments. If Employee engages in the actions described in section (i) or (ii) of the immediately preceding sentence, the Post-Employment Restricted Period will be extended an additional

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twelve (12) months, resulting in a Post-Employment Restricted Period of two (2) years from the Termination Date, provided that compensation shall be paid during such additional twelve (12)-month period. If the Company does not provide an Opt-In Notice, no Restricted Period Compensation shall be paid to Employee. In the event Employee receives severance from the Company, no Restricted Period Compensation shall be paid to Employee (i.e. there shall be no duplication of payments). The Company may elect to provide an Opt-In Notice at its sole discretion.

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## Exhibit 10.15

**Exhibit 10.15**

**Separation Agreement**

This Separation Agreement (the "**Agreement**") is made and entered into as of June 9, 2025, by and between **Nano Dimension Ltd.**, registration number 520029109 (the "**Company**"), and its affiliates, including **Nano Dimension Technologies Ltd.,** registration number 514791870, and **Mr. Tomer Pinchas**, I.D. number [] ("**Tomer**") (each, a "**Party**" and collectively, the "**Parties**").

**Whereas** following a mediation process, the Parties have reached binding undertakings, as set forth in the Binding Letter of Understanding signed on March 27, 2025 (the "**LOU**"); and

**Whereas** pursuant to Section 3.1 of the LOU, the Parties have agreed to enter into this Agreement under the terms and conditions specified herein.

**NOW, THEREFORE**, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1.The preamble to this Agreement constitutes an integral part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;2.Unless otherwise specified, all references to the Company shall also apply to Nano Dimension Technologies Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;3.All capitalized Terms used herein that are not defined shall have the respective meaning ascribed to them in the LOU.

&nbsp;&nbsp;&nbsp;&nbsp;4.**<u>Notice Period and Termination Date</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.The employment relationship between Tomer and the Company shall terminate on June 10, 2025 (the "**Termination Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.The Termination Date shall not be extended for any reason, including, but not limited to, sick leave, annual leave, fertility treatments, or reserve duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.During the Notice Period and until the Termination Date, Tomer shall not be required to attend the Company's offices or perform any work duties, unless specifically requested by the Company's management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.During the Notice Period and until the Termination Date, Tomer shall be entitled to receive his salary (gross NIS 56,000), Global Overtime Compensation (gross NIS 14,000), and all social benefits and entitlements as stipulated in his Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;5.**<u>Termination Rights by Termination Date</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.In the July pay slip for June 2025, a final settlement of accounts will be made in accordance with applicable law, which shall include the following payments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1.Last Salary and Global Overtime Compensation up to the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2.Travel expenses incurred by the Employee up to the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3.Payment for unused vacation days accrued up to the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4.Payment of recreation pay (pro-rated for the portion of the year worked) up to the Termination Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.5.For the avoidance of doubt, all RSUs specified under the LOU will continue to vest under Section 102 of the Israeli Income Tax Ordinance, subject to the terms and conditions of the LOU, up to and including the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.The Company shall provide Tomer with Form 161 and a notice regarding the release of funds accumulated in the Manager's Insurance/Pension Fund and Study Fund in Tomer's name.

&nbsp;&nbsp;&nbsp;&nbsp;6.**<u>Post Termination Support</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.Following the Termination Date, Tomer shall remain available to the Company, as needed, for a period of six (6) months (the "**Initial Period**"). The Initial Period shall conclude on December 10, 2025 (the "**Release Date"**), unless extended by mutual written agreement of the Parties. For the avoidance of doubt, during the Initial Period, Tomer may engage in other employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.In consideration of Tomer's availability and any support he may provide during the Initial Period, as detailed in Section 4 of the LOU, Tomer shall be entitled to the continued vesting of his RSUs in accordance with their applicable vesting schedule for the duration of the Initial Period and subject to the terms and conditions under the LOU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.If Tomer is requested by the Company to provide support in accordance with Section 4 of the LOU and refuses to do so, and Adv. Zeev Pearl, serving as arbitrator, instructs him to provide such support after hearing both parties, Tomer shall be entitled to any RSUs that vested pro rata on a daily basis during the term until the Termination Date and the Initial Period up to the date of such refusal, and he shall cease to be entitled to any further RSU vesting from that date forward. Any such request for support shall be made in good faith and in accordance with standard industry practice. In the event a dispute arises regarding whether a request or a refusal was made in good faith, in accordance with such practice, or in accordance with Section 4 of the LOU, the matter shall be resolved by Adv. Zeev Pearl, who will serve as arbitrator according to Section 7.2 of the LOU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.For further avoidance of doubt, if Tomer is not requested to provide any support during the Initial Period, he shall remain entitled to the continued vesting of his RSUs in accordance with their vesting schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.For the avoidance of doubt, no portion of the RSUs granted to Tomer shall vest following the completion of the Initial Period, subject to the release of the Mutual Waiver Agreement from escrow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.During the Initial Period, any support provided by Tomer shall be rendered in the capacity of an independent consultant. Accordingly, the RSUs shall be taxed under Section 3(i) of the Israeli Income Tax Ordinance and not under Section 102.

&nbsp;&nbsp;&nbsp;&nbsp;7.**<u>Return of Property</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.Unless otherwise agreed to by the Company in advance and in writing, upon

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completion of the Initial Period and as of the Release Date, Tomer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1.Deliver to the Company (and shall not keep in his possession, recreate, or deliver to anyone else) all devices, laptops, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, documents relating to the Company's accounting, other documents or property, or reproductions of any of the aforementioned items developed or received by Tomer pursuant to his employment with the Company or otherwise belonging to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2.Permanently and irrevocably delete and not make any use of all correspondence with the Company or its shareholders, officers, or advisors, including, without limitation, any e-mails, written instruments, recorded conversations, or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;8.**<u>Proprietary Information; Invention Assignment; Non-Compete and Non-Solicitation</u>**. Tomer hereby agrees and declares that, notwithstanding the termination of his employment with the Company, he will continue to comply with all of his obligations concerning proprietary information, non-disclosure, assignment of inventions, non-solicitation, non-competition, and any other undertaking that survives termination of the Employment Agreement or any engagement with the Company, as further detailed in Appendix B of the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9.**<u>Confidentiality</u>**. The Parties agree that the terms and conditions of this Agreement shall remain confidential at all times and shall not be disclosed to any other person, including employees of the Company. Notwithstanding the foregoing, Tomer may present this Agreement to his legal or tax advisors and to tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;10.**<u>No Disparagement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.Tomer agrees and undertakes not to make, directly or indirectly, any disparaging or defamatory statements, whether written, oral, or otherwise, about the Company, its affiliated entities, or any of their respective shareholders, officers, directors, employees, products, or services (collectively, the "**Released Parties**"), in any manner or forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.The Company, and any director or employee involved in this separation, jointly and severally agree and undertake that neither they nor anyone on their behalf shall, directly or indirectly, make any disparaging or defamatory statements, whether written, oral, or otherwise, about Tomer in any manner or forum.

&nbsp;&nbsp;&nbsp;&nbsp;11.**<u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.Tomer shall be solely responsible for all tax payments arising from the rights and benefits granted under this Agreement. It is expressly understood that all monetary rights specified under this Agreement are gross, and that statutory taxes and other compulsory payments, including, but not limited to, health insurance contributions and national insurance contributions, shall be deducted from such amounts and from all rights and benefits received by Tomer pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.By signing this Agreement, Tomer represents that he has reviewed and thoroughly

------

examined this Agreement, has had sufficient opportunity to seek legal counsel regarding this Agreement and his rights, and that he is entering into this Agreement voluntarily and without reservation. The Parties further acknowledge that this Agreement shall be legally binding upon them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.Subject to the release of the Mutual Waiver Agreement from escrow, the payments and benefits provided to Tomer under this Agreement shall constitute the sole, full, and maximum obligation of the Company to Tomer, whether financial or otherwise, under this Agreement or any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.This Agreement shall be governed by and construed solely in accordance with the laws of the State of Israel. Any dispute between the Parties relating to this Agreement and the Final Agreements will be resolved by Adv. Zeev Pearl, who will serve as arbitrator. The Parties will be bound by the decisions of Adv. Zeev Pearl as arbitrator under the Israeli Arbitration Law, 1968.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.Nothing in this Agreement shall constitute or be construed as an admission of liability or responsibility by either Party toward the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.This Agreement, together with the LOU and the Waiver and Release Agreement, constitutes the entire agreement and understanding between the Parties concerning Tomer's termination and supersedes and replaces any and all prior agreements. This Agreement may only be amended in writing, and any amendment shall be subject to the mutual consent of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.This Agreement constitutes an acknowledgment of compromise, waiver, and dismissal pursuant to Section 29 of the Severance Pay Law, 1963.

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Nano Dimension Ltd.** | &nbsp;&nbsp;**Tomer Pinchas** |
| &nbsp;&nbsp;Authorized Signatory: | &nbsp;&nbsp;Signature: <u>/s/ Tomer Pinchas</u> |
| &nbsp;&nbsp; Ofir Baharav | &nbsp;&nbsp;Date: June 9, 2025 |
| &nbsp;&nbsp;Signature: <u>/s/ Ofir Baharav</u> |  |
| &nbsp;&nbsp;Date: 6/11/2025 |  |

---

------

## Exhibit 10.16

**Exhibit 10.16**

# <u>Separation Settlement Agreement and Release</u> 
This Separation Settlement Agreement and Release (the "**Agreement**") is made and entered into as of July 30, 2025, by and between **Nano Dimension Ltd.**, registration number 520029109 (the "**Company**"), and its affiliates, including **Nano Dimension Technologies Ltd.,** registration number 514791870, and **Mr. Julien Lederman**, I.D. number [] (the "**Employee**") (each, a "**Party**" and collectively, the "**Parties**").

**WHEREAS**, the Employee has been employed at the Company commencing on March 8, 2021, under the terms and conditions determined in the employment agreement dated March 2, 2021, as was amended from time to time (the "**Employment Agreement**"); and

**WHEREAS,** on July 17, 2025, the Employee notified the Company of his immediate resignation and the termination of his employment with the Company, effective as of July 17, 2025; and

**WHEREAS,** the Parties mutually wish to enter into a final settlement of all matters relating to the Employee's employment with the Company, including all rights, payments, and affairs arising from or related to such employment and its termination, under the terms and conditions set forth under this Agreement; and

**NOW, THEREFORE**, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1.The preamble to this Agreement constitutes an integral part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;2.Unless otherwise specified, all references to the Company shall refer to Nano Dimension Ltd. and Nano Dimension Technologies Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;3.All capitalized terms used herein that are not defined shall have the respective meanings ascribed to them in the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;4.**<u>Termination Date; Cessation of Involvement</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.Pursuant to the Employee's request and resignation notice, the employment relationship between the Employee and the Company terminated as of July 17, 2025 (the "**Termination Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.<u>Resignation from Office</u>. Concurrently with the execution of this Agreement, Employee shall resign from the Board of Directors of the Company and/ or any of its affiliate and to that end, shall sign certain resignation letters as requested by the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.The Parties acknowledge, confirm and agree that effective as of the Termination Date, the Employee (i) shall cease from acting as the Company's Chief Business Officer, or any other position in the Company and in its affiliates as a director, an employee, representative or agent and shall not present himself as such; (ii) shall have no authority to act for or on behalf of the Company and its affiliates; and (iii) shall have no signature rights or authority to bind the Company and its affiliates in any manner, monetarily or otherwise, all with no further action or notice required by either of the Parties.

The Employee shall execute any documents necessary in order to affect the foregoing, including without limitation signing (if requested) any applicable corporate or bank documents required for updating the Company's/affiliates signatory rights composition, including with the bank and with applicable governmental authorities and in any other place, instance or authority in which the

Employee is listed as an authorized signatory of the Company and/or its affiliates.

------

**Exhibit 10.13**

&nbsp;&nbsp;&nbsp;&nbsp;5.**<u>Termination Rights by Termination Date</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.In the payslip for July 2025 (issued in August 2025), a final settlement of accounts will be made in accordance with applicable law, which shall include the following payments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1.The last salary and monthly compensation up to the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2.Payment for unused vacation days accrued up to the Termination Date, in a total gross amount of 95,837.57 NIS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3.Payment of recreation pay (pro-rated for the portion of the year worked) up to the Termination Date, in a total gross amount of 2,579.06 NIS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4.The Company shall provide the Employee with Form 161 and a notice regarding the release of funds accumulated in the Manager's Insurance/Pension Fund and Study Fund in his name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.5.Subject to the Employee's fulfillment of this Agreement and compliance with the declarations and obligations herein, and as a full and final settlement between the Company and the Employee, the Company, ex gratia and beyond any legal obligation, shall pay the Employee a gross amount of NIS 80,000 in lieu of a one-month notice period, notwithstanding that the Employee did not provide such notice upon resignation. In consideration of this payment, the Employee undertakes to remain available to the Company following the Termination Date and to respond in good faith to any questions or requests for information the Company may have in connection with the Employee's employment, duties, or the transfer of such duties. The payment in lieu of the one-month notice period will be included in the July payslip issued in August and in August payslip issued in September.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.6.For the avoidance of doubt, the Employee shall be entitled to exercise only those Restricted Share Units ("**RSUs**") that have vested as of the Termination Date and remain unexercised, which, as of the Termination Date, total 159,583 RSUs. The exercise of such vested RSUs shall be strictly subject to the terms and conditions set forth in the applicable grant agreement and any relevant plan documents. The Employee acknowledges and agrees that the RSUs are currently subject to a lock-up period and further undertakes not to exercise any vested RSUs prior to the expiration of such lock-up period.

&nbsp;&nbsp;&nbsp;&nbsp;6.**<u>Return of Property</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.Deliver to the Company (and shall not keep in his possession, recreate, or deliver to anyone else) all devices (excluding Company's laptop, which the Employee may keep), Company's cell phone, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, documents relating to the Company's accounting, other documents or property, or reproductions of any of the aforementioned items developed or received by the Employee pursuant to his employment with the Company or otherwise belonging to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1.The Employee hereby undertakes to permanently and irrevocably delete from privet devices, and not make any use of, all correspondence with the Company or its shareholders, officers, or advisors, including, without limitation, any emails, written instruments, recorded conversations, or other forms of correspondence.

------

**Exhibit 10.13**

&nbsp;&nbsp;&nbsp;&nbsp;7.**<u>Proprietary Information; Invention Assignment; Non-Compete and Non-Solicitation</u>**. The Employee agrees and acknowledges that, notwithstanding the termination of his employment with the Company, he will continue to comply with all obligations concerning proprietary information, non-disclosure, assignment of inventions, non-solicitation, non-competition, and any other undertakings that survive termination of the Employment Agreement or any engagement with the Company, as further detailed in Appendix B of the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;8.**<u>Waiver and Release.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.The Employee acknowledges that in this Agreement he has been compensated by the Company for the Employment Agreement and all rights in conjunction with his employment with the Company and/or termination of his employment and that no other compensations are owed to him. The Employee further acknowledges that he is not entitled to receive any additional consideration beyond the consideration provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.Subject to the Company's fulfillment of this Agreement, the Employee and/or his heirs, successors, and assignees, by signing this Agreement, fully, forever, irrevocably, and unconditionally release, remise, and discharge the Company, including related and affiliated companies and all of their respective founders, shareholders, officers, directors, agents, and employees (the "**Released Parties**"), from any and all claims, demands, actions, causes of action, suits, debts, reckonings, agreements, promises, obligations, and liabilities of every kind and nature relating to any matter, whether presently known or unknown, suspected or unsuspected, including without limitation: (i) any and all claims relating to or arising out of his employment relationship with the Company and/or the termination thereof, and any and all claims relating to or arising out of the Employment Agreement and its termination, including salary payments, vacation days and their redemption, recreation payment, notice period or payment in lieu of notice period, sickness payment, travel expenses, salary differences, overtime payment, social allocations, payments to pension funds and/or insurance and/or study fund, bonuses, awards, any payment or compensation under Section 134 of the Israeli Patents Law, 1967, options, shares, RSUs, bonuses, commissions, severance payment and/or completion of severance payment and/or other rights or payments to which the Employee is entitled due to or as a result of his employment with the Company and/or the termination thereof and/or any other legal or contractual rights under the Employment Agreement and/or under any law and/or jurisdiction and/or collective bargaining agreement or extension thereof; (ii) any and all claims concerning any other agreement signed between the Company and the Employee or any other kind of engagement between the Employee and the Company or any of the Released Parties; (iii) any and all claims regarding the modifications in Employee's positions, roles, responsibilities, or reporting structure that constitute a material adverse and the termination of his employment with the Company, including the termination process and any hearing process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.It is agreed that if the Employee presents any demand or files any action against the Released Parties or breaches his undertakings under the Employment Agreement and its appendices and/or under this Agreement, the Employee will immediately return to the Company the payment in lieu of one month's notice period, granted to him by the Company beyond its legal requirements, plus legal interest and linkage to the cost of living index.

&nbsp;&nbsp;&nbsp;&nbsp;9.**<u>Confidentiality</u>**. The Parties agree that the terms and conditions of this Agreement shall remain confidential at all times and shall not be disclosed to any other person, including employees of the Company. Notwithstanding the foregoing, the Employee may present this Agreement to his legal or tax advisors and to tax authorities.

------

**Exhibit 10.13**

&nbsp;&nbsp;&nbsp;&nbsp;10.**<u>No Disparagement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.The Employee agrees and undertakes not to make, directly or indirectly, any disparaging or defamatory statements, whether written, oral, or otherwise, about the Released Parties (as defined in Section 8 above), in any manner or forum. The Employee acknowledges that a breach of this provision may result in liquidated damages in an amount to be determined by a competent court.

The Company, and any director or employee involved in this separation, jointly and severally agree and undertake that neither they nor anyone on their behalf shall, directly or indirectly, make any disparaging or defamatory statements, whether written, oral, or otherwise, about the Employee in any manner or forum.

&nbsp;&nbsp;&nbsp;&nbsp;11.**<u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.The Employee shall be solely responsible for all tax payments arising from the rights and benefits granted under this Agreement. It is expressly understood that all monetary rights specified under this Agreement are gross, and that statutory taxes and other compulsory payments, including but not limited to health insurance contributions and national insurance contributions, shall be deducted from such amounts and from all rights and benefits received by the Employee pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.The Employee shall indemnify and hold harmless the Company and its affiliates from and against any and all tax liabilities, penalties, or interest assessed against the Company as a result of any failure by the Employee to pay taxes due in connection with any payments or benefits provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.By signing this Agreement, the Employee represents that he has reviewed and thoroughly examined this Agreement, has had sufficient opportunity to seek legal counsel regarding this Agreement and his rights, and that he is entering into this Agreement voluntarily and without reservation. The Parties further acknowledge that this Agreement shall be legally binding upon them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.This Agreement shall be governed by and construed solely in accordance with the laws of the State of Israel and shall be subject to the exclusive jurisdiction of the competent court in the District of Tel Aviv-Jaffa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.Nothing in this Agreement shall constitute or be construed as an admission of liability or responsibility by either Party toward the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be severed, and the remaining provisions shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.This Agreement constitutes the entire agreement and understanding between the Parties concerning the Employee's termination and supersedes and replaces any and all prior agreements. This Agreement may only be amended in writing, and any amendment shall be subject to the mutual consent of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8.This Agreement constitutes an acknowledgment of compromise, waiver, and dismissal pursuant to Section 29 of the Severance Pay Law, 1963.

------

**Exhibit 10.13**

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Nano Dimension Ltd.**<br>Authorized Signatory: **Assaf Zipori**<br>Signature: <u>/s/ Assaf Zipori</u><br> Date: 7/31/2025 | &nbsp;&nbsp;**Julien Lederman**<br>Signature:<u>/s/ Julien Lederman</u> Date: 7/31/2025 |
| &nbsp;&nbsp;**Nano Dimension Technologies Ltd.** Authorized Signatory: **Assaf Zipori** <br>Signature: <u>/s/ Assaf Zipori</u><br>Date: 7/31/2025 |  |

---

------

## Exhibit 10.17

**Exhibit 10.17**

## SETTLEMENT AGREEMENT AND GENERAL RELEASE
This Settlement Agreement and General Release (this "<u>Agreement</u>") is entered into between MarkForged Inc., a Delaware corporation (the "<u>Company</u>"), and Assaf Zipori (on behalf of himself and his heirs, executors, administrators, successors, and assigns, the "<u>Executive</u>"). The Effective Date of this Agreement is defined in Section 3 below.

This Agreement was provided to Executive on October 21, 2025.

<u>Recitals</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Company employed Executive as the Company's Chief Financial Officer ("<u>CFO</u>") pursuant to that certain Executive Employment Agreement dated as of April 24, 2025 between Nano Dimension Ltd. and Nano Dimension USA Inc. and Executive, and the subsequent transfer of the Employment Agreement from Nano Dimension USA Inc. to the Company by agreement dated May 8, 2025 (as so transferred, the "<u>Employment Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Under the Employment Agreement, Executive served as Global CFO of the Company and its affiliates (the "<u>Company Group</u>") including, without limitation, Nano Dimension Ltd., an Israeli company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Due to Executive's voluntary resignation, Executive's employment has terminated as of the Separation Date (as defined in Section 1 below). In consideration for and conditioned upon Executive's execution, delivery, non-revocation and performance of this Agreement, including the general release of claims set forth in Section 3 of this Agreement, the Company is offering Executive the settlement consideration set forth in Section 2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Executive desires to execute this Agreement, and be bound by the terms hereof, in exchange for Executive's receipt of the settlement consideration set forth herein.

**NOW, THEREFORE**, for the consideration set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby agreed, the Company and Executive agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Last Day of Employment; Final Wages</u>. The Employment Agreement and Executive's employment with the Company terminated as of November 1, 2025 (the "<u>Separation Date</u>"). Executive and Company acknowledge that any employment or contractual relationship between them (or between Executive and any Company Releasee, as defined below) terminated on the Separation Date, and that the parties have no other employment or contractual relationship with or obligations to the other except as may arise out of or may be specifically incorporated into this Agreement. Executive will receive, on the next payroll date following the Separation Date, Executive's wages through the Separation Date, at Executive's final base rate of pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Settlement Consideration</u>. In consideration for the Executive's release of claims set forth in this Agreement, the Company agrees to accelerate, the vesting of 50,000 Restricted Share Units, granted to Executive on April 8, 2025, under the Nano Dimension Ltd. Employee Stock Option Plan (2015) U.S.

Allocation Agreement dated April 17, 2025 (the "<u>Settlement Consideration</u>"), so that following the acceleration, said RSUs will vest as follows:

------

**Exhibit 10.13**

11,000 RSUs will vest on December 1, 2025; and

11,000 RSUs will vest on January 1, 2026; and

11,000 RSUs will vest on February 1, 2026; and

17,000 RSUs will vest on April 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Review Period; Rescission Period; Effective Date</u>. Executive has been given at least twenty-one (21) days from the date of receipt of this Agreement to consider the terms and conditions of this Agreement. To accept this Agreement, Executive must sign this Agreement on or after the Separation Date and then return it to the individual signing this Agreement on behalf of the Company as indicated below. After signing this Agreement, Executive has seven (7) days to revoke this Agreement (the "<u>Revocation Period</u>") in writing to Itay Mandel, which must be received no later than 6:00 p.m. EST on the seventh day following the date Executive signs this Agreement. The effective date of this Agreement is the eighth day following Executive's signature of this Agreement (the "<u>Effective Date</u>"), provided Executive does not revoke this Agreement during the Revocation Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>No Settlement Consideration Absent Execution of this Agreement</u>. Executive understands and agrees that if Executive chooses not to execute and return this Agreement, or if Executive revokes Executive's signature within the Revocation Period, the Company will not provide to Executive the Settlement Consideration specified in Section 2 above. Furthermore, in the event Executive materially breaches this Agreement or the surviving provisions of the Employment Agreement, Executive shall forfeit any Settlement Consideration owed to Executive under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>General Release of All Claims</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Executive Release</u>. Executive knowingly and voluntarily releases and forever waives and discharges the Company, and each member of the Company Group, their respective predecessors, insurers, successors and assigns, and their respective current and former officers, directors, employees, attorneys, and agents, both individually and in their business capacities, and their employee benefit plans and programs and their administrators and fiduciaries (collectively, the "<u>Company Releasees</u>"), of and from any and all claims, known and unknown, asserted or unasserted, which the Executive has or may have against the Company Releasees as of the date of execution of this Agreement, including, but not limited to, any alleged violation of (in the case of a law or regulation, as amended to date): The Age Discrimination in Employment Act, the Older Workers Benefit Protection Act; Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; Sections 1981 through 1988 of Title 42 of the United States Code; the Employee Retirement Income Security Act of 1974 ("ERISA") (except for any vested benefits under any tax qualified benefit plan); the Immigration Reform and Control Act; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Fair Labor Standards Act of 1938; the Worker Adjustment and Retraining Notification Act; the Occupational Safety and Health Act; the Sarbanes-Oxley Act of 2002; the Lilly Ledbetter Fair Pay Act; the Genetic Information Nondiscrimination Act; the Massachusetts Fair Employment Practices Act, Mass. Gen. Laws ch. 151B, § 1 et seq., the Massachusetts Wage Act, Mass. Gen. Laws ch. 149, § 148 et seq., the Massachusetts Civil Rights Act, Mass. Gen. Laws ch. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, Mass. Gen. Laws. ch. 93, § 102 and Mass. Gen. Laws ch. 214, § 1C, the Massachusetts Labor and Industries Act, Mass. Gen. Laws ch. 149, § 1 et seq., Mass. Gen. Laws ch. 214, § 1B (Massachusetts right of privacy law), the Massachusetts Small Necessities Leave Act, Mass. Gen. Laws ch. 149, § 52D; any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance; any public policy, contract, tort, or common law; claims for promissory estoppel or detrimental reliance,

claims for wages, bonuses, incentive compensation and severance allowances or entitlements, all claims for future equity grants other than the Settlement Consideration, wrongful discharge, all claims for fraud, slander, libel, defamation, disparagement, intentional infliction of emotional distress, invasion of privacy,

------

**Exhibit 10.13**

nonphysical injury, personal injury or sickness or any other harm, negligence, breach of contract, compensatory or punitive damages, or any other claim for damages or injury of any kind whatsoever, and all claims for monetary recovery, including, without limitation, attorneys' fees, experts' fees, medical fees or expenses, costs and disbursements; or any claim for costs, fees, or other expenses including attorneys' fees incurred in these matters.

If any claim is not subject to release, to the extent permitted by law, Executive waives any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim in which the Company or any other Company Releasee is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company knowingly and voluntarily releases and forever waives and discharges the Executive and the Executive's heirs and assigns (collectively, the "<u>Executive Releasees</u>"), of and from any and all claims, known and unknown, asserted or unasserted, which the Company has or may have against the Executive Releasees as of the date of execution of this Agreement, any federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance; any public policy, contract, tort, or common law; claims for promissory estoppel or detrimental reliance, all claims for fraud, slander, libel, defamation, disparagement, intentional infliction of emotional distress, invasion of privacy, nonphysical injury, personal injury or sickness or any other harm, negligence, breach of contract, compensatory or punitive damages, or any other claim for damages or injury of any kind whatsoever, and all claims for monetary recovery, including, without limitation, attorneys' fees, experts' fees, medical fees or expenses, costs and disbursements; or any claim for costs, fees, or other expenses including attorneys' fees incurred in these matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Acknowledgments and Affirmations</u>.

Executive affirms that (i) Executive is the lawful owner of all claims released through this Agreement; (ii) Executive has the beneficial interest in the payments received under this Agreement; (iii) Executive has not filed, caused to be filed, or presently is a party to any claim against the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Executive has not assigned, and will not assign, any interest in any claim.

Other than the payments set forth in Section 1 and Section 2 above, Executive also affirms that Executive has been paid and/or has received all compensation, wages, bonuses, commissions, and/or benefits to which Executive may be entitled as of the Effective Date. Executive affirms that Executive has been granted any leave to which Executive was entitled under the Family and Medical Leave Act or related state or local leave or disability accommodation laws.

Executive further affirms that Executive has no known workplace injuries or occupational diseases.

Executive also affirms that Executive has not divulged any proprietary or confidential information of the Company and will continue to maintain the confidentiality of such information consistent with the Company's policies and the Employment Agreement.

Executive further affirms that Executive has not been retaliated against for reporting any allegations of wrongdoing by the Company or its officers, including any allegations of corporate fraud. The Company and Executive each acknowledge that this Agreement does not limit either party's right,

where applicable, to file or participate in an investigative proceeding of any federal, state or local governmental agency. To the extent permitted by law, Executive agrees that if such an administrative claim is made, Executive shall not be entitled to recover any individual monetary relief or other individual remedies.

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**Exhibit 10.13**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Acknowledgement of Waiver of Claims</u>. Executive acknowledges that the waiver and release of claims set forth in this Agreement is knowing and voluntary. Executive acknowledges that the consideration given for this Agreement is in addition to anything of value to which Executive was already entitled. Executive further acknowledges that Executive has been advised by this writing that Executive should consult with Executive's attorney prior to executing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Confidentiality and Return of Property</u>. Executive will return to Company any and all documents in Executive's possession or control, which Executive prepared or received during the course of Executive's employment with Company, including without limitation, any credit cards, I.D. or key cards, keys, drives, computer disks or other storage devices, tangible or electronically stored information, trade secrets, photographs, videos, files, and data. Notwithstanding the above, it is hereby agreed that Executive may keep the Company computer and printer currently in his possession, provided that all Company information currently stored on the computer will be permanently deleted.

Executive will continue to maintain the confidentiality of the Company's proprietary and confidential information. Executive affirms that Executive has returned all of the Company's property, documents, and/or any confidential information in Executive's possession or control, and has deleted all confidential information of the Company from Executive's personal devices, computers and telephones. Executive also affirms that Executive is in possession of all of Executive's property that Executive had at the Company's premises and that the Company is not in possession of any of Executive's property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Restrictive Covenants</u>. The restrictive covenants set forth in Exhibit B to the Employment Agreement, which are incorporated by reference into this Agreement, shall apply through April 1, 2026, apart from the non-competition covenant, which will apply through February 1, 2026. Executive acknowledges that the Settlement Consideration is mutually agreed and meets the requirements of the Massachusetts Noncompetition Agreement Law, M.G.L. c. 149, §24L.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Non-Disparagement Covenant</u>. Notwithstanding the foregoing, Section 6 (Non-Disparagement) of Exhibit B to the Employment Agreement will survive termination of the Employment Agreement and is expressly incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Protected Rights</u>. Executive is advised to consult with an attorney of Executive's choice at Executive's expense prior to signing this Agreement. The only claims that Executive is not waiving and releasing under this Agreement are claims Executive may have for (1) unemployment, state disability, worker's compensation, and/or paid family leave insurance benefits under applicable state law; (2) continuation of existing participation in Company-sponsored group health benefit plans, under COBRA and/or under an applicable state law counterpart(s); (3) any employee benefits entitlements that have vested as of the Separation Date; (4) violation of any federal, state or local statutory and/or public policy right or entitlement that, by applicable law, is not waivable; and (5) any rights Executive may have to indemnification. In addition, nothing in this Agreement (x) limits or affects Executive's right to challenge the validity of this Agreement under the ADEA or the OWBPA (Older Workers Benefit Protection Act),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) prevents Executive from filing a charge or complaint with or from participating in an investigation or proceeding conducted by the Equal Employment Opportunity Commission, National Labor Relations Board, the Securities and Exchange Commission, or any other any federal, state or local agency charged with the enforcement of any laws, including providing documents or any other information, or (z) limits

Executive from exercising rights under Section 7 of the NLRA to engage in protected, concerted activity with other Executives, although by signing this Agreement Executive is waiving rights to individual relief (including backpay, frontpay, reinstatement or other legal or equitable relief) in any charge, complaint, or lawsuit or other proceeding brought by Executive or on Executive's behalf by any third party, provided

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**Exhibit 10.13**

however nothing shall limit any right Executive may have to receive a monetary award from a government agency, including the SEC for information provided to the government agency or participating in any government agency action.

Executive is hereby provided notice that under the 2016 Defend Trade Secrets Act (DTSA): (1) no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret (as defined in the Economic Espionage Act) that: (A) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and, (2) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Indemnification; Directors' and Officers' Insurance</u>. Executive does not release, discharge or waive any rights to indemnification that Executive may have under the certificate of incorporation, the by-laws or equivalent governing documents of the Company or other members of the Company Group or any agreement with Executive, or any rights to insurance coverage under any Company Group directors' and officers' liability insurance or fiduciary insurance policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Governing Law and Interpretation</u>. This Agreement shall be governed and conformed in accordance with the laws of the Commonwealth of Massachusetts without regard to its conflict of laws provision. In the event of a breach of any provision of this Agreement, either party may institute an action specifically to enforce any term or terms of this Agreement and/or seek any damages for breach. Should any provision of this Agreement (including any provision of any other agreement which is incorporated into this Agreement) be declared illegal or unenforceable by any tribunal of competent jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision shall immediately become null and void, leaving the remainder of this Agreement in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Dispute Resolution</u>. Any claim, controversy, or dispute arising out of or in any way relating to this Agreement or the purported breach thereof shall first be submitted to mediation. If mediation is unsuccessful, the dispute shall be resolved through binding arbitration in Boston, Massachusetts under the rules of the American Arbitration Association before a single arbitrator. The prevailing party will be entitled to an award of its reasonable attorneys' fees, costs, and expenses. The Company or the executive shall be entitled to injunctive relief from a court of competent jurisdiction to prevent breaches of this Agreement, without having to prove the adequacy of the available remedies at law, and without being required to post bond or security. Any such action permitted to the Company by this paragraph, however, shall not affect or impair any of the Executive's obligations under this Agreement, including, without limitation, the release of claims in Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>No Admission of Wrongdoing</u>. The parties agree that neither this Agreement nor the furnishing of the consideration under this Agreement shall be deemed or construed at any time for any

purpose as an admission by any Releasee of wrongdoing or evidence of any liability or unlawful conduct of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Cooperation</u>. Executive agrees to reasonably cooperate with the Company Group with respect to the transition and reassignment of Executive's job duties and to provide the Company Group with any necessary information that will assist it in this regard. Executive agrees to reasonably cooperate with the

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**Exhibit 10.13**

Company Group regarding any matter arising from Executive's employment and agrees to make himself available to the Company Group to provide consultation with respect to any CFO and other executive related matters and/or any matters not currently pending but subsequently arising from facts and circumstances of which Executive has knowledge at a scope to be mutually agreed upon between the parties. Executive's agreement to cooperate with the Company Group does not restrict or impede Executive's ability to provide truthful testimony in connection with a government, regulatory or other legal proceeding, or prohibit Executive from making statements or engaging in any other activities or conduct protected by the National Labor Relations Act. The term "cooperation" means only that Executive will provide information within Executive's knowledge and possession upon the Company Group's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Amendment; Entire Agreement</u>. This Agreement sets forth the entire agreement between the parties hereto, and fully supersedes any prior agreements or understandings between the parties, except any indemnification, arbitration, non-compete, non-solicitation, non-disclosure and/or confidentiality agreements, which agreements remain in full force and effect. Executive acknowledges that Executive has not relied on any representations, promises, or agreements of any kind made to Executive in connection with Executive's decision to accept this Agreement, except for those set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Electronic Signature</u>. This Agreement may be signed electronically and in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original. Photocopies, electronic scans (PDF format), and pictures (format saved as .jpg, .png, or .tif) of the signed Agreement may be used in lieu of hard copy originals for any permitted purpose.

## EXECUTIVE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION AND THE OPPORTUNITY TO CONSULT AN ATTORNEY, ENTERS INTO THIS AGREEMENT AND GENERAL RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS EXECUTIVE HAS OR MIGHT HAVE AGAINST THE COMPANY RELEASEES.

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**Exhibit 10.13**

The parties knowingly and voluntarily sign this Agreement and General Release as of the date(s) set forth below:

---

| | |
|:---|:---|
| **ASSAF ZIPORI** | MARKFORGED INC. |
| <u>/s/ Assaf Zipori</u>  | By: <u>/s/ David Stehlin</u> |
| *Signature* | David Stehlin |
| Date:10/23/2025 | Title: Chief Executive Officer |
|  | Date: 10/22/2025 |

---

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## Exhibit 10.18

**Exhibit 10.18**

# Executive Employment Agreement
This Executive Employment Agreement ("Agreement") is made and entered into as of April 8, 2025 by and between Nano Dimension USA Inc, a Delaware corporation (the "Company"), and Ofir Baharav (the "Executive").

**WHEREAS,** the Company desires to employ the Executive as its Chief Executive Officer of Nano Dimension Ltd. (the "Parent"), and the Executive desires to accept such employment upon the terms and conditions set forth herein;

**NOW, THEREFORE,** in consideration of the foregoing premises and the mutual covenants contained herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Employment.**

The Company hereby employs the Executive, and the Executive hereby accepts employment with the Company, as the Chief Executive Officer of the Company and the Parent (collectively, the "Group"). This is a full-time, salaried, exempt position. Executive agrees to serve as an officer and/or director of the Company's Affiliate(s) upon request. "Affiliate" means any entity which controls, is controlled by, or is under common control with the Company, where "control" means the possession, directly or indirectly, of the power to direct the management and policies of an entity whether through the ownership of voting securities, contract or otherwise.

Executive shall not serve as an officer, director, employee, consultant or advisor of, or perform services with or without compensation for, any entity not affiliated with the Company without the prior written consent of the board of directors of the Parent.

Executive will be based in Charlotte North Carolina. Executive acknowledges that frequent domestic and foreign travel will be required.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Term.**

The term of this Agreement shall commence on April 1, 2025 ("Start Date") and shall continue for a period of 3 years (the "Initial Term"), with automatic one-year renewals thereafter unless either party provides written notice of non-renewal at least 90 days prior to the end of the then-current term, and unless earlier terminated as provided herein (clause 5).

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Duties and Responsibilities.**

The Executive shall serve as the Chief Executive Officer of the Group and shall have the following duties and responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Oversee the day-to-day operations of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Develop and implement the Group's strategic plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Represent the Group to its stakeholders, including shareholders, employees, customers, and the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Ensure compliance with all applicable federal, state, and local employment laws, including but not limited to labor standards, anti-discrimination regulations, wage and

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hour laws, and workplace rights laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Comply with all Group policies, as in effect from time to time including, but not limited to, data protection, privacy, confidentiality, and information security policies, insider trading, and maintain the highest standards of data protection and privacy in all business activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Perform such other duties and responsibilities as may be assigned by the board of directors of the Parent from time to time.

Executive's performance will be formally evaluated by the compensation committee and the board of directors of the Parent on a semi-annual basis, with a comprehensive annual performance review conducted at the end of each calendar year. The performance evaluation will assess the Executive's achievement of strategic objectives, operational performance, and compliance with the Group's policies and goals.

The Executive shall meet the performance goals to be determined by the compensation committee and the board of directors of the Parent which will relate, among other things, to achieving minimum annual revenue growth rate with an EBITDA margin improvement, successful launch of new product[s] or significant product enhancement per year, and implementing cost-saving measures to reduce operational expenses. These performance goals shall be reviewed by the compensation committee and the board of directors of Parent from time to time but no less than on an annual basis to ensure they remain aligned with the Group's long-term strategic objectives. Executive's performance-based bonuses shall be linked to the achievement of these goals.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Base Salary:** Executive shall receive an annual base salary of $600,000 payable in accordance with the Company's regular payroll practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Bonus:** Executive shall be eligible to receive an annual bonus equal to 100% of base salary if 100% achievement of objectives has been reached. No bonus level is guaranteed. The annual bonus is capped at 150% of base pay. The bonus objectives will be based on a matrix of financial and strategic objectives to be set by the compensation committee and approved by the board of directors of the Parent within 60 days of the Start Date. Annual objectives will be reset each year. The annual bonus will be pro-rated for partial employment years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Equity Compensation:** The CEO shall be granted $3,000,000 in Restricted Stock Units (RSUs) of the ordinary shares of Parent (the "Equity Grant"). The Equity Grant will vest over three (3) years. One-third of the RSU's will vest on the first anniversary of the Start Date and the balance shall vest quarterly after that, subject to the Executive's continued employment with the Company or an Affiliate of the Company. The specific terms and conditions of the Equity Grant will be governed by the Parent's equity incentive plan and a separate RSU award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Benefits:** Executive shall be entitled to participate in all employee benefit plans and programs generally made available to senior executives of the Company, including, but not limited to, health insurance, life insurance, disability insurance, and retirement plans. All benefits provided shall comply with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**Sign on bonus**: Executive shall receive a bonus of $100,000, to be paid within 5

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days of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**For Cause:** The Company may terminate the Executive's employment for "Cause" at any time, with or without notice. "Cause" shall include, but not be limited to, the following, in each case as reasonably determined by the board of directors of the Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Conduct that constitutes fraud, gross negligence or willful misconduct in the performance of the Executive 's duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Breach of this Agreement or any other material agreement between the Executive and the Company or the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The indictment of, or the bringing of formal charges against, Executive for a felony or any crime involving moral turpitude.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Material violation of the Parent's code of conduct or ethics policies, or breach of Executive's duty of loyalty or other fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Death or Disability:** This Agreement shall terminate automatically upon the death or Disability of the Executive. "Disability" shall mean the Executive's inability to perform the essential functions of the position for a period of 90 consecutive days due to a physical or mental condition, as certified by a qualified physician chosen by the board of directors of the Parent with the consent of Executive or Executive's representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Termination without Cause**: The Company may terminate this Agreement without Cause upon written notice to Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Resignation by Executive**: Executive may terminate this Agreement upon written notice to Company.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Payments upon Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Termination Without Cause:** If Executive's employment is terminated by the Company without Cause, Executive shall be entitled to receive the following severance benefits, subject to Executive's execution, delivery and non-revocation of a general release of claims against the Company and its Affiliates in a form approved by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)12 months' base salary and pro-rated bonus compensation based on actual performance metrics achieved up to the termination date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Continued health insurance coverage for 12 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)12 months of vesting of the unvested portion of the Equity Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Termination Due to Death or Disability:** If Executive's employment is terminated for death or disability, Executive or Executive's estate (as the case shall be) shall be entitled to full vesting of the unvested portion of the Equity Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Change of Control:** Executive shall be entitled to the severance benefits set forth in subsection (a)(i) and to full vesting of the unvested portion of the Equity Grant, only if both of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Change in Control: A Change in Control (as defined below) of the Parent occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Termination Without Cause: Within 12 months following the Change in Control, the Executive's employment is terminated by the Company or any

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successor entity without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Definition of Change In Control:** For purposes of this Agreement, a "Change in Control" shall mean the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The acquisition by any person or group of beneficial ownership of more than 50% of the Parent's outstanding voting securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The sale or other disposition of all or substantially all of the Parent's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The approval by the Parent's board of directors and Parent's stockholders of a merger or consolidation in which the Parent is not the surviving entity other than in change of the Parent's incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **IP; Confidentiality.**

Executive agrees that all intellectual property created during the course of employment, including but not limited to inventions, designs, developments, and works of authorship, shall be the sole and exclusive property of the Company. Executive hereby assigns all rights, title, and interest in such intellectual property to the Company and agrees to assist in documenting and protecting these intellectual property rights as needed.

Executive agrees to hold in confidence all Confidential Information (as defined below) of the Parent, the Company or its Affiliates, and not to use Confidential Information for any purpose other than the performance of Executive's duties under this Agreement. Notwithstanding the foregoing, Executive may disclose Confidential Information: (a) as required by law or legal process, after providing the Company with prompt notice to allow the Company to seek a protective order or other appropriate relief; (b) to legal or financial advisors under a duty of confidentiality; or (c) as expressly authorized in writing by the board of directors of the Parent. "Confidential Information" means any information that is not publicly known and that is used, developed, or obtained by the Company or its Affiliates in connection with its or their business, including but not limited to information relating to its products, services, strategies, pricing, customers, representatives, suppliers, employees, technology, data, and financial information. This obligation shall survive the termination of this Agreement indefinitely with respect to trade secrets and for a period of five (5) years from the date of termination for all other Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Non-Competition and Non-Solicitation.**

Executive acknowledges that in the course of Executive's employment with the Company Executive will become familiar with the Company's and the Parent's Confidential Information. In addition, Executive acknowledges Executive's services will be of special, unique and extraordinary value to the Company and the Parent. Executive understands and agrees that without Executive's employment by the Company, he would not have had, and would not continue to have, access or exposure to this Confidential Information. Executive further understands and agrees that this Confidential Information and other relationships take a long time to develop and are the product of substantial investment by Company and the Parent. Executive understands and agrees that Company has a legitimate and protectable interest in protecting the Confidential Information and its customers, referral sources, employees, and other business relationships and that this Section 8 is intended to protect those interests. Therefore, Executive agrees that, without limiting any other obligation pursuant to this Agreement:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Non-Competition:** During the Term of this Agreement and for a period of 1 year after the termination of this Agreement for any reason, Executive shall not directly or indirectly engage in any business that is competitive with the Group's business. For the purposes of this Agreement, "competitive business" means any enterprise engaged in the development, production, or sale of products or services similar to or substitutable for those offered by the Group in the markets served by the Group at the time of Executive's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Non-Solicitation:** During the Term of this Agreement and for a period of 2 years after the termination of this Agreement for any reason, Executive shall not directly or indirectly solicit or induce any employee of the Group to leave the Group's employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Return of Company Property.** Upon termination of employment for any reason, Executive agrees to promptly return to the Company all property belonging to the Group, including but not limited to all documents, data, records, computer files, equipment, and other materials related to the Group or containing Confidential Information. Executive also agrees to irretrievably delete any such Group information from any personal devices or accounts.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Limited Liability:** Executive shall not be liable for claims, losses, damages, liabilities, costs, or expenses (including attorneys' fees) arising out of or relating to any act or omission occurring prior to December 6, 2024, except in cases of fraud or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Non-Disparagement**. Executive shall not at any time criticize, defame, or otherwise disparage the reputation of the Company, its Affiliates, or its or their respective officers, directors, agents or employees, either orally or in writing, including on social media. The board members of the Parent shall not at any time criticize, defame, or otherwise disparage the reputation of the Executive. Notwithstanding the foregoing, nothing in this Agreement will prevent the Executive from providing truthful testimony in response to a lawful subpoena, preclude any conduct protected under any state or federal "whistleblower" law, or any other applicable law or regulation, or exercising rights protected by the National Labor Relations Act or other law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Dispute Resolution; Waiver of Jury Trial.** Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall first be submitted to mediation. If mediation is unsuccessful, the dispute shall be resolved through binding arbitration in Charlotte North Carolina under the rules of the American Arbitration Association, with the Company entitled to injunctive relief from a court of competent jurisdiction to prevent breaches of this Agreement.

TO THE EXTENT PERMITTED BY LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Governing Law.**

This Agreement shall be governed by and construed in accordance with the laws of the State

------

of North Carolina.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Entire Agreement.**

This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Waiver.**

No waiver of any provision of this Agreement shall be effective unless in writing and signed by the party against whom the waiver is sought to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Notices.**

All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered personally, or on the first business day following deposit in the United States mail, postage prepaid, certified or registered, return receipt requested, addressed as follows:

If to the Company:

Nano Dimension USA, Inc. c/o Nano Dimension Ltd.

Ilan Ramon 2, Rehovot, Israel Attention: General Counsel

If to Executive: Ofir Baharav

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[]

or to such other addresses as either party may designate in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Binding Effect.**

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Executive's Representations**. Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which Executive is bound, (ii) Executive is not a party to or bound by any employment agreement, non-compete agreement or confidentiality agreement with any other person, business or entity or any agreement or contract, (iii) upon the execution and delivery of this Agreement by the Company,

------

this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. Executive hereby acknowledges and represents that Executive has consulted with independent legal counsel regarding Executive's rights and obligations under this Agreement and that Executive fully understands the terms and conditions contained herein.

[*Signature page immediately follows*]

------

**IN WITNESS WHEREOF,** the parties have executed this Agreement as of the date first written above.

Nano Dimension USA Inc.

Signature: <u>/s/ Bob Pons</u> <u>/s/ Joshua Rosenwseig</u> <u>/s/ David Stehlin</u>

Ofir Baharav

Signature: <u>/s/ Ofir Baharav</u>

------

## Exhibit 21.1

**Exhibit 21.1**

**LIST OF SUBSIDIARIES**

---

| | | |
|:---|:---|:---|
| **Company Name** |  | **Jurisdiction of Incorporation** |
| Essemtec AG |  | Switzerland |
| Formatec Holding B.V. | (1) | Netherlands |
| Global Inkjet Systems Ltd. |  | United Kingdom |
| Jetted Additively Manufactured Electronics Sources GmbH | (1) | Germany |
| Nano Dimension Australia Pty Ltd. |  | Australia |
| Nano Dimension GmbH |  | Germany |
| Nano Dimension (HK) Limited |  | Hong Kong |
| Nano Dimension Swiss GmbH |  | Switzerland |
| Nano Dimension Technologies Ltd. |  | Israel |
| Nano Dimension USA Inc. |  | Delaware |
| Admatec Europe B.V. | (1) | Netherlands |
| Formatec Technical Ceramics B.V. | (1) | Netherlands |
| Essemtec USA, LLC |  | Delaware |
| Essemtec Deutschland GmbH |  | Germany |
| Essemtec France SAS |  | France |
| Nano Dimension NY Ltd. |  | New York |
| Nano Dimension Trading (Shenzhen) Ltd. |  | China |
| Desktop Metal Inc. | (1) | Delaware |
| Desktop Metal Operating, Inc. | (1) | Delaware |
| Desktop Metal Securities Corporation | (1) | Massachusetts |
| addLEAP AB | (1) | Sweden |
| Figur Machine Tools LLC | (1) | New Jersey |
| EnvisionTEC US LLC | (1) | Delaware |
| Envisiontec GmbH | (1) | Germany |
| EnvisionTec Group Canada, Inc. | (1) | Canada |
| Adaptive3D LLC | (1) | Delaware |
| Adaptive 3D Technologies, LLC | (1) | Texas |
| Syzygy Memory Plastics Corporation | (1) | Delaware |
| Beacon Bio, Inc. | (1) | Delaware |
| DM Belgium B.V. | (1) | Belgium |
| Dental Arts Laboratories, Inc. | (1) | Illinois |
| A.I.D.R.O. Srl | (1) | Italy |
| Meta Additive Ltd. | (1) | United Kingdom |
| Larry Brewer Dental Lab, Inc. | (1) | Oklahoma |
| Brewer Tafla Dental Technologies, LLC | (1) | Oklahoma |
| May Dental Arts, LLC | (1) | Missouri |
| ExOne Americas, LLC | (1) | Delaware |
| ExOne Operating, LLC | (1) | Delaware |
| ExOne GmbH | (1) | Germany |
| ExOne KK | (1) | Japan |
| Desktop Labs, Inc. | (1) | Delaware |
| H.K. Rep. Office | (1) | Hong Kong |
| Desktop Metal Taiwan Branch Office | (1) | Taiwan |
| MarkForged Holding Corporation |  | Delaware |
| MarkForged, Inc. |  | Delaware |
| Markforged Canada 3D Printing Inc. |  | Canada |
| Markforged Ireland Services 3D Printing Limited |  | Ireland |
| Markforged Japan 3D Printing K.K. |  | Japan |
| MKFG Teton Simulation, LLC | (1) | Wyoming |
| Markforged Sweden, A.B. |  | Sweden |
| MKFG Israel | (1) | Israel |
| MKFG Poland, sp. z.o.o |  | Poland |

---

(1) Entity operations discontinued during the year ended December 31, 2025.

------

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statement (No. 333-278368) on Form F-3 and (Nos. 333-214520, 333-248419, and 333-269436) on Form S-8 of our reports dated March 31, 2026, with respect to the consolidated financial statements of Nano Dimension Ltd. and the effectiveness of internal control over financial reporting.

/s/ KPMG LLP

Stamford, Connecticut<br>March 31, 2026

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## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statements on Form F-3 (File No. 333-278368) and Form S-8 (File No. 333-214520, 333-248419 and 333-269436) of our report dated August 19, 2025, with respect to the consolidated financial statements of Nano Dimension Ltd.

/s/ Somekh Chaikin

Member Firm of KPMG International

Tel Aviv, Israel

March 31, 2026

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, David Stehlin, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K of Nano Dimension Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | March 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ David Stehlin |
|  |  |  | David Stehlin |
|  |  |  | Chief Executive Officer |
|  |  |  | (Principal Executive Officer) |

---

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, John Brenton, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K of Nano Dimension Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | March 31, 2026 | By: | /s/ John Brenton |
|  |  |  | John Brenton |
|  |  |  | Chief Financial Officer |
|  |  |  | (Principal Financial and Accounting Officer) |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

<br>In connection with the Annual Report on Form 10-K of Nano Dimension Ltd. (the "Company") for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David Stehlin, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: March 31, 2026 | By: | /s/ David Stehlin  |
|  |  | David Stehlin |
|  |  | Chief Executive Officer<br>(Principal Executive Officer) |

---

------

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 10-K of Nano Dimension Ltd. (the "Company") for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John Brenton, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: March 31, 2026 | By: | /s/ John Brenton |
|  |  | John Brenton |
|  |  | Chief Financial Officer<br>(Principal Financial and Accounting Officer) |

---

------