<SEC-DOCUMENT>0001178913-25-002021.txt : 20250530
<SEC-HEADER>0001178913-25-002021.hdr.sgml : 20250530
<ACCEPTANCE-DATETIME>20250530073929
ACCESSION NUMBER:		0001178913-25-002021
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250530
FILED AS OF DATE:		20250530
DATE AS OF CHANGE:		20250530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVA LTD.
		CENTRAL INDEX KEY:			0001109345
		STANDARD INDUSTRIAL CLASSIFICATION:	OPTICAL INSTRUMENTS & LENSES [3827]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30668
		FILM NUMBER:		251006480

	BUSINESS ADDRESS:	
		STREET 1:		5 DAVID FIKES STREET
		CITY:			REHOVOT
		STATE:			L3
		ZIP:			7610201
		BUSINESS PHONE:		972-73-229-5600

	MAIL ADDRESS:	
		STREET 1:		5 DAVID FIKES STREET
		CITY:			REHOVOT
		STATE:			L3
		ZIP:			7610201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVA MEASURING INSTRUMENTS LTD
		DATE OF NAME CHANGE:	20000315
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk2533303.htm
<DESCRIPTION>6-K
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: ZKG
         Document created using Broadridge PROfile 25.2.1.5287
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
  <div style="font-size: 14pt;"><br>
  </div>
  <div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Washington, DC&#160;20549</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; margin-right: 28.35pt; margin-left: 45.35pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">FORM 6-K</div>
    <div style="text-align: center; margin-right: 28.1pt; margin-left: 45.35pt; line-height: 1.25; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
    <div style="text-align: center; margin-right: 28.1pt; margin-left: 45.35pt; line-height: 1.25; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16 OF</div>
    <div style="text-align: center; margin-right: 28.1pt; margin-left: 45.35pt; line-height: 1.25; font-weight: bold;">THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">For the month of May 2025<br>
      Commission File No.: 000-30668</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">NOVA LTD.</div>
    <div style="text-align: center; line-height: 1.25;">(Translation of registrant&#8217;s name into English)</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">5 David Fikes Street, Rehovot, Israel</div>
    <div style="text-align: center; line-height: 1.25;">&#160;(Address of principal executive offices)</div>
    <div style="line-height: 1.25;">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</div>
    <div style="text-indent: 36pt; line-height: 1.25;"> <br>
    </div>
    <div style="text-align: center; line-height: 1.25;">Form 20-F &#9746;&#160;Form 40-F &#9744;</div>
    <div style="text-align: center; line-height: 1.25;"> <br>
      </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">EXPLANATORY NOTE</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Nova Ltd. (the &#8220;Company&#8221;) hereby furnishes, as <a href="exhibit_99-1.htm">Exhibit 99.1</a>, a supplemental proxy statement with respect to the Company&#8217;s annual general meeting of shareholders to be held at 5:00 p.m. (Israel time) on June 18, 2025, at the Company&#8217;s offices at 5 David Fikes St., Rehovot, Israel.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">This report on Form 6-K is hereby incorporated by reference into the Company&#8217;s registration statements on Form S-8,
      filed with the Securities and Exchange Commission on the following dates: November 5, 2007 (File No. 333-147140); October 25, 2012 (File No. 333-184585), March 6, 2015 (File No. 333-202550); and August 25, 2017 (File No. 333-220158).</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: center; margin-right: 28.35pt; margin-left: 45.35pt; line-height: 1.25; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-right: 28.35pt; margin-left: 45.35pt; line-height: 1.25; font-weight: bold;">SIGNATURES</div>
    <div style="text-align: center; margin-right: 28.35pt; margin-left: 45.35pt; line-height: 1.25; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 36pt; line-height: 1.25;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
      signed on its behalf by the undersigned, thereunto duly authorized.&#160;</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>

    <div style="line-height: 1.25;">
      <div style="text-indent: 36pt; line-height: 1.25;">Date: May 30, 2025</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">
        <table cellspacing="0" cellpadding="0" border="0" id="z98d40fdd25684222b9ae3a98ed46ac67" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50.00%;">
                <div>&#160;</div>
              </td>
              <td style="width: 50.00%;">
                <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">NOVA LTD.<br>
                  (Registrant)<br style="line-height: 1.25;">
                  <br>
                  By: /s/ <font style="font-style: italic;">Guy Kizner</font><br>
                  &#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</div>
                <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Guy Kizner<br>
                  Chief Financial Officer</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <br>
    <div class="BRPFPageFooter">
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: ZKG
         Document created using Broadridge PROfile 25.2.1.5287
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
  <div>
    <div style="text-align: right; line-height: 1.25; font-weight: bold;"><u>Exhibit 99.1</u></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">NOVA LTD.</div>
    <div style="line-height: 1.25;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">5 David Fikes St., Rehovot<br>
      Israel</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">__________________________</div>
    <div style="text-align: right; line-height: 1.25;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">SUPPLEMENTAL PROXY STATEMENT</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">__________________________</div>
    <div style="line-height: 1.25;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">2025 ANNUAL GENERAL MEETING OF SHAREHOLDERS</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">This Supplemental Proxy Statement is being furnished in connection with the solicitation of proxies on behalf of the
      Board of Directors, or the Board, of Nova Ltd. (to which we refer as &#8220;<u>we</u>&#8221;, &#8220;<u>us</u>&#8221;
      &#8220;<u>Nova</u>&#8221; or the &#8220;<u>Company</u>&#8221;) to be voted at the 2025 Annual General
      Meeting of Shareholders, or the Meeting, and at any adjournment thereof.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">This Supplemental Proxy Statement supplements the proxy statement previously sent to the Company&#8217;s shareholders with
      respect to the Meeting, which was attached as Exhibit 99.1 to the Company&#8217;s Report of Foreign Private Issuer on Form 6-K, furnished to the Securities and Exchange Commission, or Commission, on May 13, 2025 (which we refer to as the &#8220;<u>Proxy Statement</u>&#8221;). The Meeting will be held, as originally scheduled, at 5:00 p.m. (Israel time) on June 18, 2025, at the Company&#8217;s offices at 5 David Fikes St.,
      Rehovot, Israel. The declared record date of the Meeting, May 19, 2025, remains unchanged as well.</div>
    <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;&#160;&#160;As described in the Proxy Statement, there are five proposals to be addressed at the Meeting. This Supplemental
      Proxy Statement is furnished in order to provide shareholders with additional information to consider with respect to the Proposal No. 3 presented in the Proxy Statement.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">In addition, with respect to Proposal No. 4, we wish to clarify that Mr. Eitan Oppenhaim is not an executive officer
      of the Company. The designation of "executive chairman" was used <u>solely</u> to indicate that Mr. Oppenhaim is not considered an independent director under the
      rules of the Nasdaq Stock Exchange, due to his previous service as the Company&#8217;s Chief Executive Officer. Other than this technical classification, Mr. Oppenhaim serves as chairperson of the Board in the same capacity and with the same
      responsibilities as his predecessor.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROPOSAL NO. 3</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">(ADDITIONAL INFORMATION)</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; text-indent: 36pt; line-height: 1.25; font-weight: bold;">APPROVAL OF AMENDMENTS TO THE EMPLOYMENT TERMS OF MR.</div>
      <div style="text-align: center; text-indent: 36pt; line-height: 1.25; font-weight: bold;"> GABRIEL WAISMAN AS THE PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE COMPANY</div>
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><font style="font-weight: bold; font-style: italic;">Background</font>&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-indent: 36pt; line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">At the Meeting, our shareholders are being asked, among others, to approve the following employment terms of Mr.
        Gabriel Waisman as our President and Chief Executive Officer:</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" id="z66492642396645a19980689b4e97f780" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>An increase of the monthly base salary from NIS 120,000 to NIS 131,500 (approximately, $36,000), effective as of June 1, 2025;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" id="zc875ae3ca7d447debd0eddc5f01ac74c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>An increase in the maximum annual cash bonus for 100% achievement from twelve (12) monthly base salaries to fourteen (14) monthly base salaries, with additional
                payment of up to ten (10) monthly salaries in the case of overachievement; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" id="zb590879397b546ca93bed27b26050d73" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>A grant of 6,710 restricted share units and 6,710 performance share units granted as of July 1, 2025, in accordance with the following terms:</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" id="z2a76bee15ff2491aae78795c8fcb1b0b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">a.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The restricted share units will vest over a period of four (4) years, in four equal annual installments, unless such restricted share units have been cancelled in
                accordance with the terms and conditions of the share incentive plan of the Company or the employment terms of Mr. Waisman;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" id="zdd88f34f63234b94b4fd3f385540f316" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">b.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The performance share units will vest over a period of four (4) years, in four equal annual installments, provided that the Company meets or exceeds, with respect to
                50% of the units, the revenue target, and with respect to the other 50% of the units, the non-GAAP operating profit targets, in each case, as set forth in the Company's budget as approved by the Board for the fiscal year preceding the date
                of vesting, unless such performance share units have been cancelled in accordance with the terms and conditions of the share incentive plan of the Company or the employment terms of Mr. Waisman;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" id="z56243f3ba27f418bb0a8a3b351cf2aeb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">c.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>In the event a portion of the performance share units fails to vest, such portion will be carried forward to the fourth vesting date and will vest if the Company&#8217;s
                average annual return on equity based on net income during the previous four (4) years will be no less than ten percent (10%); and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25;"><br>
    </div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" id="z3f59a977d9c04ad9860f49caa861406f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">d.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>In the event that prior to the completion of the vesting of equity awards granted to Mr. Waisman an acquisition of the Company or asset transfer of all or
                substantially all the assets of the Company (collectively, an "<u>M&amp;A Event</u>") will occur while Mr. Waisman is employed by the Company and holds the
                position of the Company&#8217;s Chief Executive Officer &amp; President, then immediately prior to, and contingent upon, the closing of such M&amp;A Event, all of Mr. Waisman unvested equity awards will become fully vested and exercisable, or
                substituted for equity awards in a successor company.&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The personal compensation package of our President and Chief Executive Officer is determined by the compensation
        committee and the Board based on a performance review process that is conducted by the compensation committee on an annual basis. The results of such review are used to determine the extent to which an executive has earned his or her variable
        compensation for the previous financial year, and serve as a key factor in considering potential future updates of an executive&#8217;s compensation package. The compensation committee reviews the personal performance of our executives, considering the
        actual achievement of the specific performance goals that were set for them at the beginning of the previous year as well as the assessment of our Board of our President and Chief Executive Officer&#8217;s performance.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">In addition, our compensation committee regularly reviews our compensation practices and policies, and, along with
        our Board, periodically modifies our compensation programs in light of evolving trends and competitive positions.</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The proposed terms of employment for Mr. Waisman were approved by the compensation committee and the Board. The
        terms reflect Mr. Waisman&#8217;s experience, a comprehensive compensation survey provided to the members of the compensation committee and the Board, the terms of our compensation policy, and the ratio between the employer cost associated with the
        engagement of the President and Chief Executive Officer and the average and median employer cost associated with the engagement of the other employees of the Company. <font style="font-weight: bold;">In addition, the Board noted the total shareholder return of the Company during 2024 of 45%, which, when compared to the peer group (with an average of -7%), shows the strong position of the Company compared to the market</font>.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Each year, the compensation committee determines and recommends to the Board the financial and strategic goals that
        are applied to the executives&#8217; performance-oriented, variable compensation based on the Company&#8217;s annual operating plan for that year and its strategic plan for the upcoming years. These quantitative and qualitative goals are assigned to each
        executive, including our President and Chief Executive Officer, as part of his or her annual bonus plan. These goals are designed to align executive pay with Company long-term performance, promote successful achievement of critical milestones in
        the Company&#8217;s growth and execution of its strategy and mitigate material risks, thereby creating long-term Company and shareholder value.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The annual target bonus of Mr. Waisman, the Company&#8217;s President and Chief Executive Officer for the year ending on
        December 31, 2025, as set by our compensation committee and the Board is divided into the following discrete components that will be weighted as follows (the &#8220;<u>2025
            Bonus Plan</u>&#8221;):</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <table cellspacing="0" cellpadding="3" border="0" id="ze9f5dcbafd7642a2b8437970985b8690" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 65.33%; vertical-align: top; background-color: rgb(208, 206, 206); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Component</div>
          </td>
          <td style="width: 34.67%; vertical-align: top; background-color: rgb(208, 206, 206); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Component Weight (as % of Total Target Bonus)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.33%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Company Non-GAAP operating profit</div>
            </div>
          </td>
          <td style="width: 34.67%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">25%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.33%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Company revenue</div>
            </div>
          </td>
          <td style="width: 34.67%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">30%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.33%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Organic growth engines</div>
            </div>
          </td>
          <td style="width: 34.67%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">10%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.33%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Strategy and M&amp;A</div>
            </div>
          </td>
          <td style="width: 34.67%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">10%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.33%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Organization and infrastructure</div>
            </div>
          </td>
          <td style="width: 34.67%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">15%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.33%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">An evaluation of the overall performance in the fiscal year by the compensation committee and the Board based on predetermined
                milestones</div>
            </div>
          </td>
          <td style="width: 34.67%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">10%</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The 2025 Bonus Plan payout is subject to certain thresholds related to the Company&#8217;s revenue (90% of budget) and
        profitability (75% of budget). Further, in accordance with our compensation policy currently in effect, the total annual cash bonuses awarded to all our executive officers in 2025 cannot exceed 10% of our non-GAAP operating profit for 2025. The
        thresholds, as a percentage of budget, for revenue and profitability KPIs will not be set at a lower level in the coming years than those established for the current plan.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25;">*************</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
  </div>
  <div>
    <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
