UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-K☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020OR

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

For the transition period from

Commission file number 1-4879

Diebold Nixdorf, Incorporated(Exact name of registrant as specified in its charter)

Ohio 34-0183970(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

5995 Mayfair Road, P.O. Box 3077 North Canton Ohio 44720-8077(Address of principal executive offices) (Zip Code)

Registrants telephone number, including area code (330)490-4000

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

Title of each class Trading Symbol Name of each exchange on which registeredCommon Shares $1.25 Par Value DBD New York Stock Exchange

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 x  No oIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes o  No xIndicate 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 forthe past 90 days. Yes x  No oIndicate  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 x  No oIndicate  by  check  mark  whether  the  registrant  is  a  large  accelerated  filer,  an  accelerated  filer,  a  non-accelerated  filer,  a  smaller  reporting  company  or

emerging growth company. See the definitions of “large accelerated filer,”  “accelerated filer,” “smaller reporting company” and "emerging growth company" inRule 12b-2 of the Exchange Act.

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

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 orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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 controlover 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 itsaudit report. ☒Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐  No xApproximate aggregate market value of the voting and non-voting common equity held by non-affiliates as of June 30, 2020, based upon the closing price on

the New York Stock Exchange on June 30, 2020 was $464,763,052.Number of common shares outstanding as of February 25, 2021 was 78,178,390.

DOCUMENTS INCORPORATED BY REFERENCEListed  hereunder  are  the  documents,  portions  of  which  are  incorporated  by  reference,  and  the  parts  of  this  Form  10-K  into  which  such  portions  are

incorporated:Diebold  Nixdorf,  Incorporated  Proxy  Statement  for  2021  Annual  Meeting  of  Shareholders  to  be  held  on  or  about  April  30,  2021,  portions  of  which  are

incorporated by reference into Part III of this Form 10-K.

TABLE OF CONTENTS

PART I

ITEM 1: BUSINESS 3

ITEM 1A: RISK FACTORS 9

ITEM 1B: UNRESOLVED STAFF COMMENTS 19

ITEM 2: PROPERTIES 19

ITEM 3: LEGAL PROCEEDINGS 19

ITEM 4: MINE SAFETY DISCLOSURES 19

PART II

ITEM 5: MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OFEQUITY SECURITIES

20

ITEM 6: SELECTED FINANCIAL DATA 21

ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 22

ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 41

ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 42

ITEM 9: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 98

ITEM 9A: CONTROLS AND PROCEDURES 98

ITEM 9B: OTHER INFORMATION 99

PART III

ITEM 10: DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 101

ITEM 11: EXECUTIVE COMPENSATION 101

ITEM 12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERMATTERS

102

ITEM 13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 102

ITEM 14: PRINCIPAL ACCOUNTANT FEES AND SERVICES 102

PART IV

ITEM 15: EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 103

ITEM 16: FORM 10-K SUMMARY 107

SIGNATURES 108

Table of Contents

PART I

ITEM 1: BUSINESS(dollars in millions)

GENERAL

Diebold Nixdorf, Incorporated (collectively with its subsidiaries, the Company) is a world leader in enabling Connected Commerce™. The Company automates,digitizes and transforms the way people bank and shop. The Company’s integrated solutions connect digital and physical channels conveniently, securely andefficiently for millions of  consumers every day.  As an innovation partner for  nearly all  of  the world's top 100 financial  institutions and a majority of  the top 25global  retailers,  the Company delivers unparalleled services and technology that  power the daily operations and consumer experience of  banks and retailersaround the world. The Company has a presence in more than 100 countries with approximately 22,000 employees worldwide.

Strategy

The  Company  seeks  to  continually  enhance  the  consumer  experience  at  bank  and  retail  locations  while  simultaneously  streamlining  cost  structures  andbusiness  processes  through  the  smart  integration  of  hardware,  software  and  services.  The  Company partners  with  other  leading  technology  companies  andregularly refines its research and development (R&D) spend to support a better transaction experience for consumers.

DN Now Transformation Activities

Commensurate  with its  strategy,  the Company is  executing its  multi-year  transformation  program called DN Now to relentlessly  focus on its  customers whileimproving operational excellence. Key activities include:

• Transitioning to a streamlined and customer-centric operating model• Implementing  a services modernization  plan which focuses on upgrading certain  customer  touchpoints,  automating  incident  reporting  and response,

and standardizing service offerings and internal processes• Streamlining the product range of automated teller machines (ATMs) and manufacturing footprint• Improving working capital management through greater focus and efficiency of payables, receivables and inventory• Reducing administrative expenses, including finance, information technology (IT) and real estate• Increasing sales productivity through improved coverage and compensation arrangements• Standardizing back-office processes to automate reporting and better manage risks• Optimizing the portfolio of businesses to improve overall profitability

These work  streams are  designed to  improve the  Company’s  profitability  and net  leverage ratio  while  establishing a  foundation  for  future  growth.  The grossannualized savings target for DN Now is approximately $500 through 2021, of which approximately $160 is anticipated to be realized during 2021. In order toachieve  these  savings,  the  Company  has  and  will  continue  to  restructure  the  workforce  globally,  integrate  and  optimize  systems  and  processes,  transitionworkloads  to  lower  cost  locations,  renegotiate  and  consolidate  supplier  agreements  and  streamline  real  estate  holdings.  By  executing  on  these  and  otheroperational  improvement  activities,  the  Company expects  to  increase customer  intimacy and satisfaction,  while  providing career  enrichment  opportunities  foremployees  and  enhancing  value  for  shareholders.  In  2019  and  2020,  the  Company  achieved  approximately  $175  and  $165  in  annualized  gross  run  ratesavings,  respectively.  Since inception,  cash payments  made to  achieve these savings was approximately  $330 and was largely  due to  restructuring  and theimplementation of DN Now transformational programs.

CONNECTED COMMERCE SOLUTIONS™

The Company offers  a  broad portfolio  of  solutions designed to  automate,  digitize  and transform the way people  bank and shop.  As a  result,  the  Company’soperating structure is focused on its two customer segments — Banking and Retail. Leveraging a broad portfolio of solutions, the Company offers customers theflexibility to purchase the combination of services, software and products that drive the most value to their business.

Banking

The  Company  provides  integrated  solutions  for  financial  institutions  of  all  sizes  designed  to  help  drive  operational  efficiencies,  differentiate  the  consumerexperience,  grow  revenue  and  manage  risk.  Banking  operations  are  managed  within  two  geographic  regions.  The  Eurasia  Banking  region  includes  theeconomies of Western Europe, Eastern Europe, Asia, the Middle East and Africa. The Americas Banking region encompasses the United States (U.S.), Canada,Mexico and Latin America.

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Banking Services

Services represents the largest operational component of the Company and includes product-related services, implementation services and managed services.Product-related  services  manages  incidents  through  remote  service  capabilities  or  an  on-site  visit.  The  portfolio  includes  first  and  second  line  maintenance,preventive maintenance, “on-demand” and total implementation services. Implementation services help our customers effectively respond to changing customerdemands and includes scalable solutions based on globally standardized processes and tools, a single point of contact and reliable local expertise. Managedservices and outsourcing consists of managing the end-to-end business processes, technology integration and day-to-day operation of the self-service channeland  the  bank  branch.  Our  integrated  business  solutions  include  self-service  fleet  management,  branch  life-cycle  management  and  ATM  as-a-servicecapabilities.

Diebold Nixdorf AllConnect Services was launched in 2018 to power the business operations of financial institutions of all sizes. The main customer benefitsare increased availability, fewer business interruptions, enhanced customer experiences, increased security and compliance tailoring customer experiences. In2020, the Company launched the AllConnect  Data Engine (ACDE), which enables a more data-driven approach to services. ACDE leverages the Internet ofThings (IoT), cloud connectivity and machine learning to create a more predictive service model. This proprietary technology facilitates prescriptive, preventativeand predictive resolution of incidents. As of December 31, 2020, approximately 65,000 ATMs were using ACDE. As the number of connected devices increases,the Company expects to benefit from more efficient and cost-effective operations.

Banking Products

The banking portfolio of products consists of cash recyclers and dispensers, intelligent deposit terminals, teller automation and kiosk technologies. As financialinstitutions seek to expand the self-service transaction set and reduce operating costs by shrinking their physical branch footprint, the Company is introducingthe DN Series™ family of self-service solutions.

DN Series is the culmination of several years of investment in consumer research, design and engineering resources. Key benefits and features of DN Seriesinclude:

• Superior availability and performance through intelligent design and the use of the AllConnect Data Engine• Next-generation cash recycling technology• Full integration with the DN Vynamic™ software suite• A modular and upgradeable design which enables customers to respond more quickly to changing customer demands• Higher note capacity and processing power• Improved security safeguards to protect customers against emerging physical, data and cyber threats• A streamlined footprint which is up to 40% less than legacy models• Improved security safeguards protecting against emerging physical, data and cyber threats.• Physical footprint as much as 40% less vs. competing ATMs in certain models• Optimized ATM portfolio streamlining the supply chain and shortening lead times due to reduce platform complexity• Increased branding options for financial institutions

Banking Software

The Company’s software encompasses front-end applications for consumer connection points, digital solutions that enhance consumer-facing offerings, as wellas back-end platforms which manage channel transactions, operations and channel integration. These hardware-agnostic software applications facilitate millionsof transactions via ATMs, kiosks, and other self-service devices, as well as via online and mobile digital channels.

The  Company's  DN  Vynamic  software  is  the  first  end-to-end  Connected  Commerce  software  portfolio  in  the  banking  marketplace  designed  to  simplify  andenhance the consumer experience. This platform is based on a cloud-native microservices architecture that provides new capabilities and supports advancedtransactions via open application program interface (API). In addition, the Company’s software suite simplifies operations by eliminating the traditional focus oninternal  silos  and  enabling  tomorrow's  inter-connected  partnerships  between  financial  institutions  and  payment  providers.  Through  its  open  approach,  DNVynamic brings together legacy systems, enabling new levels of connectivity, integration, and interoperability. The Company’s software suite provides a sharedanalytic  and  transaction  engine.  The  DN  Vynamic  platform  can  generate  new  insights  to  enhance  operations  across  any  channel  -  putting  consumerpreferences, not the technology, at the heart of the experience.

An  important  enabler  of  the  Company’s  software  offerings  is  the  professional  service  employees  who  provide  systems  integration,  customization,  projectmanagement  and  consulting.  The  Company's  advisory  services  team  collaborates  with  customers  to  refine  the  end-user  experience,  improve  businessprocesses, refine existing staffing models and deploy technology to automate both branches and stores.

SM 

SM

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Retail

The  Company’s  comprehensive  portfolio  of  retail  solutions,  software  and  services  improves  the  checkout  process  for  retailers  while  enhancing  shoppingexperiences for consumers.

Retail Services

Diebold  Nixdorf  AllConnect  Services®  for  retailers  include  maintenance  and  availability  services  to  continuously  optimize  the  performance  and  total  cost  ofownership  of  retail  touchpoints,  such  as  checkout,  self-service  and  mobile  devices,  as  well  as  critical  store  infrastructure.  The  solutions  portfolio  includes:implementation services to expand, modernize or upgrade store concepts;  maintenance services for on-site incident resolution and restoration of multivendorsolutions; support services for on-demand service desk support; operations services for remote monitoring of stationary and mobile endpoint hardware; as wellas application services for remote monitoring of multivendor software and planned software deployments and data moves. As a single point of contact, servicepersonnel plan and supervise store openings, renewals and transformation projects, with attention to local details and customers’ global IT infrastructure.

Retail Products

The retail product portfolio includes modular and integrated, “all-in-one” point of sale (POS) and self-service terminals that meet changing consumer shoppingjourneys, as well as retailers’ and store staff’s automation requirements. The Company’s self-checkout (SCO) products and ordering kiosks facilitate a seamlessand efficient transaction experience. The BEETLE /iSCAN EASY eXpress™, hybrid products, can alternate from attended operation to SCO with the press of abutton. The K-two Kiosk automates routine tasks and in-store transactions, offers order-taking abilities, particularly at quick service restaurants (QSRs) and fastcasual restaurants and presents functionality that furthers store automation and digitalization. Supplementing the POS system is a broad range of peripherals,including printers, scales and mobile scanners, as well as the cash management portfolio, which offers a wide range of banknote and coin processing systems.

Retail Software

The DN Vynamic  software  suite  for  retailers  provides  a  comprehensive,  modular  and  open solution  ranging  from the  in-store  check-out  solution  to  solutionsacross  multiple  channels  that  improve  end-to-end  store  processes  and  facilitate  continuous  consumer  engagements  in  support  of  a  digital  ecosystem.  Thisincludes click & collect, reserve & collect, in-store ordering and return-to-store processes across the retailers' physical and digital sales channels. Operationaldata from a number of sources, such as enterprise resource planning (ERP), POS, store systems and customer relationship management systems (CRM), maybe integrated across all customer connection points to create seamless and differentiated consumer experiences.

COMPETITION

The  Company  competes  with  global,  regional  and  local  competitors  to  provide  technology  solutions  for  financial  institutions  and  retailers.  The  Companydifferentiates  its  offerings  by  providing  a  wide  range  of  innovative  solutions  that  leverage  innovations  in  advanced  security,  biometric  authentication,  mobileconnectivity, contactless transactions, cloud computing and IoT. Based upon independent industry surveys from Retail Banking Research (RBR), the Companyis a leading service provider and manufacturer of self-service solutions across the globe.

Competitors in the self-service banking market include NCR, Nautilus Hyosung, GRG Banking Equipment, Glory Global Solutions, Oki Data and Triton Systems,as well  as a number of local manufacturing and service providers such as Fujitsu and Hitachi-Omron in Asia Pacific (AP); Hantle/GenMega in North America(NA); KEBA in Europe, Middle East and Africa (EMEA); and Perto in Latin America (LA).

In certain countries, the Company sells to and/or competes with independent ATM deployers such as Cardtronics, Payment Alliance International and Euronet,that primarily operate in the non-bank retail market.

In  the  retail  market,  the  Company  helps  retailers  transform  their  stores  to  a  consumer-centric  approach  by  providing  electronic  POS  (ePOS),  automatedcheckout solutions, cash management, software and services. The Company competes with some of the key players highlighted above plus other technologyfirms such as Toshiba and Fujitsu, and specialized software players such as GK Software, Oracle, Aptos and PCMS. Many retailers also work with proprietarysoftware solutions.

For its services offerings, the Company perceives competition to be fragmented, especially in the product-related services segment. While other manufacturersprovide basic levels of product support, the competition also includes local and regional third-party providers. With respect to higher value managed services,the Company competes with large IT service providers such as IBM, Atos, Fiserv and DXC Technology.

In  the  self-service  software  market,  the  Company,  in  addition  to  the  key  hardware  players  highlighted  above,  competes  with  several  smaller,  niche  softwarecompanies like KAL, and with the internal software development teams of banks and retailers.

®

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OPERATIONS

The Company’s operating results and the amount and timing of revenue are affected by numerous factors, including production schedules, customer priorities,sales volume and mix. During the past several  years,  the Company has honed its offerings to become a total  solutions provider with a focus on ConnectedCommerce. As a result of the emphasis on services and software, the nature of the Company's workforce is changing and requires new skill sets in areas suchas:

• Advanced security and compliance measures• Advanced sensors Internet of Things• Modern field services operations• Cloud computing• Analytics• As-a-service expertise

The principal raw materials used by the Company in its manufacturing operations are steel, plastics, electronic parts and components and spare parts, whichare purchased from various major suppliers. These materials and components are generally available in ample quantities.

The Company carries working capital mainly related to trade receivables and inventories. Inventories generally are manufactured or purchased as orders arereceived from customers. The Company’s customary payment terms typically range from 30 to 90 days from date of invoice. The Company generally does notoffer extended payment terms. The Company also provides financing arrangements to customers that are largely classified and accounted for as sales-typeleases.

HUMAN CAPITAL MANAGEMENT

We are a world leader in enabling Connected Commerce, and we transform the way people bank and shop. However, we would not be in that position withoutour employees, one of our most valuable assets. Diebold Nixdorf is improving the employee experience by leveraging best practices and investing in the toolsnecessary to develop and reward talent across the Company.

Employee Profile

As of December 31, 2020, we employed approximately 22,000 associates globally in more than 100 countries.

Culture

We govern our actions by our shared values: Accountability, Collaboration, Decisiveness, a Sense of Urgency and a Willingness to Change. These values havedriven  our  DN  Now  achievements.  In  2020,  we  established  the  CARE  Council,  which  stands  for  Considerate,  Aware,  Responsible  and  Empathetic  –  fourbehaviors we expect all employees to model on a daily basis. Together, our values and CARE Council help employees feel appreciated, involved, connectedand  supported,  and  that  they  have  equal  opportunity  to  succeed.  We  continue  to  drive  our  cultural  evolution  through  our  diversity  and  inclusion  programs,employee resource groups, robust internal communications and performance management process.

Diversity and Inclusion

The Company is committed to establishing a culture of  diversity and inclusion where everyone is accepted,  valued,  supported and encouraged to thrive.  Wevalue the different  perspectives and solutions our  communities  bring to the Company,  and we believe these perspectives have a positive impact  on how weinnovate and grow. Our expectation is that our diversity and inclusion program will guide improvements in our culture - specifically, recruiting, training, policiesand reporting,  leader  expectations,  and benefits.  In  2020,  we announced we would launch new employee resource groups in  2021,  including Women in  theWorkplace and Multi-Cultural. We are continuing to enhance our diversity and inclusion initiatives, in conjunction with our CARE Council, to recruit, retain andpromote a diverse workforce. These efforts will not only promote innovation and growth but will also strengthen our relationships with customers spanning morethan 100 countries with diverse cultural, gender, racial and other profiles.

Employee Engagement

We have invested in our internal communications resources to better engage our employees and support the DN Now transformation. In 2020, we launched aninternal intranet, called The Exchange, to keep employees informed about key changes to our business, new product launches and progress on our DN Nowtransformation initiatives.

Our employees have demonstrated tremendous resilience and continued vigilance throughout the COVID-19 pandemic. They provided strong support levels tocustomers while taking excellent care of one another and making sure their teams remained connected. For example:

• employees at our plant in Manaus, Brazil, assembled and distributed food, masks, sanitizer and thermometers to their

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colleagues;• employees in North Canton, Ohio, used our 3D printers to make PPE for first responders; and• employees in Paderborn, Germany built ventilators to be used in hospitals in cooperation with a German medical device manufacturer.

Talent

To maintain  a  competitive  workforce,  the  Company is  evolving  and enhancing  how we train,  identify  and promote  key talent.  Additionally,  the  Company hascontinually improved and standardized our employee review process – encouraging regular performance reviews and feedback that will set clear expectations,motivate  employees  and  reinforce  the  connection  between  pay  and  performance.  In  2021  we  are  expanding  our  global  talent  review  program  for  talentdevelopment and succession planning to go deeper into our organization below senior leadership roles.

Health, Safety and Wellness

Throughout our history, we have maintained our commitment to providing a safe workplace that protects against and limits personal injury and environmentalharm. We follow international standards and regulations for product safety and security. Our Design-For-Quality approach covers R&D Quality, ManufacturingQuality and Supplier Quality. During the course of product development, these functions regularly participate in solution requirements and specification reviews.In  the  later  phases  of  development,  we  define  and  perform various  tests  to  ensure  Product  Safety  and  Security.  We evaluate  risks  using  both  government-required  procedures  and  best  practices  to  ensure  we  understand  residual  risk  and  appropriately  protect  our  employees.  Frequent  training  ensures  thatspecialists are informed promptly about legal and internal requirements.

Additionally, since the global outbreak of COVID-19, we have continued to evaluate and enhance our health, safety, and wellness protocols. Our designation asan  essential  service  provider  in  numerous  locations  around  the  world  required  us  to  respond  and  address  health  and  safety  issues  in  real  time.  We  haveaddressed these challenges with the following measures:

• Implementing  our  comprehensive  Pandemic  Response  Plan  to  ensure  the  continuity  of  our  operations  while  protecting  the  health  and  safety  of  ourpeople.

• Restricting all non-critical travel and implementing mandatory Work-from-Home arrangements for employees in affected areas.• Instituting new safety and cautionary procedures for front-line employees to ensure their safety.• Providing sanitizing materials and guidance for working in common work areas.• Tracking employees with COVID-19, performing contact tracing and requiring employees to comply with quarantining requirements.• Sanitizing our production facilities and issuing stringent guidance on prohibiting unnecessary visitors and contractors from entering our manufacturing

facilities.• Establishing/adhering to stringent hygiene protocols, including handwashing, no admittance by anyone exhibiting cold or flu-like symptoms, temperature

checks and social distancing to the fullest extent possible.

The Company established an Employee Crisis Reserve to compensate employees who could not work or were otherwise affected by the pandemic, includingdistributing food kits and ensuring the availability of medical supplies where needed. The Company also launched a new, global employee assistance programto provide confidential, professional counseling services via phone, text or email, 24 hours a day.

Compensation

Our compensation program is designed to attract and retain employees and to maintain a strong pay for performance culture. We regularly assess the currentbusiness  environment  and  labor  market  to  ensure  our  compensation  programs  reflect  current  best  practices.  We  benchmark  and  set  pay  ranges  based  onmarket data for our jobs. We believe that these practices will help to motivate and engage our broader base of employees resulting in sustained increases inshareholder value and reflects our compensation philosophy in aligning long-term pay and performance.

PRODUCT BACKLOG

The Company's product  backlog was $981 and $796 as of  December 31,  2020 and 2019,  respectively.  The backlog generally  includes orders estimated orprojected  to  be  shipped  or  installed  within  18  months.  Although  the  Company  believes  the  orders  included  in  the  backlog  are  firm,  some  orders  may  becanceled by customers without penalty, and the Company may elect to permit cancellation of orders without penalty where management believes it is in theCompany's  best  interests  to  do  so.  Historically,  the  Company  has  not  experienced  significant  cancellations  within  its  product  backlog.  Additionally,  over  50percent of the Company's revenues are derived from its service business, for which backlog information is not measured. Therefore, the Company does notbelieve that its product backlog, as of any particular date, is necessarily indicative of revenues for any future period.

PATENTS, TRADEMARKS, LICENSES

The Company owns patents, trademarks and licenses relating to certain products across the globe. While the Company regards

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these as items of importance, it  does not deem its business as a whole, or any industry segment,  to be materially dependent upon any one item or group ofitems.  The  Company  intends  to  protect  and  defend  its  intellectual  property,  including  pursuit  of  infringing  third  parties  for  damages  and  other  appropriateremedies.

GOVERNMENT REGULATION

As a company with global operations, we are subject to complex foreign and U.S. laws and regulations, including trade regulations, tariffs,  import and exportregulations, anti-bribery and corruption laws, antitrust or competition laws, data privacy laws, such as the EU General Data Protection Regulation (the GDPR),and  environmental  regulations,  among  others.  We  have  policies  and  procedures  in  place  to  promote  compliance  with  these  laws  and  regulations.Notwithstanding their complexity, our compliance with these laws and regulations, including environmental regulations, generally, does not, and is not expectedto, have a material effect on our capital expenditures, earnings or competitive position. Government regulations are subject to change, and accordingly we areunable to assess the possible effect of compliance with future requirements or whether our compliance with such regulations will materially impact our businessin the future.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

Refer to Item 10 of this annual report on Form 10-K for information on the Company's executive officers, which is incorporated herein by reference.

AVAILABLE INFORMATION

The Company uses its Investor Relations web site, http://investors.dieboldnixdorf.com, as a channel for routine distribution of important information, includingstock information, news releases, investor presentations and financial information. The Company posts filings as soon as reasonably practicable after they areelectronically filed with, or furnished to, the U.S. Securities and Exchange Commission (SEC), including its annual, quarterly, and current reports on Forms 10-K,10-Q, and 8-K; its proxy statements; registration statements; and any amendments to those reports or statements. All such postings and filings are available onthe Company’s Investor Relations web site free of charge. In addition, this web site allows investors and other interested persons to sign up to automaticallyreceive e-mail alerts when the Company posts news releases and financial information on its web site. Investors and other interested persons can also followthe Company on Twitter at http://twitter.com/dieboldnixdorf. The content on any web site referred to in this annual report on Form 10-K is not incorporated byreference into this annual report unless expressly noted.

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ITEM 1A: RISK FACTORS(dollars and euros in millions, except for per share values)

The following are certain risk factors that could affect the Company’s business, financial condition, operating results and cash flows. These risk factors should beconsidered in connection with evaluating the forward-looking statements contained in this annual report on Form 10-K because they could cause actual resultsto differ materially from those expressed in any forward-looking statement. The risk factors highlighted below are not the only ones the Company faces. Althoughthe  risks  are  organized  by  headings,  and  each  risk  is  discussed  separately,  many  are  interrelated.  If  any  of  these  events  actually  occur,  the  Company'sbusiness, financial condition, operating results or cash flows could be negatively affected.

The Company cautions the reader to keep these risk factors in mind and refrain from attributing undue certainty to any forward-looking statements, which speakonly as of the date of this annual report on Form 10-K.

Strategic and Operational Risks.

The COVID-19 pandemic creates uncertainty and could have a material adverse impact on our business. While the COVID-19 pandemic has adversely affectedour operations and financial results, our business has demonstrated a certain degree of resiliency in the COVID-19 pandemic given our work as an essentialservice provider to banks and essential retailers. Nonetheless, known or unexpected risks or developments related to the pandemic could have a material andadverse impact on our business, financial position and results of operations. If conditions worsen, resulting in additional or unexpected challenges, the COVID-19 pandemic could materially and negatively impact one or more of the following aspects of our business: our global supply chain; our manufacturing facilities;our service technicians in the field; our employees working remotely or in our offices; and the businesses of our customers. Additionally, any worsening of thepandemic  could  cause additional  and material  delays  in  installations,  certifications  or  other  time-sensitive  aspects  of  our  business.  As we cannot  predict  theduration or scope of the COVID-19 pandemic, the continuing negative impact to our financial position, results of operations and cash flows cannot be reasonablyestimated, but could be material.

While the Company has achieved significant savings from its DN Now initiatives, these savings may not be sustainable and further savings targets may bedelayed or might not be fully realized, which may adversely affect its operating results and cash flow. The Company’s DN Now initiatives consist of a number ofwork streams designed to improve operational  efficiency and sustainably  increase profits  and cash flows.  Although the Company has achieved a substantialamount of annual cost savings associated with the DN Now initiatives in 2019 and 2020 and expects to achieve further cost savings through new initiatives, suchas the digital  acceleration work being done with Accenture,  it  may be unable to sustain the annual  cost  savings from the work streams that  it  has previouslyimplemented and may be unable to successfully implement these new work streams, which are still in the early stages, on the anticipated timeline, or at all. TheCompany has incurred approximately $330, in the aggregate, of cash payments related to DN Now and expects to make additional payments in 2021. In 2021,the  Company  intends  to  focus  on  higher  free  cash  flow  conversion  and  growth,  despite  the  uncertain  COVID-19  environment.  If  the  Company  is  unable  toachieve, or experiences any delays in achieving, the DN Now goals, or if the associated costs are higher than currently anticipated, its results of operations andcash  flows  may  be  adversely  affected.  Even  if  the  Company  successfully  executes  these  work  streams  and  meets  its  DN Now goals,  other  factors  that  wecannot predict may offset the expected financial benefits of these initiatives.

New service and product developments may be unsuccessful. The Company is constantly looking to develop new services and products that complement orleverage its core competencies and expand its business potential. For example, the Company launched its DN Series banking solutions portfolio in 2019 and itsDN Series EASY family of retail checkout solutions in 2021. The Company makes significant investments in service and product technologies and anticipatesexpending  significant  resources  for  new  cloud  software,  digitally  enabled  services  and  product  development  over  the  next  several  years.  There  can  be  noassurance that the Company’s service and product development efforts will be successful, that the roll out of any new services and products will be timely, thatthe customer certification process for any new products or the DN Series will be completed on the anticipated timeline, that it will be able to successfully marketthese services and products, or that margins generated from sales of these services and products will recover costs of development efforts.

The Company may not be successful executing on its digitally enabled hardware, services and software strategy. As part of its broader business strategy, theCompany is delivering digitally enabled hardware, services and software to its customers to address their evolving demand for greater flexibility and optionalityto  meet  the  demands  of  the  market,  drive  improvement  to  performance  levels  and  provide  a  more  scalable  cost  structure.  The  Company’s  digital  strategyextends  to  its  own internal  capabilities,  as  well,  to  ensure  the  Company  becomes  more  efficient  and  delivers  better  capabilities  to  its  employees.  Across  itsinternal  finance,  information  technology,  human resources  and sales  departments,  the  Company is  deploying  digital  tools  to  enhance its  operating  efficiencythrough the use of cloud-based applications, self-service portals and automation. Executing on a digitally enabled strategy presents risks and challenges to boththe Company and its customers, and there can be no assurances that the Company will be successful in its endeavors.

The Company may not be able to generate sufficient cash flows to fund its operations and make adequate capital investments. The Company’s cash flows fromoperations  depend  primarily  on  sales  and  service  margins.  To  develop  new  service  and  product  technologies,  support  future  growth,  achieve  operatingefficiencies and maintain service and product

 

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quality,  the Company must  make significant  capital  investments in  manufacturing technology,  facilities and capital  equipment,  R&D, and service and producttechnology.  In addition to cash provided from operations,  the Company has from time to time utilized external  sources of financing. Depending upon generalmarket  conditions  or  other  factors,  the  Company  may  not  be  able  to  generate  sufficient  cash  flows  to  fund  its  operations  and  make  adequate  capitalinvestments, either in whole or in part. In addition, any tightening of the credit markets may limit the Company's ability to obtain alternative sources of cash tofund its operations.

Data Privacy and Cybersecurity Risks.

Cybersecurity incidents or vulnerabilities could disrupt the Company's internal operations or services provided to customers, which could adversely affectrevenue, increase costs, and harm its reputation, customer relationships, and stock price. To reduce these risks, the Company has programs and measures inplace designed to detect and help safeguard against cybersecurity attacks. Although we have implemented cybersecurity measures designed to detect and limitthe  risk  of  unauthorized  access  to  our  systems  and  acquisition  of,  loss,  modification  of,  use,  or  disclosure  of  our  data,  threat  actors  are  using  evolving,sophisticated, and ever-changing techniques to obtain unauthorized access to systems and data. The types and motivations of threat actors that may attempt toaccess our systems also are evolving and expanding, and include sophisticated nation-state sponsored and organized cyber-criminals, who are targeting thefinancial services industry. As a result, the risk of cyberattack is increasing. An attack, disruption, intrusion, denial of service, theft or other data or cybersecurityincident  (such  as  phishing  attack,  virus,  ransomware,  or  other  malware  installation),  or  an  inadvertent  act  by  an  employee  or  contractor,  could  result  inunauthorized  access  to,  acquisition  of,  loss,  disclosure,  or  modification  of,  our  systems,  products,  and  data  (or  our  third-party  service  provider’s  systems,products,  and  data),  which  may  result  in  operational  disruption,  loss  of  business,  claims  (including  by  customers,  financial  institutions,  cardholders,  andconsumers), costs and reputational harm that could negatively affect our operating results. The Company could incur significant expenses in investigating andaddressing  cybersecurity  incidents,  including  the  expenses  of  deploying  additional  personnel,  enhancing  or  implementing  new  protection  measures,  trainingemployees or  hiring consultants,  and such incidents  could divert  the attention  of  our  management  and key personnel  from our  business operations.  Further,remedial measures may later prove inadequate to prevent or reduce the impact of new or emerging threats. The Company may face regulatory investigations orlitigation relating to cybersecurity  incidents,  which may be costly  to  defend and which,  if  successful,  may require the Company to pay damages and fines orchange  its  business  practices.  The  Company  also  is  subject  to  risks  associated  with  cyberattacks  involving  our  supply  chain.  We  may  also  detect,  or  mayreceive  notice  from  third  parties  (including  governmental  agencies  and  those  in  our  supply  chain)  regarding,  potential  vulnerabilities  in  our  informationtechnology systems, our products, or third-party products used in conjunction with our products. Even if these potential vulnerabilities do not affect our products,services, data, or systems, their existence or claimed existence could adversely affect customer confidence and our reputation in the marketplace, causing us tolose existing or potential customers. To the extent such vulnerabilities require remediation, such remedial measures could require significant resources, may notbe implemented before such vulnerabilities are exploited, and may not prevent or reduce the risk. As the cybersecurity landscape evolves, we may also find itnecessary to make significant further investments to protect data and infrastructure. We maintain cybersecurity insurance intended to cover some of these risks,but this insurance may not be sufficient to cover all of our losses from future cybersecurity incidents the Company may experience.

We have experienced cybersecurity incidents in the past, but none of these incidents, individually or in the aggregate, has had a material adverse effect on ourbusiness, reputation, operations or products. The Company has in place various information technology protections designed to detect and reduce cybersecurityincidents,  although  there  can  be  no  assurance  that  our  protections  will  be  successful.  The  Company  also  regularly  evaluates  its  protections  againstcybersecurity incidents, including through self-assessments and third-party assessments, and takes steps to enhance those protections, in response to specificthreats and as part of the Company’s information security program. There can be no assurance, however, that the Company will be able to prevent or remediateall future cybersecurity incidents or that the cost associated with responding to any such incident or impact of such incident will not be significant or material.

Portions  of  the  Company's  IT  infrastructure  also  may experience  interruptions,  delays  or  cessations  of  service  or  produce errors  in  connection  with  systemsintegration or migration work that takes place from time to time. The Company may not be successful in implementing new systems, and transitioning data andother aspects of the process could be expensive, time consuming, disruptive and resource-intensive. Such disruptions could adversely impact the ability to fulfillorders, service customers and interrupt other processes and, in addition, could adversely impact the Company’s ability to maintain effective internal control overfinancial reporting. Delayed sales, lower margins, lost customers or diminished investor confidence resulting from these disruptions could adversely affect theCompany's financial results, stock price and reputation.

Privacy and information security laws are complex, and if the Company fails to comply with applicable laws, regulations and standards, or fails to properlymaintain the integrity of its data, or defend against cybersecurity attacks, the Company may be subject to government or private actions relating to privacy andsecurity incidents and breaches, any of which could have a material adverse effect on its business, financial condition and results of operations or materiallyharm its reputation. The Company is subject to a variety of laws and regulations in Europe, the U.S. and other jurisdictions that involve matters central  to itsbusiness, including privacy, information security, data protection, competition, and consumer protection. The Company, and the personal information and otherdata that  it  processes,  are increasingly  subject  to these laws,  which are increasingly  complex and stringent  as the global  data protection landscape evolves.These laws may conflict with one another, and many of them are subject to frequent modification and differing interpretations. Complying with these evolvingand varying standards could require significant expense and effort and may require us to change our business practices or the functionality of our products andservices in a manner adverse to our customers and our business. In addition, violations of these laws can result in significant

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fines, penalties, claims by regulators or other third parties, imposition of limits on the processing of data, and damage to our brand and business.

The Company is subject to, among other data and consumer protection laws, the GDPR, the U.K. General Data Protection Regulation, the California ConsumerPrivacy Act and the Brazilian General Data Protection Law. Costs to comply with these privacy-related and data protection measures could be significant andcould  materially  affect  our  business  and  failure  to  comply  with  them  could  result  in  material  legal  exposure  and  business  impact.  For  example,  the  GDPRimposes onerous accountability  obligations on companies,  with penalties for  noncompliance of  up to the greater  of  20 euros or four percent  of  annual  globalrevenue,  and  grants  corrective  powers  to  supervisory  authorities  including  the  ability  to  impose  a  limit  on  processing  of  personal  data.  Following  the  U.K.’swithdrawal  from the  EU on January  31,  2020,  it  is  likely  that  the  data  protection  obligations  of  the  GDPR will  continue  to  apply  to  U.K.-based organizations’processing of personal data in substantially unvaried form at least in the short term. There are legislative proposals recently adopted or currently pending in theUnited States, at both the federal and state levels (including by banking agencies), as well as in other jurisdictions, implementing new or additional requirementson data processing that could increase compliance costs, the cost and complexity of delivering our services and significantly affect our business.

Transferring  personal  information  across  international  borders  is  complex  and  subject  to  legal  and  regulatory  requirements,  as  well  as  active  litigation  andenforcement in a number of jurisdictions around the world, each of which could have an adverse impact on our ability to process and transfer personal data aspart  of  our business operations.  The mechanisms that  we and many other companies rely upon for  European data transfers (e.g.,  Privacy Shield and ModelClauses) are the subject of recent judicial decisions by the Court of Justice of the European Union resulting in the invalidation of Privacy Shield. The invalidationof  Privacy  Shield  and  the  open  questions  related  to  the  validity  of  Model  Clauses  have  resulted  in  some changes  in  the  obligations  required  to  provide  ourservices in the European Union and could expose us to potential  sanctions and fines for  non-compliance.  Several  other countries,  including India,  have alsoestablished  or  are  considering  data  localization  requirements  for  cross-border  transfers  of  personal  information.  These  restrictions  could  have  a  substantialimpact on the cost of our business.

Risks Related to Our Indebtedness.

The Company may not be able to generate sufficient cash to service all of its indebtedness and may be forced to take other actions to satisfy its obligationsunder its indebtedness, which may not be successful. The  Company's  ability  to  make  scheduled  payments  or  refinance  its  debt  obligations  depends  on  itsfinancial condition and operating performance, which are subject to prevailing economic and competitive conditions and to certain financial, business, legislative,regulatory and other factors beyond its control. The Company may be unable to maintain a level of cash flows from operating activities sufficient to permit thepayment of principal, premium, if any, and interest on its indebtedness.

If the Company's cash flows and capital resources are insufficient to fund its debt service obligations, the Company could face substantial liquidity problems andcould be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital orrestructure  or  refinance its  indebtedness.  The Company may not  be able  to  effect  any such alternative  measures,  if  necessary,  on commercially  reasonableterms or at all and, even if successful, those alternative actions may not allow the Company to meet its scheduled debt service obligations. In addition, the termsof the Company's existing or future debt arrangements may restrict it from effecting any of these alternatives.

The terms of the credit agreement (the Credit Agreement) governing the Company's revolving credit facility (the Revolving Facility)and term loans and theindentures governing the Company's senior secured and unsecured notes (the Indentures) restrict its current and future operations, particularly its ability torespond to changes or to take certain actions. The  Credit  Agreement  and  the  Indentures  contain  a  number  of  restrictive  covenants  that  impose  significantoperating and financial restrictions on the Company and may limit its ability to engage in acts that may be in its long-term best interest, including restrictions onits ability to:

• incur additional indebtedness and guarantee indebtedness;• pay dividends or make other distributions or repurchase or redeem capital stock;• prepay, redeem or repurchase certain debt;• issue certain preferred stock or similar equity securities;• make loans and investments;• sell assets;• incur liens;• enter into transactions with affiliates;• alter the businesses the Company conducts;• enter into agreements restricting the Company’s subsidiaries’ ability to pay dividends; and• consolidate, merge or sell all or substantially all of the Company’s assets.

In addition, the restrictive covenants in the Credit Agreement require the Company to maintain specified financial ratios and satisfy other financial conditions.Although the Company entered into an amendment  to the Credit  Agreement in August  2018 to,  among other things,  revise certain of  its financial  covenants,upon the occurrence of certain events, the financial covenants,

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including the Company’s net leverage ratio, will revert to pre-amendment levels. The Company’s ability to meet the financial ratios and tests can be affected byevents beyond its control, and it may be unable to meet them.

A breach of  the covenants or restrictions under any of  the Indentures or under the Credit  Agreement  could result  in an event  of  default  under the applicableindebtedness.  Such  a  default  may  allow  the  creditors  to  accelerate  the  related  debt  and  may  result  in  the  acceleration  of  any  other  debt  to  which  a  cross-acceleration or cross-default provision applies. In addition, an event of default under the Credit Agreement would permit the lenders under the Revolving Facilityto terminate all commitments to extend further credit under that facility. Furthermore, if the Company were unable to repay the amounts due and payable underthe Revolving Facility and term loans, those lenders could proceed against the collateral granted them to secure that indebtedness. In the event the Company’slenders  or  noteholders  accelerate  the  repayment  of  its  indebtedness,  the  Company  and  its  subsidiaries  may  not  have  sufficient  assets  to  repay  thatindebtedness. As a result of these restrictions, the Company may be:

• limited in how it conducts its business;• unable to raise additional debt or equity financing to operate during general economic or business downturns; and• unable to compete effectively or to take advantage of new business opportunities.

These restrictions may affect the ability to grow in accordance with its strategy. In addition, the Company’s financial results, its substantial indebtedness and itscredit ratings could adversely affect the availability and terms of its financing.

The Company’s failure to meet its debt service obligations could have a material adverse effect on the Company’s business, financial condition and results ofoperations. The Company’s  high  level  of  indebtedness  could  adversely  affect  the  Company’s  operations  and liquidity.  The Company’s  level  of  indebtednesscould, among other things:

• make it more difficult for the Company to pay or refinance its debts as they become due during adverse economic and industry conditions because theCompany may not have sufficient cash flows to make its scheduled debt payments;

• cause the Company to use a larger portion of  its cash flow to fund interest  and principal  payments,  reducing the availability  of  cash to fund workingcapital, capital expenditures, R&D and other business activities;

• limit the Company’s ability to take advantage of significant business opportunities, such as acquisition opportunities, and to react to changes in marketor industry conditions;

• cause the Company to be more vulnerable to general adverse economic and industry conditions;• cause the Company’s suppliers to limit trade credit, require pre-payments or other collateral;• cause the Company to be disadvantaged compared to competitors with less leverage;• result  in  a  downgrade  in  the  credit  rating  of  the  Company  or  indebtedness  of  the  Company  or  its  subsidiaries,  which  could  increase  the  cost  of

borrowings; and• limit the Company’s ability to borrow additional monies in the future to fund working capital, capital expenditures, R&D and other business activities.

The  Company  may  also  incur  additional  long-term  debt  and  working  capital  lines  of  credit  to  meet  future  financing  needs,  which  would  increase  its  totalindebtedness. Although the Credit Agreement and the Indentures contain restrictions on the Company’s ability to incur additional debt, including secured debt,these restrictions are subject to a number of important exceptions and debt incurred in compliance with these restrictions could be substantial. If the Companyand its restricted subsidiaries incur significant additional debt, the related risks that the Company faces could intensify.

The interest rates of certain debt instruments are priced using a spread over the London interbank offered rate (LIBOR) and Euro interbank offered rate(EURIBOR). LIBOR and EURIBOR are the basic rate of interest used in lending between banks on the London interbank market and EURO interbank market,and are widely used as a reference for setting the interest rate on loans globally. LIBOR and EURIBOR are the reference rates used with respect to the termloans  and  Revolving  Facility  under  the  Credit  Agreement.  On  July  27,  2017,  the  United  Kingdom’s  Financial  Conduct  Authority,  which  regulates  LIBOR,announced that it intends to phase out LIBOR by the end of 2021. At this time, it is unclear whether LIBOR will cease to exist or if new standards of calculatingLIBOR will be established. The Company has taken steps to reduce its risk of a higher interest rate by effectively replacing LIBOR as the reference rate withrespect  to  its  debt,  including  by  entering  into  interest  rate  swaps.  Additionally,  in  July  2020,  the  Company  refinanced  a  portion  of  its  then  outstandingindebtedness  under  the  Credit  Agreement  using  the  net  proceeds  of  newly  issued  senior  secured  notes,  which  bear  interest  at  a  fixed  rate.  Despite  theCompany’s  mitigation  efforts,  the  discontinuation  of  LIBOR  may  increase  the  Company’s  interest  expense  on  loans  using  LIBOR  as  a  reference  rate  andadversely impact our ability to manage and hedge exposures to fluctuations in interest rates using derivative instruments.

Workforce Operations Risks.

An inability to attract, retain and motivate key employees could harm current and future operations. In order to be successful, the Company must attract, retainand  motivate  executives  and  other  key  employees,  including  those  in  managerial,  professional,  administrative,  technical,  sales,  marketing  and  IT  supportpositions.  It  also  must  keep  employees  focused  on  its  strategies  and  goals.  Hiring  and  retaining  qualified  executives,  engineers  and  qualified  salesrepresentatives are critical to its

 

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future, and competition for experienced employees in these areas can be intense. The failure to hire or loss of key employees could have a significant impact onthe Company’s operations.

Risks Related to Reliance on Performance of Third Parties.

The Company’s ability to deliver products that satisfy customer requirements is dependent on the performance of its subcontractors and suppliers, as well as onthe availability of raw materials and other components. The Company relies on other companies, including subcontractors and suppliers, to provide and produceraw materials, integrated components and sub-assemblies and production commodities included in, or used in the production of, its products. If one or more ofthe Company's subcontractors or suppliers experiences delivery delays or other performance problems, it may be unable to meet commitments to its customersor incur additional costs. In some instances, the Company depends upon a single source of supply. Any service disruption from one of these suppliers, eitherdue to circumstances beyond the supplier’s control, such as geo-political developments or public health concerns (including viral outbreaks, such as COVID-19),or  as  a  result  of  performance  problems  or  financial  difficulties,  could  have  a  material  adverse  effect  on  the  Company's  ability  to  meet  commitments  to  itscustomers  or  increase  its  operating  costs.  Since  the  beginning  of  2020,  the  COVID-19  pandemic  has  resulted  in  increased  travel  restrictions  and  extendedshutdown of certain businesses. At present, the overall impact of the COVID-19 pandemic is difficult to predict, but it may have a material adverse impact on theCompany’s overall business, financial condition and results of operations, in particular if COVID-19 infection rates resurge in other countries and regions.

The  Company  manufactures  a  substantial  amount  of  its  products  in  Paderborn,  Germany,  and  Manaus,  Brazil.  In  addition,  certain  of  our  products  aremanufactured  in  China.  Any  damage  suffered  by  these  critical  locations  and  manufacturing  plants  could  negatively  impact  our  business  and  results  ofoperations. While the Company maintains insurance policies that provide coverage up to certain limits for some of the potential risks and liabilities associatedwith its business, it does not maintain insurance policies for all risks and liabilities.

The Company relies on third parties to provide security systems and systems integration. Sophisticated  hardware  and  operating  system  software  andapplications  that  the  Company  procures  from  third  parties  may  contain  defects  in  design  or  manufacture,  including  “bugs”  and  other  problems  that  couldunexpectedly  interfere  with the operation of  the system. The costs to  eliminate or  alleviate security  problems,  viruses and bugs could be significant,  and theefforts to address these problems could result in interruptions, delays or cessation of service that could impede sales, manufacturing, distribution or other criticalfunctions.

Tax Liability Risks.

Additional tax expense or additional tax exposures could affect the Company's future profitability. The Company is subject to income taxes in both the U.S. andvarious non-U.S. jurisdictions, and its domestic and international tax liabilities are dependent upon the distribution of income among these different jurisdictions.If the Company decides to repatriate cash, cash equivalents and short-term investments residing in international tax jurisdictions, there could be further negativeimpact  on foreign and domestic  taxes.  The Company's  tax  expense includes estimates  of  additional  tax  that  may be incurred for  tax  exposures  and reflectsvarious estimates and assumptions, including assessments of future earnings of the Company that could affect the valuation of its net deferred tax assets. TheCompany's future results could be adversely affected by changes in the effective tax rate as a result of a change in the mix of earnings in countries with differingstatutory tax rates, changes in the overall profitability of the Company, changes in the valuation of deferred tax assets and liabilities, the results of audits andexaminations of previously filed tax returns continuing assessments of its income tax exposures and changes in tax legislation. For example, President Bidenhas proposed the reversal  or  modification of  some portions of  the Tax Cuts and Jobs Act  of  2017,  which,  if  enacted,  could result  in  a higher  U.S.  corporateincome tax rate than is currently in effect.

Additionally, the Company's future results could be adversely affected by the results of indirect tax audits and examinations, and continuing assessments of itsindirect tax exposures. A loss contingency is reasonably possible if it has a more than remote but less than probable chance of occurring. Although managementbelieves the Company has valid defenses with respect to its indirect tax positions, it is reasonably possible that a loss could occur in excess of the estimatedaccrual. The aggregate risk related to indirect taxes is adjusted as the applicable statutes of limitations expire. It is reasonably possible that the Company couldbe  required  to  pay  taxes,  penalties  and  interest  related  to  this  matter  or  other  open  years,  which  could  be  material  to  its  financial  condition  and  results  ofoperations.

Risks Related to Acquisitions, Divestitures and Alliances.

The Company may not be successful executing potential acquisitions, investments or partnerships, or divesting its non-core and/or non-accretive businesses. Asthe Company’s financial performance improves it may evaluate and consider acquisitions, investments or partnerships in companies, products, services andtechnologies which could support the Company’s strategy and growth. Acquisitions, investments and partnerships inherently involve risks, which may include:the risk of integrating business operations, cultures, retaining key personnel and maintaining appropriate systems and controls; the potential for unknownliabilities; the possibility that acquisitions, investments or partnerships may not yield the targeted financial or strategic benefits to the Company. Furthermore, theCompany has, from time-to-time, been divesting certain non-core and/or non-accretive businesses to, among other things, simplify its business and reduce itsdebt. However, there can be no assurance that it will be successful in selling all or further such any assets. It may incur substantial expenses associated withidentifying and

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evaluating potential sales. The process of exploring any sales may be time consuming and disruptive to its business operations, and if it is unable to effectivelymanage the process, its business, financial condition and results of operations could be adversely affected. It also cannot assure that any potential sale, ifconsummated, will prove to be beneficial to its shareholders. Any potential sale would be dependent upon a number of factors that may be beyond theCompany’s control, including, among other factors, market conditions, industry trends, the interest of third parties in the assets and the availability of financing topotential buyers on reasonable terms.

In  addition,  while  it  evaluates  asset  sales,  the  Company  is  exposed  to  risks  and  uncertainties,  including  potential  difficulties  in  retaining  and  attracting  keyemployees,  distraction of  its  management  from other  important  business activities,  and potential  difficulties  in  establishing and maintaining relationships  withcustomers, suppliers, lenders, sureties and other third parties, all of which could harm its business.

The Company may be unable to successfully and effectively manage acquisitions, divestitures, alliances, and other significant transactions, which could harm itsoperating results, business and prospects. As the Company improves its financial performance and promotes its business strategy, it will continue to engage indiscussions and potentially enter into agreements with third parties regarding possible investments, acquisitions, strategic alliances, joint ventures, partnerships,divestitures and outsourcing arrangements. Such transactions present significant risks and challenges and there can be no assurances that the Company willmanage  such  transactions  successfully  or  that  strategic  opportunities  will  be  available  to  the  Company  on  acceptable  terms  or  at  all.  Acquisitions  andpartnerships inherently involve risks.

The Company may specifically evaluate and consider investments or partnerships in companies, products, services and technologies. Related risks include theCompany  failing  to  achieve  strategic  objectives,  anticipated  benefits  or  timing  of  a  transaction  or  contractual  obligations.  Such  transactions  may  require  theCompany to manage post-closing transitions services or integration issues with business operations, support systems, workplace cultures and the retention ofpersonnel. There is also the potential for unknown liabilities and the possibility that the acquisitions or partnerships may not yield financial strategic benefits tothe  Company.  Risks  of  these  transactions  can  be  more  pronounced  in  larger  and  more  complicated  transactions,  or  if  multiple  transactions  are  pursuedsimultaneously.

Risks Related to Our Pension Plan Obligations.

Low investment performance by the Company's pension plan assets may result in an increase to its net pension liability and expense, which may require it tofund a portion of its pension obligations and divert funds from other potential uses. The Company sponsors several  defined benefit  pension plans that  covercertain eligible employees across the globe.  The Company's pension expense and required contributions to its pension plans funded with assets are directlyaffected by the value of plan assets, the projected rate of return on plan assets, the actual rate of return on plan assets and the actuarial assumptions it uses tomeasure the defined benefit pension plan obligations.

A significant market downturn could occur in future periods resulting in a decline in the funded status of the Company's pension plans and causing actual assetreturns to be below the assumed rate of return used to determine pension expense. If return on plan assets in future periods perform below expectations, futurepension expense will increase.

Risks Related to Shareholder Appraisal Proceedings.

The Company is exposed to additional litigation risk and uncertainty with respect to the former minority shareholders of Diebold Nixdorf AG. As a result of the2016 acquisition of Diebold Nixdorf AG (the Acquisition), the Company continues to be exposed to two separate appraisal proceedings (Spruchverfahren). Bothproceedings  are  pending  at  the  same  Chamber  for  Commercial  Matters  (Kammer  für  Handelssachen)  at  the  District  Court  (Landgericht)  of  Dortmund(Germany). The first appraisal proceeding relates to the Domination and Profit Loss Transfer Agreement (DPLTA) entered into by Diebold Holding Germany Inc.& Co. KGaA (now doing business as Diebold Nixdorf Holding Germany GmbH), a wholly-owned subsidiary of Diebold Nixdorf, Incorporated, and Diebold NixdorfAG, which became effective on February 17, 2017. The DPLTA appraisal proceeding was filed by minority shareholders of Diebold Nixdorf AG challenging theadequacy  of  both  the  cash  exit  compensation  of  €55.02  per  Diebold  Nixdorf  AG  share  (of  which  6.9  million  shares  were  then  outstanding)  and  the  annualrecurring compensation of €2.82 per Diebold Nixdorf AG share offered in connection with the DPLTA.

The second appraisal proceeding relates to the cash merger squeeze-out of minority shareholders of Diebold Nixdorf AG in 2019. The squeeze-out appraisalproceeding  was filed  by  former  minority  shareholders  of  Diebold  Nixdorf  AG challenging  the  adequacy  of  the  cash  exit  compensation  of  €54.80  per  DieboldNixdorf AG share (of which 1.4 million shares were then outstanding) in connection with the merger squeeze-out.

In both appraisal proceedings, a court ruling would apply to all Diebold Nixdorf AG shares outstanding at the time when the DPLTA or the merger squeeze-out,respectively, became effective. Any cash compensation received by former Diebold Nixdorf AG shareholders in connection with the merger squeeze-out wouldbe netted with any higher cash compensation such shareholder may still claim in connection with the DPLTA appraisal proceeding. While the Company believesthat the compensation offered in connection with the DPLTA and the merger squeeze-out was in both cases fair, it notes that German courts often adjudicateincreases of the cash compensation to plaintiffs in varying amounts in connection with German appraisal proceedings. Therefore, the Company cannot rule outthat  the  first  instance  court  or  an  appellate  court  may  increase  the  cash  compensation  also  in  these  appraisal  proceedings.  The  Company,  however,  isconvinced that its defense in both appraisal

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proceedings, which are still at preliminary stages, is supported by strong sets of facts and the Company vigorously defends itself in these matters.

Non-Cash Impairment Loss Risks.

The Company has a significant amount of long-term assets, including goodwill and other intangible assets, and any future impairment charges could adverselyimpact its results of operations. The Company reviews long-lived assets, including property, plant and equipment and identifiable amortizing intangible assets,for  impairment  whenever  changes  in  circumstances  or  events  may  indicate  that  the  carrying  amounts  are  not  recoverable.  If  the  fair  value  is  less  than  thecarrying amount of the asset, a loss is recognized for the difference. Factors which may cause an impairment of long-lived assets include significant changes inthe manner of use of these assets, negative industry or market trends, a significant under-performance relative to historical or projected future operating results,or a likely sale or disposal of the asset before the end of its estimated useful life.

As of December 31, 2020, the Company had $800.4 of goodwill.  The techniques used in its qualitative and quantitative assessment and goodwill  impairmenttests  incorporate  a number  of  estimates and assumptions that  are subject  to  change.  Although the Company believes these estimates and assumptions arereasonable  and  reflect  market  conditions  forecast  at  the  assessment  date,  any  changes  to  these  assumptions  and  estimates  due  to  market  conditions  orotherwise may lead to an outcome where impairment charges would be required in future periods.

Economic Risks and Market Contingencies.

The proliferation of payment options other than cash, including credit cards, debit cards, store-valued cards and mobile payment options could result in areduced need for cash in the marketplace and a resulting decline in the usage of ATMs. The U.S., Europe and other developed markets have seen a shift inconsumer payment trends since the late 1990's, with more customers now opting for electronic forms of payment, such as credit cards and debit cards, for theirin-store  purchases  over  traditional  paper-based  forms  of  payment,  such  as  cash  and  checks.  The  recent  COVID-19  pandemic  has  accelerated  consumertransition towards non-cash payment alternatives driving an increase in digital,  mobile and contactless payment methods.  Additionally,  some merchants offerfree cash back at the POS for customers that utilize debit cards for their purchases, thus providing an additional incentive for consumers to use these cards. Thecontinued growth in electronic payment methods could result in a reduced need for cash in the marketplace and ultimately, a decline in the usage of ATMs. Newpayment technology and adoption of mobile payment technology, virtual currencies such as Bitcoin, or other new payment method preferences by consumerscould further reduce the general population's need or demand for cash and negatively impact sales of ATMs and selected products, services and software.

The Company's business may be affected by general economic conditions, cyclicality and uncertainty and could be adversely affected during economicdownturns. Demand for the Company's services and products is affected by general economic conditions and the business conditions of the industries in whichit  sells  its  services  and  products.  The  business  of  most  of  the  Company's  customers,  particularly  its  financial  institution  and  retail  customers,  is,  to  varyingdegrees,  cyclical  and  has  historically  experienced  periodic  downturns.  Under  difficult  economic  conditions,  customers  may  seek  to  reduce  discretionaryspending by forgoing purchases of the Company's services and products. This risk is magnified for capital goods purchases such as ATMs, retail systems andphysical  security  products.  In  addition,  downturns  in  the Company's  customers’  industries,  even during periods of  strong general  economic  conditions,  couldadversely affect the demand for the Company's services and products, and its sales and operating results.

In particular, continuing economic difficulties in the global markets have led to an economic recession in certain markets in which the Company operates. As aresult  of  these  difficulties  and  other  factors,  including  new  or  increased  regulatory  burdens,  financial  institutions  and  retail  customers  have  failed  and  maycontinue to fail, resulting in a loss of current or potential customers, or deferred or canceled orders, including orders previously placed. Any customer deferrals orcancellations could materially affect the Company's sales and operating results.

Increased energy, raw material and labor costs could reduce the Company's operating results. Energy prices, particularly petroleum prices, and raw materials(e.g. steel) are cost drivers for the Company's business. In recent years, the price of petroleum has been highly volatile, particularly due to the unstable politicalconditions in the Middle East and increasing international  demand from emerging markets.  During his campaign,  President Biden stated his intent to reverseU.S. climate change policy and in one of his first actions after taking office, signed an executive order recommitting the United States to the Paris Agreement.New legislation and regulations designed to implement this shift in U.S. climate change strategy, such as President Biden’s proposed ban of new oil and gasproduction activities on public lands and properties, could cause fuel and electricity prices to increase. Price increases in fuel and electricity costs, such as thoseincreases  that  may  occur  from  climate  change  legislation  or  other  environmental  mandates,  may  continue  to  increase  cost  of  operations  and  effect  theCompany’s ability to operate in specific markets. Any increase in the costs of energy would also increase the Company's transportation costs.

The primary raw materials in the Company's services, software and systems solutions are steel, plastics, and electronic parts and components. The majority ofraw materials are purchased from various local, regional and global suppliers pursuant to supply contracts. However, the price of these materials can fluctuateunder these contracts in tandem with the pricing of raw materials. Current price increases in steel and resin are being mitigated by long term contracts and jointwork with suppliers on general

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productivity  improvement  and  supply  chain  optimization.  Most  supplier  agreements  include  long  term  productivity  improvements  that  serve  as  the  basis  forabsorbing the potential raw materials increases.

The Company cannot assure that its labor costs going forward will remain competitive or will not increase. In the future, the Company's labor agreements maybe amended, or become amendable, and new agreements could have terms with higher labor costs. In addition, labor costs may increase in connection with theCompany's  growth.  The  Company  may  also  become  subject  to  collective  bargaining  agreements  in  the  future  in  the  event  that  non-unionized  workers  mayunionize.

Risks Related to Competition.

The Company faces competition in global markets that could adversely affect its sales and financial condition. All phases of the Company's business are highlycompetitive.  Some  of  its  services  and  products  are  in  direct  competition  with  similar  or  alternative  services  or  products  provided  by  its  competitors.  TheCompany  encounters  competition  in  price,  delivery,  service,  performance,  product  innovation,  product  recognition  and  quality. In  a  number  of  internationalmarkets in each region where the Company operates, it faces substantial competition from local service providers that offer competing services and products.

Local providers of competing services and products may also have a substantial advantage in attracting customers in their countries due to more establishedbranding  in  that  country,  greater  knowledge  with  respect  to  the  tastes  and  preferences  of  customers  residing  in  that  country  and/or  their  focus  on  a  singlemarket. In addition, some of these companies may have a dominant market share in their territories and may be owned by local stakeholders. Because of thepotential  for consolidation in any market, the Company's competitors may become larger, which could make them more efficient and permit them to be moreprice-competitive.  Increased  size  could  also  permit  them  to  operate  in  wider  geographic  areas  and  enhance  their  abilities  in  other  areas  such  as  R&D andcustomer service.

The  Company  expects  that  its  competitors  will  continue  to  develop  and  introduce  new  and  enhanced  services  and  products.  This  could  cause  a  decline  inmarket  acceptance  of  the  Company's  services  and  products  or  result  in  the  loss  of  major  customers.  In  addition,  the  Company's  competitors  could  cause  areduction  in  the  prices  for  some  of  its  services  and  products  as  a  result  of  intensified  price  competition.  Also,  the  Company  may  be  unable  to  effectivelyanticipate and react to new entrants in the marketplace competing with its services and products.

As a U.S.-based multi-national corporation, the Company must ensure its compliance with both U.S. and foreign regulatory requirements, while local competitorsonly need to observe applicable regional, national or local laws that may be less onerous. An inability to compete successfully could have an adverse effect onthe Company's operating results, financial condition and cash flows in any given period.

Risks Related to Our Multi-National Business Operations.

Because the Company's operations are conducted worldwide, they are affected by risks of doing business abroad. The  Company  generates  a  significantpercentage  of  revenue from operations  conducted  outside  the U.S.  Revenue from international  operations  amounted  to  approximately  75.0  percent  in  2020,76.8 percent in 2019, and 77.1 percent in 2018 of total revenue during these respective years.

Accordingly, international operations are subject to the risks of doing business abroad, including, among other things, the following:

• fluctuations  in  currency exchange rates,  particularly  in  EMEA (primarily  the euro),  Great  Britain  (pound sterling),  Mexico (peso),  Thailand (baht)  andBrazil (real);

• transportation and supply chain delays and interruptions;• political and economic instability and disruptions, including the impact of trade agreements;• the failure of foreign governments to abide by international agreements and treaties;• restrictions on the transfer of funds and capital controls;• the imposition of duties, tariffs and other taxes;• import and export controls;• changes in governmental policies and regulatory environments;• ensuring  the  Company's  compliance  with  U.S.  laws and  regulations  and  applicable  laws and regulations  in  other  jurisdictions,  including  the  Foreign

Corrupt Practices Act (FCPA), the U.K. Bribery Act, and applicable laws and regulations in other jurisdictions;• increasingly complex laws and regulations concerning privacy and data security, including the GDPR;• labor unrest and current and changing regulatory environments;• the uncertainty of product acceptance by different cultures;• the risks of divergent business expectations or cultural incompatibility inherent in establishing strategic alliances with foreign partners;• difficulties in staffing and managing multi-national operations;• limitations on the ability to enforce legal rights and remedies;• reduced protection for intellectual property rights in some countries;• potentially adverse tax consequences, including repatriation of profits; and

 

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• disruptions in our business, or the businesses of our suppliers or customers, due to cybersecurity incidents, terrorist activity, armed conflict, war, publichealth concerns (including viral outbreaks, such as COVID-19), fires or other natural disasters.

Any of these events could have an adverse effect on the Company's international operations by reducing the demand for its services and products or decreasingthe prices at which it can sell its services and products, thereby adversely affecting its financial condition or operating results. The Company may not be able tocontinue to operate in compliance with applicable customs, currency exchange control regulations, transfer pricing regulations or any other laws or regulations towhich it may be subject. In addition, these laws or regulations may be modified in the future, and the Company may not be able to operate in compliance withthose modifications.

Significant developments from recent and potential changes in U.S. trade policies, trade policies of other countries, or the issuance of sanctions forbidding orrestricting trade where the Company has operations could have a material adverse effect on the Company and its financial condition and results of operations.Tariffs, and other governmental action relating to international trade agreements or policies, the adoption and expansion of trade restrictions, the requirement forlicenses or the occurrence of a trade war, may adversely impact demand for the Company’s products, costs, customers, suppliers and/or the U.S. economy orcertain sectors thereof or may adversely impact the Company’s ability to select a preferred supplier and, as a result, adversely impact its business.

The U.S. government may renegotiate, or potentially terminate, existing bilateral or multi-lateral trade agreements and treaties with foreign countries, includingcountries such as China. The Company manufactures a substantial amount of its products in China. Additional tariffs may cause the Company to increase pricesto its customers, which may reduce demand, or, if  it  is unable to increase prices, result in lowering its margin on products sold. Furthermore, the Company’sglobal operations, including in China and Russia, subject it to sanctions laws in the countries where it trades and to U.S. sanctions. If additional sanctions areimposed this may require the Company to reduce or exit its business in a country.

It  remains unclear what  the U.S. or  foreign governments will  or  will  not  do with respect  to sanctions,  tariffs,  international  trade agreements and policies on ashort-term  or  long-term  basis.  The  Company  cannot  predict  future  trade  policy  or  the  terms  of  any  renegotiated  trade  agreements  and  their  impacts  on  itsbusiness.

Risks Related to Our Common Shares.

Anti-takeover provisions could make it more difficult for a third party to acquire the Company. Certain provisions of the Company's charter documents, includingprovisions limiting the ability of shareholders to raise matters at a meeting of shareholders without giving advance notice, may make it more difficult for a thirdparty to gain control of the Company's board of directors and may have the effect of delaying or preventing changes in the Company's control or management.This  could  have  an  adverse  effect  on  the  market  price  of  the  Company's  common shares.  Additionally,  Ohio  corporate  law provides  that  certain  notice  andinformational filings and special shareholder meeting and voting procedures must be followed prior to consummation of a proposed control share acquisition, asdefined in the Ohio Revised Code (ORC). Assuming compliance with the prescribed notice and information filings, a proposed control share acquisition may bemade only if, at a special meeting of shareholders, the acquisition is approved by both a majority of its voting power represented at the meeting and a majority ofthe voting power remaining after excluding the combined voting power of the interested shares, as defined in the ORC. The application of these provisions of theORC also could have the effect of delaying or preventing a change of control.

The declaration, payment and amount of dividends is at the discretion of the Company’s board of directors. Although the Company has paid dividends on itscommon shares in the past, the declaration and payment of future dividends, as well as the amount thereof, are subject to declaration by the Company’s boardof  directors.  The  amount  and  size  of  any  future  dividends  will  depend  on  the  Company’s  results  of  operations,  financial  condition,  capital  levels,  cashrequirements, future prospects and other factors.

General Risks.

The Company's ability to maintain effective internal control over financial reporting may be insufficient to allow it to accurately report its financial results orprevent fraud, and this could cause its financial statements to become materially misleading and adversely affect the trading price of its common shares. TheCompany requires effective internal control over financial reporting in order to provide reasonable assurance with respect to its financial reports and to effectivelyprevent  fraud.  Internal  control  over  financial  reporting may not  prevent  or  detect  misstatements because of  its  inherent  limitations,  including the possibility  ofhuman error, the circumvention or overriding of controls or fraud. Therefore, even effective internal controls can provide only reasonable assurance with respectto the preparation and fair presentation of financial statements. If the Company cannot provide reasonable assurance with respect to its financial statements andeffectively prevent fraud, its financial statements could become materially misleading, which could adversely affect the trading price of its common shares.

If the Company is not able to maintain the adequacy of its internal control over financial reporting, including any failure to implement required new or improvedcontrols, its business, financial condition and operating results could be harmed. Any material weakness could affect investor confidence in the accuracy andcompleteness of its financial statements. As a result, the Company's ability to obtain any additional financing, or additional financing on favorable terms, couldbe materially and

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adversely affected. This, in turn, could materially and adversely affect its business, financial condition and the market value of its securities and require it to incuradditional costs to improve its internal control systems and procedures. In addition, perceptions of the Company among customers, lenders, investors, securitiesanalysts and others could also be adversely affected.

An adverse determination that the Company's services, products or manufacturing processes infringe the intellectual property rights of others, or its failure toenforce its intellectual property rights could have a materially adverse effect on its business, operating results or financial condition. As is common in any hightechnology industry, others have asserted from time to time, and may assert in the future, that the Company's services, products or manufacturing processesinfringe their intellectual property rights. A court determination that its services, products or manufacturing processes infringe the intellectual property rights ofothers could result in significant liability and/or require it to make material changes to its services, products and/or manufacturing processes.

The  Company  also  seeks  to  enforce  its  intellectual  property  rights  against  infringement.  The  Company  cannot  predict  the  outcome  of  actions  to  enforce  itsintellectual property rights, and, although it seeks to enforce its intellectual property rights, it cannot guarantee that it will be successful in doing so. Any of theforegoing could have a materially adverse effect on the Company's business, operating results or financial condition.

The Company may be exposed to liabilities under the FCPA or other worldwide anti-bribery laws, which could harm its reputation and have a material adverseeffect on its business. The  Company  is  subject  to  compliance  with  various  laws  and  regulations,  including  worldwide  anti-bribery  laws.  Anti-bribery  lawsgenerally  prohibit  companies,  and  third  parties  acting  on  their  behalf,  from  engaging  in  bribery  or  making  or  receiving  other  improper  payments  to  anotherperson or entity, including government officials for the purpose of obtaining or retaining business or gaining an unfair business advantage or inducing a personto  act  improperly  or  rewarding  them for  doing  so.  The  FCPA also  requires  proper  record  keeping  and  characterization  of  such  payments  in  the  Company'sreports filed with the SEC.

The  Company's  employees  and  agents  are  required  to  comply  with  these  laws.  The  Company  operates  in  many  parts  of  the  world  that  have  experiencedgovernmental  and commercial corruption to some degree, and strict compliance with anti-bribery laws may conflict  with local customs and practices. Non-UScompanies, including some that may compete with the Company, may not be subject to the FCPA or other anti-bribery laws and may follow local customs andpractices. Accordingly, such companies may be more likely to engage in activities prohibited by the anti-bribery laws which apply to the Company, which couldhave a significant adverse impact on the Company's ability to compete for business in such countries.

Despite  the  Company's  commitment  to  legal  compliance  and  corporate  ethics,  it  cannot  ensure  that  its  policies  and  procedures  will  always  protect  it  fromintentional,  reckless  or  negligent  acts  committed  by  its  employees  or  agents.  Violations  of  these  laws,  or  allegations  of  such  violations,  could  disrupt  theCompany's business and result in financial penalties, debarment from government contracts and other consequences that may have a material adverse effecton its reputation, business, financial condition or results of operations. Future changes in anti-bribery or economic sanctions laws and enforcement could alsoresult in increased compliance requirements and related expenses that may also have a material adverse effect on its business, financial condition or results ofoperations.

Economic conditions and regulatory changes leading up to and following the United Kingdom's (U.K.) exit from the EU could have a material adverse effect onthe Company's business and results of operations. The U.K.’s exit from the EU (Brexit) and the resulting significant change to the U.K.’s relationship with the EUand with countries outside the EU (and the laws, regulations and trade deals impacting business conducted between them) could disrupt the overall economicgrowth or stability of the U.K. and the EU and negatively impact the Company’s European operations. The U.K. and the EU entered into a withdrawal agreementthat set out the terms governing the U.K.’s departure, including, among other things, a transition period that ended on December 31, 2020, to allow for a futuretrade deal  to  be agreed upon.  Although it  is  unknown what  the terms of  the U.K.’s  relationship  with  the EU will  be,  it  is  possible  that  Brexit  will  result  in  theCompany’s  EU  operations  becoming  subject  to  materially  different,  and  potentially  conflicting,  laws,  regulations  or  tariffs,  which  could  require  costly  newcompliance initiatives or changes to legal entity structures or operating practices, which could have a material adverse effect on the Company’s business andresults of operations.

Changes in laws or regulations or the manner of their interpretation or enforcement could adversely impact the Company's financial performance and restrict itsability to operate its business or execute its strategies. New laws or regulations, or changes in existing laws or regulations or the manner of their interpretation orenforcement, could increase the Company's cost of doing business and restrict its ability to operate its business or execute its strategies. This includes, amongother things, the possible increase in U.S. corporate income tax rates, legislation and regulatory initiatives relating to climate change and environmental policyand other changes relating to the Biden Administration transition, compliance costs and enforcement under applicable securities laws, including the Dodd-FrankWall  Street  Reform and Consumer Protection Act  (Dodd-Frank Act),  the German Securities  Trading Act  (Wertpapierhandelsgesetz)  and Regulation (EU) No.596/2014 of the European Parliament and of the Council of April 16, 2014, as well as costs associated with complying with the Patient Protection and AffordableCare Act of 2010 and the regulations promulgated thereunder.

The Company’s actual operating results may differ significantly from its guidance. From time to time, the Company releases guidance, including any guidancethat  it  may  include  in  the  reports  that  it  files  with  the  SEC regarding  its  future  performance.  This  guidance,  which  consists  of  forward-looking  statements,  isprepared by its management and is qualified by, and subject to,

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the assumptions and the other information included in this annual report on Form 10-K, as well as the factors described under “Management's Discussion andAnalysis of Financial Condition and Results of Operation—Forward-Looking Statement Disclosure.” The Company’s guidance is not prepared with a view towardcompliance with published guidelines of the American Institute of Certified Public Accountants, and neither its independent registered public accounting firm norany  other  independent  or  outside  party  compiles  or  examines  the  guidance  and,  accordingly,  no  such  person  expresses  any  opinion  or  any  other  form  ofassurance with respect thereto.

Guidance is based upon a number of assumptions and estimates that, while presented with numerical specificity, are inherently subject to business, economicand competitive uncertainties and contingencies, many of which are beyond the Company’s control  and are based upon specific assumptions with respect tofuture business decisions, some of which will change. The principal reason that the Company releases such data is to provide a basis for its management todiscuss its business outlook with analysts and investors. The Company does not accept any responsibility for any projections or reports published by any suchpersons.

Guidance is necessarily speculative in nature, and it can be expected that some or all of the assumptions of the guidance furnished by the Company will notmaterialize or will vary significantly from actual results. Accordingly, the Company’s guidance is only an estimate of what management believes is realizable asof the date of release. Actual results will vary from the guidance. Investors should also recognize that the reliability of any forecasted financial data diminishesthe farther in the future that the data are forecast. In light of the foregoing, investors are urged to put the guidance in context and not to place undue reliance onit.

ITEM 1B: UNRESOLVED STAFF COMMENTS

None.

ITEM 2: PROPERTIES

As  of  December  31,  2020,  the  Company  is  operating  a  real  estate  footprint  of  approximately  2,100,000  square  feet,  realizing  a  sustainable  and  significantreduction from approximately 3,200,000 square feet in 2018. reducing its operating real estate footprint nearly 40 percent since 2018. The Company lease's itscorporate office is located in North Canton, Ohio. The Company owns or leases and operates selling, service and administrative properties across the Americas,EMEA  and  AP  generally  used  by  its  three  segments,  Eurasia  Banking,  Americas  Banking  and  Retail.  The  Company  also  owns  or  leases  and  operatesmanufacturing facilities in North Canton, Ohio, Manaus, Brazil and Paderborn, Germany that are also utilized by its three segments. The Company continues todevelop key software delivery hubs in Atlanta, Georgia, Katowice, Poland, and Mumbai, India.

The  Company  considers  that  its  properties  are  generally  in  good  condition,  are  well  maintained,  and  are  generally  suitable  and  adequate  to  carry  on  theCompany's business.

ITEM 3: LEGAL PROCEEDINGS

The information required for this Item is incorporated herein by reference to Note 19: Commitments and Contingencies—Indirect Tax Contingencies and Note19: Commitments and Contingencies—Legal Contingencies.

ITEM 4: MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5: MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

The common shares of the Company are listed on the New York Stock Exchange with a symbol of “DBD.”

There were 33,062 shareholders of  the Company at  December 31,  2020, which includes an estimated number of  shareholders who had shares held in theiraccounts by banks, brokers, and trustees for benefit plans and the agent for the dividend reinvestment plan.

Information concerning the Company’s share repurchases made during the fourth quarter of 2020 is as follows:

PeriodTotal Number of Shares

Purchased Average Price Paid

Per Share

Total Number of Shares Purchasedas Part of Publicly Announced

Plans

Maximum Number of Sharesthat May Yet Be Purchased

Under the Plans October 411  $ 7.94  —  2,426,177 November 648  $ 12.08  —  2,426,177 December 2,587  $ 11.16  —  2,426,177 Total 3,646  $ 10.96  — 

(1) All shares were surrendered or deemed surrendered to the Company in connection with the Company’s stock-based compensation plans.

(2) The total number of shares repurchased as part of the publicly announced share repurchase plan was 13,450,722 as of December 31, 2020. The plan wasapproved by the Board of Directors in April 1997. The Company may purchase shares from time to time in open market purchases or privately negotiatedtransactions.  The  Company  may  make  all  or  part  of  the  purchases  pursuant  to  accelerated  share  repurchases  or  Rule  10b5-1  plans.  The  plan  has  noexpiration date. The following table provides a summary of Board of Director approvals to repurchase the Company's outstanding common shares:

Total Number of Shares Approved for Repurchase

1997 2,000,000 2004 2,000,000 2005 6,000,000 2007 2,000,000 2011 1,876,949 2012 2,000,000 

15,876,949 

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Table of Contents

PERFORMANCE GRAPH

The graph below compares the cumulative five-year total return provided to shareholders on Diebold Nixdorf, Inc.'s common shares relative to the cumulativetotal  returns of  the S&P 500 index, the S&P Midcap 400 index and two customized peer groups,  whose individual  companies are listed in footnotes 1 and 2below. An investment of $100 (with reinvestment of all dividends) is assumed to have been made in the Company's common shares, in each index and in eachof the peer groups on December 31, 2015 and its relative performance is tracked through December 31, 2020.

The Compensation Committee of the Company's Board of Directors annually reviews and approves the selection of peer group companies, adjusting the groupfrom time to time based on changes in the Company's industry and the Company’s operations, the current peer group and the comparability of our peer groupcompanies.1. There  are  thirteen  companies  included  in  the  Company's  2020  peer  group,  which  are:  Alliance  Data  Systems  Corp.,  Benchmark  Electronics  Inc.,

Broadridge Financial Solutions Inc., Ciena Corporation, Euronet Worldwide Inc., Juniper Networks Inc., Logitech International SA, NCR Corp., NetappInc., Pitney Bowes Inc., Sabre Corp., Sanmina Corp., Unisys Corp., Western Union Co. and Zebra Technologies Corp.

2. The fourteen companies included in the Company's 2019 peer group are: Alliance Data Systems Corp., Benchmark Electronics Inc., Global PaymentsInc., Juniper Networks Inc., Logitech International SA, Motorola Solutions Inc., NCR Corp., Netapp Inc., Pitney Bowes Inc., Sabre Corp., Total SystemsServices, Unisys Corp., Western Union Co. and Zebra Technologies Corp.

ITEM 6: SELECTED FINANCIAL DATA

Reserved.

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

ITEM 7: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Significant Highlights

During 2020, Diebold Nixdorf:

• Successfully completed capital markets transactions that significantly extend debt maturities and provide sufficient liquidity as the Company enters thelatter stages of its DN Now transformation

• Proactively managed a number of risks and impacts from the global COVID-19 pandemic, including:◦ Delivering outstanding service to customers, even in hard-hit  areas around the world, and received positive feedback from clients, including

critical infrastructure providers such as supermarkets and financial institutions, in how effectively it has responded to the pandemic◦ Prioritized  the  health  and  safety  of  its  employees  by  equipping  service  technicians  with  appropriate  protective  gear,  training  employees  on

appropriate hygiene practices and social distancing guidelines◦ Was  designated  as  providing  “critical  infrastructure”  services  by  the  majority  of  U.S.  government  entities  including  the  United  States

Department of Homeland Security, in order to promote public health and safety, as well as economic◦ Actively managed its pandemic crisis management plan, with its team of service engineers adhering to strict hygiene protocols, using gloves

and masks when and where appropriate and sanitizing equipment during servicing◦ Took steps to ensure that the Company’s global manufacturing and production facilities remained operational and continued to ship products

in a timely manner• Maintained the execution pace of the DN Now transformation program and leveraged its operational  rigor to further reduce costs while delivering for

customers• Extended a strategic relationship with Accenture to accelerate the Company’s digital transformation and cloud migration activities• Increased net promoter scores from Banking customers for the third consecutive year• Made significant progress with certifications and new orders for next-generation DN Series™ ATMs including 4 of the top 10 banks in the United States

◦ Expanded  its  existing  partnership  with  Citibank  for  additional  DN  Series  ATMs,  a  full  Vynamic™ software  suite  and  maintenance  servicesacross 15 countries, which will help standardize the customer experience while reducing complexity, cost and security risk

◦ Signed  contracts  to  deliver  1,800  DN Series  ATMs  to  one  of  the  largest  banks  in  Saudi  Arabia,  and  500  ATMs  to  a  new,  growth-orientedcustomer in Egypt. Both financial institutions also purchased Vynamic security, monitoring and marketing software.

◦ Secured two new DN Series contracts in the Netherlands valued at approximately $11• Won  new  orders  with  several  major  financial  institutions  around  the  world  for  ATMs  with  advanced  capabilities  such  as  cash  recycling,  automated

deposits and cardless transactions◦ Continued to lead the Americas region in deposit automation technology with a $13 contract for cash recycling ATMs and related services at

one of the largest financial institutions in Latin America◦ Won a new contract to install 1,000 cash recycling modules equipped with the AllConnect Data Engine with the largest private bank in Brazil◦ Procured a new contract for more than 500 cash recyclers, monitoring software and a three-year maintenance services for three years with

one of the largest banks in South Africa• Growing faster than the retail SCO industry as shipments increased by approximately 90% in 2020. New orders included

◦ A milestone,  new SCO deal  in  the  fourth  quarter  with  the  owner  of  the  world's  second-largest  SCO fleet  as  the  exclusive  supplier  of  SCOsolutions across approximately 6,800 European grocery stores, extending the Company's prior relationship in POS solutions

◦ A three-year contract with A.S. Watson, the world’s largest international health and beauty retailer with over 15,700 stores across 25 markets,to support its digital transformation strategy with POS and SCO systems – including managed services

◦ A series of contracts totaling $19 with one of the largest supermarkets in Germany and a new $7 contract with a U.S.-based discount chain forSCO and cash management solutions

◦ A new $7 contract with a large grocery store to deploy SCO solutions in Poland• Secured a number of Services contracts, which generate recurring revenue

◦ A new, five-year Managed Services contract with Delhaize, the second largest food retailer in Belgium, for monitoring, help-desk and incidentfollow-up

◦ A comprehensive product, Vynamic software and multi-year AllConnect Services contract with Italian retailer Iper Montebello, part of FiniperGroup, to enhance the checkout experience at more than 200 supermarkets in Italy

◦ A new multi-vendor maintenance contract for approximately 8,000 ATMs in Italy

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

◦ A new service contract for 4,000 units with a complete product and software refresh in Thailand◦ A new, four-year services contract for ATM monitoring and support desk services covering approximately 2,400 ATMs in North America◦ New, multi-year contracts with BP to extend the Company's managed service agreement for fuel and convenience stores in the United States,

nine European nations, Australia and South Africa• Secured a new customer with a large French fashion company to modernize its POS experience with all-in-one Beetle POS devices and maintenance

services at more than 500 stores in France and the Benelux countries

OVERVIEW

Management’s discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying notes that appear elsewherein  this  annual  report  on  Form 10-K.  For  additional  information  regarding  general  information  regarding  the  Company,  its  business,  strategy,  competitors  andoperations, refer to Item 1 of this annual report on Form 10-K.

Business Drivers

The business drivers of the Company's future performance include, but are not limited to:

• Demand for services on distributed IT assets such as ATMs, POS and SCO, including managed services and professional services• Timing of system upgrades and/or replacement cycles for ATMs, POS and SCO• Demand for software products and professional services• Demand for security products and services for the financial, retail and commercial sectors• Demand for innovative technology in connection with the Company's Connected Commerce strategy• Integration of sales force, business processes, procurement, and internal IT systems• Execution and risk management associated with DN Now transformational activities• Realization of cost reductions, which leverage the Company's global scale, reduce overlap and improve operating efficiencies

The following discussion should be read in conjunction with the consolidated financial  statements and the accompanying notes that appear elsewhere in thisannual report on Form 10-K.

COVID-19 Response

The Company continues to deliver high service levels to customers, even in hard-hit areas around the world, and received positive feedback from customers,including critical infrastructure providers, such as supermarkets and financial institutions, as to how effectively it has responded to the pandemic. The Companyhas taken steps to ensure its global manufacturing and production facilities remain operational and continue to ship products in a timely manner. In addition, theCompany is maintaining the execution pace of the DN Now transformation program and is leveraging its operational rigor to further reduce costs, manage networking capital and reduce risks. The Company has taken multiple measures to protect its employees, and it continues to evolve those measures based on inputfrom  various  health  authorities.  The  Company  continues  to  focus  on  the  stability  of  its  suppliers  and  supply  chain  to  prepare  for  any  potential  challengesstemming from additional government responses to the pandemic.

The Company has been designated as providing “critical infrastructure” services by the majority of government entities around the world, including the UnitedStates  Department  of  Homeland  Security  in  order  to  promote  public  health  and  safety,  as  well  as  economic  and  national  security  during  the  COVID-19pandemic. These designations recognize the vital role Diebold Nixdorf plays in allowing consumers to reliably and safely access financial services and essentialretailers across more than 60 countries.

The Company continues to carefully manage its overall liquidity and net working capital by leveraging governance improvements from 2019. In response to thepandemic, the Company fully borrowed its revolving credit facility during March of 2020, consistent with the practices of many large companies. This action wasdone out of an abundance of caution to ensure the Company had adequate financial flexibility during what was expected to be a more challenging near-termenvironment. As business conditions improved, the Company repaid a portion of the revolving credit facility borrowings as part of a $1.1 billion debt refinancingcompleted in July 2020, as discussed below in "—Liquidity and Capital Resources—Financing Activities". We believe this action provides us with ample time andliquidity to complete its DN Now transformation and begin to pragmatically pursue growth opportunities.

Although business conditions for us, our customers and suppliers improved during the third quarter of 2020 relative to the first half of the year, of course there issome measure of uncertainty surrounding the COVID-19 pandemic and the impacts it may

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

have on  our  business  and the  businesses  of  our  customers  and suppliers.  The possible  resurgence  of  COVID-19  infection  rates  and government  actions  inresponse thereto could disrupt our operations and our supply chain and materially adversely affect our business. Because the situation continues to evolve, wecannot reasonably estimate the ultimate impact to our business, results of operations, cash flows and financial position that the COVID-19 pandemic may have,but such impact could be material.

RESULTS OF OPERATIONS

2020 comparison with 2019

Net Sales

The following table represents information regarding our net sales for the years ended December 31:

% Change in CC % of Total Net Sales for the Year Ended

2020 2019 % Change 2020 2019SegmentsEurasia BankingServices $ 819.0  $ 993.6  (17.6) (17.9) 21.0  22.5 Products 612.1  656.2  (6.7) (7.6) 15.6  14.9 Total Eurasia Banking $ 1,431.1  $ 1,649.8  (13.3) (13.8) 36.6  37.4 

Americas BankingServices $ 962.9  $ 1,002.5  (4.0) (1.8) 24.7  22.7 Products 456.5  601.6  (24.1) (19.7) 11.7  13.7 Total Americas Banking $ 1,419.4  $ 1,604.1  (11.5) (8.4) 36.4  36.4 

RetailServices $ 582.6  $ 612.0  (4.8) (5.5) 14.9  13.9 Products 469.2  542.8  (13.6) (13.8) 12.1  12.3 Total Retail $ 1,051.8  $ 1,154.8  (8.9) (9.4) 27.0  26.2 

Total net sales $ 3,902.3  $ 4,408.7  (11.5) (10.7) 100.0  100.0 

 The Company calculates constant currency (CC) by translating the prior-year period results at the current year exchange rate.

Net sales decreased $506.4 or 11.5 percent,  including a net  unfavorable currency impact of  $38.8 primarily related to the euro and Brazil  real,  resulting in aconstant currency decrease of $467.6.

Segments

• Eurasia Banking net sales decreased $218.7, including a net favorable currency impact of $9.8 related primarily to the euro and divestitures of $109.0.Excluding  the  impact  of  currency  and  the  impact  of  divestitures,  net  sales  decreased  $119.5  driven  by  unplanned  reductions  in  installation  activity,including delays resulting from the COVID-19 pandemic, non-recurring prior-year refresh projects as well as the Company's initiative to reduce lowermargin services business.

• Americas Banking net sales decreased $184.7, including a net unfavorable currency impact of $54.5 primarily related to the Brazilian real. Excludingcurrency, net sales decreased $130.2 mostly from large non-recurring product refresh projects in Canada, Mexico and U.S. national accounts as wellas the Company's initiative to reduce lower margin services business. This decrease was partially offset  by increased activity in U.S. regional  banksand software growth.

• Retail  net  sales  decreased  $103.0,  including  a  net  favorable  currency  impact  of  $5.9  mostly  related  to  the  euro.  Excluding  currency,  net  salesdecreased  $109.0  primarily  from  prior-year  non-recurring  POS  roll-outs,  unfavorable  revenue  impacts  due  to  unplanned  reductions  in  installationactivity and delays resulting from the COVID-19 pandemic.

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

Gross Profit

The following table represents information regarding our gross profit for the years ended December 31:

2020 2019 $ Change % ChangeGross profit - services $ 698.2  $ 686.9  $ 11.3  1.6Gross profit - products 336.8  380.2  (43.4) (11.4)Total gross profit $ 1,035.0  $ 1,067.1  $ (32.1) (3.0)

Gross margin - services 29.5 % 26.3 %Gross margin - products 21.9 % 21.1 %Total gross margin 26.5 % 24.2 %

Services  gross  margin  increased  3.2  percent,  including  higher  non-routine  charges  of  $8.7  consisting  primarily  of  charges  related  to  a  loss-making  contractrelated to a discontinued offering, spare parts inventory provision, and incremental payments to essential service technicians for their contributions during theCOVID-19 pandemic, partially offset by subsidies received for certain wages related to the COVID-19 pandemic and a 2019 non-recurring inventory valuationcharge. Restructuring charges increased $6.1. Excluding the impact of non-routine and restructuring expense, services gross margin increased 3.9 percent duein part to sustainable savings brought about by the Company’s service modernization plan as well as exiting low margin maintenance contracts, and efficiencyimprovements  from Software  Excellence initiatives across all  three segments.  Interim cost  measures  taken to  mitigate  impacts  of  revenue delays due to  theCOVID-19 pandemic also contributed to the increased service gross margin.

Product gross margin increased 0.8 percent, including higher non-routine charges of $0.9, which primarily consisted of a $4.6 charge for certain benefits relatedto  a  previously  divested  business  and  $4.3  charge  for  a  contract  provision.  Restructuring  charges  increased  $6.5.  Excluding  the  impact  of  non-routine  andrestructuring expense, product gross margin increased 1.4 percent due primarily to a favorable solution and geography mix in the Americas and Eurasia Bankingsegments,  interim cost  measures,  as well  as  lower  Americas Banking and Retail  amortization  of  certain  capitalized software that  was impaired in  December2019.

Operating Expenses

The following table represents information regarding our operating expenses for the years ended December 31:

2020 2019 $ Change % ChangeSelling and administrative expense $ 858.6  $ 908.8  $ (50.2) (5.5)Research, development and engineering expense 133.4  147.1  (13.7) (9.3)Impairment of assets 7.5  30.2  (22.7) (75.2)Loss (gain) on sale of assets, net 11.5  7.6  3.9  51.3Total operating expenses $ 1,011.0  $ 1,093.7  $ (82.7) (7.6)

Selling and administrative expense decreased $50.2, or $79.0 excluding a $1.2 favorable currency impact, $14.4 of incremental non-routine expense, and $15.5of incremental restructuring expense. Excluding currency and the impact of non-routine and restructuring expense, lower selling and administrative expense wasdue primarily to the Company's planned DN Now actions, including lower costs resulting from finance transformation.

Non-routine expense in selling and administrative expenses were $188.4 and $174.0 in 2020 and 2019, respectively. The higher non-routine expense is relatedto increased DN Now transformation expense,  partially  offset  by lower legal  and deal  expenses and lower amortization of  purchase accounting adjustments.Restructuring expense related to the Company's DN Now actions in selling and administrative expenses were $52.9 and $37.4 in 2020 and 2019, respectively.

Research,  development  and engineering  expense decreased $13.7.  Excluding higher  restructuring  expense of  $3.4,  research,  development  and engineeringexpense decreased primarily from interim cost measures, lower product development cost and software cost management actions.

The Company recorded impairment charges of $7.5 in 2020 primarily related to assets from non-core businesses transferred to assets held for sale and certainassets from the Company's headquarters which will not be transferred to the new facility. In

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

2019,  the  Company  recorded  $30.2  of  impairment  charges  primarily  related  to  capitalized  software  development  and  assets  from  a  non-core  businesstransferred to assets held for sale.

In 2020, the Company recorded a net loss on sale of assets of $11.5, primarily related to the divestitures of certain of the Company's operations in China, Braziland  Denmark,  partially  offset  by  a  gain  on  sale  of  assets  related  primarily  to  the  sale  of  Portavis  GmbH,  a  retail  business  in  Italy,  and  the  Company'sheadquarters  building.  The  net  loss  on  sales  of  assets  in  2019  included  the  divestiture  of  the  Venezuela  business  and  losses  from  the  divestitures  andliquidation of non-core businesses in Eurasia, which were partially offset by the gain from the Kony transaction.

Operating Profit (Loss)

The following table represents information regarding our operating profit (loss) for the years ended December 31:

2020 2019 $ Change % ChangeOperating profit (loss) $ 24.0  $ (26.6) $ 50.6  190.2 Operating margin 0.6 % (0.6)%

Operating profit increased compared to the prior year primarily due to savings from DN Now initiatives, which improved gross margin and lowered selling andadministrative expense despite lower revenues. Also contributing to the improvement in operating profit were decreased research, development and engineeringexpenses.

Other Income (Expense)

The following table represents information regarding our other income (expense) for the years ended December 31:

2020 2019 $ Change % ChangeInterest income $ 6.8  $ 9.3  $ (2.5) (26.9)Interest expense (292.7) (202.9) (89.8) (44.3)Foreign exchange loss, net (14.4) (5.1) (9.3) (182.4)Miscellaneous, net 6.8  (3.6) 10.4  288.9

Other income (expense) $ (293.5) $ (202.3) $ (91.2) (45.1)

Interest income decreased $2.5 mostly from lower interest rates and market returns. Interest expense increased $89.8 primarily due to the payment of a make-whole premium and write-off of deferred debt issuance costs as a result of the repayment of a portion of the amounts outstanding under the Credit Agreement,partially offset by the pay down of debt and reduced interest rates. Foreign exchange loss, net, increased $9.3 and was unfavorably impacted by transactionsrelated to international operations. Miscellaneous, net includes a gain of $7.2 from the close and surrender of company-owned life insurance (COLI) plans.

Net Loss

The following table represents information regarding our income (loss), net of tax, for the years ended December 31:

2020 2019 $ Change % ChangeNet loss $ (267.8) $ (344.6) $ 76.8  22.3 

Percent of net sales (6.9)% (7.8)%Effective tax rate (benefit) 0.4 % (51.0)%

Net loss decreased primarily due to the reasons described above and by the reduction in income tax expense.

The effective tax rate for  2020 was 0.4 percent.  Tax expense items contributing to the difference from the U.S. federal  income tax rate included U.S. tax onforeign income, valuation allowances related to certain foreign and U.S. tax attributes for which realization does not meet the more likely than not criteria, non-deductible expenses and the tax effects of terminating certain company-owned life insurance policies. These items were partially offset by tax credits, benefitsrelated to settling certain open tax years in Germany and the U.S., changes to uncertain tax position accruals and benefit related to regulations issued in 2020related to US tax reform.

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

The US Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate income tax rate from 35percent  to  21%,  required  companies  to  pay  a  one-time  transition  tax  on  earnings  for  certain  foreign  subsidiaries  and  created  new  taxes  on  certain  foreignsourced earnings. The Company accounted for the estimated impacts of the Tax Act in the year of enactment and finalized its accounting, as required underSAB  118,  during  2018.  During  2020,  further  regulation  was  issued  in  connection  with  certain  provisions  of  the  Tax  Act  related  to  taxes  on  foreign  sourcedearnings, with retroactive effect to 2018 and 2019. The Company calculated and recorded a benefit related to these regulatory changes of $9.1 and will amendits 2018 and 2019 returns accordingly.

The effective  tax  rate  on the loss  for  2019 was (51.0)  percent  and was primarily  due to  the U.S.  taxed foreign  income,  including  global  intangible  low-taxedincome (GILTI), valuation allowances recorded on certain foreign and state jurisdictions, U.S. foreign tax credits that management concluded do not meet themore likely than not criteria for realization and the tax effects related to the Barbados structure collapse. The Company’s collapse of its Barbados structure tomeet  the  covenant  requirements  under  the  Credit  Agreement  resulted  in  a  net  tax  expense  of  $46.3  inclusive  of  the  offsetting  valuation  allowance  releaserelating to the Company’s nondeductible interest expense that was carried forward from December 31, 2018.

Segment Operating Profit Summary

The following tables represent information regarding the Company's operating profit by reporting segment:

Eurasia Banking: 2020 2019 $ Change % ChangeNet sales $ 1,431.1  $ 1,649.8  $ (218.7) (13.3)Segment operating profit $ 177.8  $ 169.3  $ 8.5  5.0 Segment operating profit margin 12.4 % 10.3 %

Segment operating profit increased $8.5 compared to the prior year, due primarily to lower operating expense resulting from the execution of DN Now initiatives.

Segment operating profit margin increased 2.1 percent mostly from lower operating expense as noted above.

Americas Banking: 2020 2019 $ Change % ChangeNet sales $ 1,419.4  $ 1,604.1  $ (184.7) (11.5)Segment operating profit $ 191.0  $ 119.7  $ 71.3  59.6 Segment operating profit margin 13.5 % 7.5 %

Segment operating profit increased $71.3 due primarily to the Company's DN Now initiatives, which include Services Modernization and Software Excellence, aswell as a favorable product mix in the U.S.

Segment operating profit  margin increased 6.0 percent primarily as a result of higher products and services gross margin, in addition to lower costs resultingfrom the execution of DN Now initiatives and lower bonus expense.

Retail: 2020 2019 $ Change % ChangeNet sales $ 1,051.8  $ 1,154.8  $ (103.0) (8.9)Segment operating profit $ 77.6  $ 58.3  $ 19.3  33.1 Segment operating profit margin 7.4 % 5.0 %

Segment operating profit increased $19.3 due primarily to higher gross margin mostly from the Company's DN Now initiatives which include Software Excellenceand Services Modernization, as well as a favorable services solution and country mix in EMEA, and lower bonus and software cost.

Segment operating profit margin increased 2.4 percent primarily from higher gross margin on favorable mix as well as lower operating expenses resulting fromthe Company's DN Now initiatives.

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

2019 comparison with 2018

Net Sales

The following table represents information regarding our net sales for the years ended December 31:

% Change in CC % of Total Net Sales for the Year Ended

2019 2018 % Change 2019 2018SegmentsEurasia BankingServices $ 993.6  $ 1,111.8  (10.6) (5.1) 22.5  24.3 Products 656.2  688.4  (4.7) 0.5  14.9  15.0 Total Eurasia Banking $ 1,649.8  $ 1,800.2  (8.4) (4.1) 37.4  39.3 

Americas BankingServices $ 1,002.5  $ 1,025.8  (2.3) (1.9) 22.7  22.4 Products 601.6  489.9  22.8  23.1  13.7  10.7 Total Americas Banking $ 1,604.1  $ 1,515.7  5.8  6.7  36.4  33.1 

RetailServices $ 612.0  $ 651.9  (6.1) (2.1) 13.9  14.2 Products 542.8  610.8  (11.1) (6.5) 12.3  13.4 Total Retail $ 1,154.8  $ 1,262.7  (8.5) (4.0) 26.2  27.6 

Total net sales $ 4,408.7  $ 4,578.6  (3.7) (0.4) 100.0  100.0 

 The Company calculates constant currency by translating the prior-year period results at the current year exchange rate.

Net sales decreased $169.9 or 3.7 percent, including a net unfavorable currency impact of $151.0 primarily related to the euro and Brazil real.

The following results include the impact of foreign currency and purchase accounting adjustments:

Segments

• Eurasia  Banking  net  sales  decreased  $150.4,  including  a  net  unfavorable  currency  impact  of  $79.3  related  primarily  to  the  euro  and  divestitures  of$30.4. Excluding currency and the impact of divestitures, net sales decreased $40.7 primarily due to declining low-margin services solutions, includinga low margin maintenance contract roll-off in India, combined with the fewer product roll outs in various countries and under-performance of a non-corebusiness,  partially  offset  by  higher  product  volume  in  Germany,  the  Middle  East  and  South  Africa  related  to  unit  replacements  from  Windows  10upgrades.

• Americas  Banking  net  sales  increased  $88.4,  including  a  net  unfavorable  currency  impact  of  $12.3  primarily  related  to  the  Brazil  real.  Excludingcurrency and a small divestiture, net sales increased $105.6 driven primarily by product and installation sales in Canada, Brazil, Mexico and the U.S.regional  customers  related  to  unit  replacements  from  Windows  10  upgrades,  in  addition  to  increased  software  license  volume  in  the  U.S.  Partiallyoffsetting these increases, services revenue declined from lower maintenance contract volume and billed work activity in the U.S.

• Retail net sales decreased $107.9, including a net unfavorable currency impact of $59.4 mostly related to the euro and divestitures of $18.5. Excludingcurrency and the impact of divestitures, net sales decreased $30.0 primarily from lower POS installations and reduced low-margin non-core business,partially offset by incremental SCO volume and new service contracts in the U.K.

(1)

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

Gross Profit

The following table represents information regarding our gross profit for the years ended December 31:

2019 2018 $ Change % ChangeGross profit - services $ 686.9  $ 632.5  $ 54.4  8.6Gross profit - products 380.2  266.3  113.9  42.8Total gross profit $ 1,067.1  $ 898.8  $ 168.3  18.7

Gross margin - services 26.3 % 22.7 %Gross margin - products 21.1 % 14.9 %Total gross margin 24.2 % 19.6 %

Services  gross  margin  increased  3.6  percent  and  was  favorably  impacted  by  lower  restructuring  charges  of  $9.8  and  lower  non-routine  charges  of  $13.8.Excluding restructuring and non-routine charges,  services gross margin increased 2.9 percent  as services margin increased in  the Eurasia banking segmentrelated to the favorable impact of the services modernization initiatives and favorable mix of higher margin installation activity. The prior year was unfavorablyimpacted by one-time banking services cost in Brazil.

Product  gross  margin  increased  6.2  percent  and  was  favorably  impacted  by  lower  restructuring  charges  of  $9.1  and  lower  non-routine  charges  of  $51.2,primarily  related  to  lower  purchase  accounting  amortization  and  inventory  charges.  Excluding  the  impact  of  restructuring  and  non-routine  charges,  productsgross margin increased 2.8 percent. Increased margin was primarily due to improved mix and higher volume from Canada, Brazil and U.S. regional customersas well as higher margin Windows 10 upgrades in certain areas of Europe. These improvements are aligned with the Company's focus on higher margin productmix throughout the geographies as well as improved supply chain management and lower expedited freight costs in the Americas.

Operating Expenses

The following table represents information regarding our operating expenses for the years ended December 31:

2019 2018 $ Change % ChangeSelling and administrative expense $ 908.8  $ 893.5  $ 15.3  1.7Research, development and engineering expense 147.1  157.4  (10.3) (6.5)Impairment of assets 30.2  180.2  (150.0) (83.2)(Gain) loss on sale of assets, net 7.6  (6.7) 14.3  N/MTotal operating expenses $ 1,093.7  $ 1,224.4  $ (130.7) (10.7)

N/M = Not Meaningful

Selling  and  administrative  expense  increased  $15.3.  Excluding  incremental  restructuring  of  $4.0,  increased  non-routine  charges  of  $20.6  and  a  favorablecurrency  impact  of  $20.3,  selling  and  administrative  expense  increased  $11.0  primarily  attributable  to  an  increase  in  annual  incentive  plan  cost  and  anunfavorable impact of the mark-to-market adjustment of the legacy Wincor Nixdorf stock option program partially offset by the cost reduction initiatives tied to theDN Now program.

Non-routine cost in selling and administrative expenses were $174.1 and $153.5 in 2019 and 2018, respectively. The components of the non-routine expensesconsisted of increased DN Now transformation expense, a one-time non-cash item in Brazil and $5.6 from the German real estate tax incurred related to thesqueeze  out.  These  increases  were  partially  offset  by  lower  integration  expense  and  purchase  accounting  adjustments.  Selling  and  administrative  expenseincluded restructuring charges of $37.4 and $33.4 in 2019 and 2018, respectively, primarily due to the workforce alignment actions under the DN Now plan.

Research, development and engineering expense in 2019 decreased $10.3 including a net favorable currency impact of $5.5. Excluding the impact of currency,research, development and engineering expense decreased $4.8 due primarily to lower headcount tied to the Company’s DN Now restructuring program andprior year investment in the DN Series product line, partially offset by increased software development cost.

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

The Company recorded impairment  charges of  $30.2 in  2019 related primarily  related to capitalized software in  addition to  assets  from a non-core businesstransferred to assets held for sale. A goodwill impairment charge of $180.2 was recorded in the second and third quarters of 2018.

The  loss  on  sales  of  assets,  net  in  2019  included  the  divestiture  of  the  Venezuela  business  and  losses  from  the  divestiture  and  liquidation  of  non-corebusinesses in Eurasia offset by a gain on sale of assets related to the Kony transaction. The gain on sale of assets, net in 2018 was primarily related to a gainon sale of buildings in North America, the liquidation of the Barbados operating entity, a gain related to a sale of a maintenance contract in Brazil and a Chinainvestment.

Operating Loss

The following table represents information regarding our operating profit (loss) for the years ended December 31:

2019 2018 $ Change % ChangeOperating profit (loss) $ (26.6) $ (325.6) $ 299.0  (91.8)Operating margin (0.6)% (7.1)%N/M = Not Meaningful

The  operating  loss  decreased  compared  to  the  prior  year  primarily  due  to  product  and  services  gross  margin  improvements  as  well  as  higher  impairmentcharges in 2018, partially offset by higher selling and administrative costs and loss on sale of assets.

Other Income (Expense)

The following table represents information regarding our other income (expense) for the years ended December 31:

2019 2018 $ Change  % ChangeInterest income $ 9.3  $ 8.7  $ 0.6  6.9Interest expense (202.9) (154.9) (48.0) 31.0Foreign exchange loss, net (5.1) (2.5) (2.6) N/MMiscellaneous, net (3.6) (4.0) 0.4  (10.0)

Other income (expense) $ (202.3) $ (152.7) $ (49.6) 32.5N/M = Not Meaningful

Interest expense increased $48.0 due to an additional $650.0 Term Loan A-1 Facility debt with higher incremental interest rates and related fee amortization.Foreign exchange loss, net, increased $2.6 and was unfavorably impacted by transactions related to Eurasia in addition to incremental loss associated with thecollapse of the Barbados financing structure related to the Acquisition.

Net Loss

The following table represents information regarding our income (loss), net of tax, for the years ended December 31:

2019 2018 $ Change % ChangeNet loss $ (344.6) $ (528.7) $ 184.1  (34.8)

Percent of net sales (7.8)% (11.5)%Effective tax rate (benefit) (51.0)% (7.8)%N/M = Not Meaningful

The  loss  before  taxes  and  net  loss  increased  primarily  due  to  the  reasons  described  above.  Net  loss  was  also  impacted  by  the  change  in  the  income  taxexpense.

The effective tax rate for 2019 was (51.0) percent and was primarily due to the U.S. taxed foreign income, including global intangible low-taxed income (GILTI),valuation allowances recorded on certain foreign and state jurisdictions, U.S. foreign tax credits that management concluded do not meet the more likely thannot criteria for realization and the tax effects related to the Barbados structure collapse. The Company’s collapse of its Barbados structure to meet the covenantrequirements under its credit agreement resulted in a net tax expense of $46.3 inclusive of the offsetting valuation allowance release relating to the Company’snondeductible interest expense that was carried forward from December 31, 2018.

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

The effective tax rate on the loss for  2018 was (7.8)  percent  on the overall  loss from operations and was primarily due to a goodwill  impairment charge,  theimpact  of  the  Tax  Act,  valuation  allowances  on  interest  expense  carryforward  attributes  and  certain  foreign  and  state  credits.  2018  tax  expense  reflects  thereduction  of  the  U.S.  federal  corporate  income  tax  rate  from  35  to  21  percent,  refinement  of  the  impacts  of  the  TCJA  estimated  under  SAB  118,  goodwillimpairment charge, which for tax purposes is primarily nondeductible and the business interest deduction limitation. In addition, the overall effective tax rate isimpacted  by  the  jurisdictional  income  (loss)  and  varying  respective  statutory  rates  which  is  reflected  in  the  foreign  tax  rate  differential  caption  of  the  ratereconciliation.

Segment Operating Profit Summary

The following tables represent information regarding our revenue and operating profit by reporting segment for the years ended December 31:

Eurasia Banking: 2019 2018 $ Change % ChangeNet sales $ 1,649.8  $ 1,800.2  $ (150.4) (8.4)Segment operating profit $ 169.3  $ 150.1  $ 19.2  12.8 Segment operating profit margin 10.3 % 8.3 %

Segment operating profit increased $19.2, compared to the prior year, including a net unfavorable currency impact of $10.4 due in part to higher gross marginson services and products. The increase in services margin was primarily attributable to the services modernization program which benefited numerous countriesin  Europe  and  Asia  in  addition  to  a  favorable  solutions  mix,  while  products  margin  also  increased  from DN Now initiatives  as  well  as  favorable  country  andproduct mix. Additionally, segment operating profit benefited from lower operating expenses tied to DN Now initiatives, restructuring programs and the phase outof non-profitable service contracts.

Segment operating profit margin increased 2.0 percent despite lower net sales, as a result of higher services and products gross margin and lower operatingexpense primarily attributable to DN Now initiatives.

Americas Banking: 2019 2018 $ Change % ChangeNet sales $ 1,604.1  $ 1,515.7  $ 88.4  5.8 Segment operating profit $ 119.7  $ 17.2  $ 102.5  595.9 Segment operating profit margin 7.5 % 1.1 %

Segment operating profit increased $102.5 mostly from increased DN Now initiatives favorably impacting both cost of sales and operating expense. Gross profitwas favorably impacted by large product refresh projects in Canada and favorable mix in the U.S., Brazil and Latin America. Additionally, the Company madeimprovements to supply chain management resulting in lower expedited freight costs. Segment operating profit in 2018 was unfavorably impacted by one-timebanking services cost in Brazil.

Segment  operating  profit  margin  increased 6.4  percent  primarily  as  a  result  of  higher  product  gross  margin,  in  addition  to  lower  cost  related to  the DN Nowinitiatives.

Retail: 2019 2018 $ Change % ChangeNet sales $ 1,154.8  $ 1,262.7  $ (107.9) (8.5)Segment operating profit $ 58.3  $ 47.1  $ 11.2  23.8 Segment operating profit margin 5.0 % 3.7 %

Segment  operating  profit  increased $11.2  compared to  the prior  year  including a net  unfavorable  currency impact  of  $3.0.  Excluding the impact  of  currency,segment operating profit increased $14.2 primarily from lower services cost and operating expenses tied to DN Now initiatives as well as a favorable service mixrelated to maintenance and support activities in Europe.

Segment operating profit margin increased 1.3 percent in 2019 primarily from lower costs and expenses tied to DN Now initiatives as well as a favorable servicemix.

Refer to Note 20: Segment and Net Sales Information for further details of segment revenue and operating profit.

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

LIQUIDITY AND CAPITAL RESOURCES

Capital resources are obtained from income retained in the business, borrowings under the Company’s senior notes, committed and uncommitted credit facilitiesand operating and capital leasing arrangements. Management expects that the Company’s capital resources will be sufficient to finance planned working capitalneeds, R&D activities, investments in facilities or equipment, required pension contributions, and any repurchases of the Company’s common shares for at leastthe next 12 months. The Company had no restricted cash at December 31, 2020 and $3.6 of restricted cash at December 31, 2019. The Company has madeacquisitions in the past and may make acquisitions in the future. Part of the Company's strategy is to optimize the business portfolio through divestitures andcomplementary  acquisitions.  The  Company  intends  to  finance  any  future  acquisitions  with  cash  and  short-term  investments,  cash  provided  from operations,borrowings under available credit facilities, proceeds from debt or equity offerings and/or the issuance of common shares. Subject to certain limitations in its debtagreements,  as market  conditions warrant,  the Company may from time to time repay,  repurchase or  otherwise refinance loans that  it  has borrowed or  debtsecurities that it has issued, including with funds borrowed under existing or new credit facilities or proceeds from the issuance of new securities.

The Company's total cash and cash availability as of December 31, 2020 and 2019 was as follows:

2020 2019Cash and cash equivalents (excluding restricted cash) $ 324.5  $ 277.3 Additional cash availability from:

Uncommitted lines of credit 41.1  36.7 Revolving credit facility 283.1  387.3 Short-term investments 37.2  10.0  Total cash and cash availability $ 685.9  $ 711.3 

The following table summarizes the results, excluding the impact of cash in businesses held for sale, of our consolidated statement of cash flows for the yearsended December 31:

Net cash flow provided (used) by 2020 2019 2018Operating activities $ 18.0  $ 135.8  $ (104.1)Investing activities (82.6) (6.8) 34.4 Financing activities 16.9  (215.5) 10.9 Effect of exchange rate changes on cash, cash equivalents and restricted cash (3.2) (1.1) (18.7)Net decrease in cash, cash equivalents and restricted cash $ (50.9) $ (87.6) $ (77.5)

Operating Activities. Cash flows from operating activities can fluctuate significantly from period to period as working capital needs and the timing of payments forincome taxes, restructuring activities, pension funding and other items impact reported cash flows. Net cash provided by operating activities was $18.0 for theyear ended December 31, 2020, compared to $135.8 net cash provided by operating activities for the year ended December 31, 2019.

• Cash flows from operating activities during the year ended December 31, 2020 compared to the year ended December 31, 2019 were impacted by a$76.8 decrease in net loss. Refer to "Results of Operations" discussed above for further discussion of the Company's net loss.

• The  net  aggregate  of  inventories  and accounts  payable  was  a  reduction  in  operating  cash  flow of  $4.2  during  the  year  ended  December  31,  2020,compared to an increase in operating cash flow of $71.8 during the year ended December 31, 2019. The $76.0 change is primarily a result of increasedfinished goods due to pandemic-related revenue delays until the first quarter of 2021 in Eurasia Banking and Retail.

• The  net  aggregate  of  trade  receivables  and  deferred  revenue  was an  increase  in  operating  cash  flow of  $0.5  during  the  year  ended  December  31,2020,  compared  to  an  increase  in  operating  cash  flow  of  $56.6  in  the  year  ended  December  31,  2019.  The  $56.1  net  change  is  primarily  due  toincreased days sales outstanding as a result of the impact from the COVID-19 pandemic impact and improvement in 2019 collections as a result of theCompany's working capital improvement initiatives.

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

• The net aggregate of income taxes and deferred income taxes was a reduction in operating cash flow of $50.2 of during the year ended December 31,2020, compared to an increase in operating cash flow of $55.1 during the year ended December 31, 2019. Refer to Note 4: Income Taxes for additionaldiscussion on income taxes.

The  most  significant  changes  in  adjustments  to  net  income  include  decreases  in  the  non-recurring  effects  from impairment  and  lower  non-routine  inventorycharges. The impairment of assets non-cash adjustment decreased to $7.5 in 2020 compared to $30.2 in 2019, primarily due to an impairment of capitalizedsoftware development in the prior year. There was also lower share-based compensation expense due to fewer granted awards.

Investing Activities. Net cash used by investing activities was $82.6 for the year ended December 31, 2020 compared to net cash used by investing activities of$6.8 for the year ended December 31, 2019. The $75.8 unfavorable change was primarily impacted by a $66.9 decrease in proceeds from divestitures, net ofcash divested. Additionally, the maturities and purchases of investments primarily relate to short-term investment activity, which resulted in a $46.2 decrease innet  cash  proceeds  due  to  an  increase  in  investments  purchases  and  a  decrease  in  the  maturities  of  investments.  The  Company  also  reduced  its  capitalexpenditures and capitalized software development due to temporary decreases in activity caused by the pandemic.

The Company anticipates total capital expenditures, capitalized software development and cloud-based software implementation costs of approximately $85 in2021 to be utilized for improvements to the Company's product line and investments in its infrastructure.  Currently,  the Company finances these investmentsprimarily with funds provided by income retained in the business, borrowings under the Company's committed and uncommitted credit facilities, and operatingand capital leasing arrangements. 

Financing Activities. Net  cash  provided  by  financing  activities  was  $16.9  for  the  year  ended  December  31,  2020  compared  to  net  cash  used  by  financingactivities of $215.5 for the year ended 2019, a change of $232.4. The change was primarily a result of the Company issuing new debt and paying down certainexisting debt obligations and related fees, along with drawing down on its Revolving Facility. The cumulative effect of these activities resulted in the extension ofthe Company's debt maturities. Refer to Note 11: Debt for details of the Company's cash flows related to debt borrowings and repayments.

On  July  20,  2020,  the  Company  issued  approximately  $1,100.0  aggregate  principal  amount  of  senior  secured  notes  consisting  of  $700  aggregate  principalamount of Diebold Nixdorf, Incorporated’s 9.375% Senior Secured Notes due 2025 and €350.0 aggregate principal amount of 9.000% Senior Secured Notesdue 2025 issued by its wholly-owned subsidiary, Diebold Nixdorf, Dutch Holding B.V. (collectively, the 2025 Senior Secured Notes) in private offerings exemptfrom registration  under  the  Securities  Act  of  1933  (the  Securities  Act).  The  net  proceeds  from the  offerings,  along  with  cash  on  hand,  was  used  to  repay  aportion of the amounts outstanding under the Credit Agreement, including all amounts outstanding under the Term Loan A Facility and Term Loan A-1 Facilityand $193.8 of  revolving credit  loans,  including all  of  the revolving credit  loans due in December 2020,  as well  as all  related fees and expenses.  On July 20,2020, the Company also amended the Credit Agreement to, among other things, extend the maturity of $330.0 of its revolving credit commitments and revolvingcredit loans from April 30, 2022 to July 20, 2023 (and, effective as of July 20, 2020, the Company terminated its other revolving credit commitments under theRevolving  Facility  other  than  approximately  $39.0  of  revolving  credit  commitments  that  still  mature  April  30,  2022).  The  Company’s  current  capital  structureincludes no significant maturities until 2023.

Refer to Note 11: Debt for additional information regarding the Company's debt obligations. The Company paid cash for interest related to its debt of $138.1 and$189.7  for  the  years  ended  December  31,  2020  and  2019,  respectively.  As  defined  by  the  Company's  credit  agreement,  the  ratio  of  net  debt  to  trailing  12months  adjusted  EBITDA was 4.1  times as  of  December  31,  2020.  As of  December  31,  2020,  the  Company  was in  compliance  with  the  financial  and  othercovenants in its debt agreements.

Refer to Note 17: Derivative Instruments and Hedging Activities for additional information regarding the Company's hedging and derivative instruments.

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

Contractual Obligations. The following table summarizes the Company’s approximate obligations and commitments to make future payments under contractualobligations as of December 31, 2020:

Payment due by periodTotal Less than 1 year 1-3 years 3-5 years More than 5 years

Short-term uncommitted lines of credit  $ 0.2  $ 0.2  $ —  $ —  $ — Long-term debt 2,401.0  10.5  859.5  1,531.0  — Interest on debt  731.7  161.2  323.6  246.9  — Minimum lease obligations 189.3  69.7  69.3  28.8  21.5 Purchase commitments —  —  —  —  — Total $ 3,322.2  $ 241.6  $ 1,252.4  $ 1,806.7  $ 21.5 

The amount available under the short-term uncommitted lines at December 31, 2020 was $41.1. Refer to Note 11: Debt for additional information.Amounts  represent  estimated  contractual  interest  payments  on  outstanding  long-term debt  and  notes  payable.  Rates  in  effect  as  of  December  31,  2020  are  used  forvariable rate debt.

Off-Balance Sheet Arrangements. The Company enters into various arrangements not recognized in the consolidated balance sheets that have or could havean effect on its financial condition, results of operations, liquidity, capital expenditures or capital resources. The principal off-balance sheet arrangements that theCompany enters  into  are guarantees and sales of  finance receivables.  The Company provides its  global  operations guarantees and standby letters  of  creditthrough  various  financial  institutions  to  suppliers,  customers,  regulatory  agencies  and  insurance  providers.  If  the  Company  is  not  able  to  comply  with  itscontractual obligations, the suppliers, regulatory agencies and insurance providers may draw on the pertinent bank. The Company has sold finance receivablesto financial  institutions while continuing to service the receivables.  The Company records these sales by removing finance receivables from the consolidatedbalance sheets and recording gains and losses in the consolidated statement of operations (refer to Note 7: Investments).

Supplemental Guarantor Financial Information. Diebold  Nixdorf,  Incorporated  initially  issued  its  8.5%  Senior  Notes  due  2024  (the  2024  Senior  Notes)  in  anoffering exempt from the registration requirements of the Securities Act, which were later exchanged in an exchange offer registered under the Securities Act.The 2024 Senior Notes are and will be guaranteed by certain of Diebold Nixdorf, Incorporated's existing and future subsidiaries which are listed on Exhibit 22.1to  this  Annual  Report  on  Form  10-K.  The  following  presents  the  consolidating  financial  information  separately  for  Diebold  Nixdorf,  Incorporated  (the  ParentCompany), the issuer of the guaranteed obligations, and the guarantor subsidiaries, as specified in the indenture governing the Company's obligations under the2024 Senior Notes, on a combined basis.

Each guarantor  subsidiary is 100 percent  owned by the Parent Company at  the date of  each balance sheet presented.  The 2024 Senior Notes are fully andunconditionally guaranteed on a joint  and several  basis by each guarantor subsidiary.  The guarantees of the guarantor subsidiaries are subject to release inlimited circumstances only upon the occurrence of certain conditions. Each entity in the consolidating financial information follows the same accounting policiesas  described  in  the  consolidated  financial  statements,  except  for  the  use  by  the  Parent  Company  and  the  guarantor  subsidiaries  of  the  equity  method  ofaccounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation.

The following tables present summarized financial information for the Parent Company and the guarantor subsidiaries on a combined basis after elimination of(i) intercompany transactions and balances among the Parent Company and the guarantor subsidiaries and (ii) equity in earnings from and investments in anynon-guarantor subsidiary.

Summarized Balance SheetsDecember 31, 2020 December 31, 2019

Total current assets $ 449.9  $ 919.3 Total non-current assets $ 1,504.6  $ 1,994.7 

Total current liabilities $ 1,252.5  $ 1,127.3 Total non-current liabilities $ 2,084.3  $ 2,310.4 

(1)

(2)

(1)

(2)

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

Summarized Statements of OperationsYear Ended

December 31, 2020 December 31, 2019Net sales $ 1,097.4  $ 1,206.6 Cost of sales 784.3  963.0 Selling and administrative expense 446.4  355.3 Research, development and engineering expense 38.1  40.1 Impairment of assets 2.5  5.1 Loss (gain) on sale of assets, net (0.5) (6.1)Interest income 1.1  2.1 Interest expense (267.8) (190.1)Foreign exchange (loss) gain, net (9.5) 0.9 Miscellaneous, net 156.9  94.0 Loss from continuing operations before taxes $ (292.7) $ (243.9)

Net (loss) income $ (269.1) $ (341.3)Net (loss) income attributable to Diebold Nixdorf, Incorporated $ (269.1) $ (341.3)

As of December 31, 2020 and December 31, 2019, the Parent Company and the guarantor subsidiaries on a combined basis had the following balances withnon-guarantor subsidiaries:

Summarized Balance SheetsDecember 31, 2020 December 31, 2019

Total current assets $ 211.5  $ 590.4 Total non-current assets $ 867.5  $ 743.2 

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Management’s  discussion and analysis  of  the Company’s  financial  condition  and results  of  operations  are based upon the Company’s  consolidated financialstatements. The consolidated financial statements of the Company are prepared in conformity with generally accepted accounting principles in the United States(U.S. GAAP). The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimatesand assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures aboutcontingent  assets  and  liabilities  and  reported  amounts  of  revenues  and  expenses.  Such  estimates  include  revenue  recognition,  the  valuation  of  trade  andfinancing receivables, inventories, goodwill, intangible assets, other long-lived assets, legal contingencies, guarantee obligations, and assumptions used in thecalculation  of  income  taxes,  pension  and  post-retirement  benefits  and  customer  incentives,  among  others.  These  estimates  and  assumptions  are  based  onmanagement’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and otherfactors. Management monitors the economic conditions and other factors and will adjust such estimates and assumptions when facts and circumstances dictate.As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.

The Company’s  significant  accounting policies are described in Note 1:  Summary of  Significant  Accounting Policies to  the consolidated financial  statements,which is contained in Item 8 of this annual report on Form 10-K. Management believes that, of its significant accounting policies, its policies concerning revenuerecognition,  allowances  for  credit  losses,  inventory  reserves,  goodwill,  long-lived  assets,  taxes  on  income,  contingencies  and  pensions  and  post-retirementbenefits are the most critical because they are affected significantly by judgments, assumptions and estimates. Additional information regarding these policies isincluded below.

Revenue Recognition. Revenue is measured based on consideration specified in a contract with a customer and excludes amounts collected on behalf of thirdparties. The amount of consideration can vary depending on discounts, rebates, refunds,

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AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

credits,  price  concessions,  incentives,  performance  bonuses,  penalties,  or  other  similar  items contained  in  the  contract  with  the  customer  of  which  generallythese variable consideration components represents minimal amount of net sales. The Company recognizes revenue when it satisfies a performance obligationby transferring control over a product or service to a customer.

The Company's payment terms vary depending on the individual contracts and are generally fixed fee. The Company recognizes advance payments and billingsin excess of revenue recognized as deferred revenue. In certain contracts where services are provided prior to billing, the Company recognizes a contract assetwithin trade receivables and other current assets.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and that are collected bythe Company from a customer are excluded from revenue.

The Company recognizes  shipping  and handling  fees  billed  when products  are  shipped or  delivered to  a  customer  and includes  such amounts  in  net  sales.Although  infrequent,  shipping  and  handling  associated  with  outbound  freight  after  control  over  a  product  has  transferred  to  a  customer  is  not  a  separateperformance obligation, rather is accounted for as a fulfillment cost. Third-party freight payments are recorded in cost of sales.

The Company includes a warranty in connection with certain contracts with customers, which are not considered to be separate performance obligations. TheCompany provides its customers a manufacturer’s warranty and records, at the time of the sale, a corresponding estimated liability for potential warranty costs.For  additional  information  on  product  warranty  refer  to  Note  9:  Guarantees  and  Product  Warranties.  The  Company  also  has  extended  warranty  and  servicecontracts  available  for  its  customers,  which  are  recognized  as  separate  performance  obligations.  Revenue  is  recognized  on  these  contracts  ratably  as  theCompany has a stand-ready obligation to provide services when or as needed by the customer. This input method is the most accurate assessment of progresstoward completion the Company can apply.

Product  revenue  is  recognized  at  the  point  in  time  that  the  customer  obtains  control  of  the  product,  which  could  be  upon  delivery  or  upon  completion  ofinstallation services, depending on contract terms. The Company’s software licenses are functional in nature (the IP has significant stand-alone functionality); assuch, the revenue recognition of distinct software license sales is at the point in time that the customer obtains control of the rights granted by the license.

Professional  services  integrate  the  commercial  solution  with  the  customer's  existing  infrastructure  and  helps  define  the  optimal  user  experience,  improvebusiness processes, refine existing staffing models and deploy technology to meet branch and store automation objectives. Revenue from professional servicesare  recognized  over  time,  because  the  customer  simultaneously  receives  and  consumes  the  benefits  of  the  Company’s  performance  as  the  services  areperformed or when the Company’s performance creates an asset with no alternative use and the Company has an enforceable right to payment for performancecompleted to date. Generally revenue will be recognized using an input measure, typically costs incurred. The typical contract length for service is generally oneyear and is billed and paid in advance except for installations, among others.

Services may be sold separately or in bundled packages. For bundled packages, the Company accounts for individual services separately if they are distinct. Adistinct service is separately identifiable from other items in the bundled package if a customer can benefit  from it on its own or with other resources that arereadily available to the customer. The consideration (including any discounts) is allocated between separate services or distinct obligations in a bundle based ontheir  stand-alone  selling  prices.  The  stand-alone  selling  prices  are  determined  based  on  the  prices  at  which  the  Company  separately  sells  the  products  orservices. For items that are not sold separately, the Company estimates stand-alone selling prices using the cost plus expected margin approach. Revenue onservice contracts is recognized ratably over time, generally using an input measure, as the customer simultaneously receives and consumes the benefits of theCompany’s performance as the services are performed. In some circumstances, when global service supply chain services are not included in a term contractand rather billed as they occur, revenue on these billed work services are recognized at a point in time as transfer of control occurs.

The following is a description of principal solutions offered within the Company's two main customer segments that generate the Company's revenue.

Banking

Products. Products for banking customers consist of cash recyclers and dispensers, intelligent deposit terminals, teller automation tools and kiosk technologies,as  well  as  physical  security  solutions.  The  Company  provides  its  banking  customers  front-end  applications  for  consumer  connection  points  and  back-endplatforms  that  manage  channel  transactions,  operations  and  integration  and  facilitate  omnichannel  transactions,  endpoint  monitoring,  remote  assetmanagement, customer marketing, merchandise management and analytics. These offerings include highly configurable, API enabled software that automateslegacy banking transactions across channels.

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AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

Services. The Company provides its banking customers product-related services which include proactive monitoring and rapid resolution of incidents throughremote service capabilities or an on-site visit. First and second line maintenance, preventive maintenance and on-demand services keep the distributed assetsof the Company's customers up and running through a standardized incident management process. Managed services and outsourcing consists of the end-to-end business processes, solution management, upgrades and transaction processing. The Company also provides a full array of cash management services,which optimizes the availability and cost of physical currency across the enterprise through efficient forecasting, inventory and replenishment processes.

Retail

Products. The  retail  product  portfolio  includes  modular,  integrated  and  mobile  POS  and  SCO  terminals  that  meet  evolving  automation  and  omnichannelrequirements of consumers. Supplementing the POS system is a broad range of peripherals, including printers, scales and mobile scanners, as well as the cashmanagement  portfolio  which  offers  a  wide  range  of  banknote  and  coin  processing  systems.  Also  in  the  portfolio,  the  Company  provides  SCO terminals  andordering kiosks which facilitate an efficient and user-friendly purchasing experience. The Company’s hybrid product line can alternate from an attended operatorto self-checkout with the press of a button as traffic conditions warrant throughout the business day.

The Company's platform software is installed within retail data centers to facilitate omnichannel transactions, endpoint monitoring, remote asset management,customer marketing, merchandise management and analytics.

Services. The  Company  provides  its  retail  customers  product-related  services  which  include  on-demand  services  and  professional  services.  Diebold  NixdorfAllConnect  Services  for  retailers  include  maintenance  and  availability  services  to  continuously  improve  retail  self-service  fleet  availability  and  performance.These include: total implementation services to support both current and new store concepts; managed mobility services to centralize asset management andensure effective, tailored mobile capability; monitoring and advanced analytics providing operational insights to support new growth opportunities; and store life-cycle management to proactively monitors store IT endpoints and enable improved management of internal and external suppliers and delivery organizations.

Inventory Reserves. At  each  reporting  period,  the  Company  identifies  and  writes  down its  excess  and  obsolete  inventories  to  net  realizable  value  based  onusage forecasts, order volume and inventory aging. With the development of new products, the Company also rationalizes its product offerings and will write-down discontinued product to the lower of cost or net realizable value.

Goodwill. Goodwill is the cost in excess of the net assets of acquired businesses (refer to Note 8: Goodwill and Intangible Assets to the consolidated financialstatements). The Company tests all existing goodwill at least annually as of October 31 for impairment on a reporting unit basis. The fair value of the reportingunits is determined based upon a combination of the income and market approaches, which are standard valuation methodologies. The income approach usesdiscounted  estimated  future  cash  flows,  whereas  the  market  approach  or  guideline  public  company  method  utilizes  market  data  of  similar  publicly  tradedcompanies. The fair value of the reporting unit is defined as the price that would be received in a sale of the net assets in an orderly transaction between marketparticipants at the assessment date.  The Company compares the fair  value of each reporting unit  with its carrying value and would recognize an impairmentcharge if the amount carrying amount exceeds the reporting unit’s fair value.

The techniques used in the Company's annual  assessment incorporate a number of assumptions that the Company believes to be reasonable and to reflectmarket conditions at the assessment date. Assumptions in estimating future cash flows are subject to a high degree of judgment. The Company makes all effortsto forecast future cash flows as accurately as possible with the information available at the time the forecast is made. To this end, the Company evaluates theappropriateness of its assumptions as well as its overall forecasts by comparing projected results of upcoming years with actual results of preceding years andvalidating  that  differences  therein  are  reasonable.  Key  assumptions,  which  typically  are  Level  3  inputs,  include discount  rates,  terminal  growth  rates,  marketmultiple  data  from selected  guideline  public  companies,  management's  internal  forecasts  which  include  numerous  assumptions  such  as  projected  net  sales,gross profit, sales mix, operating and capital expenditures, among others. A number of benchmarks from independent industry and other economic publicationswere also used. Changes in assumptions and estimates after  the assessment date may lead to an outcome where impairment charges would be required infuture periods. Specifically, actual results may vary from the Company’s forecasts and such variations may be material and unfavorable, thereby triggering theneed for future impairment tests where the conclusions may differ in reflection of prevailing market conditions.

The Company tests for interim impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the carryingvalue  of  a  reporting  unit  below its  reported  amount.  In  evaluating  whether  it  is  more  likely  than  not  the  fair  value  of  a  reporting  unit  is  less  than  its  carryingamount, the Company considers the following events and circumstances, among others, if applicable: (a) macroeconomic conditions such as general economicconditions, limitations on

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

accessing  capital  or  other  developments  in  equity  and  credit  markets;  (b)  industry  and  market  considerations  such  as  competition,  multiples  or  metrics  andchanges in the market for the Company's products and services or regulatory and political environments; (c) cost factors such as raw materials, labor or othercosts; (d) overall  financial performance such as cash flows, actual and planned revenue and earnings compared with actual and projected results of relevantprior periods; (e) other relevant events such as changes in key personnel, strategy or customers; (f) changes in the composition of a reporting unit's assets orexpected sales of all or a portion of a reporting unit; and (g) any sustained decrease in share price. If the Company's qualitative assessment indicates that it ismore  likely  than  not  that  the  fair  value  of  a  reporting  unit  is  less  than  its  carrying  value,  a  quantitative  impairment  test  is  used  to  identify  potential  goodwillimpairment and measure the amount of any impairment loss to be recognized.

Taxes on Income. Deferred  taxes  are  provided  on  an  asset  and  liability  method,  whereby  deferred  tax  assets  are  recognized  for  deductible  temporarydifferences, operating loss carry-forwards and tax credits. Deferred tax liabilities are recognized for taxable temporary differences and undistributed earnings incertain jurisdictions. Deferred tax assets are reduced by a valuation allowance when, based upon the available evidence, it  is more likely than not that someportion or all of the deferred tax assets will not be realized. Determination of a valuation allowance involves estimates regarding the timing and amount of thereversal  of  taxable  temporary  differences,  expected  future  taxable  income  and  the  impact  of  tax  planning  strategies.  Deferred  tax  assets  and  liabilities  areadjusted for the effects of changes in tax laws and rates on the date of enactment.

The Company operates in numerous taxing jurisdictions and is subject to examination by various federal, state and foreign jurisdictions for various tax periods.Additionally,  the Company has retained tax liabilities and the rights to tax refunds in connection with various acquisitions and divestitures of businesses. TheCompany’s income tax positions are based on research and interpretations of the income tax laws and rulings in each of the jurisdictions in which the Companydoes  business.  Due  to  the  subjectivity  of  interpretations  of  laws  and  rulings  in  each  jurisdiction,  the  differences  and  interplay  in  tax  laws  between  thosejurisdictions, as well as the inherent uncertainty in estimating the final resolution of complex tax audit matters, the Company’s estimates of income tax liabilitiesmay differ from actual payments or assessments.

The Company assesses its position with regard to tax exposures and records liabilities for these uncertain tax positions and any related interest and penalties,when the tax benefit is not more likely than not realizable. The Company has recorded an accrual that reflects the recognition and measurement process for thefinancial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. Additional future income tax expense or benefitmay be recognized once the positions are effectively settled.

At the end of each interim reporting period, the Company estimates the effective tax rate expected to apply to the full fiscal year. The estimated effective tax ratecontemplates  the  expected  jurisdiction  where  income  is  earned,  as  well  as  tax  planning  alternatives.  Current  and  projected  growth  in  income  in  higher  taxjurisdictions may result in an increasing effective tax rate over time. If the actual results differ from estimates, the Company may adjust the effective tax rate inthe interim period if such determination is made.

Contingencies. Liabilities  for  loss  contingencies  arising  from  claims,  assessments,  litigation,  fines,  and  penalties  and  other  sources  are  recorded  when  it  isprobable  that  a  liability  has  been  incurred  and  the  amount  can  be  reasonably  estimated.  Legal  costs  incurred  in  connection  with  loss  contingencies  areexpensed as incurred. There is no liability recorded for matters in which the liability is not probable and reasonably estimable. Attorneys in the Company's legaldepartment monitor and manage all claims filed against the Company and review all pending investigations. Generally, the estimate of probable loss related tothese matters is developed in consultation with internal and outside legal counsel representing the Company. These estimates are based upon an analysis ofpotential results, assuming a combination of litigation and settlement strategies. The Company attempts to resolve these matters through settlements, mediationand arbitration proceedings when possible. If the actual settlement costs, final judgments, or fines, after appeals, differ from the estimates, the future results maybe materially impacted. Adjustments to the initial estimates are recorded when a change in the estimate is identified.

Pensions and Other Post-retirement Benefits. Annual net periodic expense and benefit liabilities under the Company’s defined benefit plans are determined onan actuarial basis. Assumptions used in the actuarial calculations have a significant impact on plan obligations and expense. The Company periodically reviewsthe  actual  experience  compared  with  the  more  significant  assumptions  used  and  make  adjustments  to  the  assumptions,  if  warranted.  The  discount  rate  isdetermined by analyzing the average return of high-quality (i.e., AA-rated), fixed-income investments and the year-over-year comparison of certain widely usedbenchmark indices as of the measurement date. The expected long-term rate of return on plan assets is determined using the plans’ current asset allocation andtheir  expected long term rates of  return.  The rate of  compensation increase assumptions reflects the Company’s long-term actual  experience and future andnear-term outlook. Pension benefits are funded through deposits with trustees. Other post-retirement benefits are not funded and the Company’s policy is to paythese benefits as they become due.

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

The following table represents assumed healthcare cost trend rates at December 31:

2020 2019Healthcare cost trend rate assumed for next year 6.3 % 6.5 %Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.0 % 5.5 %Year that rate reaches ultimate trend rate 2025 2025

Assumed healthcare cost trend rates have a significant effect  on the amounts reported for the healthcare plans. A one-percentage-point change in assumedhealthcare cost trend rates would have the following effects:

One-Percentage-Point Increase One-Percentage-Point DecreaseEffect on other post-retirement benefit obligation $ 2.8  $ (2.2)

RECENTLY ISSUED ACCOUNTING GUIDANCE

Refer to Note 1: Summary of Significant Accounting Policies to the consolidated financial statements for information on recently issued accounting guidance.

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Table of ContentsMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS as of DECEMBER 31, 2020DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

(unaudited)(in millions, except per share amounts)

FORWARD-LOOKING STATEMENT DISCLOSURE

In this annual report on Form 10-K, statements that are not reported financial results or other historical information are “forward-looking statements.” Forward-looking  statements  give  current  expectations  or  forecasts  of  future  events  and  are  not  guarantees  of  future  performance.  These  forward-looking  statementsinclude,  but  are  not  limited  to,  statements  regarding  the  Company's  expected  future  performance  (including  expected  results  of  operations  and  financialguidance) future financial condition, operating results, strategy and plans. Forward-looking statements may be identified by the use of the words “anticipates,”“expects,”  “intends,”  “plans,”  “will,”  “believes,”  “estimates,”  “potential,”  “target,”  “predict,”  “project,”  “seek,”  and variations thereof  or  similar  expressions.  Thesestatements are used to identify forward-looking statements. These forward-looking statements reflect the current views of the Company with respect to futureevents and involve significant risks and uncertainties that could cause actual results to differ materially.

Although the Company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, the economy, itsknowledge of  its  business,  and key performance indicators that  impact the Company,  these forward-looking statements involve risks,  uncertainties and otherfactors that may cause actual results to differ materially from those expressed in or implied by the forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Some of the risks, uncertaintiesand other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are notlimited to:

• the ultimate impact of the ongoing COVID-19 pandemic;• the  Company's  ability  to  continue  to  achieve  benefits  from its  strategic  initiatives,  such as  DN Now and  its  digitally  enabled  hardware,  services  and

software strategy;• the success of the Company’s new products, including its DN Series line and EASY family of retail checkout solutions;• the impact of a cybersecurity breach or operational failure on the Company's business;• the Company's ability to generate sufficient cash to service its debt or to comply with the covenants contained in the agreements governing its debt;• the Company’s ability to attract, retain and motivate key employees;• the Company’s reliance on suppliers, subcontractors and availability of raw materials and other components;• changes in the Company's intention to further repatriate cash and cash equivalents and short-term investments residing in international tax jurisdictions,

which could negatively impact foreign and domestic taxes;• the  Company's  success  in  divesting,  reorganizing  or  exiting  non-core  and/or  non-accretive  businesses  and  its  ability  to  successfully  manage

acquisitions, divestitures, and alliances;• the Company's success in divesting, reorganizing or exiting non-core and/or non-the outcome of the appraisal proceedings initiated in connection with

the implementation of the DPLTA with the former Diebold Nixdorf AG and the merger/squeeze-out;• the  impact  of  market  and  economic  conditions,  including  the  proliferation  of  cash  and  any  deterioration  or  disruption  in  the  financial  and  service

markets, including the bankruptcies, restructurings or consolidations of financial institutions, which could reduce our customer base and/or adverselyaffect our customers' ability to make capital expenditures, as well as adversely impact the availability and cost of credit;

• competitive pressures, including pricing pressures and technological developments;• changes in political, economic or other factors such as currency exchange rates, inflation rates (including the impact of possible currency devaluations

in countries experiencing high inflation rates),  recessionary or  expansive trends,  taxes and regulations and laws affecting the worldwide business ineach of the Company's operations;

• the Company's ability to maintain effective internal controls;• unanticipated litigation, claims or assessments, as well as the outcome/impact of any current/pending litigation, claims or assessments; and• the effect of changes in law and regulations or the manner of enforcement in in the U.S. and internationally and the Company’s ability to comply with

government regulations.

Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update these forward-looking statements to reflect futureevents or circumstances or to reflect the occurrence of unanticipated events.

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ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK(dollars in millions, except per share amounts)

The Company is exposed to foreign currency exchange rate risk inherent in its international operations denominated in currencies other than the U.S. dollar. Ahypothetical 10 percent movement in the applicable foreign exchange rates would have resulted in an increase or decrease in 2020 operating profit of $17.9 and$21.9, respectively, and $13.2 and $10.8, respectively, for 2019. The sensitivity model assumes an instantaneous, parallel shift in the foreign currency exchangerates. Exchange rates rarely move in the same direction. The assumption that exchange rates change in an instantaneous or parallel fashion may overstate theimpact of changing exchange rates on amounts denominated in a foreign currency.

The Company’s risk-management strategy uses derivative financial instruments such as forwards to hedge certain foreign currency exposures. The intent is tooffset gains and losses that occur on the underlying exposures with gains and losses on the derivative contracts hedging these exposures. The Company doesnot enter into derivatives for trading purposes. The Company’s primary exposures to foreign exchange risk are movements in the euro, British pound, Canadiandollar, Brazilian real, Thai baht and Mexican peso.

The Company manages interest rate risk with the use of variable rate borrowings under its committed and uncommitted credit facilities and interest rate swaps.Variable  rate  borrowings  under  the  credit  facilities  totaled  $871.7  and  $1,805.7,  of  which  $325.0  and  $900.0  were  effectively  converted  to  fixed  rate  usinginterest  rate  swaps at  December  31,  2020 and  2019,  respectively.  A  one percentage  point  increase or  decrease  in  interest  rates  would  have resulted  in  anincrease  or  decrease  in  interest  expense  of  $5.5  and  $8.6  for  2020  and  2019,  respectively,  including  the  impact  of  the  swap  agreements.  The  Company’sprimary exposure to interest rate risk is movements in the LIBOR, which is consistent with prior periods.

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ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

Reports of Independent Registered Public Accounting Firm 43

Consolidated Balance Sheets as of December 31, 2020 and 2019 46

Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018 47

Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2020, 2019 and 2018 48

Consolidated Statements of Equity for the years ended December 31, 2020, 2019 and 2018 49

Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 50

Notes to the Consolidated Financial Statements 52

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of DirectorsDiebold Nixdorf, Incorporated:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Diebold Nixdorf, Incorporated and subsidiaries (the Company) as of December 31, 2020and 2019, the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows for each of the years in the three‑year periodended December 31, 2020, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statementspresent fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cashflows for each of the years in the three‑year period ended December 31, 2020, 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 internalcontrol over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by theCommittee of Sponsoring Organizations of the Treadway Commission, and our report dated March 1, 2021 expressed an unqualified opinion on theeffectiveness of the Company’s internal control over financial reporting.

Change in Accounting Principle

As discussed in Note 1 to the consolidated financial statements, the Company has changed its method of accounting for leases as of January 1, 2019, due tothe adoption of ASU 2016-02, Leases.

Basis for Opinion

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

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

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicatedor required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statementsand (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinionon the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions onthe critical audit matters or on the accounts or disclosures to which they relate.

Sufficiency of audit evidence over net sales

As discussed in Note 1 to the Company’s consolidated financial statements, the Company recognizes net sales when it satisfies a performance obligationby transferring control over a product or service to a customer. The Company recorded $3,902.3 million of net sales in 2020.

We identified the evaluation of the sufficiency of audit evidence over net sales as a critical audit matter. Evaluating the sufficiency of audit evidence obtainedrequired especially subjective auditor judgment because of the geographical dispersion of the Company’s net sales generating activities. This includeddetermining the Company locations for which procedures were performed.

The following are the primary procedures we performed to address this critical audit matter. We applied auditor judgment to determine the nature and extentof procedures to be performed over net sales, including the determination of the Company locations for which those procedures were to be performed. Ateach Company location for which procedures were performed, we evaluated the design and tested the operating effectiveness of certain internal controlsover the Company’s net sales process, including the controls over the accurate recording of net sales. We assessed the recorded net sales for each ofthese locations by selecting transactions and comparing the amounts recognized for consistency with

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underlying documentation, including contracts with customers, customer acceptance, and shipping documentation. We evaluated the sufficiency of auditevidence obtained by assessing the results of procedures performed, including the appropriateness of the nature and extent of audit effort.

Assessment of goodwill impairment in the EMEA Retail reporting unit

As discussed in Notes 1 and 8 to the consolidated financial statements, the Company evaluates goodwill for impairment annually as of October 31 andwhen events or circumstances change that would more likely than not reduce the carrying value of a reporting unit below its reported amount. As ofDecember 31, 2020, the Retail segment, which includes the EMEA Retail reporting unit, had $179.0 million of goodwill. The fair values of the reporting unitsare determined based on a combination of an income approach and a market approach. As of October 31, 2020, the Company determined that the fairvalue of all reporting units were in excess of their carrying values and therefore did not record any goodwill impairment. The estimated fair value of theEMEA Retail reporting unit at that date exceeded its carrying value by approximately 15%.

We identified the October 31, 2020 assessment of goodwill impairment for the EMEA Retail reporting unit as a critical audit matter because a high degree ofsubjective auditor judgment was required to evaluate the fair value of the reporting unit determined under the income approach. The key assumptions usedin the income approach included revenue growth projections and the discount rate.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectivenessof certain internal controls over the Company’s goodwill impairment process, including controls over the revenue growth projections and the discount rate.We performed sensitivity analyses over the revenue growth projections and the discount rate to assess their impact on the Company’s fair valuedetermination. We compared the Company’s revenue growth projections used in the valuation model against peer company projected revenue growth rates.In addition, we involved valuation professionals with specialized skills and knowledge who assisted in:

– comparing the Company’s discount rate inputs to publicly-available market data and information for comparable     entities to test the selecteddiscount rate

– testing the estimate of fair value for the reporting unit using the Company’s key assumptions and comparing the result to the Company’s fair valueestimate.

/s/ KPMG LLP

We or our predecessor firms have served as the Company’s auditor since 1965.

Cleveland, OhioMarch 1, 2021

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of DirectorsDiebold Nixdorf, Incorporated:

Opinion on Internal Control Over Financial Reporting

We have audited Diebold Nixdorf, Incorporated and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2020, based oncriteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Inour opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteriaestablished 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 balancesheets of the Company as of December 31, 2020 and 2019, the related consolidated statements of operations, comprehensive income (loss), equity, and cashflows for each of the years in the three-year period ended December 31, 2020, and the related notes (collectively, the consolidated financial statements), andour report dated March 1, 2021 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness ofinternal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is toexpress an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOBand 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 ofthe 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 reasonableassurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financialreporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing andevaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures aswe 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 thepreparation  of  financial  statements  for  external  purposes  in  accordance  with  generally  accepted  accounting  principles.  A  company’s  internal  control  overfinancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflectthe  transactions  and  dispositions  of  the  assets  of  the  company;  (2)  provide  reasonable  assurance  that  transactions  are  recorded  as  necessary  to  permitpreparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are beingmade  only  in  accordance  with  authorizations  of  management  and  directors  of  the  company;  and  (3)  provide  reasonable  assurance  regarding  prevention  ortimely 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  ofeffectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliancewith the policies or procedures may deteriorate.

/s/ KPMG LLP

Cleveland, OhioMarch 1, 2021

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CONSOLIDATED BALANCE SHEETS(dollars in millions)

December 31,2020 2019

ASSETSCurrent assetsCash, cash equivalents and restricted cash $ 324.5  $ 280.9 Short-term investments 37.2  10.0 Trade receivables, less allowances for doubtful accounts of $37.5 and $42.2, respectively 646.9  619.3 Inventories 498.2  466.5 Prepaid expenses 58.8  51.3 Current assets held for sale 64.7  233.3 Other current assets 227.0  230.7 Total current assets 1,857.3  1,892.0 

Securities and other investments 10.3  21.4 Property, plant and equipment, net 177.5  231.5 Deferred income taxes 97.5  120.8 Goodwill 800.4  764.0 Customer relationships, net 407.9  447.7 Other intangible assets, net 40.7  54.6 Right-of-use operating lease assets 143.3  167.5 Other assets 122.5  91.1 Total assets $ 3,657.4  $ 3,790.6 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITYCurrent liabilitiesNotes payable $ 10.7  $ 32.5 Accounts payable 499.9  471.5 Deferred revenue 346.8  320.5 Payroll and other benefits liabilities 226.6  224.7 Current liabilities held for sale 15.4  113.4 Operating lease liabilities 55.7  62.8 Other current liabilities 494.4  374.2 Total current liabilities 1,649.5  1,599.6 

Long-term debt 2,335.7  2,108.7 Pensions, post-retirement and other benefits 228.7  237.7 Long-term operating lease liabilities 93.1  106.4 Deferred income taxes 103.4  134.5 Other liabilities 59.5  89.1 Commitments and contingenciesRedeemable noncontrolling interests 19.2  20.9 EquityDiebold Nixdorf, Incorporated shareholders' equityPreferred shares, no par value, 1,000,000 authorized shares, none issued —  — Common shares, $1.25 par value, 125,000,000 authorized shares, (93,534,866 and 92,208,247 issued shares,77,678,984 and 76,813,013 outstanding shares, respectively) 116.9  115.3 Additional capital 787.9  773.9 Retained earnings (accumulated deficit) (742.3) (472.3)Treasury shares, at cost (15,855,882 and 15,395,234 shares, respectively) (576.7) (571.9)Accumulated other comprehensive loss (412.9) (375.3)

Total Diebold Nixdorf, Incorporated shareholders' equity (827.1) (530.3)Noncontrolling interests (4.6) 24.0 Total equity (831.7) (506.3)Total liabilities, redeemable noncontrolling interests and equity $ 3,657.4  $ 3,790.6 

See accompanying notes to consolidated financial statements.46

Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS(in millions, except per share amounts)

Years ended December 31,2020 2019 2018

Net salesServices $ 2,364.4  $ 2,608.0  $ 2,789.5 Products 1,537.9  1,800.7  1,789.1 

3,902.3  4,408.7  4,578.6 Cost of salesServices 1,666.2  1,921.1  2,157.0 Products 1,201.1  1,420.5  1,522.8 

2,867.3  3,341.6  3,679.8 Gross profit 1,035.0  1,067.1  898.8 Selling and administrative expense 858.6  908.8  893.5 Research, development and engineering expense 133.4  147.1  157.4 Impairment of assets 7.5  30.2  180.2 Loss (gain) on sale of assets, net 11.5  7.6  (6.7)

1,011.0  1,093.7  1,224.4 Operating profit (loss) 24.0  (26.6) (325.6)Other income (expense)Interest income 6.8  9.3  8.7 Interest expense (292.7) (202.9) (154.9)Foreign exchange loss, net (14.4) (5.1) (2.5)Miscellaneous, net 6.8  (3.6) (4.0)

Loss before taxes (269.5) (228.9) (478.3)Income tax expense (benefit) (1.0) 116.7  37.2 Equity in earnings (loss) of unconsolidated subsidiaries, net 0.7  1.0  (13.2)

Net loss (267.8) (344.6) (528.7)Net income (loss) income attributable to noncontrolling interests 1.3  (3.3) 2.7 

Net loss attributable to Diebold Nixdorf, Incorporated $ (269.1) $ (341.3) $ (531.4)

Basic and diluted weighted-average shares outstanding 77.6  76.7  76.0 

Net loss attributable to Diebold Nixdorf, IncorporatedBasic and diluted loss per share $ (3.47) $ (4.45) $ (6.99)

Dividends declared and paid per common share $ —  $ —  $ 0.10 

See accompanying notes to consolidated financial statements.47

Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(in millions)

Years ended December 31,2020 2019 2018

Net loss $ (267.8) $ (344.6) $ (528.7)Other comprehensive income (loss), net of tax:Adoption of accounting standard —  —  (29.0)Translation adjustment (net of tax of $7.5, $4.9 and $(2.7), respectively) (26.8) (40.8) (70.1)Foreign currency hedges (net of tax of $(0.3), $(0.4) and $(1.2), respectively) —  (0.7) 4.2 Interest rate hedges:Net loss recognized in other comprehensive income (net of tax of $(5.9), $0.7 and $0.3, respectively) (16.3) (8.8) (1.4)Less: reclassification adjustments for amounts recognized in net (loss) income (net of tax of $(1.8), $(0.3) and$(0.6), respectively) (5.0) (3.4) (2.6)

(11.3) (5.4) 1.2 Pension and other post-retirement benefits:Prior service credit (cost) recognized during the year (net of tax of $0.2, $(0.1) and $0.0, respectively) 0.5  (0.6) — Net actuarial gains recognized during the year (net of tax of $1.5, $0.6 and $(1.1), respectively) 6.1  4.6  4.8 Net actuarial losses occurring during the year (net of tax of $(3.9), $(3.1) and $(4.0), respectively) (9.7) (25.8) (10.9)Net actuarial gains (losses) recognized due to settlement (net of tax of $0.3, $(0.1) and $(1.3), respectively) 0.8  (1.0) (3.5)Acquired benefit plans and other (net of tax of $0.0, $(0.4) and $0.0, respectively) 0.2  (3.2) (7.7)Currency impact (net of tax of $0.5, $0.0 and $(0.3), respectively) 1.8  0.4  (0.9)

(0.3) (25.6) (18.2)Other (0.8) 0.1  — 

Other comprehensive (loss) income, net of tax (39.2) (72.4) (111.9)Comprehensive loss (307.0) (417.0) (640.6)Less: comprehensive (loss) income attributable to noncontrolling interests (0.3) (4.7) (1.2)Comprehensive loss attributable to Diebold Nixdorf, Incorporated $ (306.7) $ (412.3) $ (639.4)

See accompanying notes to consolidated financial statements.48

Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY(in millions, except per share amounts)

Common SharesAccumulated

OtherComprehensiveIncome (Loss)

Total DieboldNixdorf,

IncorporatedShareholders'

EquityNumber

$1.25ParValue

Additional Capital

Retained Earnings

Treasury Shares

Non-controlling Interests

Total Equity

Balance at January 1, 2018 90.5  $ 113.2  $ 721.5  $ 374.5  $ (567.4) $ (196.3) $ 445.5  $ 36.8  $ 482.3 Net income (loss) (531.4) (531.4) 2.7  (528.7)Other comprehensive income (108.0) (108.0) (3.9) (111.9)Share-based compensation issued 0.8  1.0  (1.1) (0.1) (0.1)Share-based compensation expense 36.6  36.6  36.6 Dividends paid (7.7) (7.7) (7.7)Treasury shares (0.2 shares) (3.0) (3.0) (3.0)Accounting principle change 33.6  33.6  33.6 Reclassification of guaranteed dividendto accrued liabilities —  (3.4) (3.4)Reclassification to redeemablenoncontrolling interest (15.2) (15.2) —  (15.2)Distribution noncontrolling interestholders, net —  (0.5) (0.5)Acquisitions and divestitures, net —  (4.9) (4.9)

Balance at December 31, 2018 91.3  $ 114.2  $ 741.8  $ (131.0) $ (570.4) $ (304.3) $ (149.7) $ 26.8  $ (122.9)Net income (loss) (341.3) (341.3) (3.3) (344.6)Other comprehensive loss (71.0) (71.0) (1.4) (72.4)Share-based compensation issued 0.9  1.1  (1.0) 0.1  0.1 Share-based compensation expense 24.0  24.0  24.0 Treasury shares (0.2 shares) (1.5) (1.5) (1.5)Reclassification from redeemablenoncontrolling interest and other 9.1  9.1  4.9  14.0 Acquisition and divestitures, net —  (3.0) (3.0)

Balance at December 31, 2019 92.2  $ 115.3  $ 773.9  $ (472.3) $ (571.9) $ (375.3) $ (530.3) $ 24.0  $ (506.3)Net loss (269.1) (269.1) 1.3  (267.8)Other comprehensive loss (37.6) (37.6) (1.6) (39.2)Share-based compensation issued 1.3  1.6  (1.6) —  — Share-based compensation expense 14.9  14.9  14.9 Treasury shares (0.5 shares) (4.8) (4.8) (4.8)Sale of equity interest —  (28.3) (28.3)Reclassification from redeemablenoncontrolling interest and other 0.7  0.7  0.7 Distributions to noncontrolling interestholders, net (0.9) (0.9) (0.9)

Balance at December 31, 2020 93.5  $ 116.9  $ 787.9  $ (742.3) $ (576.7) $ (412.9) $ (827.1) $ (4.6) $ (831.7)

See accompanying notes to consolidated financial statements.49

Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)

Years Ended December 31,2020 2019 2018

Cash flow from operating activitiesNet loss $ (267.8) $ (344.6) $ (528.7)Adjustments to reconcile net loss to cash provided (used) by operating activities:

Depreciation 73.7 82.2 94.5 Amortization 23.8 28.9 26.3 Amortization of Wincor Nixdorf purchase accounting intangible assets 82.9 93.2 113.4 Amortization of deferred financing costs into interest expense 45.4 21.8 13.7 Share-based compensation 14.9 24.0 36.6 Debt prepayment costs 67.2 — — Other (12.3) (1.0) (2.8)Loss (gain) on sale of assets, net 11.5 7.6 (6.7)Impairment of assets 7.5 30.2 180.2 Deferred income taxes (27.1) 54.2 (59.6)Inventory charge — 23.8 74.5

Changes in certain assets and liabilitiesTrade receivables (19.7) 111.5 51.0 Inventories (14.8) 104.9 (5.1)Income taxes (23.1) 0.9 (1.7)Accounts payable 10.6 (33.1) (34.5)Deferred revenue 20.2 (54.9) (42.4)Accrued salaries, wages and commissions (1.3) 38.6 (9.3)Restructuring 18.0 (13.5) 4.2 Warranty liability (5.6) (3.4) (33.1)Certain other assets and liabilities 14.0 (35.5) 25.4

Net cash provided (used) by operating activities 18.0 135.8 (104.1)Cash flow from investing activities

Payments for acquisitions — — (5.9)Proceeds from divestitures, net of cash divested (37.0) 29.9 11.1 Proceeds from settlement of corporate-owned life insurance policies 15.6 — — Proceeds from maturities of investments 214.6 241.7 317.8 Payments for purchases of investments (241.3) (222.2) (200.2)Proceeds from sale of assets 10.2 — — Capital expenditures (27.5) (42.9) (58.5)Capitalized software development (17.2) (23.1) (29.8)Other — 9.8 (0.1)

Net cash provided (used) by investing activities (82.6) (6.8) 34.4

See accompanying notes to consolidated financial statements.50

Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)

Cash flow from financing activitiesDividends paid — — (7.7)Debt issuance costs (26.4) (12.6) (39.4)Debt prepayment costs (67.2) — — Revolving credit facility borrowings (repayments), net 60.1 (125.0) 50.0 Other debt borrowings 1,107.8 397.8 725.9 Other debt repayments (1,049.9) (375.7) (337.7)Distributions to noncontrolling interest holders (0.9) (98.1) (377.2)Other (6.6) (1.9) (3.0)

Net cash provided (used) by financing activities 16.9 (215.5) 10.9 Effect of exchange rate changes on cash and cash equivalents (3.2) (1.1) (18.7)

Change in cash, cash equivalents and restricted cash (50.9) (87.6) (77.5)Add: Cash included in assets held for sale at beginning of year 97.2 7.3 — Less: Cash included in assets held for sale at end of year 2.7 97.2 7.3

Cash, cash equivalents and restricted cash at the beginning of the year 280.9 458.4 543.2 Cash, cash equivalents and restricted cash at the end of the year 324.5 280.9 458.4 Cash paid for

Income taxes 43.8 41.8 64.9 Interest 138.1 189.7 129.6

See accompanying notes to consolidated financial statements.51

Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of DECEMBER 31, 2020(in millions, except per share amounts)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation. The  consolidated  financial  statements  include  the  accounts  of  Diebold  Nixdorf,  Incorporated  and  its  wholly-  and  majority-ownedsubsidiaries  (collectively,  the  Company).  All  significant  intercompany  accounts  and  transactions  have  been  eliminated,  including  common  control  transfersamong subsidiaries of the Company.

Use of Estimates in Preparation of Consolidated Financial Statements. The preparation  of  the  accompanying consolidated  financial  statements  in  conformitywith  U.S.  GAAP requires management  to  make estimates and assumptions about  future  events.  These estimates and the underlying assumptions affect  theamounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimatesinclude  revenue  recognition,  the  valuation  of  trade  and  financing  receivables,  inventories,  goodwill,  intangible  assets,  other  long-lived  assets,  legalcontingencies,  guarantee  obligations  and  assumptions  used  in  the  calculation  of  income  taxes,  pension  and  other  post-retirement  benefits  and  customerincentives, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimatesand assumptions on an ongoing basis using historical experience and other factors.  Management monitors the economic condition and other factors and willadjust such estimates and assumptions when facts and circumstances dictate. As future events and their  effects cannot be determined with precision, actualresults could differ significantly from these estimates.

Reclassification. The Company has reclassified the presentation of certain prior-year information to conform to the current presentation.

International Operations. The financial statements of the Company’s international operations are measured using local currencies as their functional currencies,with  the  exception  of  certain  financial  results  from Argentina,  Singapore  and Switzerland,  which have a  functional  currency  other  than  local  currency.  Theseoperations used either United States dollar (USD) or euro as their functional currency depending on the concentration of USD or euro transactions and distinctfinancial information. The Company translates the assets and liabilities of its non-U.S. subsidiaries at the exchange rates in effect at year end and the results ofoperations at the average rate throughout the year. The translation adjustments are recorded directly as a separate component of shareholders’ equity, whiletransaction gains (losses) are included in net income (loss).

Acquisitions and Divestitures. Acquisitions are accounted for using the purchase method of accounting. This method requires the Company to record assets andliabilities of the business acquired at their estimated fair market values as of the acquisition date. Any excess cost of the acquisition over the fair value of the netassets  acquired  is  recorded  as  goodwill.  The  Company  generally  uses  valuation  specialists  to  perform appraisals  and  assist  in  the  determination  of  the  fairvalues of the assets acquired and liabilities assumed. These valuations require management to make estimates and assumptions that are critical in determiningthe fair values of the assets and liabilities.

For all divestitures, the Company considers assets to be held for sale when management approves and commits to a formal plan to actively market the assetsfor sale at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, an active program tolocate a buyer and other actions required to complete the sale have been initiated, the sale of the assets is probable and expected to be completed within oneyear (or, if it is expected that others will impose conditions on the sale of the assets that will extend the period required to complete the sale, that a firm purchasecommitment is probable within one year) and it  is unlikely that significant changes will  be made to the plan. Upon designation as held for sale, the Companyrecords  the  assets  at  the  lower  of  their  carrying  value  or  their  estimated  fair  value,  reduced  for  the  cost  to  dispose  of  the  assets,  and  ceases  to  recorddepreciation expense on the assets. Assets and liabilities are reclassified as held for sale in the period the held for sale criteria are met.

As of December 31, 2020, the Company had $64.7 and $15.4 of current assets and liabilities held for sale, respectively, primarily related to non-core businessesin Eurasia. As of December 31, 2019, the Company had $233.3 and $113.4 of current assets and liabilities held for sale, respectively, primarily related to non-core business in Europe.

Revenue Recognition. Revenue is measured based on consideration specified in a contract with a customer and excludes amounts collected on behalf of thirdparties.  The  amount  of  consideration  can  vary  depending  on  discounts,  rebates,  refunds,  credits,  price  concessions,  incentives,  performance  bonuses,penalties,  or  other  similar  items contained  in  the  contract  with  the  customer  of  which  generally  these  variable  consideration  components  represents  minimalamount  of  net  sales.  The  Company  recognizes  revenue  when  it  satisfies  a  performance  obligation  by  transferring  control  over  a  product  or  service  to  acustomer.

The Company's payment terms vary depending on the individual contracts and are generally fixed fee. The Company recognizes advance payments and billingsin excess of revenue recognized as deferred revenue. In certain contracts where

52

Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

services are provided prior to billing, the Company recognizes a contract asset within trade receivables and other current assets.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and that are collected bythe Company from a customer are excluded from revenue.

The Company recognizes  shipping  and handling  fees  billed  when products  are  shipped or  delivered to  a  customer  and includes  such amounts  in  net  sales.Although  infrequent,  shipping  and  handling  associated  with  outbound  freight  after  control  over  a  product  has  transferred  to  a  customer  is  not  a  separateperformance obligation, rather it is accounted for as a fulfillment cost. Third-party freight payments are recorded in cost of sales.

The Company includes a warranty in connection with certain contracts with customers, which are not considered to be separate performance obligations. TheCompany provides its customers a manufacturer’s warranty, and records, at the time of the sale, a corresponding estimated liability for potential warranty costs.For  additional  information  on  product  warranty  refer  to  Note  9:  Guarantees  and  Product  Warranties.  The  Company  also  has  extended  warranty  and  servicecontracts  available  for  its  customers,  which  are  recognized  as  separate  performance  obligations.  Revenue  is  recognized  on  these  contracts  ratably  as  theCompany has a stand-ready obligation to provide services when or as needed by the customer. This input method is the most accurate assessment of progresstoward completion the Company can apply.

Nature of goods and services

Product  revenue  is  recognized  at  the  point  in  time  that  the  customer  obtains  control  of  the  product,  which  could  be  upon  delivery  or  upon  completion  ofinstallation services, depending on contract terms. The Company’s software licenses are functional in nature (the IP has significant stand-alone functionality); assuch, the revenue recognition of distinct software license sales is at the point in time that the customer obtains control of the rights granted by the license.

Professional  services  integrate  the  commercial  solution  with  the  customer's  existing  infrastructure  and  helps  define  the  optimal  user  experience,  improvebusiness processes, refine existing staffing models and deploy technology to meet branch and store automation objectives. Revenue from professional servicesare  recognized  over  time,  because  the  customer  simultaneously  receives  and  consumes  the  benefits  of  the  Company’s  performance  as  the  services  areperformed or when the Company’s performance creates an asset with no alternative use and the Company has an enforceable right to payment for performancecompleted to date. Generally revenue will be recognized using an input measure, typically costs incurred. The typical contract length for service is generally oneyear and is billed and paid in advance except for installations, among others.

Services may be sold separately or in bundled packages. For bundled packages, the Company accounts for individual services separately if they are distinct. Adistinct service is separately identifiable from other items in the bundled package if a customer can benefit  from it on its own or with other resources that arereadily available to the customer. The consideration (including any discounts) is allocated between separate services or distinct obligations in a bundle based ontheir  stand-alone  selling  prices.  The  stand-alone  selling  prices  are  determined  based  on  the  prices  at  which  the  Company  separately  sells  the  products  orservices. For items that are not sold separately, the Company estimates stand-alone selling prices using the cost plus expected margin approach. Revenue onservice contracts is recognized ratably over time, generally using an input measure, as the customer simultaneously receives and consumes the benefits of theCompany’s performance as the services are performed. In some circumstances, when global service supply chain services are not included in a term contractand rather billed as they occur, revenue on these billed work services are recognized at a point in time as transfer of control occurs.

The following is a description of principal solutions offered within the Company's two main customer segments that generate the Company's revenue.

Banking

Products. Products  for  banking  customers  consist  of  cash  recyclers  and  dispensers,  intelligent  deposit  terminals,  teller  automation  tools  and  kiosktechnologies,  as  well  as  physical  security  solutions.  The  Company  provides  its  banking  customers  front-end  applications  for  consumer  connectionpoints  and  back-end  platforms  that  manage  channel  transactions,  operations  and  integration  and  facilitate  omnichannel  transactions,  endpointmonitoring, remote asset management, customer marketing, merchandise management and analytics. These offerings include highly configurable, APIenabled software that automates legacy banking transactions across channels.

Services. The Company provides its banking customers product-related services, which include proactive monitoring and rapid resolution of incidentsthrough remote service capabilities or an on-site visit. First and second line maintenance, preventive maintenance and on-demand services keep thedistributed  assets  of  the  Company's  customers  up  and  running  through  a  standardized  incident  management  process.  Managed  services  andoutsourcing

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Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

consists of the end-to-end business processes, solution management, upgrades and transaction processing. The Company also provides a full array ofcash management services, which optimizes the availability and cost of physical currency across the enterprise through efficient forecasting, inventoryand replenishment processes.

Retail

Products. The retail product portfolio includes modular, integrated and mobile POS and SCO terminals that meet evolving automation and omnichannelrequirements of consumers. Supplementing the POS system is a broad range of peripherals, including printers, scales and mobile scanners, as well asthe cash management portfolio which offers a wide range of banknote and coin processing systems. Also in the portfolio, the Company provides SCOterminals  and ordering kiosks which facilitate  an efficient  and user-friendly  purchasing experience.  The Company’s hybrid  product  line can alternatefrom an attended operator to self-checkout with the press of a button as traffic conditions warrant throughout the business day.

The  Company's  platform  software  is  installed  within  retail  data  centers  to  facilitate  omnichannel  transactions,  endpoint  monitoring,  remote  assetmanagement, customer marketing, merchandise management and analytics.

Services. The Company provides its retail  customers product-related services which include on-demand services and professional  services.  DieboldNixdorf AllConnect Services for retailers include maintenance and availability services to continuously improve retail  self-service fleet availability andperformance.  These include:  total  implementation services to  support  both current  and new store concepts;  managed mobility  services to  centralizeasset  management and ensure effective,  tailored mobile capability;  monitoring and advanced analytics providing operational  insights to support  newgrowth opportunities;  and store  life-cycle  management  to  proactively  monitors  store  IT  endpoints  and enable  improved management  of  internal  andexternal suppliers and delivery organizations.

Refer  to  Note  20:  Segment  and  Net  Sales  Information  for  additional  information  regarding  the  Company's  reportable  operating  segments,disaggregation of net sales by segments and product solutions, net sales by geographical region and disaggregation by timing of revenue recognition.

Contract balances

The  following  table  provides  2020  and  2019  information  about  receivables  and  deferred  revenue,  which  represent  contract  liabilities  from  contracts  withcustomers:

2020 2019

Contract balance informationTrade

ReceivablesContractliabilities

TradeReceivables

Contractliabilities

Balance at January 1 $ 619.3  $ 320.5  $ 737.2  $ 378.2 Balance at December 31 $ 646.9  $ 346.8  $ 619.3  $ 320.5 

Contract assets are minimal for the periods presented. The amount of revenue recognized in 2020 and 2019 from performance obligations satisfied (or partiallysatisfied) in previous periods, mainly due to the changes in the estimate of variable consideration and contract modifications was de minimis.

As of January 1, 2020, the Company had $320.5 of unrecognized deferred revenue constituting the remaining performance obligations that are either unsatisfiedor partially unsatisfied. During 2020, the Company recognized revenue of $266.2 related to the Company's deferred revenue balance at January 1, 2020.

Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditionalon something other than the passage of time. Contract assets of the Company primarily relate to the Company's rights to consideration for goods shipped andservices provided but not contractually billable at the reporting date.

The contract assets are reclassified into the receivables balance when the rights to receive payment become unconditional. Contract liabilities are recorded forany services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of thecontract  period  commencing.  In  addition,  contract  liabilities  are  recorded  as  advanced  payments  for  products  and  other  deliverables  that  are  billed  to  andcollected from customers prior to revenue being recognizable.

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Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

Transaction price and variable consideration

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer,excluding amounts collected on behalf of third parties. This consideration can include fixed and variable amounts and is determined at contract inception andupdated  each  reporting  period  for  any  changes  in  circumstances.  The  transaction  price  also  considers  variable  consideration,  time  value  of  money  and  themeasurement  of  any  non-cash  consideration,  all  of  which  are  estimated  at  contract  inception  and  updated  at  each  reporting  date  for  any  changes  incircumstances. Once the variable consideration is identified, the Company estimates the amount of the variable consideration to include in the transaction priceby  using  one  of  two  methods,  expected  value  (probability  weighted  methodology)  or  most  likely  amount  (when  there  are  only  two  possible  outcomes).  TheCompany chooses the method expected to better predict the amount of consideration to which it will be entitled and applies the method consistently to similarcontracts. Generally, the Company applies the expected value method when assessing variable consideration including returns and refunds.

The Company also applies  the ‘as  invoiced’  practical  expedient  in  Accounting Standards  Codification  (ASC) paragraph 606-10-55-18  related to  performanceobligations satisfied over time, which permits the Company to recognize revenue in the amount to which it  has a right to invoice the customer if  that amountcorresponds directly with the value to the customer of the Company’s performance completed to date. Service revenues that are recognized ratably are primarilycontracts  that  include  first  and  second  line  maintenance.  Service  revenues  that  are  recognized  using  input  measures  include  primarily  preventativemaintenance. The ‘as invoiced’ practical expedient relates to the on-demand service revenue which is generally not under contract.

Transaction price allocated to the remaining performance obligations

As  of  December  31,  2020,  the  aggregate  amount  of  the  transaction  price  allocated  to  remaining  performance  obligations  was  approximately  $1,500.  TheCompany generally  expects  to  recognize  revenue on  the  remaining  performance  obligations  over  the  next  twelve  months.  The Company enters  into  serviceagreements with cancellable terms after a certain period without penalty. Unsatisfied obligations reflect only the obligation during the initial term. The Companyapplies the practical expedient in ASC paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have originalexpected durations of one year or less.

Cost to obtain and cost to fulfill a contract

The Company has minimal cost to obtain or fulfill contracts for customers for the periods presented. The Company pays commissions to the sales force basedon multiple factors including but not limited to order entry, revenue recognition and portfolio growth. These incremental commission fees paid to the sales forcemeet the criteria to be considered a cost to obtain a contract, as they are directly attributable to a contract, incremental and management expects the fees arerecoverable.  The  Company  applies  the  practical  expedient  and  recognizes  the  incremental  costs  of  obtaining  contracts  as  an  expense  when  incurred  if  theamortization period of the assets that the Company otherwise would have recognized is one year or less. The costs that are not capitalized are included in costof sales. The costs related to contracts with greater than a one-year term are immaterial and continue to be recognized in cost of sales.

Cost of Sales. Cost of sales for services primarily consists of fuel, parts and labor and benefits costs related to installation of products and service maintenancecontracts, including call center costs as well as costs for service parts repair centers. Cost of sales for products is primarily comprised of direct materials andsupplies consumed in the manufacturing and distribution of products, as well as related labor, depreciation expense and direct overhead expense necessary toacquire  and  convert  the  purchased  materials  and  supplies  into  finished  products.  Cost  of  sales  for  products  also  includes  the  cost  to  distribute  products  tocustomers, inbound freight costs, internal transfer costs, warehousing costs and other shipping and handling activity.

Property, plant and equipment and long-lived assets. Property,  plant  and  equipment  and  long-lived  assets  are  recorded  at  historical  cost,  including  interestwhere applicable.

Impairment of property, plant and equipment and long-lived assets is recognized when events or changes in circumstances indicate that the carrying amount ofthe  asset  may  not  be  recoverable.  If  the  expected  future  undiscounted  cash  flows  are  less  than  the  carrying  amount  of  the  asset,  an  impairment  loss  isrecognized at that time to reduce the asset to the lower of its fair value or its net book value.

Depreciation and Amortization. Depreciation of property, plant and equipment is computed using the straight-line method based on the estimated useful life foreach  asset  class.  Amortization  of  leasehold  improvements  is  based  upon  the  shorter  of  original  terms  of  the  lease  or  life  of  the  improvement.  Repairs  andmaintenance are expensed as incurred.  Generally,  amortization of  the Company’s other long-term assets,  such as intangible assets and capitalized softwaredevelopment, is computed using the straight-line method over the life of the asset.

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Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

Fully depreciated assets are retained until disposal. Upon disposal, assets and related accumulated depreciation or amortization are removed from the accountsand the net amount, less proceeds from disposal, is charged or credited to operations.

Advertising Costs. Advertising costs are expensed as incurred and were $7.2, $7.5 and $10.1 in 2020, 2019 and 2018, respectively.

Research, Development and Engineering. Research, development and engineering costs are expensed as incurred and were $133.4, $147.1 and $157.4 for theyears ended December 31, 2020, 2019 and 2018, respectively. This excludes certain software development costs of $17.2, $23.1, and $29.8 in 2020, 2019 and2018, respectively, which are capitalized after technological feasibility of the software is established.

Shipping and Handling Costs. The Company recognizes shipping and handling fees billed when products are shipped or delivered to a customer and includessuch amounts in net sales. Third-party freight payments are recorded in cost of sales.

Taxes on Income. Deferred  taxes  are  provided  on  an  asset  and  liability  method,  whereby  deferred  tax  assets  are  recognized  for  deductible  temporarydifferences, operating loss carry-forwards and tax credits. Deferred tax liabilities are recognized for taxable temporary differences and undistributed earnings incertain tax jurisdictions. Deferred tax assets are reduced by a valuation allowance when, based on available evidence, it is more likely than not that some portionor all of the deferred tax assets will not be realized. Determination of a valuation allowance involves estimates regarding the timing and amount of the reversal oftaxable temporary differences, expected future taxable income and the impact of tax planning strategies. Deferred tax assets and liabilities are adjusted for theeffects of changes in tax laws and rates on the date of enactment.

The  Company  regularly  assesses  its  position  with  regard  to  tax  exposures  and  records  liabilities  for  these  uncertain  tax  positions  and  related  interest  andpenalties,  if  any,  when  the  tax  benefit  is  not  more  likely  than  not  realizable.  The  Company  has  recorded  an  accrual  that  reflects  the  recognition  andmeasurement process for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. Additional futureincome tax expense or benefit may be recognized once the positions are effectively settled.

Sales Tax. The Company collects sales taxes from customers and accounts for sales taxes on a net basis.

Cash, Cash Equivalents and Restricted Cash. The Company considers highly liquid investments with original maturities of three months or less at the time ofpurchase to be cash equivalents. The Company had no restricted cash at December 31, 2020 and $3.6 of restricted cash at December 31, 2019.

Financial Instruments. The carrying amount of cash and cash equivalents, short-term investments, trade receivables and accounts payable approximated theirfair value because of the relatively short maturity of these instruments. The Company’s risk-management strategy utilizes derivative financial instruments suchas forwards to hedge certain foreign currency exposures and interest rate swaps to manage interest rate risk. The intent is to offset gains and losses that occuron  the  underlying  exposures,  with  gains  and  losses  on  the  derivative  contracts  hedging  these  exposures.  The  Company  does  not  enter  into  derivatives  fortrading purposes. The Company recognizes all derivatives on the balance sheet at fair value. Changes in the fair values of derivatives that are not designated ashedges are recognized in earnings. If the derivative is designated and qualifies as a hedge, depending on the nature of the hedge, changes in the fair value ofthe derivatives are either offset against the change in the hedged assets or liabilities through earnings or recognized in other comprehensive income until thehedged item is recognized in earnings.

Fair Value. The Company measures its financial assets and liabilities using one or more of the following three valuation techniques:

Valuation technique DescriptionMarket approach Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.Cost approach Amount that would be required to replace the service capacity of an asset (replacement cost).Income approach Techniques to convert future amounts to a single present amount based upon market expectations.

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Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

The hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels:

Fair value level DescriptionLevel 1 Unadjusted quoted prices in active markets for identical assets or liabilities. 

Fair value of investments categorized as level 1 are determined based on period end closing prices in active markets. Mutualfunds are valued at their net asset value (NAV) on the last day of the period.

Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assetsor liabilities in markets that are not active or inputs, other than quoted prices in active markets, that are observable either directlyor indirectly. 

Fair value of investments categorized as level 2 are determined based on the latest available ask price or latest trade price iflisted. The fair value of unlisted securities is established by fund managers using the latest reported information for comparablesecurities and financial analysis. If the manager believes the fund is not capable of immediately realizing the fair value otherwisedetermined, the manager has the discretion to determine an appropriate value. Common collective trusts are valued at NAV onthe last day of the period.

Level 3 Unobservable inputs for which there is little or no market data.Net asset value Fair value of investments categorized as NAV represent the plan’s interest in private equity, hedge and property funds. The fair

value for these assets is determined based on the NAV as reported by the underlying investment managers.

A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement inits entirety. The Company uses the end of the period when determining the timing of transfers between levels.

Short-Term Investments The Company has investments in certificates of deposit that are recorded at cost, which approximates fair value.

Assets Held in Rabbi Trusts / Deferred Compensation The  fair  value  of  the  assets  held  in  rabbi  trusts  (refer  to  Note  7:  Investments)  is  derived  frominvestments in a mix of money market, fixed income and equity funds. The related deferred compensation liability is also recorded at fair value.

Foreign Exchange Contracts The  valuation  of  foreign  exchange  forward  and  option  contracts  is  determined  using  valuation  techniques,  including  optionmodels tailored for currency derivatives. These contracts are valued using the market approach based on observable market inputs. This analysis reflects thecontractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including spot rates, foreign currency forwardrates, the interest rate curve of the domestic currency, and foreign currency volatility for the given currency pair.

Forward Contracts A  substantial  portion  of  the  Company’s  operations  and  revenues  are  international.  As  a  result,  changes  in  foreign  exchange  rates  cancreate substantial foreign exchange gains and losses from the revaluation of non-functional currency monetary assets and liabilities.

Option Contracts A put option gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at anytime during the option period. A call option gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlyingsecurity  at  any  time  during  the  option  period.  The  gain  or  loss  on  these  non-designated  derivative  instruments  is  reflected  in  other  income  (expense)miscellaneous, net in the Company's consolidated statements of operations.

Interest Rate Swaps The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interestrate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interestrate  swaps  designated  as  cash  flow  hedges  involve  the  receipt  of  variable  amounts  from  a  counterparty  in  exchange  for  the  Company  making  fixed-ratepayments over the life of the agreements without exchange of the underlying notional amount.

Assets and Liabilities Recorded at Carrying Value The  fair  value  of  the  Company’s  cash  and  cash  equivalents,  trade  receivables  and  accounts  payableapproximate the carrying value due to the relative short maturity of these instruments.

Refer to Note 18: Fair Value of Assets and Liabilities for further details of assets and liabilities subject to fair value measurement.

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

Trade Receivables. The Company records the lifetime expected loss on uncollectible trade receivables based on historical loss experience as a percentage ofsales and makes adjustments as necessary based current trends. The Company will also record periodic adjustments for specific customer circumstances andchanges in the aging of accounts receivable balances. After all efforts at collection have been unsuccessful, the account is deemed uncollectible and is writtenoff.

The following table summarizes the Company’s allowances for doubtful accounts:

2020 2019 2018Balance at January 1 $ 42.2  $ 58.2  $ 71.7 Charged to costs and expenses 10.1  5.2  22.8 Charged to other accounts  (1.2) (0.9) (4.1)Deductions  (13.6) (20.3) (32.2)

Balance at December 31 $ 37.5  $ 42.2  $ 58.2 

    Net effects of foreign currency translation.    Uncollectible accounts written-off, net of recoveries.

Financing Receivables. The  Company  records  the  lifetime  expected  loss  on  uncollectible  notes  and  finance  lease  receivables  (collectively,  financingreceivables)  on  a  customer-by-customer  basis  and  evaluates  specific  customer  circumstances,  aging  of  invoices,  credit  risk  changes,  payment  patterns  andhistorical loss experience with consideration given to current trends. After all efforts at collection have been unsuccessful, the account is deemed uncollectibleand is written off.

Inventories. The Company primarily values inventories using average or standard costing utilizing lower of cost or net realizable value. The Company identifiesand writes down its excess and obsolete inventories to net realizable value based on usage forecasts, order volume and inventory aging. With the developmentof new products, the Company also rationalizes its product offerings and will write-down discontinued products to the lower of cost or net realizable value.

Deferred Revenue. Deferred revenue is recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for theamount collected from customers in advance of the contract period commencing. In addition, deferred revenue is recorded for products and other deliverablesthat are billed to and collected from customers prior to revenue being recognizable.

Goodwill. Goodwill  is  the  cost  in  excess  of  the  net  assets  of  acquired  businesses  (refer  to  Note  8:  Goodwill  and  Intangible  Assets).  The  Company  tests  allexisting goodwill at least annually for impairment on a reporting unit basis. The annual goodwill impairment test was performed as of October 31 for all periodspresented.The Company tests for interim impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the carryingvalue of a reporting unit below its reported amount. Each year, the Company may elect to perform a qualitative assessment to determine whether it is more likelythan not that the fair value of a reporting unit is less than its carrying value. In evaluating whether it is more likely than not the fair value of a reporting unit is lessthan its carrying amount, the Company considers the following events and circumstances, among others, if applicable: (a) macroeconomic conditions such asgeneral economic conditions, limitations on accessing capital or other developments in equity and credit markets; (b) industry and market considerations such ascompetition, multiples or metrics and changes in the market for the Company's products and services or regulatory and political environments; (c) cost factorssuch as raw materials, labor or other costs; (d) overall financial performance such as cash flows, actual and planned revenue and earnings compared with actualand projected results of relevant prior periods; (e) other relevant events such as changes in key personnel, strategy or customers; (f) changes in the compositionof a reporting unit's assets or expected sales of all or a portion of a reporting unit; and (g) any sustained decrease in share price.

If  the  Company's  qualitative  assessment  indicates  that  it  is  more  likely  than  not  that  the  fair  value  of  a  reporting  unit  is  less  than  its  carrying  value,  or  ifmanagement  elects  to  perform  a  quantitative  assessment  of  goodwill,  an  impairment  test  is  used  to  identify  potential  goodwill  impairment  and  measure  theamount  of  any  impairment  loss  to  be  recognized.  The  Company  compares  the  fair  value  of  each  reporting  unit  with  its  carrying  value  and  recognizes  animpairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The fair value of the reporting units is determined basedupon a combination of the income valuation and market approach in valuation methodology. The income approach uses discounted estimated future cash flows,whereas the market approach or guideline public company method utilizes market data of similar publicly traded companies. The fair value of the reporting unitis  defined as the price that  would be received to sell  the net  assets or  transfer  the net  liabilities in an orderly  transaction between market  participants  at  theassessment date.

(1)

(2)

(1)

(2)

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

The techniques used in the Company's qualitative assessment incorporate a number of assumptions that the Company believes to be reasonable and to reflectmarket conditions forecast at the assessment date. Assumptions in estimating future cash flows are subject to a high degree of judgment. The Company makesall  efforts  to  forecast  future  cash  flows  as  accurately  as  possible  with  the  information  available  at  the  time  the  forecast  is  made.  To  this  end,  the  Companyevaluates  the  appropriateness  of  its  assumptions  as  well  as  its  overall  forecasts  by  comparing  projected  results  of  upcoming  years  with  actual  results  ofpreceding  years  and  validating  that  differences  therein  are  reasonable.  Assumptions,  which  include  Level  3  inputs,  relate  to  revenue  growth,  material  andoperating costs, and discount rate. Changes in assumptions and estimates after the assessment date may lead to an outcome where impairment charges wouldbe required in future periods. Specifically, actual results may vary from the Company’s forecasts and such variations may be material and unfavorable, therebytriggering the need for future impairment tests where the conclusions may differ in reflection of prevailing market conditions.

Contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probablethat  a  liability  has  been incurred  and the  amount  can be  reasonably  estimated.  As  additional  information  becomes available,  any  potential  liability  related  tothese matters is assessed and the estimates are revised, if necessary. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Pensions and Other Post-retirement Benefits. Annual net periodic expense and benefit liabilities under the Company’s defined benefit plans are determined onan actuarial basis. Assumptions used in the actuarial calculations have a significant impact on plan obligations and expense. The Company periodically reviewsactual experience compared with the more significant assumptions used and make adjustments to the assumptions, if warranted. The healthcare trend rates arereviewed based upon the results of  actual  claims experience. The discount rate is determined by analyzing the average return of high-quality  (i.e.,  AA-rated)fixed-income investments and the year-over-year comparison of certain widely used benchmark indices as of the measurement date. The expected long-termrate of  return on plan assets is  determined using the plans’  current  asset  allocation and their  expected rates of  return based on a geometric  averaging over20  years.  The  rate  of  compensation  increase  assumptions  reflects  the  Company’s  long-term  actual  experience  and  future  and  near-term  outlook.  Pensionbenefits are funded through deposits with trustees or directly by the plan administrator. Other post-retirement benefits are not funded and the Company’s policyis to pay these benefits as they become due.

The Company recognizes the funded status of each of its plans in the consolidated balance sheets. Amortization of unrecognized net gain or loss resulting fromexperience different from that assumed and from changes in assumptions (excluding asset gains and losses not yet reflected in market-related value) is includedas a component of net periodic benefit cost for a year if, as of the beginning of the year, that unrecognized net gain or loss exceeds five percent of the greater ofthe projected benefit  obligation or  the market-related  value of  plan assets.  If  amortization  is  required,  the amortization  is  that  excess divided by the averageremaining service period of participating employees expected to receive benefits under the plan.

The Company records a curtailment when an event occurs that significantly reduces the expected years of future service or eliminates the accrual of definedbenefits  for  the  future  services  of  a  significant  number  of  employees.  A  curtailment  gain  is  recorded  when  the  employees  who  are  entitled  to  the  benefitsterminate  their  employment;  a  curtailment  loss  is  recorded  when  it  becomes  probable  a  loss  will  occur.  Upon  a  settlement,  the  Company  recognizes  theproportionate amount of the unamortized gains and losses if the cost of all settlements during the year exceeds the interest component of net periodic cost forthe affected plan.

Noncontrolling Interests and Redeemable Noncontrolling Interests. Noncontrolling interests represent the portion of profit or loss, net assets and comprehensiveincome that is not allocable to the Company.

Noncontrolling interests with redemption features, such as put rights, that are not solely within the Company’s control are considered redeemable noncontrollinginterests.  Redeemable  noncontrolling  interests  are  presented  outside  of  equity  on  the  Company's  consolidated  balance  sheets.  The  balance  of  redeemablenoncontrolling interests is reported at the greater of its carrying value or its maximum redemption value at each reporting date. Refer to Note 12: RedeemableNoncontrolling Interests for more information.

Related Party Transactions. The  Company  has  certain  strategic  alliances  that  are  not  consolidated.  The  Company's  strategic  alliances  are  not  significantsubsidiaries  and  are  accounted  for  under  the  equity  method  of  investments.  The  Company  owns  48.1  percent  of  Inspur  (Suzhou)  Financial  InformationTechnology Co., Ltd (Inspur JV) and 43.6 percent of Aisino-Wincor Retail & Banking Systems (Shanghai) Co., Ltd (Aisino JV) as of December 31, 2020. TheCompany engages in transactions with these entities in the ordinary course of business. As of December 31, 2020, the Company had accounts receivable andaccounts payable balances with these affiliates of $4.8 and $35.9, respectively, which is included in trade receivables, less allowances for doubtful accounts andaccounts payable, respectively, on the consolidated balance sheets.

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Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

In September 2019, the Company's minority interest in Kony was sold for cash proceeds of $21.3. The Company's carrying value in Kony was $14.0, resulting ina gain of $7.3.

During the fourth quarter of 2018, the Company recorded a charge of $19.2 for its investment in its Aisino strategic alliance as a result of the weakening bankingmarket in China. The charge was included in equity in earnings (loss) of unconsolidated subsidiaries, net in its consolidated statements of operations.

Recently Adopted Accounting Guidance

In  August  2018,  the  Financial  Accounting  Standards  Board  (FASB)  issued  guidance  on  a  company's  accounting  for  implementation  fees  paid  in  a  cloudcomputing  service  contract  arrangement  that  addresses  which  implementation  costs  to  capitalize  as  an  asset  and  which  costs  to  expense.  Capitalizedimplementation fees are to be expensed over the term of the cloud computing arrangement, and the expense is required to be recognized in the same line itemin the income statement as the associated hosting service expenses. The entity is also required to present the capitalized implementation fees on the balancesheet in the same line item as it  would present a prepayment for hosting service fees associated with the cloud computing arrangement.  Cash payments forcloud computing arrangements (CCA) implementation costs are classified as cash outflows from operating activities. The Company adopted this guidance usinga prospective transition method. The Company has capitalized $27.1 of implementation fees in 2020 related to its upcoming ERP conversion to the Other assetscaption on the consolidated balance sheet. The related payments are categorized as operating cash flows.

The effects of the adoption of the ASUs listed below did not significantly impact the Company's financial statements:

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Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

Standards Adopted DescriptionEffective Date

ASU 2018-13, Fair ValueMeasurement (Topic 820): DisclosureFramework-Changes to theDisclosure Requirements for FairValue Measurement

This Accounting Standard Update (ASU) is designed to improve the effectiveness of disclosuresby removing, modifying and adding disclosures related to fair value measurements. The adoptionof this ASU did not have a significant impact on the Company's consolidated financial statements.

January 1, 2020

ASU 2018-18, CollaborativeArrangements (Topic 808): Clarifyingthe Interaction between Topic 808and Topic 606

The amendments in this ASU provide guidance on whether certain transactions betweencollaborative arrangement participants should be accounted for under Topic 606. The adoption ofthis ASU did not have a significant impact on the Company's consolidated financial statements.

January 1, 2020

ASU 2016-13, Financial Instruments-Credit Losses (Topic 326):Measurement of Credit Losses onFinancial Instruments

The amendments in this ASU replace the incurred loss impairment methodology with the currentexpected credit loss methodology. This will change the measurement of credit losses on financialinstruments and the timing of when such losses are recorded. The adoption of this ASU did nothave a significant impact on the Company's consolidated financial statements.

January 1, 2020

ASU 2019-01, Leases (Topic 842):Codification Improvements

This ASU is intended to clarify the Accounting Standard Codification (ASC) more generally and/orto correct unintended application of guidance. The amendments in this ASU include three Issues:Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers(Issue 1) Presentation on the statement of cash flows—sales-type and direct financing leases(Issue 2) and Transition disclosures related to Topic 250, Accounting Changes and ErrorCorrections (Issue 3). The adoption of this ASU did not have a significant impact on theCompany’s consolidated financial statements.

January 1, 2020

ASU 2019-04, CodificationImprovements to Topic 326, FinancialInstruments-Credit Losses, Topic815, Derivatives and Hedging, andTopic 825, Financial Instruments

This ASU is designed to clarify, correct, and improve various aspects of the guidance in thefollowing ASUs related to financial instruments: ASU 2016-01 - Financial Instruments - Overall(Subtopic 825-10) Recognition and Measurement of Financial Assets and Liabilities; ASU 2016-13- Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on FinancialInstruments; and ASU 2017-12 - Derivatives and Hedging (Topic 815): Targeted Improvements forHedging Activities. The adoption of this ASU did not have a significant impact on the Company'sconsolidated financial statements.

January 1, 2020

Securities and ExchangeCommission (SEC) Adopting ReleaseNo. 33-10762, Financial Disclosuresabout Guarantors and Issuers ofGuaranteed Securities andAffiliates Whose SecuritiesCollateralize a Registrant’s Securities

On March 2, 2020, the SEC issued a final rule that amended the disclosure requirements relatedto certain registered securities under SEC Regulation S-X, Rule 3-10, which required separatefinancial statements for subsidiary issuers and guarantors of registered debt securities unlesscertain exceptions are met. The final rule replaces the previous requirement under Rule 3-10 toprovide consolidating financial information in the registrant’s financial statements with arequirement to provide alternative financial disclosures. As a result, we have excluded thefootnote disclosures required under the previous Rule 3-10, and applied the final rule by includingthe summarized financial information and qualitative disclosures in Part II - Item 7. Management'sDiscussion and Analysis of Financial Condition and Results of Operations of this Annual Report onForm 10-K.

January 4, 2021(early adoptedbeginning in theperiod endedSeptember 30,

2020)

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Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

Recently Issued Accounting Guidance

The following ASUs were recently issued by the FASB, which could significantly impact the Company's financial statements:

Standards Pending Adoption Description Effective/Adoption Date Anticipated ImpactASU 2018-14, Compensation -Retirement Benefits - DefinedBenefit Plans - General Subtopic715-20 - Disclosure Framework -Changes to the DisclosureRequirements for Defined BenefitPlans

The standard is designed to improve theeffectiveness of disclosures by removingand adding disclosures related to definedbenefit plans. 

January 1, 2021  The Company is currently assessing the impact thisASU will have on its consolidated financialstatements. The ASU allows for early adoption in anyyear end after issuance of the update. 

ASU 2019-10 FinancialInstruments - Credit Losses (Topic326), Derivatives and Hedging(Topic 815) and Leases (Topic842) -Effective Dates

The standard modifies timing of adoptingcertain ASUs based on feedback obtainedfrom stakeholders regarding thechallenges of adopting.

Varies based on ASUswithin 2019-10

The Company is currently assessing the impact thisASU will have on its consolidated financialstatements.

ASU 2019-12 - Income Taxes(Topic 740) - Simplifying theAccounting for Income Taxes

The standard simplify the accounting forincome taxes by removing certainexceptions to the general principals inTopic 740, Income Taxes and improvesconsistent application or and simplifyGAAP for other areas of Topic 740 byclarifying and amending existingguidance.

January 1, 2021 The Company is currently assessing the impact thisASU will have on its consolidated financialstatements. The ASU allows for early adoption in anyyear end after issuance of the update. 

ASU 2020-08 CodificationImprovements to Subtopic 310-20,Receivables -Nonrefundable Feesand Other Costs

The standard is designed to clarify that anentity should reevaluate whether acallable debt security is within scope ofparagraph 310-20-35-33 for eachreporting period.

January 1, 2021 The Company is currently assessing the impact thisASU will have on its consolidated financialstatements. The ASU allows for early adoption in anyyear end after issuance of the update.

ASU 2020-01 Investments -Equity Securities (Topic 321),Investments - Equity Method andJoint Ventures (Topic 323), andDerivatives and Hedging (Topic815) - Clarifying Interactionsbetween Topic 321, Topic 323,and Topic 815

The standard provides clarification on theinteraction of accounting standards forequity securities (Topic 321), equitymethod investments (Topic 323) andderivatives (Topic 815).

January 1, 2021 The Company is currently assessing the impact thisASU will have on its consolidated financialstatements. The ASU allows for early adoption in anyyear end after issuance of the update.

ASU 2020-04 Reference RateReform (Topic 848) - Facilitationof the Effects of Reference RateReform on Financial Reporting

The standard provides optionalexpedients and exceptions for applyingGAAP to contracts, hedges and othertransaction that will be impacted byreference rate reform.

March 12, 2020through December 31,2022

The Company is currently assessing the impact thisASU will have on its consolidated financialstatements. The ASU allows for early adoption in anyyear end after issuance of the update.

ASU 2020-10 CodificationImprovements

The standard is designed to improveconsistency of the presentation of thefinancial statements and variousdisclosures.

January 1, 2021 The Company is currently assessing the impact thisASU will have on its consolidated financialstatements. The ASU allows for early adoption in anyyear end after issuance of the update.

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Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

NOTE 2: EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is based on the weighted-average number of common shares outstanding. Diluted earnings (loss) per share includes the dilutiveeffect of potential common shares outstanding. Under the two-class method of computing earnings (loss) per share, non-vested share-based payment awardsthat  contain  rights  to  receive  non-forfeitable  dividends  are  considered  participating  securities.  The Company’s  participating  securities  include restricted  stockunits (RSUs), director deferred shares and shares that were vested but deferred by employees. The Company calculated basic and diluted earnings (loss) pershare  under  both  the  treasury  stock  method  and  the  two-class  method.  For  the  years  presented  there  were  no  differences  in  the  earnings  (loss)  per  shareamounts calculated using the two methods. Accordingly, the treasury stock method is disclosed below; however, the weighted-average number of shares usedin the computation of diluted earnings (loss) per share are excluded due to the Company's net loss.

The  following  table  represents  amounts  used  in  computing  earnings  (loss)  per  share  and  the  effect  on  the  weighted-average  number  of  shares  of  dilutivepotential common shares for the years ended December 31:

2020 2019 2018NumeratorIncome (loss) used in basic and diluted loss per share

Net loss $ (267.8) $ (344.6) $ (528.7)Net income (loss) income attributable to noncontrolling interests 1.3  (3.3) 2.7 Net loss attributable to Diebold Nixdorf, Incorporated $ (269.1) $ (341.3) $ (531.4)

DenominatorWeighted-average number of common shares used in basic and diluted earnings (loss) per share  77.6  76.7  76.0 Net loss attributable to Diebold Nixdorf, IncorporatedBasic and diluted loss per share $ (3.47) $ (4.45) $ (6.99)Anti-dilutive shares

Anti-dilutive shares not used in calculating diluted weighted-average shares 2.4  3.2  4.5 

Incremental shares of 1.2, 1.6 and 0.7 were excluded from the computation of diluted loss per share for the years ended December 31, 2020, 2019 and 2018,respectively, because their effect is anti-dilutive due to the loss from operations.

NOTE 3: SHARE-BASED COMPENSATION AND EQUITY

Dividends. Dividends  per  share  were  $0.10  for  the  year  ended  December  31,  2018.  In  May  2018,  the  Company  announced  its  decision  to  reallocate  futuredividend funds towards debt reduction and other capital resource needs. The Company did not pay any dividends in 2019 or 2020.

Share-Based Compensation Cost. The Company recognizes costs resulting from all share-based payment transactions based on the fair value of the award asof  the grant  date.  Awards are valued at  fair  value and compensation cost  is recognized on a straight-line basis over the requisite periods of  each award.  Tocover the exercise and/or vesting of its share-based payments, the Company generally issues new shares from its authorized, unissued share pool. The numberof  common  shares  that  may  be  issued  pursuant  to  the  2017  Equity  and  Performance  Incentive  Plan  (the  2017  Plan)  was  11.0,  of  which  4.9  shares  wereavailable for issuance at December 31, 2020.

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Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

The following table summarizes the components of the Company’s employee and non-employee directors share-based compensation programs recognized asselling and administrative expense for the years ended December 31:

2020 2019 2018Stock optionsPre-tax compensation expense $ 1.7  $ 1.5  $ 2.8 Tax benefit (0.5) (0.2) (0.6)

Stock option expense, net of tax $ 1.2  $ 1.3  $ 2.2 

RSU'sPre-tax compensation expense $ 8.9  $ 11.6  $ 19.8 Tax benefit (2.2) (2.5) (4.3)

RSU expense, net of tax $ 6.7  $ 9.1  $ 15.5 

Performance sharesPre-tax compensation expense $ 4.3  $ 10.9  $ 14.0 Tax benefit (1.0) (2.9) (3.3)

Performance share expense, net of tax $ 3.3  $ 8.0  $ 10.7 

Total share-based compensationPre-tax compensation expense $ 14.9  $ 24.0  $ 36.6 Tax benefit (3.7) (5.6) (8.2)

Total share-based compensation, net of tax $ 11.2  $ 18.4  $ 28.4 

The following table summarizes information related to unrecognized share-based compensation costs as of December 31, 2020:

Unrecognized Cost Weighted-Average Period

(years)Stock options $ 2.4  1.4RSUs 8.2  1.3Performance shares 0.1  1.0

$ 10.7 

SHARE-BASED COMPENSATION AWARDS

Stock options, RSUs and performance shares have been issued to officers and other management employees under the Company’s Amended and Restated1991 Equity  and Performance Incentive  Plan (as  amended and restated  as  of  February  12,  2014)  (the  1991 Plan)  and the  2017 Plan.  Certain  awards  haveaccelerated vesting clauses upon retirement, which results in either immediate or accelerated expense.

Stock Options

Stock options generally vest after a period of one year to three years and have a term of ten years from the issuance date. Option exercise prices typically equalthe closing price of the Company’s common shares on the date of grant. The estimated fair value of the options granted was calculated using a Black-Scholesoption pricing model using the following assumptions:

2020 2019 2018Expected life (in years) 5 3 3Weighted-average volatility 64  % 62  % 36 %Risk-free interest rate 0.49-1.47% 2.32-2.58% 2.39-2.42%Expected dividend yield —  % —  % 2.24 %

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Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

The Company uses historical data to estimate the expected life within the valuation model. Expected volatility is based on historical volatility of the price of theCompany’s common shares over the expected life of the equity instrument. The risk-free rate of interest is based on a zero-coupon U.S. government instrumentover the expected life of the equity instrument. The expected dividend yield is based on actual dividends paid per share and the price of the Company’s commonshares.

Options outstanding and exercisable as of December 31, 2020 and changes during the year ended were as follows:

Number of SharesWeighted-AverageExercise Price

Weighted-AverageRemaining Contractual

TermAggregate Intrinsic

Value (per share) (in years)

Outstanding at January 1, 2020 2.4  $ 14.89 Expired or forfeited (0.1) $ 31.74 Granted 0.4  $ 12.54 Outstanding at December 31, 2020 2.7  $ 14.30  7 $ 2.3 Options exercisable at December 31, 2020 1.4  $ 19.66  6 $ 4.8 The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing share price on the last trading day of the year in2020 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercisedtheir options on December 31, 2020. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares.

The aggregate intrinsic value of options exercised was minimal for the years ended December 31, 2020, 2019 and 2018. The weighted-average, grant-date fairvalue of stock options granted for the years ended December 31, 2020, 2019 and 2018 was $6.05, $2.00 and $4.21, respectively.

Restricted Stock Units

Each RSU provides for  the issuance of  one common share of  the Company at  no cost  to  the holder  and are granted to both employees and non-employeedirectors. RSUs either cliff vest after one year or vest per annum over a three-year period. Non-vested employee RSUs are forfeited upon termination unless theBoard of Directors determines otherwise.

Non-vested RSUs outstanding as of December 31, 2020 and changes during the year ended were as follows:

Number of Shares

Weighted-Average Grant-Date Fair Value

Non-vested at January 1, 2020 2.2  $ 9.99 Forfeited (0.1) $ 13.18 Vested (1.1) $ 12.55 Granted 0.9  $ 10.64 

Non-vested at December 31, 2020 1.9  $ 8.83 

The  weighted-average  grant-date  fair  value  of  RSUs  granted  for  the  years  ended  December  31,  2020,  2019  and  2018  was  $10.64,  $5.05  and  $17.34,respectively. The total fair value of RSUs vested during the years ended December 31, 2020, 2019 and 2018 was $12.7, $14.4 and $18.9, respectively.

Performance Shares

In previous years, performance shares were granted to employees and vest based on the achievement of certain performance objectives, as determined by theBoard of Directors. The estimated fair value of certain performance shares granted with a total shareholder return component was calculated using the MonteCarlo  method.  Each  performance  share  earned  entitles  the  holder  to  one  common  share  of  the  Company.  The  Company's  performance  shares  includeperformance objectives that  are assessed after  a  period of  three years  as well  as  performance objectives that  are assessed annually  over  a period of  threeyears. No shares are vested unless certain performance threshold objectives are met.

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Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

Non-vested performance shares outstanding as of December 31, 2020 and changes during the year ended were as follows:

Number of Shares

Weighted-Average Grant-Date Fair Value

Non-vested at January 1, 2020  0.9  $ 22.31 Forfeited (0.7) $ 21.98 Vested (0.1) $ 26.60 Granted —  $ — 

Non-vested at December 31, 2020 0.1  $ 9.90 

Non-vested performance shares are based on a maximum potential payout. Actual shares vested at the end of the performance period may be less than the maximumpotential payout level depending on achievement of the performance objectives, as determined by the Board of Directors.

No performance shares were granted in 2020. The weighted-average grant-date fair value of performance shares granted for the years ended December 31,2019 and 2018 was $9.90 and $22.65, respectively. The total fair value of performance shares vested during the years ended December 31, 2020, 2019 and2018 was $1.2, $6.0 and $5.5, respectively.

Liability Awards

In  addition  to  the  equity  awards  described  above,  the  Company  has  certain  performance  and  service  based  awards  that  will  be  settled  in  cash  and  areaccounted  for  as  liabilities.  The  total  compensation  expense  for  these  awards  was  $21.4  and  $9.5  for  the  years  ended  December  31,  2020  and  2019,respectively. These awards vest ratably over a three-year period.

NOTE 4: INCOME TAXES

The following table presents components of loss from operations before taxes for the years ended December 31:

2020 2019 2018Domestic $ (293.8) $ (249.6) $ (300.9)Foreign 24.3  20.7  (177.4)Total $ (269.5) $ (228.9) $ (478.3)

The following table presents the components of income tax (benefit) expense for the years ended December 31:

2020 2019 2018CurrentU.S. federal $ 3.5  $ 0.7  $ 0.8 Foreign 14.6  36.1  49.0 State and local 0.4  1.5  1.9 

Total current 18.5  38.3  51.7 DeferredU.S. federal 7.1  78.1  4.6 Foreign (22.6) (11.7) (19.8)State and local (4.0) 12.0  0.7 

Total deferred (19.5) 78.4  (14.5)Income tax expense (benefit) $ (1.0) $ 116.7  $ 37.2 

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Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

Income tax expense (benefit) attributable to loss from operations before taxes differed from the amounts computed by applying the U.S. federal income tax rateof 21 percent to pre-tax loss from operations. The following table presents these differences for the years ended December 31:

2020 2019 2018Statutory tax benefit $ (56.6) $ (48.1) $ (100.5)State and local taxes (net of federal tax benefit) (3.6) (3.8) 1.5 Brazil non-taxable incentive (5.2) (5.8) (3.8)Valuation allowances 32.5  46.2  80.6 Barbados loan restructuring —  83.1  — Netherlands liquidation deferred tax —  5.9  — Goodwill impairment —  —  34.0 Foreign tax rate differential (6.1) (1.4) (33.7)Tax on unremitted foreign earnings 1.8  8.9  4.9 Change to uncertain tax positions (23.9) 4.0  3.1 Tax Act - rate impact on deferred tax balance —  —  (2.5)U.S. taxed foreign income 8.7  10.5  32.6 Business tax credits —  —  (1.1)Non-deductible (non-taxable) items 12.2  18.0  18.9 Termination of company owned life insurance 35.1  —  — Return to provision (9.6) (2.6) 1.6 Withholding tax and other taxes 4.6  6.8  1.7 Other 9.1  (5.0) (0.1)Income tax expense (benefit) $ (1.0) $ 116.7  $ 37.2 

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Table of ContentsDIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

The effective tax rate for  2020 was 0.4 percent.  Tax expense items contributing to the difference from the U.S. federal  income tax rate included U.S. tax onforeign income, valuation allowances related to certain foreign and U.S. tax attributes for which realization does not meet the more likely than not criteria, non-deductible expenses and the tax effects of terminating certain COLI policies. These items were partially offset by tax credits, benefits related to settling certainopen tax years in Germany and the U.S., changes to uncertain tax position accruals and benefit related to regulations issued in 2020 related to US tax reform.

The US Tax Cuts and Jobs Act (the Tax Act) was enacted on December 22, 2017. The Tax Act reduced the U.S. federal  corporate income tax rate from 35percent to 21 percent, required companies to pay a one-time transition tax on earnings for certain foreign subsidiaries and created new taxes on certain foreignsourced earnings. The Company accounted for the estimated impacts of the Tax Act in the year of enactment and finalized its accounting, as required underSAB 118,  during 2018.  During 2020,  further  regulations were issued in connection with certain provisions of  the Tax Act  related to taxes on foreign sourcedearnings, with retroactive effect to 2018 and 2019. The Company calculated and recorded a benefit related to these regulatory changes of $9.1 and will amendits 2018 and 2019 returns accordingly.

The effective tax rate for 2019 was (51.0) percent and was primarily due to the U.S. taxed foreign income, including GILTI, valuation allowances recorded oncertain foreign and state jurisdictions, U.S. foreign tax credits that management concluded did not meet the more likely than not criteria for realization and thetax effects  related to  the Barbados structure  collapse.  The Company’s  collapse of  its  Barbados structure  to  meet  the covenant  requirements  under  its  creditagreement  resulted  in  a  net  tax  expense  of  $46.3  inclusive  of  the  offsetting  valuation  allowance  release  relating  to  the  Company’s  nondeductible  interestexpense that was carried forward from December 31, 2018.

The effective tax rate for 2018 was (7.8) percent on the overall loss from operations and was primarily due to a goodwill impairment charge, the impact of theTax Act, valuation allowances on interest expense carryforward attributes and certain foreign and state credits. 2018 tax expense reflects the reduction of theU.S. federal corporate income tax rate from 35 percent to 21 percent, refinement of the impacts of the Tax Act estimated under SAB 118, goodwill impairmentcharge, which for tax purposes is primarily nondeductible and the business interest deduction limitation. In addition, the overall effective tax rate is impacted bythe jurisdictional income (loss) and varying respective statutory rates which is reflected in the foreign tax rate differential caption of the rate reconciliation.

The Company recognizes the benefit  of tax positions taken or expected to be taken in its tax returns in the consolidated financial statements when it is morelikely than not that the position will be sustained upon examination by authorities. Recognized tax positions are measured at the largest amount of benefit that ismore likely than not of being realized upon settlement.

Details of the unrecognized tax benefits are as follows:

2020 2019 2018Balance at January 1 $ 50.9  $ 49.5  $ 48.4 Increases (decreases) related to prior year tax positions, net 0.9  5.1  (1.5)Increases related to current year tax positions —  4.4  4.8 Settlements (7.7) (5.5) (1.5)Reductions due to lapse of applicable statute of limitations (7.3) (2.6) (0.7)

Balance at December 31 $ 36.8  $ 50.9  $ 49.5 

The entire amount of unrecognized tax benefits, if recognized, would affect the Company’s effective tax rate.

The Company classifies interest  expense and penalties  related to  the underpayment  of  income taxes in  the consolidated financial  statements  as income taxexpense. As of December 31, 2020 and 2019, accrued interest and penalties related to unrecognized tax benefits totaled $3.7 and $8.5, respectively.

Within the next 12 months, it is reasonably possible that we could decrease our unrecognized tax benefits by an estimate of up to $15, primarily as a result of aforeign tax examination resolution.

During 2020,  the  Company concluded the Internal  Revenue Service (IRS)  audit  for  the  tax  year  ended December  31,  2016.  There  are  no other  outstandingaudits by the IRS and all U.S. federal tax years prior to 2016 are closed by statute. The Company is subject to tax examination in various U.S. state jurisdictionsfor tax years 2010 to the present. In addition, the Company is subject to a German tax audit for tax years 2016-2017 and other various foreign jurisdictions fortax years 2011 to the present.

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposesand the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities at December 31 are as follows:

2020 2019Deferred tax assetsAccrued expenses $ 40.7  $ 12.4 Warranty accrual 6.5  8.7 Deferred compensation 6.8  9.8 Allowances for doubtful accounts 4.8  5.4 Inventories 17.6  12.7 Deferred revenue 14.0  18.3 Pensions, post-retirement and other benefits 71.2  69.1 Tax credits 66.0  65.1 Net operating loss carryforwards 175.6  197.1 Capital loss carryforwards 0.4  3.1 State deferred taxes 10.9  8.8 Lease liability 28.4  32.8 Other 5.0  17.3 

447.9  460.6 Valuation allowances (229.5) (217.7)Net deferred tax assets $ 218.4  $ 242.9 

Deferred tax liabilitiesProperty, plant and equipment, net $ 15.9  $ 26.9 Goodwill and intangible assets 145.9  154.1 Undistributed earnings 32.7  30.0 Right-of-use assets 29.8  32.5 Net deferred tax liabilities 224.3  243.5 Net deferred tax (liability) asset $ (5.9) $ (0.6)

Deferred income taxes reported in the consolidated balance sheets as of December 31 are as follows:

2020 2019Deferred income taxes - assets $ 97.5  $ 120.8 Deferred income taxes - liabilities (103.4) (134.5)Net deferred tax assets classified as held-for-sale —  13.1 

Net deferred tax (liabilities) assets $ (5.9) $ (0.6)

As of December 31, 2020, the Company had domestic and international net operating loss (NOL) carryforwards of $1,003.3, resulting in an NOL deferred taxasset of  $175.6.  Of these NOL carryforwards, $601.0 expire at various times between 2021 and 2040 and $402.3 do not expire.  At December 31, 2020, theCompany  had  a  domestic  foreign  tax  credit  carryforward  resulting  in  a  deferred  tax  asset  of  $61.2  that  will  expire  between  2021  and  2029  and  a  generalbusiness credit carryforward resulting in a deferred tax asset of $4.9 that will expire between 2035 and 2039. The Company has a full valuation allowance on thedomestic foreign tax credit carryforward.The Company recorded a valuation allowance to reflect the estimated amount of certain U.S., foreign and state deferred tax assets that, more likely than not, willnot be realized. The net change in total valuation allowance for the years ended December 31, 2020 and 2019 was an increase of $11.8 and $42.3, respectively.The 2020 valuation allowance increase was driven primarily by an increase to nondeductible business interest expense carryforwards in excess of amounts thatare expected to be utilized on a more likely than not basis, as well as foreign net operating loss activity offset by utilization of U.S.

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

foreign  tax  credits.  Of  the  total  2020  net  increase  of  $11.8,  the  Company  recorded  $32.5  to  tax  expense,  ($10.7)  was  recorded  to  shareholder’s  equity  and($10.0) was reversed against expired attributes.

For  the  years  ended  December  31,  2020  and  2019,  provisions  were  made  for  foreign  withholding  taxes  and  estimated  foreign  income taxes  which  may  beincurred upon the remittance of certain undistributed earnings in foreign subsidiaries and foreign unconsolidated affiliates. Provisions have not been made forincome taxes on $531.1  of  undistributed earnings at  December  31,  2020 in  foreign subsidiaries and corporate  joint  ventures  that  were deemed permanentlyreinvested.  Determination  of  the  amount  of  unrecognized  deferred  income  tax  liabilities  on  these  earnings  is  not  practicable  because  such  liability,  if  any,depends on certain circumstances existing if and when remittance occurs. A deferred tax liability will be recognized if and when the Company no longer plans topermanently reinvest these undistributed earnings.

The Company’s undistributed earnings in foreign subsidiaries that are deemed permanently reinvested decreased compared to the prior year amount and wasprimarily impacted by current year income and restructuring initiatives.

NOTE 5: INVENTORIES

The following table summarizes the major classes of inventories as of December 31:

2020 2019Finished goods $ 204.7  $ 166.6 Service parts 169.0  175.4 Raw materials and work in process 124.5  124.5 Total inventories $ 498.2  $ 466.5 

NOTE 6: PROPERTY, PLANT AND EQUIPMENT

The following is a summary of property, plant and equipment, at cost less accumulated depreciation and amortization as of December 31:

Estimated Useful Life (years) 2020 2019

Land and land improvements $ 13.1  $ 15.3 Buildings and building improvements 15-30 90.9  115.8 Machinery, tools and equipment  5-12 95.4  99.3 Leasehold improvements  10 22.3  25.5 Computer equipment 3 138.0  148.7 Computer software  5-10 140.5  143.5 Furniture and fixtures  5-8 61.2  67.6 Tooling  3-5 144.7  137.7 Construction in progress 7.5  5.0 

Total property plant and equipment, at cost $ 713.6  $ 758.4 Less accumulated depreciation and amortization 536.1  526.9 

Total property plant and equipment, net $ 177.5  $ 231.5 

Estimated useful life for land and land improvements is perpetual and 15 years, respectively.The estimated useful life for leasehold improvements is the lesser of 10 years or the term of the lease.

During 2020, 2019 and 2018, depreciation expense, computed on a straight-line basis over the estimated useful lives of the related assets, was $73.7, $82.2and $94.5, respectively.

In the fourth quarter of 2020, the Company sold its Corporate Headquarters in North Canton, Ohio for proceeds of $7.2, which resulted in a gain on sale of $0.6.

(1)

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

NOTE 7: INVESTMENTS AND FINANCE LEASE RECEIVABLES

The Company’s  investments,  primarily  in  Brazil,  consist  of  certificates  of  deposit  that  are  classified  as  available-for-sale  and stated at  fair  value based uponquoted market prices. Unrealized gains and losses are recorded in AOCI. Realized gains and losses are recognized in investment income and are determinedusing the specific identification method.

The Company has deferred compensation plans that enable certain employees to defer receipt of a portion of their cash, 401(k) or share-based compensationand non-employee directors to defer  receipt  of  director  fees at  the participants’  discretion.  For deferred cash-based compensation,  the Company establishedrabbi trusts (refer to Note 15: Benefit Plans), which are recorded at fair value of the underlying securities within securities and other investments. The relateddeferred compensation liability is recorded at fair value within other long-term liabilities. Realized and unrealized gains and losses on marketable securities in therabbi trusts are recognized in interest income.The Company’s investments consist of the following:

Cost Basis Unrealized Gain Fair ValueAs of December 31, 2020Short-term investmentsCertificates of deposit $ 37.2  $ —  $ 37.2 

Long-term investmentsAssets held in a rabbi trust $ 5.2  $ 1.4  $ 6.6 

As of December 31, 2019Short-term investmentsCertificates of deposit $ 10.0  $ —  $ 10.0 

Long-term investments:Assets held in a rabbi trust $ 5.5  $ 0.7  $ 6.2 

Securities  and  other  investments  also  included  a  cash  surrender  value  of  insurance  contracts  of  $3.7  and  $15.2  as  of  December  31,  2020  and  2019,respectively.  During the second quarter  of  2020,  the Company surrendered several  of  its  COLI  plans.  As a result,  the Company received proceeds of  $15.6during the year ended December 31, 2020 from the closure of its plans. The Company recorded a gain of $7.2 during the year ended December 31, 2020 andrecorded this to Miscellaneous, net within Other income (expense) on the Consolidated Statement of Operations.

The Company provides financing arrangements to customers purchasing its products. These financing arrangements are largely classified and accounted for assales-type leases. The Company records interest income and any fees or costs related to financing receivables using the effective interest method over the termof the lease or loan.

Future minimum payments due from customers under finance lease receivables as of December 31, 2020 are as follows:

2021 $ 14.5 2022 8.6 2023 6.3 2024 5.7 2025 5.3 Thereafter 3.6 

$ 44.0 

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

The following table presents the components of finance lease receivables as of December 31:

2020 2019Gross minimum lease receivable $ 44.0  $ 41.8 Allowance for credit losses (0.2) (0.3)Estimated unguaranteed residual values 0.2  0.2 

44.0  41.7 Less:Unearned interest income (1.5) (2.8)Unearned residuals —  — 

(1.5) (2.8)Total $ 42.5  $ 38.9 

The Company's combined allowance for finance receivables and notes receivables was minimal for the years ended December 31, 2020 and 2019, respectively.As  of  December  31,  2020,  finance  leases  and  notes  receivables  individually  evaluated  for  impairment  were  $42.5  and  $3.5,  respectively,  with  no  provisionrecorded.  As  of  December  31,  2019,  finance  leases  and  notes  receivables  individually  evaluated  for  impairment  were  $38.9  and  $4.9,  respectively,  with  noprovision recorded. As of December 31, 2020 and 2019, the recorded investment in past-due financing receivables was minimal and no recorded investment infinance receivables was past due 90 days or more and still accruing interest.

The following table presents finance lease receivables sold by the Company for the years ended December 31:

2020 2019 2018Finance lease receivables sold $ 5.0  $ 2.7  $ 11.1 

NOTE 8: GOODWILL AND INTANGIBLE ASSETS

The Company’s three reportable operating segments are Eurasia Banking, Americas Banking and Retail. The changes in carrying amounts of goodwill within theCompany's segments are summarized as follows:

Eurasia Banking Americas Banking Retail TotalGoodwill $ 598.6  $ 437.3  $ 233.2  $ 1,269.1 Accumulated impairment losses (291.7) (122.0) (57.2) (470.9)

Balance at January 1, 2019 $ 306.9  $ 315.3  $ 176.0  $ 798.2 Divestitures (12.1) —  (3.9) (16.0)Currency translation adjustment (7.3) (6.0) (4.9) (18.2)Goodwill $ 579.2  $ 431.3  $ 224.4  $ 1,234.9 Accumulated impairment losses (291.7) (122.0) (57.2) (470.9)

Balance at December 31, 2019 $ 287.5  $ 309.3  $ 167.2  $ 764.0 Divestitures (6.4) (2.4) (1.2) (10.0)Transferred to assets held for sale (1.4) —  —  (1.4)Currency translation adjustment 19.0  15.8  13.0  47.8 Goodwill $ 590.4  $ 444.7  $ 236.2  $ 1,271.3 Accumulated impairment losses (291.7) (122.0) (57.2) (470.9)

Balance at December 31, 2020 $ 298.7  $ 322.7  $ 179.0  $ 800.4 

Goodwill. In the fourth quarter of 2020 in connection with the annual goodwill impairment test, the Company estimated the fair value of its reporting units using acombination of the income valuation and market approach methodologies. The determination of the fair value of a reporting unit requires significant estimatesand  assumptions,  including  significant  unobservable  inputs.  The  key  inputs  included,  but  were  not  limited  to,  discount  rates,  terminal  growth  rates,  marketmultiple  data  from selected  guideline  public  companies,  management’s  internal  forecasts  which  include  numerous  assumptions  such  as  projected  net  sales,gross  profit,  sales  mix,  operating  and  capital  expenditures  and  earnings  before  interest  and  taxes  margins,  among  others.  No  impairment  resulted  from theannual goodwill impairment test in any of the Company's reporting units.

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

The Company identified four reporting units, which are Eurasia Banking, Americas Banking, EMEA Retail  and Rest of World Retail.  Management determinedthat the fair value of Eurasia Banking had a cushion of approximately 65 percent and EMEA Retail had a cushion of approximately 15 percent when comparedto their carrying amounts. The Americas Banking reporting unit had significant excess fair value or cushion when compared to its carrying amount. Rest of WorldRetail had no goodwill remaining. Changes in certain assumptions or the Company's failure to execute on the current plan could have a significant impact to theestimated fair value of the reporting units.

Intangible Assets. Intangible assets consists of net capitalized software development costs, patents, trademarks and other intangible assets. Where applicable,intangible assets are stated at cost and, if applicable, are amortized ratably over the relevant contract period or the estimated life of the assets. Fees to renew orextend the term of the Company’s intangible assets are expensed when incurred.

The following summarizes information on intangible assets by major category:

December 31, 2020 December 31, 2019Weighted-averageremaining useful

lives

Gross Carrying Amount

Accumulated Amortization

Net Carrying Amount

Gross CarryingAmount

Accumulated Amortization

Net Carrying Amount

Customer relationships, net 5.2 years $ 762.0  $ (354.1) $ 407.9  $ 698.7  $ (251.0) $ 447.7 

Capitalized software development 2.5 years 198.0  (160.0) 38.0  178.2  (132.2) 46.0 Development costs non-software 2.0 years 56.1  (55.8) 0.3  51.5  (47.5) 4.0 Other 6.5 years 69.8  (67.4) 2.4  79.3  (74.7) 4.6 

Other intangible assets, net 323.9  (283.2) 40.7  309.0  (254.4) 54.6 Total $ 1,085.9  $ (637.3) $ 448.6  $ 1,007.7  $ (505.4) $ 502.3 

Costs incurred for the development of external-use software that will  be sold, leased or otherwise marketed are capitalized when technological feasibility hasbeen established. These costs are included within other assets and are amortized on a straight-line basis over the estimated useful lives ranging from three tofive years,  using the method that  most  closely approximates the sales pattern of  the software.  Amortization begins when the product  is  available for  generalrelease. Costs capitalized include direct labor and related overhead costs. Costs incurred prior to technological feasibility or after general release are expensedas incurred. The Company performs periodic reviews to ensure that unamortized program costs remain recoverable from future revenue. If future revenue doesnot  support  the unamortized program costs,  the amount  by which the unamortized capitalized cost  of  a  software product  exceeds the net  realizable value iswritten off.

The following table identifies the activity relating to total capitalized software development:2020 2019 2018

Beginning balance as of January 1 $ 46.0  $ 70.7  $ 93.1 Capitalization 17.2  23.1  29.8 Amortization (27.2) (30.6) (33.7)Impairment —  (15.0) — Transferred to held for sale —  —  (14.4)Currency translation 2.0  (2.2) (4.1)

Ending balance as of December 31 $ 38.0  $ 46.0  $ 70.7 

The Company's total amortization expense, excluding deferred financing costs, was $106.7, $122.1 and $139.7 for the years ended December 31, 2020, 2019and 2018, respectively. The expected annual amortization expense is as follows:

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

Estimated amortization2021 $ 97.3 2022 96.4 2023 86.9 2024 81.7 2025 64.0 

$ 426.3 

NOTE 9: GUARANTEES AND PRODUCT WARRANTIES

The Company provides its  global  operations guarantees and standby letters of  credit  through various financial  institutions to suppliers,  customers,  regulatoryagencies and insurance providers.  If  the Company is not  able to make payment,  the suppliers,  customers,  regulatory agencies and insurance providers maydraw on the  pertinent  bank.  At  December  31,  2020,  the  maximum future  contractual  obligations  relative  to  these various guarantees  totaled  $89.9,  of  which$25.8  represented  standby  letters  of  credit  to  insurance  providers,  and  no  associated  liability  was  recorded.  At  December  31,  2019,  the  maximum  futurepayment  obligations relative  to  these various guarantees  totaled $108.2,  of  which $25.2  represented  standby letters  of  credit  to  insurance providers,  and noassociated liability was recorded.

The Company provides its customers a standard manufacturer’s warranty and records, at the time of the sale, a corresponding estimated liability for potentialwarranty  costs.  Estimated  future  obligations  due  to  warranty  claims  are  based  upon  historical  factors  such  as  labor  rates,  average  repair  time,  travel  time,number of service calls per machine and cost of replacement parts.

Changes in the Company’s warranty liability balance are illustrated in the following table:

2020 2019Balance at January 1 $ 36.9  $ 40.1 Current period accruals 29.0  26.0 Current period settlements (27.6) (26.4)Currency translation 0.3  (2.8)

Balance at December 31 $ 38.6  $ 36.9 

NOTE 10: RESTRUCTURING

The following table summarizes the impact of the Company’s restructuring charges on the consolidated statements of operations for the years ended December31:

2020 2019 2018Cost of sales - services $ 14.1  $ 8.0  $ 17.8 Cost of sales - products 8.2  1.7  10.8 Selling and administrative expense 52.9  37.4  33.4 Research, development and engineering expense 6.4  3.0  3.0 Loss on sale of real estate —  0.1  — 

Total $ 81.6  $ 50.2  $ 65.0 

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

The following table summarizes the Company’s restructuring charges by reporting segment for the years ended December 31:

2020 2019 2018SeveranceEurasia Banking $ 32.1  $ 13.5  $ 37.1 Americas Banking 2.5  1.8  8.9 Retail 16.5  9.7  13.3 Corporate 24.7  25.1  5.7 Total severance 75.8  50.1  65.0 

OtherEurasia Banking 2.0  —  — Americas Banking —  0.1  — Retail 2.2  —  — Corporate 1.6  —  — Total other 5.8  0.1  — 

Total $ 81.6  $ 50.2  $ 65.0 

DN Now

During the second quarter of 2018, the Company began implementing DN Now to deliver greater, more sustainable profitability. The gross annualized savingstarget for DN Now is approximately $500 through 2021. In order to achieve these savings, the Company will complete its program to restructure the workforce,integrate  and  optimize  systems  and  processes,  transition  workloads  to  lower  cost  locations  and  consolidate  real  estate  holdings.  Material  incrementalrestructuring  charges  related  to  DN  NOW  are  not  expected.  The  Company  incurred  restructuring  charges  of  $81.6,  $50.2  and  $58.9  for  the  yearsended December 31, 2020, 2019 and 2018, respectively, related to DN Now.

Completed Plans

DN2020 Plan. As  of  August  15,  2016,  the  date  of  the  Acquisition,  the  Company  launched  a  multi-year  integration  and  transformation  program,  known  asDN2020. The Company incurred restructuring charges, primarily related to severance, of $6.1 for the year ended December 31, 2018, related to this plan.

The following table summarizes the Company's cumulative total restructuring costs as of December 31, 2020 for the respective plans:

DN Now DN2020 PlanSeverance Other Severance

Eurasia Banking $ 78.9  $ 2.0  $ 51.5 Americas Banking 12.9  0.1  13.6 Retail 38.7  2.2  15.6 Corporate 54.3  1.6  15.1 

Total $ 184.8  $ 5.9  $ 95.8 

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

The following table summarizes the Company’s restructuring accrual balances and related activity:

Balance at January 1, 2018 $ 54.0 Liabilities incurred 65.0 Liabilities paid/settled (62.1)

Balance at December 31, 2018 $ 56.9 Liabilities incurred 50.2 Liabilities paid/settled (64.5)

Balance at December 31, 2019 $ 42.6 Liabilities incurred 81.6 Liabilities paid/settled (61.3)

Balance at December 31, 2020 $ 62.9 

NOTE 11: DEBT

Outstanding debt balances were as follows:

December 31,2020 2019

Notes payable – currentUncommitted lines of credit $ 0.2  $ 5.0 Term Loan A-1 Facility —  16.3 Term Loan B Facility - USD 4.8  4.8 Term Loan B Facility - Euro 5.1  4.7 Other 0.6  1.7 

$ 10.7  $ 32.5 Long-term debtRevolving credit facility $ 60.1  $ — 2022 Term Loan A Facility —  370.3 Term Loan A-1 Facility —  602.6 Term Loan B Facility - USD 385.7  404.0 Term Loan B Facility - Euro 412.1  395.1 2024 Senior Notes 400.0  400.0 2025 Senior Secured Notes - USD 700.0  — 2025 Senior Secured Notes - EUR 429.5  — Other 3.1  1.3 

2,390.5  2,173.3 Long-term deferred financing fees (54.8) (64.6)

$ 2,335.7  $ 2,108.7 

As of December 31, 2020, the Company had various international, short-term uncommitted lines of credit with borrowing limits of $41.3. The weighted-averageinterest rate on outstanding borrowings on the short-term uncommitted lines of credit as of December 31, 2020 and 2019 was 7.61 percent and 9.03 percent,respectively. Short-term uncommitted lines mature in less than one year. The amount available under the short-term uncommitted lines at December 31, 2020was $41.1.

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

The cash flows related to debt borrowings and repayments were as follows:

December 31,2020 2019

Revolving credit facility borrowings $ 765.2  $ 743.5 

Revolving credit facility repayments $ (705.1) $ (868.5)

Proceeds from 2025 Senior Secured Notes - USD $ 693.2  $ — Proceeds from 2025 Senior Secured Notes - EUR 394.6  — Proceeds from 2022 Term Loan A Facility under Credit Agreement —  374.3 International short-term uncommitted lines of credit borrowings 20.0  23.5 Other debt borrowings $ 1,107.8  $ 397.8 

Payments on Term Loan A Facility under the Credit Agreement $ (370.3) $ (126.3)Payments on Delayed Draw Term Loan A Facility under the Credit Agreement —  (160.5)Payments on Term Loan A-1 Facility under the Credit Agreement (618.9) (23.0)Payments on Term Loan B Facility - USD under the Credit Agreement (18.2) (9.2)Payments on Term Loan B Facility - Euro under the Credit Agreement (17.7) (8.8)Payments on 2022 Term Loan A Facility under Credit Agreement —  (4.0)International short-term uncommitted lines of credit and other repayments (24.8) (43.9)Other debt repayments $ (1,049.9) $ (375.7)

The Company had a revolving and term loan credit agreement (the Credit Agreement), with a revolving credit facility of up to $369.0 (the Revolving Facility) as ofDecember 31, 2020. The weighted-average interest rate on outstanding Revolving Facility borrowings as of December 31, 2020 and December 31, 2019 was4.75 percent and 6.01 percent, respectively, which is variable based on LIBOR. The amount available under the Revolving Facility as of December 31, 2020 was$283.1, after excluding $25.8 in letters of credit.

On May 9,  2017,  the Company entered into an incremental  amendment  to its Credit  Agreement (the Incremental  Amendment)  which reduced the initial  termloan B facility (the Term Loan B Facility) of a $1,000.0 USD-denominated tranche to $475.0. The reduction was funded using the $250.0 proceeds drawn fromthe Delayed Draw Term Loan A Facility, a replacement of $70.0 with Term Loan B Facility - Euro and previous principal payments.

The Incremental Amendment also renewed the repricing premium of 1.00 percent in relation to the Term Loan B Facility to the date that is six months after theeffective date of the Incremental Amendment, removed the requirements to prepay the repriced Dollar Term Loan and the repriced Euro Term Loan upon anyasset sale or casualty event if the Company is below a total net leverage ratio of 2.5:1.0 on a pro forma basis for such asset sale or casualty event and providesadditional  restricted  payments  and  investment  carveouts  in  regards  to  assets  acquired  with  the  Acquisition.  All  other  material  provisions  under  the  CreditAgreement were unchanged.

On August  30,  2018,  the  Company entered into  a  sixth  amendment  and incremental  amendment  (the  Sixth  Amendment)  to  its  Credit  Agreement.  The SixthAmendment amended the financial covenants and established a new senior secured incremental term A-1 facility in an aggregate principal amount of $650.0(Term  Loan  A-1  Facility)  and  made  certain  other  changes  to  the  Credit  Agreement.  Following  the  execution  of  the  Sixth  Amendment,  the  Company  hasexecuted, and has caused certain of its subsidiaries to execute, certain foreign security and guaranty documents for the benefit of the secured parties under theCredit Agreement that provide for guarantees by, and additional security with respect to the equity interests in and the stock of certain foreign subsidiaries.

On August 7, 2019, the Company entered into a seventh amendment (the Seventh Amendment) to its Credit Agreement. The Seventh Amendment amends andextends certain of the Term A Loans, Revolving Credit Commitments and Revolving Credit Loans (Revolving Credit Facility) maturing on December 23, 2020(collectively, the 2020 Facilities), to April 30, 2022, to be effected by an exchange of 2020 Term A Loans and 2020 Revolving Credit Facility for 2022 Term ALoans and 2022 Revolving Credit Facility, respectively.

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

On February  27,  2020 the Company entered into  the eighth  amendment  (the  Eighth  Amendment)  to  its  Credit  Agreement.  The Eighth  Amendment  providedadditional flexibility to refinance debt, including permitting the Company to raise different types of secured and unsecured debt as well as the option to tender forsecured debt on favorable terms ahead of the maturity dates.

On July 20, 2020, the Company entered into the ninth amendment to the Credit Agreement (the Ninth Amendment). The Ninth Amendment amended the CreditAgreement to, among other things, extend the maturity of $330.0 of revolving credit commitments from April 30, 2022 to July 20, 2023 and amend the financialcovenants  in  the  Credit  Agreement  in  connection  with  the  extension  of  such maturities  and,  effective  as  of  the  date  of  the  Ninth  Amendment,  the  Companyterminated its other revolving credit commitments under the Revolving Facility other than approximately $39.0 of revolving credit commitments that still matureApril 30, 2022.

On November 6, 2020, the Company entered into the tenth amendment to the Credit Agreement to amend the definition of “Interest Coverage Ratio” for certaintime periods and Covenant  Reset Triggers (as defined in the Credit  Agreement).  The Interest  Coverage Ratio calculation now excludes specific  make-wholepremiums, write-offs and expenses paid by the Company in relation to the Term A Loans and Term A-1 Loans.

The interest rates with respect to the 2022 and 2023 Revolving Credit Facility are based on, at the Company’s option, adjusted LIBOR or an alternative baserate,  in each case plus an applicable  margin tied to the Company’s  then applicable  total  net  leverage ratio.  Such applicable  margins range from, for  LIBOR-based 2022 Term A Loans, 1.25 percent to 4.75 percent, for LIBOR-based 2022 Revolving Credit Facility, 1.25 percent to 4.25 percent, and for base-rate 2022Term A Loans and 2022 Revolving Loans, 1.00 percent less than in the case of LIBOR-based loans.

The Credit Agreement financial ratios at December 31, 2020 were as follows:

• a maximum allowable total net debt to adjusted EBITDA leverage ratio of 6.25 to 1.00 as of December 31, 2020 (reducing to 6.00 on June 30, 2021,5.75 on December 31, 2021, 5.50 on September 30, 2022, and 5.25 on December 31, 2022); and

• a minimum adjusted EBITDA to net interest expense coverage ratio of not less than 1.50 to 1.00 (increasing to 1.63 on December 31, 2021 and on 1.75December 31, 2022 and thereafter).

As  of  December  31,  2020,  the  debt  facilities  under  the  Credit  Agreement  were  secured  by  substantially  all  assets  of  Diebold  Nixdorf,  Incorporated  and  itsdomestic subsidiaries that are borrowers and guarantors under the Credit Agreement, subject to certain exceptions and permitted liens.

On July 20, 2020, Diebold Nixdorf, Incorporated issued $700.0 aggregate principal amount of 9.375 percent Senior Secured Notes due 2025 (the 2025 SeniorSecured Notes - USD) and its wholly-owned subsidiary, Diebold Nixdorf Dutch Holding B.V., issued €350.0 aggregate principal amount of 9.0 percent SeniorSecured Notes due 2025 (the 2025 Senior Secured Notes - EUR and, together with the 2025 Senior Secured Notes - USD, the 2025 Senior Secured Notes) inprivate offerings exempt from registration under the Securities Act of 1933. The 2025 Senior Secured Notes - USD were issued at a price of 99.031 percent oftheir principal amount, and the 2025 Senior Secured Notes - EUR were issued at a price of 99.511 percent of their principal amount.

The 2025 Senior Secured Notes are or  will  be,  as applicable,  guaranteed on a senior  secured basis by (i)  all  of  Diebold Nixdorf,  Incorporated’s  existing andfuture direct and indirect U.S. subsidiaries that guarantee the obligations under the Credit Agreement and (ii) all of Diebold Nixdorf, Incorporated’s existing andfuture direct and indirect U.S. subsidiaries (other than securitization subsidiaries, immaterial subsidiaries and certain other subsidiaries) that guarantee any ofthe Diebold Nixdorf Dutch Holding B.V.’s or Diebold Nixdorf, Incorporated’s or its subsidiary guarantors’ indebtedness for borrowed money (collectively, the U.S.subsidiary guarantors). Additionally, the 2025 Senior Secured Notes - USD and the 2025 Senior Secured Notes - EUR are guaranteed on a senior secured basisby Diebold Nixdorf Dutch Holdings B.V. and Diebold Nixdorf,  Incorporated, respectively. The 2025 Senior Secured Notes are secured by first-priority liens onsubstantially all of the tangible and intangible assets of Diebold Nixdorf, Incorporated, Diebold Nixdorf Dutch Holding B.V. and the U.S. subsidiary guarantors, ineach case subject  to  permitted liens and certain  exceptions.  The first-priority  liens on the collateral  securing the 2025 Senior  Secured Notes -  USD and therelated guarantees and the 2025 Senior Secured Notes - EUR and the related guarantees are shared ratably among the 2025 Senior Secured Notes and theobligations under the Credit Agreement.

The net proceeds from the offerings of the 2025 Senior Secured Notes, along with cash on hand, were used to repay a portion of the amounts outstanding underthe  Credit  Agreement,  including  all  amounts  outstanding  under  the  Term  Loan  A  Facility  and  Term  Loan  A-1  Facility  and  $193.8  of  revolving  credit  loans,including all of the revolving credit loans due in December 2020, and for the payment of all related fees and expenses which are categorized as Debt repaymentcosts on the consolidated statements of cash flows.

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

The  Company  has  $400.0  aggregate  principal  amount  of  8.5% Senior  Notes  due  in  2024  (the  2024  Senior  Notes).  The  2024  Senior  Notes  were  issued  byDiebold Nixdorf,  Incorporated and are guaranteed on a senior secured basis by the U.S. subsidiary guarantors and Diebold Nixdorf  Dutch Holding B.V.,  andmature in April 2024.

The Company incurred  $26.4  and $12.6  of  fees  in  the  years  ended December  31,  2020 and 2019,  respectively,  related  to  the  Credit  Agreement,  which areamortized as a component of interest expense over the terms.

Below is a summary of financing and replacement facilities information:

Financing and Replacement FacilitiesInterest Rate 

Index and Margin Maturity/Termination Dates Initial Term (Years)Credit Agreement facilities2022 Revolving Credit Facility LIBOR + 4.25% April 2022 3.22023 Revolving Credit Facility LIBOR + 4.25% July 2023 3Term Loan B Facility - USD LIBOR + 2.75% November 2023 7.5Term Loan B Facility - Euro EURIBOR + 3.00% November 2023 7.5

2024 Senior Notes 8.5% April 2024 82025 Senior Secured Notes - USD 9.375% July 2025 52025 Senior Secured Notes - EUR 9.0% July 2025 5

LIBOR with a floor of 0.0 percentLIBOR with a floor of 0.5%EURIBOR with a floor of 0.0 percent

Maturities of long-term debt as of December 31, 2020 are as follows:

Maturities of Long-Term Debt

2021 $ 10.7 2022 10.7 2023 848.8 2024 400.7 2025 1,130.3 

$ 2,401.2 

Interest expense on the Company’s debt instruments for the years ended December 31, 2020, 2019 and 2018 was $269.7, $173.2 and $127.1, respectively.The Company’s financing agreements contain various restrictive financial covenants, including net debt to EBITDA and net interest coverage ratios, along withcertain  negative  covenants  that,  among  other  things,  limit  dividends,  acquisitions  and  the  use  of  proceeds  from divestitures.  As  of  December  31,  2020,  theCompany was in compliance with the financial covenants in its debt agreements.

NOTE 12: REDEEMABLE NONCONTROLLING INTERESTS

Changes in redeemable noncontrolling interests were as follows:

2020 2019 2018Balance at January 1 $ 20.9  $ 130.4  $ 492.1 Other comprehensive income —  (1.7) (19.3)Redemption value adjustment (1.7) (18.6) 2.8 Redemption of shares —  (89.2) (345.2)

Balance at December 31 $ 19.2  $ 20.9  $ 130.4 

The Company entered into the Domination and Profit  Loss Transfer Agreement (DPLTA) entered into by Diebold Holding Germany Inc. & Co. KGaA     (nowdoing  business  as  Diebold  Nixdorf  Holding  Germany  GmbH),  a  wholly-owned  subsidiary  of  Diebold  Nixdorf,  Incorporated,  and  Diebold  Nixdorf  AG,  whichbecame  effective  on  February  14,  2017,  at  which  time,  the  carrying  value  of  the  noncontrolling  interest  related  to  the  Diebold  Nixdorf  AG  of  $386.7  wasreclassified to redeemable noncontrolling interest. At December 31, 2018, the balance related to the redeemable noncontrolling interest related to the

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

Diebold Nixdorf AG ordinary shares the Company did not acquire was $99.1. In the second quarter of 2019, the Company announced that the merger/squeeze-out of Diebold Nixdorf AG was completed, streamlining and simplifying the Company's corporate structure. Also in the second quarter of 2019, the Companyincreased  its  ownership  stake  in  Diebold  Nixdorf  AG  to  29.8  ordinary  shares,  which  represents  100  percent  ownership.  With  the  completion  of  themerger/squeeze-out, Diebold Nixdorf AG no longer has subsidiary shares traded in Germany.

The remaining balance relates to certain noncontrolling interests in Europe,  which have put  right  redemption features not  in control  of  the Company that  areincluded  in  redeemable  noncontrolling  interests.  The  results  of  operations  for  these  redeemable  noncontrolling  interests  were  not  significant.  The  ultimateamount and timing of any future cash payments related to the put rights are uncertain.

NOTE 13: ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table summarizes the changes in the Company’s AOCI, net of tax, by component for the years ended December 31:

Translation

ForeignCurrencyHedges

Interest RateHedges

Pension andOther Post-RetirementBenefits Other

Accumulated OtherComprehensive Loss

Balance at December 31, 2018 $ (192.1) $ (1.9) $ 10.6  $ (121.0) $ 0.1  $ (304.3)Other comprehensive income (loss) beforereclassifications  (39.4) (0.7) (8.8) (29.4) 0.1  (78.2)Amounts reclassified from AOCI —  —  3.4  3.8  —  7.2 Net current period other comprehensive income(loss) (39.4) (0.7) (5.4) (25.6) 0.1  (71.0)

Balance at December 31, 2019 $ (231.5) $ (2.6) $ 5.2  $ (146.6) $ 0.2  $ (375.3)Other comprehensive income (loss) beforereclassifications  (25.2) —  (16.3) (7.7) (0.8) (50.0)Amounts reclassified from AOCI —  —  5.0  7.4  —  12.4 Net current period other comprehensive income(loss) (25.2) —  (11.3) (0.3) (0.8) (37.6)

Balance at December 31, 2020 $ (256.7) $ (2.6) $ (6.1) $ (146.9) $ (0.6) $ (412.9)

         Other  comprehensive  income  (loss)  before  reclassifications  within  the  translation  component  excludes  (gains)/losses  of  $1.6  and  $1.4  of  translation  attributable  tononcontrolling interests for December 31, 2020 and 2019, respectively.

The following table summarizes the details about amounts reclassified from AOCI for the years ended December 31:

2020 2019Amount

Reclassified fromAOCI

AmountReclassified from

AOCIAffected Line Item in theStatement of Operations

Interest rate hedges (net of tax of $(1.8) and $(0.3), respectively) $ 5.0  $ 3.4  Interest expensePension and post-retirement benefits:Net prior service benefit amortization (net of tax of $0.2 and $0.0, respectively) 0.5  —  (1)Net actuarial losses recognized during the year (net of tax of $1.5 and $0.6,respectively) 6.1  4.6  (1)Net actuarial gains (losses) recognized due to settlement (net of tax of $0.3 and $(0.1),respectively) 0.8  (1.0) (1)

Currency impact —  0.2  (1)7.4  3.8 

Total reclassifications for the period $ 12.4  $ 7.2 

Pension and other post-retirement benefits AOCI components are included in the computation of net periodic benefit cost (refer to Note 15: Benefit Plans).

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

NOTE 14: ACQUISITIONS AND DIVESTITURES

DivestituresIn 2020, the Company divested several non-core, non-accretive businesses, which resulted in a loss on sale of $11.5 for the year ended December 31, 2020.

In the first quarter of 2020, the Company divested Portavis GmbH, a non-core, non-wholly owned Eurasia Banking consulting business, which resulted in a gainof $1.8 and cash consideration received of $10.1,  excluding cash divested. In the second quarter of  2020, the Company deconsolidated a portion of its non-wholly owned operations in China, which resulted in a loss of $8.6 and cash consideration received of $26.8 along with increased ownership in Inspur, from 40.0percent to 48.1 percent. Additionally, the Company sold Cryptera A/S, a Danish subsidiary, which resulted in a loss of $5.9. In the fourth quarter of 2020, theCompany sold an Italian non-core ERP Retail  software asset,  which resulted in a gain of $1.9 and cash consideration received of $3.2, and sold a domesticBrazilian Banking software asset, which resulted in a loss of $1.0 and cash consideration of $7.9.

In the third quarter of 2020, the Company recorded impairment charges of $4.1 related to assets from an Americas software business when it was transferred toassets held for sale. Additionally, in the fourth quarter of 2020, the Company recorded impairment charges of $0.8 related to a non-core business in Asia Pacificwhen it was transferred to assets held for sale.

In 2019, the Company exited and divested certain non-core, non-accretive businesses for a loss of $7.6. In the first quarter of 2019, the Company divested itsinterest  in  Projective  NV,  a  program  and  project  management  services  business  which  resulted  in  a  loss  of  $2.8,  and  cash  consideration  received  of  $4.2.Additionally, the Company recorded a loss of $4.1 on the divestiture of its Venezuela banking business and a gain of $3.5 related to the Company’s exit from itsNetherlands retail  business.  In the second quarter  of  2019, the Company divested its remaining SecurCash B.V entity resulting in a loss of  $1.1.  In the thirdquarter of 2019, the Company divested a Eurasia banking business for proceeds of $0.6 resulting in a loss of $0.1. Additionally during the third quarter of 2019,the Company's interest in Kony was sold for cash proceeds of $21.3, resulting in a gain of $7.3.

AcquisitionsDuring 2019, the Company acquired the remaining shares of Diebold Nixdorf AG for $97.5 inclusive of the redemption of shares.

NOTE 15: BENEFIT PLANS

Qualified Retirement Benefits. The Company has qualified retirement plans covering certain U.S. employees that have been closed to new participants since2003 and frozen since December 2013. Plans that cover salaried employees provide retirement benefits based on the employee’s compensation during the tenyears  before  the  date  of  the  plan  freeze  or  the  date  of  their  actual  separation  from service,  if  earlier.  The  Company’s  funding  policy  for  salaried  plans  is  tocontribute annually based on actuarial projections and applicable regulations. Plans covering hourly employees generally provide benefits of stated amounts foreach year of service. The Company’s funding policy for hourly plans is to make at least the minimum annual contributions required by applicable regulations.

The Company has a number of non-U.S. defined benefit plans covering eligible employees located predominately in Europe, the most significant of which areGerman plans. Benefits for these plans are based primarily on each employee's final salary, with annual adjustments for inflation. The obligations in Germanyconsist of  employer funded pension plans and deferred compensation plans. The employer funded pension plans are based upon direct performance-relatedcommitments in terms of defined contribution plans. Each beneficiary receives, depending on individual pay-scale grouping, contractual classification, or incomelevel,  different  yearly  contributions.  The  contribution  is  multiplied  by  an  age  factor  appropriate  to  the  respective  pension  plan  and  credited  to  the  individualretirement account  of  the employee.  The retirement  accounts may be used up at  retirement  by either a one-time lump-sum payout  or  payments of  up to tenyears.

The Company has other defined benefit plans outside the U.S., which have not been mentioned here due to materiality.

Supplemental Executive Retirement Benefits. The Company has non-qualified pension plans in the U.S. to provide supplemental retirement benefits to certainofficers,  which  were  also  frozen  since  December  2013.  Benefits  are  payable  at  retirement  based  upon  a  percentage  of  the  participant’s  compensation,  asdefined.

Other Benefits. In addition to providing retirement benefits,  the Company provides post-retirement healthcare and life insurance benefits (referred to as otherbenefits) for certain retired employees. Retired eligible employees in the U.S. may be entitled to these benefits based upon years of service with the Company,age  at  retirement  and  collective  bargaining  agreements.  There  are  no  plan  assets  and  the  Company  funds  the  benefits  as  the  claims  are  paid.  The  post-retirement benefit

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

obligation was determined by application of the terms of medical and life insurance plans together with relevant actuarial assumptions and healthcare cost trendrates.

The following tables set forth the change in benefit obligation, change in plan assets, funded status, consolidated balance sheet presentation and net periodicbenefit cost for the Company’s defined benefit pension plans and other benefits at and for the years ended December 31:

Retirement Benefits Other BenefitsU.S. Plans Non-U.S. Plans

2020 2019 2020 2019 2020 2019Change in benefit obligationBenefit obligation at beginning of year $ 580.0  $ 522.2  $ 456.1  $ 426.5  $ 17.1  $ 15.3 Service cost 3.8  3.7  9.8  9.8  0.1  0.1 Interest cost 18.9  22.1  4.0  6.5  0.8  1.0 Actuarial loss (gain) 47.7  62.5  14.6  32.7  (1.3) 1.8 Plan participant contributions —  —  1.4  1.3  —  — Benefits paid (30.3) (30.5) (21.7) (17.5) (0.7) (0.8)Plan amendments —  —  2.1  0.4  —  — Curtailment —  —  (1.1) —  —  — Settlements —  —  (0.7) (5.8) —  — Recognition/establishment of Germany benefit obligation —  —  —  7.1  —  — Foreign currency impact —  —  37.6  (3.4) (2.3) (0.3)Acquired benefit plans and other —  —  (33.4) (1.5) —  — 

Benefit obligation at end of year 620.1  580.0  468.7  456.1  13.7  17.1 Change in plan assetsFair value of plan assets at beginning of year 427.8  346.0  359.6  340.9  —  — Actual return on plan assets 70.2  74.1  15.0  37.3  —  — Employer contributions 18.7  38.1  8.4  6.9  0.7  0.8 Plan participant contributions —  —  1.4  1.3  —  — Benefits paid (30.3) (30.4) (21.7) (17.5) (0.7) (0.8)Foreign currency impact —  —  32.1  (3.3) —  — Acquired benefit plans and other —  —  —  (0.2) —  — Settlements —  —  (0.7) (5.8) —  — 

Fair value of plan assets at end of year 486.4  427.8  394.1  359.6  —  — Funded status $ (133.7) $ (152.2) $ (74.6) $ (96.5) $ (13.7) $ (17.1)Amounts recognized in balance sheetsNoncurrent assets $ 2.7  $ 1.4  $ —  $ —  $ —  $ — Current liabilities 3.5  3.5  11.5  8.2  0.9  1.0 Noncurrent liabilities 132.9  150.1  63.1  88.3  12.9  16.1 Accumulated other comprehensive loss:Unrecognized net actuarial (loss) gain  (154.4) (159.2) (4.9) 6.2  (3.8) (7.4)Unrecognized prior service (cost) benefit —  —  1.1  0.3  —  — 

Net amount recognized $ (20.7) $ (7.0) $ 70.8  $ 103.0  $ 10.0  $ 9.7 

    Included in the consolidated balance sheets in pensions, post-retirement and other benefits.    Represents amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost.

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

Retirement Benefits Other BenefitsU.S. Plans Non-U.S. Plans

2020 2019 2020 2019 2020 2019Change in accumulated other comprehensive lossBalance at beginning of year $ (159.4) $ (151.4) $ 6.5  $ 19.8  $ (7.5) $ (6.3)Prior service credit/loss recognized during the year —  —  0.7  (0.5) —  — Net actuarial gains (losses) recognized during the year 7.8  5.1  (0.6) (1.5) 0.4  0.4 Net actuarial (losses) gains occurring during the year (2.9) (13.1) (12.0) (7.7) 1.3  (1.9)Net actuarial losses recognized due to settlement —  —  1.1  (0.9) —  — Acquired benefit plans and other —  —  0.2  (2.8) —  — Foreign currency impact —  —  0.3  0.1  2.0  0.3 

Balance at end of year $ (154.5) $ (159.4) $ (3.8) $ 6.5  $ (3.8) $ (7.5)

Retirement Benefits Other BenefitsU.S. Plans Non-U.S. Plans

2020 2019 2018 2020 2019 2018 2020 2019 2018Components of net periodic benefit costService cost $ 3.8  $ 3.7  $ 3.9  $ 9.8  $ 9.8  $ 11.0  $ 0.1  $ 0.1  $ — Interest cost 18.9  22.1  20.6  4.0  6.5  6.2  0.8  1.0  0.4 Recognition/establishment of Germany benefit obligation —  —  —  —  7.1  —  —  —  — Expected return on plan assets (25.4) (24.7) (24.6) (13.4) (12.3) (10.5) —  —  — Other Adjustments —  —  —  0.2  —  —  —  —  — Amortization of prior service cost —  —  —  2.8  (0.1) —  —  —  — Recognized net actuarial loss 7.8  5.1  6.6  (0.6) (1.5) (0.7) 0.4  0.4  — Settlement gain —  —  —  1.1  (0.9) (2.2) —  —  — 

Net periodic benefit cost $ 5.1  $ 6.2  $ 6.5  $ 3.9  $ 8.6  $ 3.8  $ 1.3  $ 1.5  $ 0.4 

The following table represents information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31:

U.S. Plans Non-U.S. Plans2020 2019 2020 2019

Projected benefit obligation $ 610.4  $ 570.0  $ 319.2  $ 315.6 Accumulated benefit obligation $ 610.4  $ 570.0  $ 297.5  $ 295.2 Fair value of plan assets $ 474.0  $ 416.2  $ 90.5  $ 80.2 

The following table represents the weighted-average assumptions used to determine benefit obligations at December 31:

Pension Benefits Other BenefitsU.S. Plans Non-U.S. Plans

2020 2019 2020 2019 2020 2019Discount rate 2.62 % 3.35 % 0.66 % 0.94 % 5.17 % 5.70 %Rate of compensation increase N/A N/A 2.48 % 2.85 % N/A N/A

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(in millions, except per share amounts)

The following table represents the weighted-average assumptions used to determine periodic benefit cost at December 31:

Pension Benefits Other BenefitsU.S. Plans Non-U.S. Plans

2020 2019 2020 2019 2020 2019Discount rate 3.35 % 4.34 % 0.94 % 1.60 % 5.70 % 6.64 %Expected long-term return on plan assets 6.50 % 6.80 % 3.68 % 3.69 % N/A N/ARate of compensation increase N/A N/A 2.85 % 2.82 % N/A N/A

The discount rate is determined by analyzing the average return of high-quality (i.e., AA-rated) fixed-income investments and the year-over-year comparison ofcertain  widely  used benchmark  indices as of  the  measurement  date.  The expected  long-term rate  of  return  on plan assets  is  primarily  determined using theplan’s current asset allocation and its expected rates of return. The Company also considers information provided by its investment consultant, a survey of othercompanies using a December 31 measurement date and the Company’s historical asset performance in determining the expected long-term rate of return. Therate of compensation increase assumptions reflects the Company’s long-term actual experience and future and near-term outlook.

During 2019, the Society of Actuaries released new mortality tables (Pri-2012) and projection scales resulting from recent studies measuring mortality rates forvarious groups of individuals. As of December 31, 2020, the Company used the Pri-2012 mortality tables and the MP-2020 mortality projection scales. The Pri-2012 mortality tables were also used in 2019, but in conjunction with the MP-2019 mortality projection scaled.

The following table represents assumed healthcare cost trend rates at December 31:

2020 2019Healthcare cost trend rate assumed for next year 6.3 % 6.5 %Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.0 % 5.5 %Year that rate reaches ultimate trend rate 2025 2025

The healthcare trend rates for the postemployment benefits plans in the U.S. are reviewed based upon the results of actual claims experience. The Companyused initial  healthcare cost trends of 6.3 percent and 6.5 percent in 2020 and 2019, respectively,  with an ultimate trend rate of 5.0 percent reached in 2025.Assumed healthcare cost trend rates have a modest effect on the amounts reported for the healthcare plans.

A one-percentage-point change in assumed healthcare cost trend rates results in a minimal impact to total service and interest cost and post-retirement benefitobligation.

The Company has a pension investment policy in the U.S. designed to achieve an adequate funded status based on expected benefit payouts and to establishan asset allocation that will meet or exceed the return assumption while maintaining a prudent level of risk. The plans' target asset allocation adjusts based onthe plan's funded status. As the funded status improves or declines, the debt security target allocation will increase and decrease, respectively. The Companyutilizes  the  services  of  an  outside  consultant  in  performing  asset  /  liability  modeling,  setting  appropriate  asset  allocation  targets  along  with  selecting  andmonitoring professional investment managers.

The  U.S.  plan  assets  are  invested  in  equity  and  fixed  income  securities,  alternative  assets  and  cash.  Within  the  equities  asset  class,  the  investment  policyprovides for investments in a broad range of publicly-traded securities including both domestic and international stocks diversified by value, growth and cap size.Within the fixed income asset class, the investment policy provides for investments in a broad range of publicly-traded debt securities with a substantial portionallocated to a long duration strategy in order to partially offset interest rate risk relative to the plans’ liabilities. The alternative asset class includes investments indiversified strategies with a stable and proven track record and low correlation to the U.S. stock market. Several plans outside of the U.S. are also invested invarious assets, under various investment policies in compliance with local funding regulations.

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(in millions, except per share amounts)

The following table summarizes the Company’s target allocation for these asset classes in 2021, which are readjusted at least quarterly within a defined rangefor the U.S., and the Company’s actual pension plan asset allocation as of December 31, 2020 and 2019:

U.S. Plans Non-U.S. PlansTarget Actual Target Actual2021 2020 2019 2021 2020 2019

Equity securities 45% 50% 48% 51% 50% 48%Debt securities 40% 37% 40% 22% 22% 23%Real estate 5% 4% 4% 10% 10% 10%Other 10% 9% 8% 17% 18% 19%

Total 100% 100% 100% 100% 100% 100%

The  following  table  summarizes  the  fair  value  categorized  into  a  three  level  hierarchy,  as  discussed  in  Note  1:  Summary  of  Significant  Accounting  Policies,based upon the assumptions (inputs) of the Company’s plan assets as of December 31, 2020:

U.S. Plans Non-U.S. PlansFair Value Level 1 Level 2 NAV Fair Value Level 1 Level 2 NAV

Cash and short-term investments $ 16.4  $ 16.4  $ —  $ —  $ 20.9  $ 20.1  $ 0.8  $ — Mutual funds —  —  —  —  —  —  —  — Equity securitiesU.S. mid cap value —  —  —  —  —  —  —  — U.S. small cap core 23.6  23.6  —  —  9.3  9.3  —  — International developed markets 52.7  52.7  —  —  188.6  188.6  —  — 

Fixed income securitiesU.S. corporate bonds 61.8  —  61.8  —  7.8  —  7.8  — International corporate bonds —  —  —  —  67.5  —  67.5  — U.S. government 5.5  —  5.5  —  10.9  —  10.9  — Fixed and index funds 1.9  —  1.9  —  —  —  —  — 

Common collective trustsReal estate (a) 18.0  —  —  18.0  6.3  —  6.3  — Other (b) 280.8  —  280.8  —  —  —  —  — 

Alternative investmentsMulti-strategy hedge funds (c) 21.4  —  —  21.4  —  —  —  — Private equity funds (d) 4.3  —  —  4.3  —  —  —  — Other alternative investments (e) —  —  —  —  82.8  —  —  82.8 

Fair value of plan assets at end ofyear $ 486.4  $ 92.7  $ 350.0  $ 43.7  $ 394.1  $ 218.0  $ 93.3  $ 82.8 

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(in millions, except per share amounts)

The following table summarizes the fair value of the Company’s plan assets as of December 31, 2019:

U.S. Plans Non-U.S. PlansFair Value Level 1 Level 2 NAV Fair Value Level 1 Level 2 NAV

Cash and short-term investments $ 6.5  $ 6.5  $ —  $ —  $ 28.4  $ 28.4  $ —  $ — Mutual funds 0.8  0.8  —  —  —  —  —  — Equity securitiesU.S. mid cap value —  —  —  —  0.9  0.9  —  — U.S. small cap core 23.4  23.4  —  —  —  —  —  — International developed markets 47.3  47.3  —  —  172.5  172.5  —  — Emerging markets —  —  —  —  —  —  —  — 

Fixed income securitiesU.S. corporate bonds 50.8  —  50.8  —  —  —  —  — International corporate bonds —  —  —  —  62.5  —  62.5  — U.S. government 11.6  —  11.6  —  3.8  —  3.8  — Fixed and index funds 1.8  —  1.8  —  15.9  —  15.9  — 

Common collective trustsReal estate (a) 17.6  —  —  17.6  5.0  —  5.0  — Other (b) 241.3  —  241.3  —  —  —  —  — 

Alternative investmentsMulti-strategy hedge funds (c) 20.4  —  —  20.4  —  —  —  — Private equity funds (d) 6.3  —  —  6.3  —  —  —  — Other alternative investments (e) —  —  —  —  70.6  —  —  70.6 

Fair value of plan assets at end ofyear $ 427.8  $ 78.0  $ 305.5  $ 44.3  $ 359.6  $ 201.8  $ 87.2  $ 70.6 

In 2020, the fair value of investments categorized as level 3 represent the plan's interest in private equity, hedge and property funds. The fair value for theseassets is determined based on the NAV as reported by the underlying investment managers.

(a)     Real estate common collective trust. The objective of the real estate common collective trust (CCT) is to achieve long-term returns through investments in abroadly  diversified  portfolio  of  improved  properties  with  stabilized  occupancies.  As  of  December  31,  2020,  investments  in  this  CCT,  for  U.S.  plans,  includedapproximately 36 percent office, 22 percent residential, 21 percent retail and 21 percent industrial, cash and other. As of December 31, 2019, investments in thisCCT, for U.S. plans, included approximately 37 percent office, 21 percent residential, 24 percent retail and 18 percent industrial, cash and other. Investments inthe real estate CCT can be redeemed once per quarter subject to available cash, with a 30-day notice.

(b)          Other common collective trusts. At  December  31,  2020,  approximately  41  percent  of  the  other  CCTs  are  invested  in  fixed  income  securities  includingapproximately 25 percent in mortgage-backed securities, 55 percent in corporate bonds and 20 percent in U.S. Treasury and other. Approximately 33 percent ofthe other CCTs at December 31, 2020 are invested in Russell 1000 Fund large cap index funds, 16 percent in S&P Mid Cap 400 index funds and 10 percent inemerging  markets  equity  fund.  At  December  31,  2019,  approximately  44  percent  of  the  other  CCTs  are  invested  in  fixed-income  securities  includingapproximately 24 percent in mortgage-backed securities, 46 percent in corporate bonds and 30 percent in U.S. Treasury and other. Approximately 31 percent ofthe other CCTs at December 31, 2019 are invested in Russell 1000 Fund large cap index funds, 15 percent in S&P Mid Cap 400 index funds and 10 percent inemerging markets equity fund.. Investments in all common collective trust securities can be redeemed daily.

(c)          Multi-strategy hedge funds. The  objective  of  the  multi-strategy  hedge  funds  is  to  diversify  risks  and  reduce  volatility.  At  December  31,  2020  and  2019,investments in this class for U.S. plans include approximately 40 percent and 41 percent long/short equity, respectively, 26 percent and 34 percent arbitrage andevent  investments,  respectively,  and 34 percent  and 25 percent  in  directional  trading,  fixed income and other,  respectively.  Investments  in  the multi-strategyhedge fund can be redeemed semi-annually with a 95-day notice.

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(in millions, except per share amounts)

(d)        Private equity funds. The objective of the private equity funds is to achieve long-term returns through investments in a diversified portfolio of private equitylimited partnerships that offer a variety of investment strategies, targeting low volatility and low correlation to traditional asset classes. As of December 31, 2020and 2019, investments in these private equity funds include approximately 46 percent and 44 percent, respectively, in buyout private equity funds that usuallyinvest in mature companies with established business plans, approximately 26 percent and 32 percent, respectively, in special situations private equity and debtfunds that focus on niche investment strategies and approximately 28 percent and 24 percent respectively, in venture private equity funds that invest in earlydevelopment or expansion of business. Investments in the private equity fund can be redeemed only with written consent from the general partner, which may ormay not be granted. At December 31, 2020 and 2019 the Company had unfunded commitments of underlying funds $2.4.

(e)     Other alternative investments. Following the Acquisition, the Company’s plan assets were expanded with a combination of insurance contracts, multi-strategyinvestment funds and company-owned real estate. The fair value for these assets is determined based on the NAV as reported by the underlying investmentmanager, insurance companies and the trustees of the CTA.

The following table represents the amortization amounts expected to be recognized during 2021:

U.S. Pension Benefits Non-U.S. Pension Benefits Other BenefitsAmount of net loss (gain) $ 9.0  $ 0.1  $ 0.3 

The Company contributed $27.8 to its retirement and other benefit plans, including contributions to the nonqualified plan and benefits paid from company assets.In 2020, the Company received a reimbursement of $13.5 from the CTA assets to the Company for benefits paid directly from company assets during the yearended  December  31,  2020.  The  Company  expects  to  contribute  approximately  $0.9  to  its  other  post-retirement  benefit  plan  and  expects  to  contributeapproximately  $34.5  to  its  retirement  plans,  including  the  nonqualified  plan,  as  well  as  benefits  payments  directly  from the  Company during  the  year  endingDecember  31,  2021.  The  Company  anticipates  reimbursement  of  approximately  $17  for  certain  benefits  paid  from  its  trustee  in  2021.  The  following  benefitpayments, which reflect expected future service, are expected to be paid:

U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits

Other Benefits after Medicare Part D Subsidy

2021 $ 29.4  $ 26.3  $ 0.9  $ 0.8 2022 $ 30.1  $ 23.1  $ 0.9  $ 0.8 2023 $ 30.7  $ 25.2  $ 0.8  $ 0.8 2024 $ 31.2  $ 24.0  $ 0.8  $ 0.8 2025 $ 31.7  $ 27.1  $ 0.8  $ 0.8 2026-2029 $ 162.3  $ 132.3  $ 3.9  $ 3.7 

Retirement Savings Plan. The Company offers employee 401(k) savings plans (Savings Plans) to encourage eligible employees to save on a regular basis bypayroll  deductions.  The Company match is determined by the Board of  Directors and evaluated at  least  annually.  Total  Company match was $6.9,  $0.7 and$10.3  for  the  years  ended  December  31,  2020,  2019  and  2018,  respectively.  In  January  2019,  the  Company  suspended  its  match  to  the  Savings  Plans.  InJanuary 2020, the Company reinstated its match to the Savings Plans. The Company's basic match is now 50 percent on the first 6 percent of a participant'squalified contributions, subject to IRS limits.

Deferred Compensation Plans. The Company has deferred compensation plans in the U.S. and Germany that enable certain employees to defer a portion oftheir  cash wages,  cash bonus,  401(k)  or  other  compensation  and non-employee  directors  to  defer  receipt  of  director  fees  at  the  participants’  discretion.  Fordeferred cash-based compensation and 401(k), the Company established rabbi trusts in the U.S., which are recorded at fair value of the underlying securitieswithin securities and other investments.  The related deferred compensation liabilities are recorded at fair  value within other long-term liabilities. Realized andunrealized  gains  and  losses  on  marketable  securities  in  the  rabbi  trusts  are  recognized  in  interest  income  with  corresponding  changes  in  the  Company’sdeferred compensation obligation recorded as compensation cost within selling and administrative expense.

NOTE 16: LEASES

The Company utilizes lease agreements to meet its operating needs. These leases support global staff via the use of office space, warehouses, vehicles and ITequipment.  The Company utilizes  both  operating  and finance leases  in  its  portfolio  of  leased assets,  however,  the  majority  of  these leases  are  classified  asoperating. A significant portion of the volume of the lease portfolio is in fleet vehicles and IT office equipment; however, real estate leases constitute a majority ofthe value of the right-

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(in millions, except per share amounts)

of-use (ROU) assets. Lease agreements are utilized worldwide, with the largest location concentration in the United States, Germany and India.

The Company made the following elections related to the January 1, 2019 adoption of ASU No. 2016-02, Leases:

● The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Companyto carry forward its ASC 840 assessment regarding definition of a lease, lease classification and initial direct costs.

● The practical expedient related to land easements is not applicable as the Company currently does not utilize any easements.● The  Company  declined  the  hindsight  practical  expedient  to  determine  the  lease  term and  ROU asset  impairment  for  existing  leases.  The  decision  to

decline  the  hindsight  practical  expedient  resulted  in  relying  on  assessments  made under  ASC 840  during  transition  and  re-assessing  under  ASC 842going forward.

● The Company declined the short-term lease exception,  therefore  recognizing  all  leases in  the  ROU asset  and lease liability  balances.  Consistent  withASC 842 requirements, leases that are one month or less are not included in the balance.

● The Company elected to not separate non-lease components from lease components and, instead, to account for each separate lease component andthe non-lease components associated with it as a single lease component, recognized on the balance sheet. This election has been made for all classesof underlying assets.

● The Company elected to use a grouping/portfolio approach on applying discount rates to leases at transition, for certain groups of leases where it wasdetermined that using this approach would not differ materially from a lease-by-lease approach.

The Company's lease population has initial lease terms ranging from less than one year to approximately ten years. Some leases include one or more options torenew,  with  renewal  terms  that  can  extend  the  lease  term  from  six  months  to  15  years.  The  Company  assesses  these  renewal/extension  options  using  athreshold of reasonably certain, which is a high threshold and, therefore, the majority of its lease terms for accounting purposes do not include renewal periods.For leases where the Company is reasonably certain to renew, those optional periods are included within the lease term and, therefore, the measurement of theROU asset and lease liability. Some of the vehicle and IT equipment leases also include options to purchase the leased asset, typically at end of term at fairmarket value. Some of the Company's leases include options to terminate the lease early. This allows the contract parties to terminate their obligations underthe lease contract, sometimes in return for an agreed upon financial consideration. The terms and conditions of the termination options vary by contract, and forthose leases where the Company is reasonably certain to use these options, the term and payments recognized in the measurement of ROU assets and leaseliabilities has been updated accordingly. Additionally, there are several open-ended lease arrangements where the Company controls the option to continue orterminate  the  arrangement  at  any  time after  the  first  year.  For  these arrangements,  the  Company has analyzed a  mix  of  historical  use and future  economicincentives to determine the reasonable expected holding period. This term is used for measurement of ROU assets and lease liabilities.

The following table summarizes the weighted-average remaining lease terms and discount rates related to the Company's lease population:

December 31, 2020 December 31, 2019Weighted-average remaining lease terms (in years)

Operating leases 4.2 3.6Finance leases 3.7 2.2

Weighted-average discount rateOperating leases 11.0  % 11.8  %Finance leases 10.6  % 20.8  %

The weighted-average discount rates used for operating and finance leases varies due to the jurisdictional composition. In 2019, the Company's finance leaseswere  primarily  comprised  of  leases  in  Turkey,  which  have  higher  interest  rates.  The  weighted-average  discount  rate  for  finance  leases  decreased  in  2020compared to 2019 due to an increase in finance leases globally that had rates lower than the rates for Turkish leases.

Certain lease agreements include payments based on a variety of global indexes or rates. These payment amounts have been projected using the index or rateas of lease commencement or the transition date and measured in ROU assets and lease liabilities. Other leases contain variable payments that are based onactual usage of the underlying assets and, therefore, are not measured in assets or liabilities as the variable payments are not based on an index or a rate. Forreal estate leases, these payments are most often tied to non-committed maintenance or utilities charges, and for equipment leases, to actual output or

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

hours  in  operation.  These  amounts  typically  become known  when  the  invoice  is  received,  which  is  when  expense  is  recognized.  In  rare  circumstances,  theCompany's lease agreements may contain residual value guarantees. The Company's lease agreements do not contain any restrictions or covenants, such asthose relating to dividends or incurring additional financial obligations.

During  the  fourth  quarter  of  2020,  the  Company  signed  lease  agreements  for  a  new  corporate  headquarters  in  Hudson,  Ohio,  as  well  as  for  an  updatedmanufacturing  facility  in  North  Canton,  Ohio.  These leases  have not  reached their  commencement  date,  but  have 15-year  terms and have cumulative  initialannual lease obligations of $1.9. Otherwise, at December 31, 2020, the Company did not have any material leases that have not yet commenced.

The Company determines whether an arrangement is or includes a lease at contract inception. All contracts containing the right to use an underlying asset arereviewed to confirm that the contract meets the definition of a lease. ROU assets and liabilities are recognized at commencement date and initially measuredbased on the present value of lease payments over the defined lease term.

As most leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date indetermining the present value of lease payments. In order to apply the incremental borrowing rate, a rate table was developed to assign the appropriate rate toeach lease based on lease term and currency of payments. For leases with large numbers of underlying assets, a portfolio approach with a collateralized ratewas utilized. Assets were grouped based on similar lease terms and economic environments in a manner whereby the Company reasonably expects that theapplication does not differ materially from a lease-by-lease approach.

The following table summarizes the components of lease expense for the years ended December 31:

2020 2019 2018Lease expenseOperating lease expense $ 93.6  $ 109.0  $ 123.2 Finance lease expenseAmortization of ROU lease assets $ 1.5  $ 0.7  $ — Interest on lease liabilities $ 0.5  $ 0.4  $ — Variable lease expense $ 8.0  $ 13.2  $ — 

The following table summarizes the maturities of lease liabilities:

Operating Finance2021 $ 67.5  $ 2.2 2022 42.2  1.5 2023 25.0  0.6 2024 16.4  0.6 2025 11.3  0.5 Thereafter 21.2  0.3 Total 183.6  5.7 Less: Present value discount (34.8) (0.8)Lease liability $ 148.8  $ 4.9 

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

The following table summarizes the cash flow information related to leases:

December 31, 2020 December 31, 2019Cash paid for amounts included in the measurement of lease liabilities:  Operating - operating cash flows $ 94.4  $ 106.7 Finance - financing cash flows $ 1.6  $ 0.4 Finance - operating cash flows $ 0.7  $ 0.6 

ROU lease assets obtained in the exchange for lease liabilities:  Operating leases $ 37.4  $ 85.0 Finance leases $ 4.0  $ 3.0 

The following table summarizes the balance sheet information related to leases:

December 31, 2020 December 31, 2019AssetsOperating $ 143.3  $ 167.5 Finance 5.2  2.4 Total leased assets $ 148.5  $ 169.9 

Current liabilitiesOperating $ 55.7  $ 62.8 Finance 1.9  0.9 

Noncurrent liabilitiesOperating 93.1  106.4 Finance 3.0  1.4 Total lease liabilities $ 153.7  $ 171.5 

Finance leases are included in other assets, other current liabilities and other liabilities on the consolidated balance sheets.

NOTE 17: DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures toa wide variety of business and operational risks through management of its core business activities. The Company manages certain economic risks, includinginterest rate and foreign exchange rate risk, through the use of derivative financial instruments. The Company’s derivative foreign currency instruments are usedto manage differences in the amount of the Company’s known or expected cash receipts and cash payments principally related to the Company’s non-functionalcurrency assets and liabilities. The Company's interest rate derivatives are used to manage interest expense on variable interest rate borrowings.

The  Company  uses  derivatives  to  mitigate  the  economic  consequences  associated  with  fluctuations  in  currencies  and  interest  rates.  The  following  tablesummarizes the gain (loss) recognized on derivative instruments:

Derivative instrumentClassification on consolidated statement of

operations 2020 2019 2018Interest rate swaps and non-designated hedges Interest expense $ (14.3) $ (3.4) $ (2.9)Foreign exchange forward contracts and cash flow hedges Net sales 1.2  0.4  2.4 Foreign exchange forward contracts and cash flow hedges Cost of sales —  —  0.6 Foreign exchange forward contracts and cash flow hedges Foreign exchange gain (loss), net (30.9) 5.0  (10.4)Total $ (44.0) $ 2.0  $ (10.3)

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

FOREIGN EXCHANGE

Non-Designated Hedges. A substantial portion of the Company’s operations and revenues are international. As a result, changes in foreign exchange rates cancreate  substantial  foreign  exchange  gains  and  losses  from the  revaluation  of  non-functional  currency  monetary  assets  and  liabilities.  The  Company’s  policyallows the use of foreign exchange forward contracts with maturities of up to 24 months to mitigate the impact of currency fluctuations on those foreign currencyasset and liability balances. The Company elected not to apply hedge accounting to its foreign exchange forward contracts. Thus, spot-based gains/losses offsetrevaluation  gains/losses  within  foreign  exchange  loss,  net  and  forward-based  gains/losses  represent  interest  expense  or  income.  The  fair  value  of  theCompany’s non-designated foreign exchange forward contracts was $0.3 and $(0.4) as of December 31, 2020 and 2019, respectively.

Cash Flow Hedges. The  Company  is  exposed  to  fluctuations  in  various  foreign  currencies  against  its  functional  currency.  At  the  Company,  both  sales  andpurchases are transacted in  foreign currencies.  Wincor  Nixdorf  International  GmbH (WNI)  is  the Diebold  Nixdorf  AG currency management  center.  Currencyrisks  in  the  aggregate  are  identified,  quantified,  and  controlled  at  the  WNI  treasury  center,  and  furthermore,  it  provides  foreign  currencies  if  necessary.  TheDiebold Nixdorf AG subsidiaries are primarily exposed to the GBP as the EUR is its functional currency. This risk is considerably reduced by natural hedging (i.e.management of sales and purchases by choice location and suppliers). For the remainder of the risk that is not naturally hedged, foreign currency forwards areused to manage the exposure between EUR-GBP.

Procomp Amazonia Industria Electronica S.A. is a BRL-functional-currency subsidiary of Diebold Nixdorf, Incorporated that,on a routine basis and in the normal course of business, makes inventory purchases that are denominated in USD. Upon thecompletion of customs clearance, accounts payable and inventory are recorded using the daily spot USD-BRL exchange rate,and released to cost of goods sold as inventory is sold. Such expenses expose the Company to exchange rate fluctuationsbetween BRL and USD until the accounts payable and inventory is recorded. To hedge this risk, the Company enters into anddesignates certain foreign currency forward contracts to sell BRL and buy USD as cash flow hedges of the Company’s USD denominated inventory purchases.

Derivative instruments are recorded on the balance sheet at fair value. For transactions designated as cash flow hedges, the effective portion of changes in thefair  value  are  recorded  in  AOCI  and  are  subsequently  reclassified  into  earnings  in  the  period  that  the  hedged  forecasted  transactions  impact  earnings.  Theineffective portion of  the change in fair  value of  the derivatives is  recognized directly  in earnings.  As of  December 31,  2020,  the Company had the followingoutstanding foreign currency derivatives that were used to hedge its foreign exchange risks:

Foreign Currency Derivative Number of Instruments Notional Sold Notional PurchasedCurrency forward agreements (USD-BRL) 6  70.0  BRL 12.7  USD

INTEREST RATE

Cash Flow Hedges. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interestrate  movements.  Amounts  reported  in  AOCI  related  to  derivatives  will  be  reclassified  to  interest  expense  as  interest  payments  are  made on the  Company’svariable-rate debt. The Company estimates that a minimal amount will be reclassified as a decrease to interest expense over the next year.

In March 2020 and September 2019,  the Company entered into multiple pay-fixed receive-variable interest  rate swaps with an aggregate notional  amount of$250.0 and $500.0, respectively. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded inAOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the changein fair value of the derivatives is recognized directly in earnings.

Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. TheCompany estimates that a minimal amount will be reclassified as a decrease to interest expense over the next year.

As a result of the Company's refinancing activities in July 2020 (refer to Note 11: Debt), the Company terminated $625.0 of interest rate hedges for a terminationpayout of $6.2.

Other than noted above, the Company does not use derivatives for trading or speculative purposes and currently does not have any additional derivatives thatare not designated as hedges.

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

NOTE 18: FAIR VALUE OF ASSETS AND LIABILITIES

Assets and Liabilities Recorded at Fair Value

Assets and liabilities subject to fair value measurement by fair value level and recorded at fair value are as follows:

Classification on consolidated balance sheets

December 31, 2020 December 31, 2019

FairValue Level 1 Level 2

FairValue Level 1 Level 2

AssetsCertificates of deposit Short-term investments $ 37.2  $ 37.2  $ —  $ 10.0  $ 10.0  $ — Assets held in rabbi trusts Securities and other investments 6.6  6.6  —  6.2  6.2  — Foreign exchange forward contracts Other current assets 1.7  —  1.7  2.9  —  2.9 Interest rate swaps Other current assets —  —  —  1.7  —  1.7 Interest rate swaps Securities and other investments —  —  —  0.1  —  0.1 Total $ 45.5  $ 43.8  $ 1.7  $ 20.9  $ 16.2  $ 4.7 

LiabilitiesForeign exchange forward contracts Other current liabilities $ 2.7  $ —  $ 2.7  $ 2.9  $ —  $ 2.9 Interest rate swaps Other current liabilities 3.0  —  3.0  2.3  —  2.3 Deferred compensation Other liabilities 6.6  6.6  —  6.2  6.2  — Total $ 12.3  $ 6.6  $ 5.7  $ 11.4  $ 6.2  $ 5.2 

The Company uses the end of the period when determining the timing of transfers between levels. During each of the years ended December 31, 2020 and2019, there were no transfers between levels.

The carrying amount of the Company's debt instruments approximates fair value except for the 2024 Senior Notes and the 2025 Senior Secured Notes. The fairvalue is summarized as follows:

December 31, 2020 December 31, 2019Fair Value Carrying Value Fair Value Carrying Value

2024 Senior Notes $ 400.0  $ 400.0  $ 387.0  $ 400.0 2025 Senior Secured Notes - USD $ 778.8  $ 700.0  $ —  $ — 2025 Senior Secured Notes - EUR $ 466.0  $ 429.5  $ —  $ — 

Refer  to  Note 11:  Debt  for  further  details  surrounding long-term debt  as of  December 31,  2020.  Additionally,  the Company remeasures certain assets  to fairvalue, using Level 3 measurements, as a result of the occurrence of triggering events. There was no significant assets or liabilities that were remeasured at fairvalue on a non-recurring basis during the periods presented.

NOTE 19: COMMITMENTS AND CONTINGENCIES

Contractual Obligations

At  December  31,  2020,  the  Company  purchase  commitments  due  within  one  year  were  minimal  for  materials  and  services  through  contract  manufacturingagreements  at  negotiated  prices.  The  amounts  purchased  under  these  obligations  were  minimal  in  2020.  The  Company  guarantees  a  fixed  cost  of  certainproducts used in production to its strategic partners. Variations in the products costs are absorbed by the Company.

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FORM 10-K as of December 31, 2020NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in millions, except per share amounts)

Indirect Tax Contingencies

The Company accrues non-income-tax liabilities for indirect tax matters when management believes that a loss is probable and the amounts can be reasonablyestimated,  while  contingent  gains  are  recognized only  when realized.  In  the event  any losses are  sustained in  excess of  accruals,  they are  charged againstincome.  In  evaluating  indirect  tax  matters,  management  takes  into  consideration  factors  such as  historical  experience with  matters  of  similar  nature,  specificfacts and circumstances, and the likelihood of prevailing. Management evaluates and updates accruals as matters progress over time. It is reasonably possiblethat  some  of  the  matters  for  which  accruals  have  not  been  established  could  be  decided  unfavorably  to  the  Company  and  could  require  recognizing  futureexpenditures. Also, statutes of limitations could expire without the Company paying the taxes for matters for which accruals have been established, which couldresult in the recognition of future gains upon reversal of these accruals at that time.

At December 31, 2020, the Company was a party to several routine indirect tax claims from various taxing authorities globally that were incurred in the normalcourse of  business, which neither individually nor in the aggregate are considered material  by management in relation to the Company’s financial  position orresults  of  operations.  In  management’s  opinion,  the  consolidated  financial  statements  would  not  be  materially  affected  by  the  outcome  of  these  indirect  taxclaims and/or proceedings or asserted claims.

In addition to these routine indirect tax matters, the Company was a party to the proceedings described below:

The Company has challenged multiple customs rulings in Thailand seeking to retroactively collect customs duties on previous imports of ATMs. In August 2017,March, 2019, August 2019 and May 2020 the Supreme Court of Thailand ruled in the Company’s favor; finding each time that Customs' attempt to collect dutiesfor importation of ATMs is improper. The surviving matters are immaterial and the Company believes a loss is not probable and accordingly, does not have anyamount accrued for this contingency.

A loss contingency is reasonably possible if it has a more than remote but less than probable chance of occurring. Although management believes the Companyhas valid defenses with respect to its indirect tax positions, it is reasonably possible that a loss could occur in excess of the estimated accrual. The Companyestimated the aggregate risk at December 31, 2020 to be up to $74.0 for its material indirect tax matters. The aggregate risk related to indirect taxes is adjustedas the applicable statutes of limitations expire.

Legal Contingencies

At December 31, 2020, the Company was a party to several lawsuits that were incurred in the normal course of business, which neither individually nor in theaggregate  were  considered  material  by  management  in  relation  to  the  Company’s  financial  position  or  results  of  operations.  In  management’s  opinion,  theCompany's consolidated financial statements would not be materially affected by the outcome of these legal proceedings, commitments or asserted claims.

In addition to these normal course of business litigation matters, the Company was a party to the proceedings described below:

Diebold KGaA is a party to two separate appraisal proceedings (Spruchverfahren) in connection with the purchase of all shares in its former listed subsidiary,Diebold  Nixdorf  AG.  Both  proceedings  are  pending  at  the  same  Chamber  for  Commercial  Matters  (Kammer  fur  Hangelssachen)  at  the  District  Court(Landgericht) of Dortmund (Germany). The first appraisal proceeding relates to the DPLTA entered into by Diebold KGaA and former Diebold Nixdorf AG, whichbecame effective on February 17, 2017. The DPLTA appraisal proceeding was filed by minority shareholders of Diebold Nixdorf AG challenging the adequacy ofboth the cash exit compensation of €55.02 per Diebold Nixdorf AG share (of which 6.9 shares were then outstanding) and the annual recurring compensation of€2.82 per Diebold Nixdorf AG share offered in connection with the DPLTA.

The second appraisal proceeding relates to the cash merger squeeze-out of minority shareholders of Diebold Nixdorf AG in 2019. The squeeze-out appraisalproceeding  was filed  by  former  minority  shareholders  of  Diebold  Nixdorf  AG challenging  the  adequacy  of  the  cash  exit  compensation  of  €54.80  per  DieboldNixdorf AG share (of which 1.4 shares were then outstanding) in connection with the merger squeeze-out.

In both appraisal proceedings, a court ruling would apply to all Diebold Nixdorf AG shares outstanding at the time when the DPLTA or the merger squeeze-out,respectively, became effective. Any cash compensation received by former Diebold Nixdorf AG shareholders in connection with the merger squeeze-out wouldbe netted with any higher cash compensation such shareholder may still claim in connection with the DPLTA appraisal proceeding. While the Company believesthat the compensation offered in connection with the DPLTA and the merger squeeze-out was in both cases fair, it notes that German courts often adjudicateincreases of the cash compensation to plaintiffs in varying amounts in connection with German appraisal proceedings. Therefore, the Company cannot rule outthat the first instance court or an appellate court may increase the cash

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(in millions, except per share amounts)

compensation  also  in  these  appraisal  proceedings.  The  Company,  however,  is  convinced  that  its  defense  in  both  appraisal  proceedings  which  are  still  atpreliminary stages is supported by strong sets of facts and the Company vigorously defends itself in these matters.

In July and August 2019, shareholders filed putative class action lawsuits alleging violations of federal securities laws in the United States District Court for theSouthern  District  of  New York  and  the  Northern  District  of  Ohio.  The  lawsuits  collectively  assert  that  the  Company  and  three  former  officers  made  materialmisstatements regarding the Company’s business and operations, causing the Company’s common stock to be overvalued from February 14, 2017 to August 1,2018.  The lawsuits  have been consolidated before a single judge in the United States District  Court  for  the Southern District  of  New York and lead plaintiffsappointed. The Company intends to vigorously defend itself in this matter and management remains confident that it has valid defenses to these claims. As withany pending litigation, the Company is unable to predict the final outcome of this matter.

In January 2020, the Company’s Board of Directors received a demand letter from alleged shareholders to investigate and pursue claims for breach of fiduciaryduty against certain current and former directors and officers based on the Company’s statements regarding its business and operations, which are substantiallysimilar  to  those  challenged  in  the  federal  securities  litigation.  The  Board  has  determined  to  defer  consideration  of  the  demand  while  the  federal  securitieslitigation remains pending.

NOTE 20: SEGMENT AND NET SALES INFORMATION

The Company's accounting policies derive segment results that are the same as those the Chief Operating Decision Maker (CODM) regularly reviews and usesto make decisions, allocate resources and assess performance. The Company continually considers its operating structure and the information subject to regularreview by its Chief Executive Officer, who is the CODM, to identify reportable operating segments. The Company’s operating structure is based on a number offactors that management uses to evaluate, view and run its business operations, which currently includes, but is not limited to, product, service and solution. TheCompany's reportable operating segments are based on the following solutions: Eurasia Banking, Americas Banking and Retail.Segment revenue represents revenues from sales to external customers. Segment operating profit is defined as revenues less expenses identifiable to thosesegments.  The  Company  does  not  allocate  to  its  segments  certain  operating  expenses,  managed  at  the  corporate  level;  that  are  not  routinely  used  in  themanagement of the segments;  or information that is impractical to allocate. These unallocated costs include certain corporate costs,  amortization of acquiredintangible  assets  and  deferred  revenue,  restructuring  charges,  impairment  charges,  legal,  indemnification  and  professional  fees  related  to  acquisition  anddivestiture expenses, along with other income (expenses). Segment operating profit reconciles to consolidated income (loss) before income taxes by deductingcorporate costs and other income or expense items that are not attributed to the segments. Corporate charges not allocated to segments include headquarter-based  costs  associated  with  procurement,  human  resources,  compensation  and  benefits,  finance  and  accounting,  global  development/engineering,  globalstrategy/mergers  and  acquisitions,  global  IT,  tax,  treasury  and  legal.  Assets  are  not  allocated  to  segments,  and  thus  are  not  included  in  the  assessment  ofsegment performance, and consequently, we do not disclose total assets and depreciation and amortization expense by reportable operating segment.

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(in millions, except per share amounts)

The following tables represent information regarding the Company’s segment information and provides a reconciliation between segment operating profit  andthe consolidated income (loss) before income taxes for the years ended December 31:

2020 2019 2018Net sales summary by segmentEurasia Banking $ 1,431.1  $ 1,649.8  $ 1,800.2 Americas Banking 1,419.4  1,604.1  1,515.7 Retail 1,051.8  1,154.8  1,262.7 Total customer revenues $ 3,902.3  $ 4,408.7  $ 4,578.6 

Intersegment revenuesEurasia Banking $ 111.8  $ 168.3  $ 161.1 Americas Banking 11.3  15.5  13.8 Total intersegment revenues $ 123.1  $ 183.8  $ 174.9 

Segment operating profitEurasia Banking $ 177.8  $ 169.3  $ 150.1 Americas Banking 191.0  119.7  17.2 Retail 77.6  58.3  47.1 Total segment operating profit $ 446.4  $ 347.3  $ 214.4 

Corporate charges not allocated to segments  $ (91.0) $ (79.4) $ (52.1)Impairment of assets (7.5) (30.2) (180.2)Restructuring and DN Now transformation expenses (181.8) (114.8) (79.3)Net non-routine expense (142.1) (149.5) (228.4)

(422.4) (373.9) (540.0)Operating profit (loss) 24.0  (26.6) (325.6)Other expense (293.5) (202.3) (152.7)Loss before taxes $ (269.5) $ (228.9) $ (478.3)

    Corporate charges not allocated to segments include headquarter-based costs associated with procurement, human resources, compensation and benefits, finance andaccounting, global development/engineering, global strategy/mergers and acquisitions, global IT, tax, treasury and legal.

Net non-routine expense consists of items that the Company has determined are non-routine in nature and not allocated to the reportable operating segments.Net  non-routine  expense  of  $142.1  for  the  year  ended  December  31,  2020  was  due  to  purchase  accounting  pre-tax  charges  for  amortization  of  acquiredintangibles of $82.9, charges from a loss-making contract related to a discontinued offering of $25.5, legal, consulting and deal expenses, including gains/losseson divestitures, of $19.7, and other matters of $14.0. Net non-routine expense of $149.5 for the year ended December 31, 2019 was due to purchase accountingpre-tax  changes  for  amortization  of  acquired  intangibles  of  $93.3,  legal,  consulting  and  deal  expenses,  including  gains/losses  on  divestitures,  of  $26.8  andinventory charges of $12.8, and other matters of  $16.6.  Net non-routine expense of $228.4 for the year ended December 31, 2018 was due to the inventoryprovision of $74.5 in cost of sales, acquisition integration expenses of $47.2 primarily within selling and administrative expense and purchase accounting pre-taxcharges for amortization of acquired intangibles of $113.4.

(1)

(1)

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(in millions, except per share amounts)

The following table presents information regarding the Company’s segment net sales by service and product solution:

2020 2019 2018Eurasia BankingServices $ 819.0  $ 993.6  $ 1,111.8 Products 612.1  656.2  688.4 Total Eurasia Banking 1,431.1  1,649.8  $ 1,800.2 

Americas BankingServices 962.9  1,002.5  $ 1,025.8 Products 456.5  601.6  489.9 Total Americas Banking 1,419.4  1,604.1  $ 1,515.7 

RetailServices 582.6  612.0  $ 651.9 Products 469.2  542.8  610.8 Total Retail 1,051.8  1,154.8  $ 1,262.7 

Total $ 3,902.3  $ 4,408.7  $ 4,578.6 

The Company had no customers that accounted for more than 10 percent of total net sales in 2020, 2019 and 2018.

Below is a summary of net sales by point of origin for the years ended December 31:

2020 2019 2018AmericasUnited States $ 974.7  $ 1,024.7  $ 1,047.7 Other Americas 502.9  654.6  556.7 Total Americas 1,477.6  1,679.3  1,604.4 

EMEAGermany 764.3  872.5  876.2 Other EMEA 1,282.0  1,400.4  1,583.8 Total EMEA 2,046.3  2,272.9  2,460.0 

APTotal AP 378.4  456.5  514.2 

Total net sales $ 3,902.3  $ 4,408.7  $ 4,578.6 

Below is a summary of property, plant and equipment, net by geographical location as of December 31:

2020 2019Property, plant and equipment, netUnited States $ 25.5  $ 62.4 Germany 118.8  129.3 Other international 33.2  39.8 

Total property, plant and equipment, net $ 177.5  $ 231.5 

In the following table, revenue is disaggregated by timing of revenue recognition at December 31:

Timing of revenue recognition 2020 2019Products transferred at a point in time 39% 41%Products and services transferred over time 61% 59%

Net sales 100% 100%

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(in millions, except per share amounts)

NOTE 21: QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following table presents selected unaudited quarterly financial information for the years ended December 31:

First Quarter Second Quarter Third Quarter Fourth Quarter2020 2019 2020 2019 2020 2019 2020 2019

Net sales $ 910.7  $ 1,028.1  $ 890.5  $ 1,150.2  $ 995.2  $ 1,078.8  $ 1,105.9  $ 1,151.6 Gross profit $ 226.8  $ 246.1  $ 247.6  $ 279.2  $ 284.1  $ 271.4  $ 276.5  $ 270.4 Net loss $ (93.4) $ (131.9) $ (23.1) $ (55.3) $ (100.9) $ (34.8) $ (50.4) $ (122.6)Net income (loss) attributable to noncontrollinginterests (0.6) 0.8  0.6  (5.0) 0.5  0.9  0.8  — Net loss attributable to Diebold Nixdorf,Incorporated $ (92.8) $ (132.7) $ (23.7) $ (50.3) $ (101.4) $ (35.7) $ (51.2) $ (122.6)

Net income (loss) attributable to Diebold Nixdorf, IncorporatedBasic and diluted (loss) per share $ (1.20) $ (1.74) $ (0.31) $ (0.66) $ (1.31) $ (0.46) $ (0.66) $ (1.60)

Basic and diluted weighted-average sharesoutstanding 77.2  76.4  77.6  76.7  77.7  76.8  77.7  76.8 

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ITEM 9: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not applicable.

ITEM 9A: CONTROLS AND PROCEDURES(in millions)

The Company maintains  disclosure  controls  and procedures  that  are  designed to  ensure  that  information  required  to  be  disclosed in  the  Company’s  reportsunder  the  Securities  Exchange  Act  of  1934,  as  amended,  is  recorded,  processed,  summarized  and  reported  within  the  time  periods  specified  in  theCommission’s rules and forms and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer(CEO) and Chief Financial Officer (CFO), as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosurecontrols and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonableassurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possiblecontrols and procedures.

The  Company  carries  out  a  variety  of  on-going  procedures,  under  the  supervision  and  with  the  participation  of  the  Company’s  management,  including  theCompany’s CEO and CFO, to evaluate the effectiveness of the design and operation of the Company’s disclosure controls and procedures.

Based  on  that  evaluation,  the  Company’s  CEO and  CFO concluded  that  the  Company’s  disclosure  controls  and  procedures  were  effective  at  a  reasonableassurance level as of the end of the period of this report.

(a) MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rule 13a-15(f). TheCompany’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with U.S. GAAP.

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 asnecessary to permit the preparation of financial statements in accordance with U.S. GAAP, and that receipts and expenditures of the Company are being madeonly  in  accordance  with  authorizations  of  management  and  directors  of  the  Company;  and  (3)  provide  reasonable  assurance  regarding  prevention  or  timelydetection 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  ofeffectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliancewith the policies or procedures may deteriorate.

Under  the  supervision  of  the  CEO and  CFO and  Board  of  Directors,  the  Company  conducted  an  evaluation  of  the  effectiveness  of  the  Company’s  internalcontrol  over financial  reporting based on the framework in “Internal  Control-Integrated Framework (2013 framework)” issued by the Committee of SponsoringOrganizations of the Treadway Commission in 2013. Based on this assessment,  management has concluded that the internal control  over financial  reportingwas effective as of December 31, 2020.

KPMG LLP, the Company’s independent registered public accounting firm, has issued an auditor’s report on management’s assessment of the effectiveness ofthe Company’s internal control over financial reporting as of December 31, 2020. This report is included in Item 8 of this annual report on Form 10-K.

(b) CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

During  the  fourth  quarter  ended  December  31,  2020,  there  were  no  changes  in  the  Company's  internal  control  over  financial  reporting  that  have  materiallyaffected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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ITEM 9B: OTHER INFORMATION

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Service Agreements with Ulrich Näher and Olaf Heyden

On February 24, 2021, Diebold Nixdorf, Incorporated (the “Company”) entered into new service agreements (the “Service Agreements”) with each of Dr. UlrichNäher  and  Olaf  Heyden,  the  Company’s  Senior  Vice  President,  Chief  Commercial  Officer,  and  Senior  Vice  President,  Chief  Operating  Officer,  respectively.These  agreements  expire  on  February  24,  2024  and  provide  for  the  following  annual  compensation:  (1)  a  fixed  base  salary  of  €496,203  and  €508,305,respectively;  (2)  a  short-term cash incentive  opportunity  under  our  annual  incentive  plan and a long-term incentive  opportunity  under  our  long-term incentiveplan; (3) certain pension benefits pursuant to the Service Agreements and the Wincor Nixdorf International GmbH pension directive (with yearly pension benefitcontribution commitments of €50,000); and (4) certain non-performance-based fringe benefits, which include accident and liability insurance, health insurance,and directors and officers insurance premiums paid by the Company, financial planning services, and monthly car allowance.

The short-term cash incentive award under our annual incentive plan is dependent on the attainment of specific targets set by the Company at the beginning ofeach  fiscal  year.  If  performance  is  achieved  at  target,  Dr.  Näher  and  Mr.  Heyden  will  receive  an  amount  equal  to  100%  of  their  fixed  base  salary  ascompensation under our annual incentive plan. With respect to the long-term incentive compensation, Dr. Näher and Mr. Heyden are eligible for awards basedon 175% and 200% of annual base salary at target, respectively.

Dr. Näher and Mr. Heyden are also subject to (1) a 12 month post-contractual non-competition obligation in which they will be compensated with 50% of theircontractual  benefits  last  received  (without  taking  into  account  the  long-term  incentive  component,  pension  contributions,  and  the  non-cash  benefit  of  thecompany car and subject to certain offsetting payments); and (2) the non-competition obligations provided under German law and may not, among other things,without prior written approval, work for a company or a third party which is a competitor. In addition, Dr. Näher and Mr. Heyden are subject to a 12 month post-contractual non-solicitation obligation in which they may not, among other things, solicit key employees of the Company.

The  Service  Agreements  provide  for  certain  payments  and  benefits  in  the  event  of  qualifying  terminations  of  employment  that  are  consistent  with  their  prioragreements. In addition, the Service Agreements also provide for certain payments and benefits in the event of a termination following a change in control (asdefined in the Service Agreements) that are consistent with the Company’s existing program. Any change in control benefits are paid only following both (1) achange in control (as defined in the Service Agreements) and (2) a termination of the executive’s employment without cause by the Company, or by him withgood reason (as such terms are defined in the Service Agreements) in the three-year period following a change in control. Under such circumstances, Dr. Näherand Mr. Heyden may be eligible for (1) a lump sum payment equal to two times base salary and target cash bonus, (2) the acceleration of outstanding equityawards,  (3)  payment  of  outstanding  performance  awards  at  target,  (4)  two  years  of  continued  participation  in  the  nongovernmental/supplemental  Companyhealth and benefit plans, and (5) a lump sum payment in an amount equal to the additional benefits Dr. Näher and Mr. Heyden would have accrued under theGerman pension  plan,  each  qualified  or  nonqualified  pension,  profit  sharing,  deferred  compensation  or  supplemental  plan  for  one  additional  year  of  service,provided he was fully vested prior to termination.

The foregoing descriptions of the Service Agreements do not purport to be complete, and are qualified in their entirety by reference to the full text of the ServiceAgreements, copies of which is filed as Exhibits 10.26 and 10.28 hereto and are incorporated herein by reference.

Award Agreement with Jeffrey Rutherford

On February 23, 2021, the People and Compensation Committee (the “Committee”) of Diebold Nixdorf, Incorporated (the “Company”) granted a performance-based,  multi-year  equity  incentive award to  Senior  Vice President  and Chief  Financial  Officer  Jeffrey Rutherford  under  the Company’s  shareholder-approved2017  Equity  and  Performance  Incentive  Plan.  This  grant  of  253,992  performance  units  has  a  four-year  performance  period,  with  potential  vesting  in  annualincrements  based  on  achievement  of  performance  metrics  designed  to  increase  shareholder  value  during  such  annual  period.  This  award  is  an  integralcomponent of the Company's strategy to retain Mr. Rutherford and to better align his compensation with peers while incentivizing growth in levered free cashflow, revenue, and the return on invested capital (ROIC).

The  performance  units  can  be  earned,  if  at  all,  upon  achievement  of  specified  performance  objectives  during  the  2021  to  2024  performance  period.  Theseobjectives  are  aligned  and  consistent  with  the  Company's  earnings  release  and  presentation,  on  February  10,  2021,  regarding  longer-term financial  targets.Subject to achievement at target on each of the goals, a proportionate number of performance units will vest annually in 20% tranches following the first threeyears, with 40% vesting following the fourth year of the performance period. No additional performance units will be earned for results in excess of target level.

The performance objectives that were established for this incentive award complement the metrics selected by the People and Compensation Committee forboth the executive's 2021 Annual Incentive Plan award and his 2021 performance-based equity award under the Company's long-term incentive compensationprogram. The 2021 Annual Incentive Plan will be funded based

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on performance against pre-established targets for unlevered free cash flow and operating profit.  The 2021-2023 performance-based equity incentive awardswill  be  earned  based on  targets  for  levered  free  cash flow and revenue over  the  three-year  performance  period.  The People  and Compensation  Committeebelieves  that,  collectively,  these  two  programs  and  the  special  performance-based  equity  award  granted  on  February  23,  2021  align  the  interests  of  theCompany's CFO with the long-term interests of shareholders.

The foregoing description is qualified by reference to the full text of the award agreement, a copy of which is attached hereto as Exhibit 10.44 and incorporatedherein by reference.

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PART III

ITEM 10: DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information  with  respect  to  directors  of  the  Company,  including  the  audit  committee  and  the  designated  audit  committee  financial  experts,  is  included  in  theCompany’s proxy statement for the 2021 Annual Meeting of Shareholders (the 2021 Annual Meeting) and is incorporated herein by reference. Information withrespect to any material changes to the procedures by which security holders may recommend nominees to the Company’s board of directors is included in theCompany’s  proxy  statement  for  the  2021  Annual  Meeting  and  is  incorporated  herein  by  reference.  The  following  table  summarizes  information  regardingexecutive officers of the Company:

Name, Age, Title and Year Elected to Present Office Other Positions Held Last Five YearsGerrard B. Schmid - 52 President and Chief Executive Officer Year elected: 2018

2012-February 2018: Chief Executive Officer and Director of D+H Corporation(global payments and technology provider)

Jeffrey L. Rutherford - 60 Senior Vice President, Chief Financial Officer Year elected: 2019

October 2018-January 2019: Interim Chief Financial Officer for DieboldNixdorf, Incorporated; 2017-October 2018: Chairman, Interim President andInterim Chief Executive Officer for Edgewater Technology, Inc. (technologyconsulting firm); 2014-2016: Vice President and Chief Financial Officer forFerro Corporation (international coatings manufacturing)

Jonathan B. Leiken — 49 Senior Vice President, Chief Legal Officer and General Counsel Year elected: 2014

2008-May 2014: Partner, Jones Day (global legal services)

Olaf Heyden — 57 Senior Vice President, Chief Operating Officer Year elected: 2016

2013-August 2016: Executive Vice President, Software and Services, and amember of the executive board for Wincor Nixdorf AG

Ulrich Näher — 55 Senior Vice President, Chief Commercial Officer Year elected: 2016

March 2016-August 2016: Executive Vice President of Systems Business andmember of the board of directors for Wincor Nixdorf AG; 2015-March 2016:Senior Vice President of Research and Development at Wincor Nixdorf AG;2006-2015: Senior Partner at McKinsey and Company (management andconsulting)

Manish Choudhary – 46 Senior Vice President, Software Year elected: 2020 

2018-March 2020: Senior Vice President and GM Products & Strategy,Sending Technology Solutions for Pitney Bowes, Inc. (global technologycompany, software solutions); 2017-March 2020: Chairman Pitney BowesSoftware India (software solutions); 2016-2018: Senior Vice President, GlobalInnovation & Engineering Pitney Bowes, Inc. (global technology company) andManaging Director, Pitney Bowes Software (software solutions)

Elizabeth Patrick – 53 Senior Vice President, Chief People Officer Year elected: 2019

July 2014-March 2019: Vice President and Chief Human Resources Officer forVeritiv Corporation (distribution and packaging company); October 2012-July2014: Vice President of Human Resources for International Paper/xpedx(International Paper is a paper and pulp manufacturer, xpedx was thedistribution arm)

There are no family relationships, either by blood, marriage or adoption, between any of the executive officers and directors of the Company.

CODE OF BUSINESS ETHICS

All of the directors, executive officers and employees of the Company are required to comply with certain policies and protocols concerning business ethics andconduct,  which  we  refer  to  as  our  Code  of  Business  Ethics  (COBE).  The  COBE  applies  not  only  to  the  Company,  but  also  to  all  of  those  domestic  andinternational  companies in which the Company owns or controls  a majority interest.  The COBE describes certain responsibilities that  the directors,  executiveofficers and employees have to the Company, to each other and to the Company’s global partners and communities including, but not limited to, compliancewith  laws,  conflicts  of  interest,  intellectual  property  and  the  protection  of  confidential  information.  The  COBE  is  available  on  the  Company’s  web  site  atwww.dieboldnixdorf.com or by written request to the Corporate Secretary.

SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Information with respect to Section 16(a) beneficial ownership reporting compliance is included in the Company’s proxy statement for the 2021 Annual Meetingand is incorporated herein by reference.

ITEM 11: EXECUTIVE COMPENSATION

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Information with respect to executive officers'  and directors'  compensation is included in the Company’s proxy statement for the 2021 Annual Meeting and isincorporated  herein  by  reference.  Information  with  respect  to  compensation  committee  interlocks  and  insider  participation  and  the  compensation  committeereport is included in the Company’s proxy statement for the 2021 Annual Meeting and is incorporated herein by reference.

ITEM 12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information with respect to security ownership of certain beneficial owners and management is included in the Company’s proxy statement for the 2021 AnnualMeeting and is incorporated herein by reference.

Equity Compensation Plan Information

Plan Category

Number of securities to beissued upon exercise ofoutstanding options,warrants and rights (a)

Weighted-averageexercise price of

outstanding options,warrants and rights (b)

Number of securities remainingavailable for future issuanceunder equity compensationplans (excluding securitiesreflected in column (a)) (c)

Equity compensation plans approved by security holdersStock options 2,713,617  $ 14.30   N/ARestricted stock units 1,943,005  N/A  N/APerformance shares 45,156  N/A  N/ANon-employee director deferred shares 29,685  N/A  N/ADeferred compensation 815  N/A N/A

Total equity compensation plans approved by security holders 4,732,278  $ 14.30  4,900,000 

In column (b),  the weighted-average exercise price is only applicable to stock options.  In column (c),  the number of  securities remaining available for  futureissuance for stock options, restricted stock units, performance shares and non-employee director deferred shares is approved in total and not individually.

ITEM 13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

Information with respect to certain relationships and related transactions and director independence is included in the Company’s proxy statement for the 2021Annual Meeting and is incorporated herein by reference.

ITEM 14: PRINCIPAL ACCOUNTANT FEES AND SERVICES

Information  with  respect  to  principal  accountant  fees  and  services  is  included  in  the  Company’s  proxy  statement  for  the  2021  Annual  Meeting  and  isincorporated herein by reference.

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PART IV

ITEM 15: EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) 1. Documents filed as a part of this annual report on Form 10-K.

• Reports of Independent Registered Public Accounting Firm

• Consolidated Balance Sheets at December 31, 2020 and 2019

• Consolidated Statements of Operations for the Years Ended December 31, 2020, 2019 and 2018

• Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2020, 2019 and 2018

• Consolidated Statements of Equity for the Years Ended December 31, 2020, 2019 and 2018

• Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019 and 2018

• Notes to Consolidated Financial Statements

(a) 2. Financial statement schedules

All schedules are omitted, as the required information is inapplicable or the information is presented in the consolidated financial statements or relatednotes.

(a) 3. Exhibits

2.1 Business Combination Agreement, dated November 23, 2015, by and among Diebold, Incorporated and Wincor Nixdorf Aktiengesellschaft —incorporated by reference to Exhibit 2.1 to Registrant’s Current Report on Form 8-K filed on November 23, 2015 (Commission File No. 1-4879)

2.2 Asset Purchase Agreement, dated as of October 25, 2015, by and among Diebold, Incorporated, The Diebold Company of Canada, LTD.,Securitas Electronic Security, Inc. and 9481176 Canada Inc. — incorporated by reference to Exhibit 2.1 to Registrant’s Current Report on Form8-K filed on February 4, 2016 (Commission File No. 1-4879)

3.1(i) Amended and Restated Articles of Incorporation of Diebold, Incorporated — incorporated by reference to Exhibit 3.1(i) to Registrant’s AnnualReport on Form 10-K for the year ended December 31, 1994 (Commission File No. 1-4879)

3.1(ii) Certificate of Amendment by Shareholders to Amended Articles of Incorporation of Diebold, Incorporated — incorporated by reference to Exhibit3.2 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 1996 (Commission File No. 1-4879)

3.1 (iii) Certificate of Amendment to Amended Articles of Incorporation of Diebold, Incorporated — incorporated by reference to Exhibit 3.3 toRegistrant’s Annual Report on Form 10-K for the year ended December 31, 1998 (Commission File No. 1-4879)

3.1 (iv) Certificate of Amendment to Amended Articles of Incorporation of Diebold, Incorporated — incorporated by reference to Exhibit 3.1(i) toRegistrant’s Current Report on Form 8-K filed on December 12, 2016 (Commission File No. 1-4879)

3.1 (v) Certificate of Amendment to Amended Articles of Incorporation of Diebold Nixdorf, Incorporated — incorporated by reference to Exhibit 3.5 toRegistrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (File No. 1-4879)

3.2 Amended and Restated Code of Regulations — incorporated by reference to Exhibit 3.1(i) to Registrant’s Current Report on Form 8-K filed onFebruary 17, 2017 (Commission File No. 1-4879)

4.1 (i) Indenture, dated as of April 19, 2016, among Diebold, Incorporated, as issuer, the subsidiaries of Diebold, Incorporated named therein asguarantors and U.S. Bank National Association, as trustee (including Form of 8.5% Senior Notes due 2024) — incorporated by reference toExhibit 4.1 to Registrant’s Current Report on Form 8-K filed on April 19, 2016 (Commission File No. 1-4879)

4.1 (ii) First Supplemental Indenture, dated as of November 29, 2018, among Diebold Nixdorf, Incorporated, the Guaranteeing Subsidiaries namedtherein and U.S. Bank National Association, as trustee — incorporated by reference to Exhibit 4.1(ii) to Registrant’s Annual Report on Form 10-Kfor the year ended December 31, 2018 (Commission File No. 1-4879)

4.1 (iii) Second Supplemental Indenture, dated as of February 29, 2019, among Diebold Nixdorf, Incorporated, the Guaranteeing Subsidiary namedtherein and U.S. Bank National Association, as trustee — incorporated by reference to Exhibit 4.1(iii) to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018 (Commission File No. 1-4879)

4.2 (i) Indenture, dated as of July 20, 2020, among Diebold Nixdorf, Incorporated, as issuer, the subsidiaries of Diebold Nixdorf, Incorporated namedtherein as guarantors, and U.S. Bank National Association, as trustee and notes collateral agent, relating to Diebold Nixdorf, Incorporated's9.375% Senior Secured Notes due 2025 (including Form of 9.375% Senior Secured Notes due 2025) – incorporated by reference to Exhibit 4.1to Registrant's Current Report on Form 8-K filed on July 24, 2020 (Commission File No. 1-4879)

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4.3 (i) Indenture, dated as of July 20, 2020, among Diebold Nixdorf Dutch Holding B.V., as issuer, Diebold Nixdorf, Incorporated, as guarantor, thesubsidiaries of Diebold Nixdorf, Incorporated named therein as guarantors, Euroclear Financial Services DAC, as paying agent, transfer agentand registrar, and U.S. Bank National Association, as trustee, and U.S. Bank Trustees Limited, as notes collateral agent, relating to DieboldNixdorf Dutch Holding B.V.'s 9.000% Senior Secured Notes due 2025 (including Form of 9.000% Senior Secured Notes due 2025) –incorporated by reference to Exhibit 4.3 to Registrant's Current Report on Form 8-K filed on July 24, 2020 (Commission File No. 1-4879)

4.4 Description of Securities of Diebold Nixdorf, Incorporated*10.1(iii) Form of Employee Agreement — incorporated by reference to Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q for the quarter

ended June 30, 2015 (Commission File No. 1-4879)*10.2(i) Supplemental Employee Retirement Plan I as amended and restated January 1, 2008 — incorporated by reference to Exhibit 10.5(i) to

Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (Commission File No. 1-4879)*10.2(ii) Supplemental Employee Retirement Plan II as amended and restated July 1, 2002 — incorporated by reference to Exhibit 10.5(ii) to

Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2002 (Commission File No. 1-4879)*10.2(iii) Pension Restoration Supplemental Executive Retirement Plan — incorporated by reference to Exhibit 10.5(iii) to Registrant’s Annual Report

on Form 10-K for the year ended December 31, 2008 (Commission File No. 1-4879)*10.2(iv) Pension Supplemental Executive Retirement Plan — incorporated by reference to Exhibit 10.5(iv) to Registrant’s Annual Report on Form 10-K

for the year ended December 31, 2008 (Commission File No. 1-4879)*10.2(v) 401(k) Restoration Supplemental Executive Retirement Plan — incorporated by reference to Exhibit 10.5(v) to Registrant’s Annual Report on

Form 10-K for the year ended December 31, 2008 (Commission File No. 1-4879)*10.2(vi) 401(k) Supplemental Executive Retirement Plan — incorporated by reference to Exhibit 10.5(vi) to Registrant’s Annual Report on Form 10-K

for the year ended December 31, 2008 (Commission File No. 1-4879)*10.2(vii) Amendment to 401(k) Restoration Supplemental Executive Retirement Plan — incorporated by reference to Exhibit 10.2(vii) to Registrant’s

Annual Report on Form 10-K for the year ended December 31, 2018 (Commission File No. 1-4879)*10.3 Deferred Compensation Plan No. 2 for Directors of Diebold, Incorporated — incorporated by reference to Exhibit 10.7(iv) to Registrant’s

Annual Report on Form 10-K for the year ended December 31, 2008 (Commission File No. 1-4879)*10.4 Amended and Restated 1991 Equity and Performance Incentive Plan as Amended and Restated as of April 13, 2009 — incorporated by

reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed on April 29, 2009 (Commission File No. 1-4879)*10.5(i) Form of Deferred Compensation Agreement and Amendment No. 1 to Deferred Compensation Agreement — incorporated by reference to

Exhibit 10.13 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 1996 (Commission File No. 1-4879)*10.5(ii) Deferred Incentive Compensation Plan No. 2 — incorporated by reference to Exhibit 10.10 to Registrant’s Annual Report on Form 10-K for the

year ended December 31, 2008 (Commission File No. 1-4879)*10.6(iii) Section 162(m) Deferred Compensation Agreement (as amended and restated January 29, 1998) — incorporated by reference to Exhibit

10.13 (ii) to Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 1998 (Commission File No. 1-4879)*10.7 Deferral of Stock Option Gains Plan — incorporated by reference to Exhibit 10.14 to the Registrant’s Annual Report on Form 10-K for the year

ended December 31, 1998 (Commission File No. 1-4879)10.8(i) Credit Agreement, dated as of November 23, 2015, among Diebold, Incorporated, the subsidiary borrowers from time to time party thereto, the

lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent — incorporated by reference to Exhibit 10.1to Registrant’s Amendment No. 1 to Registration Statement on Form S-4/A filed on January 8, 2016 (Registration No. 333-208186)

10.8(ii) Replacement Facilities Effective Date Amendment, dated as of December 23, 2015, among Diebold, Incorporated, and the subsidiaryborrower party thereto, the guarantors party thereto, JPMorgan Chase Bank, N.A, as administrative agent, and the lenders party thereto —incorporated by reference to Exhibit 10.2 to Registrant’s Amendment No. 1 to Registration Statement on Form S-4/A filed on January 8, 2016(Registration No. 333-208186)

10.8(iii) Second Amendment to Credit Agreement, dated as of May 6, 2016, among Diebold, Incorporated, the subsidiary borrowers party thereto, theguarantors party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto — incorporated by reference toExhibit 10.1 to Registrant’s Current Report on Form 8-K filed on May 12, 2016 (Commission File No. 1-4879)

10.8(iv) Third Amendment to Credit Agreement, dated as of August 16, 2016, between Diebold, Incorporated and JPMorgan Chase Bank, N.A., asadministrative agent — incorporated by reference to Exhibit 10.34 to Registrant’s Annual Report on Form 10-K for the year ended December31, 2016 (Commission File No. 1-4879)

10.8(v) Fourth Amendment to Credit Agreement, dated as of February 14, 2017, between Diebold, Incorporated and JP Morgan Chase Bank, N.A. asadministrative agent — incorporated by reference to Exhibit 10.9(v) to Registrant’s Annual Report on Form 10-K for the year ended December31, 2018 (Commission File No. 1-4879)

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10.8(vi) Incremental Amendment to Credit Agreement, dated as of May 9, 2017, among Diebold Nixdorf, Incorporated, the subsidiary borrowers partythereto, the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent — incorporated byreference to Exhibit 10.12 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 (Commission File No. 1-4879)

10.8(vii) Fifth Amendment, dated as of April 17, 2018, among Diebold Nixdorf, Incorporated, the subsidiary borrower party thereto, the guarantor partythereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent — incorporated by reference to Exhibit 10.1 toRegistrant’s Current Report on Form 8-K filed on April 20, 2018 (Commission File No. 1-4879)

10.8(viii) Sixth Amendment and Incremental Amendment, dated as of August 31, 2018, among Diebold Nixdorf, Incorporated, the subsidiary borrowersparty thereto, the guarantor party thereto, the lenders party thereto and JP Morgan Chase Bank, N.A., as administrative agent — incorporatedby reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on September 4, 2018 (Commission File No. 1-4879)

10.8(ix) Seventh Amendment, dated August 7, 2019, among Diebold Nixdorf, Incorporated, the subsidiary borrowers party thereto, the guarantor partythereto, the lenders party thereto and JP Morgan Chase Bank, N.A., as administrative agent - incorporated by reference to Exhibit 10.1 toRegistrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 (Commission File No. 1-4879)

10.8(x) Eighth Amendment, dated as of February 27, 2020, among Diebold Nixdorf, Incorporated, the subsidiary borrowers party thereto, theguarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent — incorporated by reference toExhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (Commission File No. 1-4879)

10.8(xi) Ninth Amendment, dated as of July 20, 2020, by and among Diebold Nixdorf, Incorporated, as borrower, the subsidiary borrowers namedtherein, the guarantors party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent and the other institutions namedon the signature pages thereto – incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed on July 24, 2020(Commission File No. 1-4879)

10.8(xii) Tenth Amendment, dated as of November 6, 2020, by and among Diebold Nixdorf, Incorporated, as borrower, the subsidiary borrowersnamed therein, the guarantors party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent and other institutionsnamed on the signature pages thereto.

10.9(i) Transfer and Administration Agreement, dated as of March 30, 2001, by and among DCC Funding LLC, Diebold Credit Corporation, Diebold,Incorporated, Receivables Capital Corporation and Bank of America, National Association and the financial institutions from time to timeparties thereto — incorporated by reference to Exhibit 10.20(i) to Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31,2001 (Commission File No. 1-4879)

10.9(ii) Amendment No. 1 to the Transfer and Administration Agreement, dated as of May 2001, by and among DCC Funding LLC, Diebold CreditCorporation, Diebold, Incorporated, Receivables Capital Corporation and Bank of America, National Association and the financial institutionsfrom time to time parties thereto — incorporated by reference to Exhibit 10.20(ii) to Registrant’s Quarterly Report on Form 10-Q for the quarterended March, 31, 2001 (Commission File No. 1-4879)

*10.10 Form of Non-Qualified Stock Option Agreement — incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filedon September 21, 2009 (Commission File No. 1-4879)

*10.11 Form of Restricted Share Agreement — incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed onSeptember 21, 2009 (Commission File No. 1-4879)

*10.12 Form of RSU Agreement — incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K filed on September 21, 2009(Commission File No. 1-4879)

*10.13 Form of Performance Share Agreement — incorporated by reference to Exhibit 10.4 to Registrant’s Current Report on Form 8-K filed onSeptember 21, 2009 (Commission File No. 1-4879)

*10.15(i) Diebold, Incorporated Annual Cash Bonus Plan — incorporated by reference to Exhibit A to Registrant’s Definitive Proxy Statement onSchedule 14A filed on March 16, 2010 (Commission File No. 1-4879)

*10.14(ii) Diebold, Incorporated Annual Cash Bonus Plan — incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filedon April 28, 2015 (Commission File No. 1-4879)

*10.15(i) Form of Deferred Shares Agreement — incorporated by reference to Exhibit 10.5 to Registrant’s Current Report on Form 8-K filed onSeptember 21, 2009 (Commission File No. 1-4879)

*10.15(ii) Form of Deferred Shares Agreement (2014) — incorporated by reference to Exhibit 10.17(ii) to Registrant’s Annual Report on Form 10-K forthe year ended December 31, 2014 (Commission File No. 1-4879)

*10.16 CEO Common Shares Award Agreement — incorporated by reference to Exhibit 4.5 to Registrant’s Registration Statement on Form S-8 filedon August 15, 2013 (Registration No. 333-190626)

*10.17 2014 Non-Qualified Stock Purchase Plan — incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed on April30, 2014 (Commission File No. 1-4879)

*10.18 Form of Long-Term Incentive Deferred Share Agreement (2014) — incorporated by reference to Exhibit 10.22 to Registrant’s Annual Reporton Form 10-K for the year ended December 31, 2014 (Commission File No. 1-4879)

*10.19 Form of Performance Share Agreement — incorporated by reference to Exhibit 10.27 to Registrant’s Annual Report on Form 10-K for the yearended December 31, 2015 (Commission File No. 1-4879)

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*10.20 Form of Nonqualified Stock Option Agreement — incorporated by reference to Exhibit 10.28 to Registrant’s Annual Report on Form 10-K forthe year ended December 31, 2015 (Commission File No. 1-4879)

*10.21 Form of Restricted Stock Unit Agreement - Cliff Vesting — incorporated by reference to Exhibit 10.29 to Registrant’s Annual Report on Form10-K for the year ended December 31, 2015 (Commission File No. 1-4879)

*10.22 Form of Restricted Stock Unit Agreement - Ratable Vesting — incorporated by reference to Exhibit 10.30 to Registrant’s Annual Report onForm 10-K for the year ended December 31, 2015 (Commission File No. 1-4879)

*10.23 Form of Restricted Share Agreement — incorporated by reference to Exhibit 10.31 to Registrant’s Annual Report on Form 10-K for the yearended December 31, 2015 (Commission File No. 1-4879)

*10.24 Domination and Profit and Loss Transfer Agreement, dated September 26, 2016, by and among Diebold Holding Germany Inc. & Co. KGaAand Wincor Nixdorf AG (English translation) — incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed onSeptember 29, 2016 (Commission File No. 1-4879)

*10.25(i) Offer Letter - Olaf Heyden — incorporated by reference to Exhibit 10.2 to Registrant’s Quarterly Report on Form 10-Q for the quarter endedMarch 31, 2017 (Commission File No. 1-4879)

*10.25(ii) Olaf Heyden Amended Service Agreement — incorporated by reference to Exhibit 10.5 to Registrant’s Quarterly Report on Form 10-Q for thequarter ended March 31, 2017 (Commission File No. 1-4879)

10.26 Service Agreement, dated February 24, 2021, by and between Diebold Nixdorf Holding Germany GmbH and Olaf Heyden*10.27(i) Offer Letter - Ulrich Näher — incorporated by reference to Exhibit 10.3 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended

March 31, 2017 (Commission File No. 1-4879)*10.27(ii) Ulrich Näher Amended Service Agreement — incorporated by reference to Exhibit 10.6 to Registrant’s Quarterly Report on Form 10-Q for the

quarter ended March 31, 2017 (Commission File No. 1-4879)*10.27(iii) Dr. Ulrich Näher Amendment to management Board Member's Service Agreement — incorporated by reference to Exhibit 10.36 to

Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018 (Commission File No. 1-4879)10.28 Service Agreement, dated February 24, 2021, by and between Diebold Nixdorf Holding Germany GmbH and Dr. Ulrich Näher*10.29 Diebold Nixdorf, Incorporated 2017 Equity and Performance Incentive Plan, as amended May 1, 2020 incorporated by reference to Exhibit

10.13 to Registrant's Current Report on Form 8-K filed on May 7, 2020(Commission File No. 1-4879)*10.30 Form of Non-Qualified Stock Option Agreement (2017 Plan) — incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on

Form 8-K filed on April 28, 2017 (Commission File No. 1-4879)*10.31 Form of Restricted Share Agreement (2017 Plan) — incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed

on April 28, 2017 (Commission File No. 1-4879)*10.32 Form of Restricted Stock Unit Agreement - Cliff Vest (2017 Plan) — incorporated by reference to Exhibit 10.3 to Registrant’s Current Report

on Form 8-K filed on April 28, 2017 (Commission File No. 1-4879)*10.33 Form of Restricted Stock Unit Agreement - Ratable Vest (2017 Plan) — incorporated by reference to Exhibit 10.4 to Registrant’s Current

Report on Form 8-K filed on April 28, 2017 (Commission File No. 1-4879)*10.34 Form of Restricted Stock Unit Agreement - Non-employee Directors (2017 Plan) — incorporated by reference to Exhibit 10.5 to Registrant’s

Current Report on Form 8-K filed on April 28, 2017 (Commission File No. 1-4879)*10.34 Form of Stock Appreciation Rights Agreement (2017 Plan) — incorporated by reference to Exhibit 10.6 to Registrant’s Current Report on

Form 8-K filed on April 28, 2017 (Commission File No. 1-4879)*10.36 Form of Performance Shares Agreement (2017 Plan) — incorporated by reference to Exhibit 10.7 to Registrant’s Current Report on Form 8-K

filed on April 28, 2017 (Commission File No. 1-4879)*10.37 Form of Performance Units Agreement (2017 Plan) — incorporated by reference to Exhibit 10.8 to Registrant’s Current Report on Form 8-K

filed on April 28, 2017 (Commission File No. 1-4879)*10.38 Form of Performance Cash Award Agreement (2017 Plan) — incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form

8-K filed on February 1, 2019 (Commission File No. 1-4879)*10.39 Offer Letter, dated February 21, 2018, by and between Diebold Nixdorf, Incorporated and Gerrard Schmid — incorporated by reference to

Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed on February 21, 2018 (Commission File No. 1-4879)*10.40 Offer Letter, dated February 21, 2018, by and between Diebold Nixdorf, Incorporated and Gerrard Schmid — incorporated by reference to

Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed on February 21, 2018 (Commission File No. 1-4879)*10.41 CEO Inducement Award Agreement, dated February 21, 2018, by and between Diebold Nixdorf, Incorporated and Gerrard Schmid —

incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed on February 21, 2018 (Commission File No. 1-4879)

*10.42 Change in Control Agreement, dated February 21, 2018, by and between Diebold Nixdorf, Incorporated and Gerrard Schmid — incorporatedby reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K filed on February 21, 2018 (Commission File No. 1-4879)

*10.43 Independent Contractor Agreement, dated October 1, 2018, between Diebold Nixdorf, Incorporated and Jeffrey Rutherford — incorporated byreference to Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 (Commission File No. 1-4879)

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10.44 Performance Unit Award Agreement, dated February 23, 2021, by and between Diebold Nixdorf, Incorporated and Jeffrey Rutherford*10.45 Nomination and Standstill Agreement, dated February 22, 2019, by and among the Registrant and the individuals and entities listed on

Schedule I thereto - incorporated by reference to Registrant’s Current Report on Form 8-K filed on February 25, 2019 (Commission File No. 1-4879)

*10.46 Performance Share Unit Agreement - incorporated by reference to Exhibit 10.2 to Registrant’s Quarterly Report on Form 10-Q for the quarterended June 30, 2019 (Commission File No. 1-4879)

*10.47 Diebold Nixdorf, Incorporated 2020 Annual Incentive Plan21.1 Subsidiaries of the Registrant as of December 31, 202022.1 List of Subsidiary Guarantors23.1 Consent of Independent Registered Public Accounting Firm24.1 Power of Attorney31.1 Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2 Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1 Certification of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 135032.2 Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350

101.INS Inline XBRL Instance Document101.SCH Inline XBRL Taxonomy Extension Schema Document101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document101.PRE XBRL Taxonomy Extension Presentation Linkbase Document104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Reflects management contract or other compensatory arrangement required to be filed as an exhibit pursuant to Item 15(b) of this annual report on Form10-K.

ITEM 16: FORM 10-K SUMMARY

None.

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SIGNATURES

Pursuant to the requirements of  Section 13 or 15(d) of  the Securities Exchange Act of  1934, the registrant has duly caused this report  to be signed on itsbehalf by the undersigned, thereunto duly authorized.

DIEBOLD NIXDORF, INCORPORATEDDate: March 1, 2021

By:  /s/ Gerrard B. SchmidGerrard B. SchmidPresident and Chief Executive Officer

                                By:  /s/ Jeffrey RutherfordJeffrey RutherfordSenior Vice President and Chief Financial Officer

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

Signature Title Date

/s/ Gerrard B. Schmid President and Chief Executive Officer (Principal Executive Officer)

March 1, 2021Gerrard B. Schmid

/s/ Jeffrey Rutherford Senior Vice President and Chief Financial Officer (Principal Financial Officer)

March 1, 2021Jeffrey Rutherford

/s/ James Barna Vice President and Chief Accounting Officer (Principal Accounting Officer)

March 1, 2021James Barna

* Director March 1, 2021Arthur F. Anton

* Director March 1, 2021Bruce Besanko

* Director March 1, 2021Reynolds C. Bish

* Director March 1, 2021Ellen M. Costello

* Director March 1, 2021Phillip R. Cox

* Director March 1, 2021Alexander Dibelius

* Director March 1, 2021Matthew Goldfarb

* Director March 1, 2021Gary G. Greenfield

* Director March 1, 2021Kent M. Stahl* Director March 1, 2021Lauren C. States

* The undersigned,  by signing his  name hereto,  does sign and execute  this  Annual  Report  on Form 10-K pursuant  to  the Powers  of  Attorney  executed by the above-named officers and directors of the Registrant and filed with the Securities and Exchange Commission on behalf of such officers and directors.

Date: March 1, 2021*By:  /s/ Jonathan B. Leiken

Jonathan B. LeikenAttorney-in-Fact

108

Exhibit 10.8

TENTH AMENDMENT

TENTH AMENDMENT, dated as of November 6, 2020 (this “Amendment”), among Diebold Nixdorf, Incorporated (f/k/a Diebold,Incorporated), an Ohio corporation (“Company”), the other Subsidiary Borrowers party hereto, the Guarantors party hereto, the Lenders partyhereto, and JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent (in such capacity, the “Administrative Agent”). Capitalizedterms used herein but not otherwise defined have the meanings assigned to such terms in the Credit Agreement (as hereinafter defined).

W I T N E S S E T H:

WHEREAS, the Borrowers, the several lenders from time to time party thereto prior to giving effect to this Amendment, the otheragents party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, previously entered into that certain credit agreement, dated asof November 23, 2015, as amended by that certain Replacement Facilities Effective Date Amendment, dated as of December 23, 2015, thatSecond Amendment, dated as of May 6, 2016, that Third Amendment, dated as of August 16, 2016, that Fourth Amendment, dated as ofFebruary 14, 2017, that Incremental Amendment, dated as of May 9, 2017, that Fifth Amendment, dated as of April 17, 2018, that SixthAmendment and Incremental Amendment, dated as of August 30, 2018, that Seventh Amendment, dated as of August 7, 2019, that EighthAmendment, dated as of February 27, 2020 and that Ninth Amendment, dated as of July 20, 2020 (the “Existing Credit Agreement”, and asamended by this Amendment and as further amended, restated, modified or supplemented from time to time, the “Credit Agreement”);

WHEREAS, the Borrower has requested, and the Lenders party hereto (who constitute the “Required Revolving Credit Lenders” and“Required TLA/RC Lenders” and “Required Pro Rata/TLA-1 Lenders”) have agreed to make, certain additional changes to the ExistingCredit Agreement on and subject to the terms and conditions set forth herein; and

WHEREAS, each of the undersigned hereby consents to the terms of this Amendment.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency ofwhich is hereby acknowledged), the parties hereto hereby agree as follows:

SECTION 1. Certain Amendments to the Existing Credit Agreement.

(a) The definition of “Interest Coverage Ratio” in Section 1.1 is hereby amended and restated in its entirety as follows:

“Interest Coverage Ratio” means, as of the end of any fiscal quarter, the ratio of (a) EBITDA to (b) Interest Expense, in each casecalculated for the four consecutive fiscal quarters then ending, on a consolidated basis for the Company and its Restricted Subsidiaries inaccordance with GAAP; provided that solely for calculating and determining compliance with Sections 6.23(a) and (b), to the extent theywould otherwise be included in clause (b) of this definition, the following items shall be excluded from such clause (b): (i) the Make WholePremium paid by the Company on or about July 20, 2020, (ii) any write-off of previously deferred fees related to the repayment of the TermA Loans and the Term A-1 Loans and (iii) any expense associated with the termination of interest rate swaps in connection with therepayment of the Term A Loans and the Term A-1 Loans.

SECTION 2. Amendment Effectiveness.

This Amendment shall become effective on and as of the first date (such date, the “Tenth Amendment Effective Date”) on whichthe Administrative Agent shall have received this Amendment, duly executed by each of the Borrowers, the Administrative Agent andLenders constituting Required Revolving Credit Lenders, Required TLA/RC Lenders and Required Pro Rata/TLA-1 Lenders.

SECTION 3. No Other Amendments; References to the Credit Agreement. Other than as specifically provided herein or in theCredit Agreement, this Amendment shall not operate as a waiver or amendment of any right, power or privilege of the Lenders under (and asdefined in) the Existing Credit Agreement or any other Loan Document (as such term is defined in the Existing Credit Agreement) or of anyother term or condition of the Existing Credit Agreement or any other Loan Document (as such term is defined in the Existing CreditAgreement) nor shall the entering into of this Amendment preclude the Lenders from refusing to enter into any further waivers oramendments with respect to the Existing Credit Agreement. All references to the Existing Credit Agreement in any document, instrument,agreement, or writing that is a Loan Document shall from and after the Tenth Amendment Effective Date be deemed to refer to the CreditAgreement, and, as used in the Credit Agreement, the terms “Agreement,” “herein,” “hereafter,” “hereunder,” “hereto” and words of similarimport shall mean, from and after the Tenth Amendment Effective Date, the Credit Agreement. This Amendment shall be a Loan Documentfor all purposes under the Credit Agreement and the other Loan Documents.

SECTION 4. Headings. The various headings of this Amendment are inserted for convenience only and shall not affect the meaningor interpretation of this Amendment or any provisions hereof.

SECTION 5. Execution in Counterparts. This Amendment may be executed by one or more of the parties hereto on any number ofseparate counterparts and all of said counterparts together shall be deemed to constitute one and the same instrument. A counterpart hereof ora signature page hereto delivered by facsimile or electronic transmission (such as a .pdf file) shall be effective as delivery of a manuallysigned, original counterpart hereof.

SECTION 6. Cross-References. References in this Amendment to any Section are, unless otherwise specified or otherwise requiredby the context, to such Section of this Amendment.

SECTION 7. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIESHEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWOF THE STATE OF NEW YORK.

SECTION 8. Reaffirmation.

(a) Each Loan Party hereby (i) expressly acknowledges the terms of the Credit Agreement (as amended by this Amendment), (ii)ratifies and affirms its obligations under the Loan Documents (including guarantees and security agreements) executed by the undersigned,(iii) acknowledges, renews and extends its continued liability under all such Loan Documents and agrees such Loan Documents remain in fullforce and effect, (iv) agrees that each Security Document secures all Obligations of the Loan Parties in accordance with the terms thereof and(v) confirms this Amendment does not represent a novation of any Loan Document. Each Loan Party ratifies and confirms that all Liensgranted, conveyed, or assigned to the Administrative Agent by such Person pursuant to each Loan Document to which it is a party remain infull force and effect, are not released or reduced, and continue to secure full payment and

performance of the Obligations (in each case other than as any such Liens have been released or reduced from time to time in accordancewith the Loan Documents prior to the date hereof).

(b) Each Loan Party hereby reaffirms, as of the Tenth Amendment Effective Date, (i) the covenants and agreements contained ineach Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after givingeffect to this Amendment and the transactions contemplated thereby, and (ii) as applicable with respect to Domestic Loan Parties, itsguarantee of payment of the Obligations pursuant to Article IX of the Credit Agreement and its grant of Liens on the Collateral to secure theObligations.

(c) Each Loan Party hereby certifies that, as of the date hereof (immediately after giving effect to the occurrence of the TenthAmendment Effective Date and the effectiveness of the Amendment), the representations and warranties made by it contained in the LoanDocuments to which it is a party are true and correct in all material respects with the same effect as if made on the date hereof, except to theextent any such representation or warranty refers or pertains solely to a date prior to the date hereof (in which case such representation andwarranty was true and correct in all material respects as of such earlier date).

(d) Each Loan Party hereby acknowledges and agrees that the acceptance by the Administrative Agent and each applicable Lenderof this document shall not be construed in any manner to establish any course of dealing on such Person’s part, including the providing of anynotice or the requesting of any acknowledgment not otherwise expressly provided for in any Loan Document with respect to any futureamendment, waiver, supplement or other modification to any Loan Document or any arrangement contemplated by any Loan Document.

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers and generalpartners thereunto duly authorized, as of the date first written above.

DIEBOLD NIXDORF, INCORPORATED

By: /s/ Jonathan B. LeikenName: Jonathan B. LeikenTitle: Senior Vice President, Cheif Legal Officer and Corporate Secretary

DIEBOLD Self-Service Solutions S.ar.l.

By: /s/ Zeeshan NaqviName: Zeeshan NaqviTitle: Manager

DIEBOLD SST HOLDING COMPANY, LLCDIEBOLD HOLDING COMPANY, LLCDIEBOLD GLOBAL FINANCE CORPORATIONDIEBOLD SELF-SERVICE SYSTEMSGRIFFIN TECHNOLOGY INCORPORATED

By: /s/ Jonathan B. LeikenName: Jonathan B. LeikenTitle: President

JPMORGAN CHASE BANK, N.A.,as Administrative Agent and as Revolving Credit Lender

By: /s/ Min Park Name: Min Park Title: Executive Director

PNC BANK, NATIONAL ASSOCIATION,as Revolving Credit Lender

By: /s/ Scott A. Nolan Name: Scott A. Nolan Title: Senior Vice President

Bank of America, N.A.,as Revolving Credit Lender

By: /s/ Gregg Bush Name: Gregg Bush Title: Senior Vice President

U.S. Bank National Association,as Revolving Credit Lender

By: /s/ Christopher W. Rupp Name: Christopher W. Rupp Title: Senior Vice President

Credit Suisse AG, Cayman Islands Branch,as Revolving Credit Lender

By: /s/ William O'Daly Name: William O'Daly Title: Authorized Signatory

By: /s/ Andrew Griffin Name: Andrew Griffin Title: Authorized Signatory

Deutsche Bank AG New York Branch,as Revolving Credit Lender

By: /s/ Philip Tancorra Name: Philip Tancorra Title: Vice President

By: /s/ Jennifer Culbert Name: Jennifer Culbert Title: Vice President

HSBC Bank USA, National Association,as Revolving Credit Lender

By: /s/ Stephen M. Ellsworth Name: Stephen M. Ellsworth Title: Vice President

The Governor and Company of the Bank of Ireland,as Revolving Credit Lender

By: /s/ Christopher Dick Name: Christopher Dick Title: Deputy Manager

By: /s/ Keith Hughes Name: Keith Hughes Title: Director

Exhibit 10.26

Dienstvertrag Service Agreement

Zwischen

der Diebold Nixdorf Holding Germany GmbH, Heinz-Nixdorf-Ring1, 33106 Paderborn, vertreten durch die alleinige Gesellschafterin,Diebold Nixdorf Incorporated, diese vertreten durch________________

- im Folgenden „Gesellschaft“ genannt -

und

Herrn Olaf Heyden, wohnhaft Stenzelbergstrasse 3, 53340Meckenheim

Between

Diebold Nixdorf Holding Germany GmbH, Heinz-Nixdorf-Ring1, 33106 Paderborn, represented by the sole shareholder,Diebold Nixdorf Incorporated in turn represented by,_________________

- hereinafter referred to as “Company” -

and

Olaf Heyden, residing in Stenzelbergstrasse 3, 53340Meckenheim

Präambel Preamble

Herr Olaf Heyden ist durch Beschluss des Aufsichtsrats der DieboldNixdorf AG vom 23.04.2013 für die Zeit vom 01.05.2013 bis zum28.02.2022 zum ordentlichen Mitglied des Vorstandes der DieboldNixdorf AG bestellt worden. Die Diebold Nixdorf AG wurde 2019auf die Diebold Nixdorf Holding Germany Inc. Co. KGaA (DNKGaA) verschmolzen. Die DN KGaA wurde zuletzt im Wege desFormwechsels in die Diebold Nixdorf Holding Germany GmbHumgewandelt.

Herr Heyden wurde mit Wirkung zum 5. Mai 2020 zumGeschäftsführer der Diebold Nixdorf Holding Germany GmbHbestellt.

Zwischen Herrn Heyden und der DN AG bzw. der DN KGaA wurdeein Vorstandsanstellungsvertrag nebst Änderungen, zuletzt vom31.03.2017 abgeschlossen, die auch zwischen den Parteien derzeit biszum 31.08.2022 gelten.

Diese sollen nunmehr vollständig durch diesen Dienstvertrag ersetztwerden.

By resolution of the Supervisory Board of Diebold Nixdorf AGon April 23, 2013, Olaf Heyden was appointed as a regularmember of the Management Board of Diebold Nixdorf AG forthe term commencing from May 1, 2013 to February 28, 2022.Diebold Nixdorf AG was merged into Diebold Nixdorf HoldingGermany Inc. Co KGaA (DN KGaA) in 2019. DN KGaA waslast transformed into Diebold Nixdorf Holding Germany GmbHby way of a change of legal form.

Mr. Heyden was appointed as member of the ManagementBoard of Diebold Nixdorf Holding Germany GmbH effectiveMay 5, 2020.

Between Mr. Heyden and DN AG or DN KGaA a managementservice agreement including amendments was concluded, mostrecently from March 31, 2017 which also applies between theparties currently up to August 31, 2022.

These are now to be completely replaced by this ServiceAgreement.

Die vorausgeschickt vereinbaren die Parteien was folgt: On this basis, the parties agree to the following:1. Aufgabenbereich und Pflichten 1. Responsibilities and Duties

1

Exhibit 10.26

1.1 Herr Heyden ist gemeinsam mit den anderen Geschäftsführern zurFührung der Geschäfte der Gesellschaft und der dazugehörigenTochtergesellschaften nach Maßgabe der gesetzlichen Bestimmungen,der Satzung, etwaiger Weisungen unter dem Beherrschungs- undGewinnabführungsvertrag mit der Gesellschaft, der Geschäftsordnungfür die Geschäftsführung und der Beschlüsse der Gesellschafterin -soweit gesetzlich zulässig - in den jeweils geltenden Fassungen nachbestem Wissen und Können berechtigt und verpflichtet.

1.1 Mr. Heyden shall have the right and duty to conduct thebusiness of the Company and its subsidiaries jointly with theother members of the Management Board according to his bestknowledge and skill and in accordance with the statutoryprovisions, potential directions issued under the domination andprofit and loss transfer agreement with the Company, theArticles of Association, the Rules of Procedure(Geschäftsordnung) of the Management Board and theresolutions of the shareholder - to the extent permitted understock corporation law, each as amended from time to time.

1.2 Die Abgrenzung der Gesamtverantwortung für die Gesellschaft undder speziellen Ressortverantwortung ergibt sich aus derGeschäftsordnung für die Geschäftsführung und dem jeweils gültigenOrganisationsplan der Gesellschaft.

1.2 The distinction between the joint responsibility for the Companyand the individual responsibility for a specific area ofresponsibility is determined in the Rules of Procedure of theManagement Board and the organization plan of the Companyas applicable from time to time.

1.3 Es besteht Einverständnis darüber, dass die Geschäftsordnung für dieGeschäftsführung und der Organisationsplan nach denUnternehmenserfordernissen geändert werden können, ohne dassdavon die übrigen vertraglichen Regelungen berührt werden. DerStellung von Herrn Heyden ist dabei angemessen Rechnung zu tragen.

1.3 The parties agree that the Rules of Procedure of theManagement Board and the organization plan may be amendedif this is required for business reasons. Such amendments willnot affect the other provisions of this Agreement and shall bemade with due regard to the position of Mr. Heyden.

1.4 Die Mitglieder der Geschäftsführung informieren sich regelmäßig überdie jeweiligen Ressortangelegenheiten.

1.4 The members of the Management Board shall keep themselvesinformed about any matters concerning the respective areas ofresponsibility on a regular basis.

1.5 Herr Heyden vertritt die Gesellschaft gemeinsam mit einemGeschäftsführer oder einem Prokuristen der Gesellschaft.

1.5 Mr. Heyden shall represent the Company jointly with anothermember of the Management Board or a holder of a generalcommercial power of attorney (Prokurist) of the Company.

1.6 Herr Heyden wird nach Aufforderung durch die Gesellschaft beiUnternehmen, an denen die Gesellschaft unmittelbar oder mittelbarbeteiligt ist, neben den bereits ausgeübten Ämtern weitere Ämter alsGeschäftsführer, Mitglied des Aufsichtsrates oder ähnliche Funktionensowie Funktionen in Vereinigungen, denen die Gesellschaft angehört,übernehmen.

1.6 Mr. Heyden shall, at the request of the Company, assume, inaddition to the offices already held by him, further offices asmanaging director, member of the supervisory board or similarfunctions in companies in which the Company holds a direct orindirect interest, as well as functions in associations in whichthe Company is a member.

2

Exhibit 10.26

1.7 Bei seinem Ausscheiden aus der Geschäftsführung hat Herr Heydendie aufgrund seiner Stellung in der Gesellschaft übernommenenGeschäftsführerämter, Aufsichtsratsmandate oder ähnlicheFunktionen sowie Funktionen in Vereinigungen zur Verfügung zustellen. Auf Wunsch der Gesellschaft hat er sich dafür einzusetzen,dass eine andere von der Gesellschaft genannte Person an seine Stelletritt. Herr Heyden ist jederzeit zur Niederlegung eines aufgrund seinerStellung in der Gesellschaft übernommenen Geschäftsführeramtes,Aufsichtsratsmandates oder ähnlicher Funktionen sowie Ehrenämterverpflichtet, wenn er durch die Gesellschaft hierzu aufgefordert wird.Jeweils vor der Übernahme eines Amtes oder Mandates wirdfestgestellt, ob es sich bei dem Amt oder Mandat um eine aufgrundder Stellung in der Gesellschaft übernommene Tätigkeit handelt.

1.7 When ceasing to hold office as Management Board member,Mr. Heyden shall resign from any offices as managing director,supervisory board member or similar functions as well as fromany functions in associations that he has assumed as a result ofhis position in the Company. At the request of the Company, heshall procure that he is replaced by another person specified bythe Company. Mr. Heyden shall, at the request of the Company,resign at any time from any offices as managing director,supervisory board member or similar functions and from anyhonorary offices that he has assumed as a result of his positionin the Company. Prior to the assumption of any office, it shall bedetermined whether such office is a function assumed as a resultof the position in the Company.

2. Tätigkeitsumfang und Nebenbeschäftigung 2. Scope of Work, and Secondary Employment

2.1 Herr Heyden hat seine ganze Arbeitskraft ausschließlich derGesellschaft zu widmen und deren Interessen und Belange unterBeachtung größter Sorgfalt jederzeit zu wahren und zu fördern. HerrHeyden wird jedoch auch als Chief Operating Officer der DieboldNixdorf Gruppe tätig.

2.1 Mr. Heyden shall dedicate his full work capacity exclusively tothe Company and shall at any time preserve and promote theCompany’s interests and concerns with greatest care. Mr.Heyden shall however, also act as the Chief Operating Officer ofthe Diebold Nixdorf group.

2.2 Im Hinblick auf seine Position wird Heyden erforderlicheDienstreisen innerhalb und außerhalb Deutschlands tätigen. Er kannunter Berücksichtigung der Interessen der Gesellschaft von seinemWohnsitz in Meckenheim aus arbeiten.

2.2 In view of his position, Mr. Heyden shall  travel inside andoutside of Germany as necessary. He may work remotelyfrom his residence in Meckenheim, taking into account theinterests of the Company.

3

Exhibit 10.26

2.3 Während der Dauer des Dienstverhältnisses ist jede entgeltlicheselbständige oder unselbständige Nebenbeschäftigung und dieÜbernahme von Aufsichtsrats-, bzw. Beiratsämtern beiaußenstehenden Unternehmen nur mit vorheriger schriftlicherZustimmung der Gesellschafterin zulässig. Die Zustimmung ist zuerteilen, soweit nicht berechtigte Interessen der Gesellschaft oder voneiner mit ihr verbundenen Unternehmen im Sinne der §§ 15 ff. AktG(„Verbundene Unternehmen“ und die Gesellschaft zusammen mitden Verbundenen Unternehmen die „Diebold Nixdorf Gruppe“)dieser Tätigkeit entgegenstehen. UnentgeltlicheNebenbeschäftigungen und Ämter wird Herr Heyden vor Übernahmeder Gesellschafterin anzeigen.

2.3 For the term of this Service Agreement, each dependent orindependent secondary employment against remuneration as wellas the offices as member of a supervisory board or an advisoryboard in external companies may only be assumed with priorwritten approval of the shareholder. Such approval shall begranted unless justified interests of the Company or any of itsaffiliated companies within the meaning of sec. 15 et seq. of theGerman Stock Corporation Act (Aktiengesetz – AktG) (the“Affiliates” and the Company together with the Affiliates the“Diebold Nixdorf Group”) conflict with such activity. Mr.Heyden shall indicate to the shareholder any secondaryemployment and office without remuneration prior to itsassumption.

2.4 Bei Veröffentlichungen und Vorträgen wird Herr Heyden stets dieInteressen der Gesellschaft wahren und die Geheimhaltungspflichtbeachten.

2.4 In publications and presentations Mr. Heyden shall alwaysprotect the interests of the Company and comply with the duty ofconfidentiality.

3. Geheimhaltung, Herausgabe und Erfindungen 3. Confidentiality, Return of Material and Inventions

3.1 Herr Heyden ist verpflichtet, alle ihm durch seine Tätigkeit zurKenntnis gelangten vertraulichen Angelegenheiten der Gesellschaftsowie der mit ihr Verbundenen Unternehmen und ihrerGeschäftspartner, insbesondere Betriebs- oder Geschäftsgeheimnisse,geheim zu halten. Die Geheimhaltungspflicht besteht nach demAusscheiden aus der Gesellschaft fort.

3.1 Mr. Heyden shall keep confidential any confidential matters ofthe Company and of any of its Affiliates and business partners, inparticular trade and business secrets, that have become known tohim as a result of his work. The obligation to maintainconfidentiality shall continue to exist after leaving the Company.

4

Exhibit 10.26

Eine Information stellt ein Geschäftsge-heimnis dar, wenn siegeheim und daher von wirtschaftlichem Wert ist, sie Gegen-standangemessener Geheimhaltungsmaßnahmen durch ihrenrechtmäßigen Inhaber ist und ein berechtigtes Interesse an ihrerGeheimhaltung besteht. Hierzu gehören insbesondere vertraulicheAbsichten und Pläne, strategische Geschäftspläne, Forschung undEntwicklungs-Pläne bezüglich Produkten, Dienstleistungen undSoftware, vertrauliche Produktinformationen, vertrauliches Know-how, Marktaussichten und Geschäftsbeziehungen, Aufträge,Informationen zu Kundenlisten, Preisen, Preisvereinbarungenzukünftigen Kunden und Preisnachlass- und sonstigenZahlungsvereinbarungen sowie für sonstige aus sachlichem Grundfür vertraulich erklärte Angelegenheiten. Zu den vertraulichenAngelegenheiten zählen ferner Einzelheiten der Vertriebskanäle, derbetriebswirtschaftlichen Daten und der Vertriebskonditionen.

Information is a trade secret if it is secret and therefore ofeconomic value, if it is subject to appropriate secrecy measures byits rightful owner and if there is a legitimate interest in its secrecy.This includes in particular confidential intentions and plans,strategic business plans, research and development plans relating toproducts, services and software; confidential product information,confidential know-how, market prospects and business relations,orders, information on customer lists, prices, price agreements withfuture customers and agreements on discounts and other paymentsas well as other matters declared confidential for a factual reason.Confidential matters also include details of distribution channels,business management data and distribution conditions.

3.2 Im Rahmen des rechtlich Zulässigen und sofern nicht von derGesellschaft ausdrücklich anders beschlossen und verlangt, darfHerr Heyden entsprechende Informationen auch im Rahmen seinerTätigkeit für andere Unternehmen der Diebold Nixdorf Gruppeverwenden und weitergeben.

3.2 To the extent legally permissible and unless expressly resolved andrequested otherwise by the Company, Mr. Heyden is entitled to useand disclose respective information in connection with its servicesfor any other company of the Diebold Nixdorf Group.

3.3 Herr Heyden ist verpflichtet, alle seine dienstliche Tätigkeitbetreffenden Schriftstücke einschließlich seiner eigenenAufzeichnungen geschäftlicher Art sowie entsprechende Daten alsanvertrautes Eigentum der Gesellschaft zu behandeln, sorgfältigunter Verschluss zu halten und bei Beendigung desDienstverhältnisses unaufgefordert und vollzählig der Gesellschaftauszuhändigen. Ein Zurückbehaltungsrecht besteht insoweit nicht.

3.3 Mr. Heyden shall treat all documents concerning his duties underthis Service Agreement, including his own records of a businessnature and related data, as property of the Company that has beenentrusted to him, shall keep them carefully under lock and key, andshall, without being requested to do so, return all such documents,records and data to the Company upon termination of this ServiceAgreement. There shall be no right of retention with regard to suchdocuments, records and data.

3.4 Herr Heyden ist verpflichtet, etwaige Erfindungen im Sinne desGesetzes über Arbeitnehmererfindungen der Gesellschaftunverzüglich schriftlich mitzuteilen. Die Gesellschaft ist berechtigt,innerhalb einer Frist von vier Monaten nach dieser Mitteilung zuerklären, ob und in welchem Umfang sie die Erfindungen inAnspruch nimmt. Für den Fall einer Inanspruchnahme derErfindung erhält Herr Heyden eine Vergütung in entsprechenderAnwendung der Bestimmungen des Gesetzes überArbeitnehmererfindungen und den hierzu ergangenenVergütungsrichtlinien.

3.4 Mr. Heyden shall, without undue delay, give written notice to theCompany of any inventions within the meaning of the German Acton Employee Inventions (Gesetz über Arbeitnehmererfindungen).Within a period of four months as of receipt of such notice, theCompany shall be entitled to declare whether and to what extent itclaims the inventions. If the Company claims an invention, Mr.Heyden shall receive a compensation in accordance with theGerman Act on Employee Inventions and the compensationguidelines issued thereunder which apply mutatis mutandis.

5

Exhibit 10.26

4. Vergütung, Arbeitsunfähigkeit und Tod 4. Remuneration, Incapacity for Work and Death

4.1 Herr Heyden kann eine Jahresgesamtzielvergütung erhalten, die sichaus einer jährlichen festen Vergütung (Fixum) in Höhe von bruttoEUR 508.305,00, einer kurzfristig variablen Zielvergütung in Höhevon brutto EUR 508.305,00 sowie einer langfristig variablenZielvergütung in Höhe von brutto EUR 1.016.610 zusammensetzt,wobei die Voraussetzungen der variablen Zielvergütungenwienachfolgend geregelt sind.

Das Fixum ist in zwölf gleichen Raten jeweils zum Ende desKalendermonats zahlbar.

4.1 Mr. Heyden may receive an annual total target remunerationwhich comprises an annual fixed remuneration (“Fixum”) in thegross amount of EUR 508,305.00, a target short-term variableremuneration in the gross amount of EUR 508,305.00 as well asa target long-term variable remuneration in the amount ofEUR 1,016,610, whereas the conditions of the variableremunerations are set out below.

The Fixum is payable by twelve equal instalments, in each caseto the end of the calendar month.

4.2 Herr Heyden kann im Rahmen des globalen jährlichen Incentive-Plans(Annual Incentive Plan - AIP) der Diebold Nixdorf Gruppe einekurzfristige variable Vergütung erhalten. Die Einzelheiten sind imanwendbaren AIP festgelegt, der jährlich vom Vorstand der DieboldNixdorf, Incorporated nach billigem Ermessen beschlossen wird. DerAIP enthält die anwendbaren Ziele, Schwellenwerte undHöchstzahlungen für das betreffende Jahr.

4.2 Mr. Heyden may receive a short-term variable remunerationunder the global Annual Incentive Plan (AIP) of the DieboldNixdorf Group. The details are set forth in the applicable AIPwhich is decided upon annually by the board of DieboldNixdorf, Incorporated at its equitable discretion. The AIP shallinclude applicable targets, threshold and maximum paymentsfor the relevant year.

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Exhibit 10.26

4.3 Entsprechend seiner Funktion kann Herr Heyden eine langfristigvariable Vergütung erhalten. Diese richtet sich nach dem jeweiligenlangfristigen Incentive Plan (Long-Term Incentive Plan – LTIP) derDiebold Nixdorf, Incorporated, welcher vom Vorstand der DieboldNixdorf, Incorporated beschlossen wird. Die langfristig variableVergütung wird auf Grundlage des Erreichens bestimmter, vomVorstand von Diebold Nixdorf, Incorporated nach billigem Ermessenfestgelegter Kriterien bestimmt. Der LTIP enthält die anwendbarenZiele, Schwellenwerte und Höchstzahlungen für den Bezugszeitraum.

4.3 In accordance with his function, Mr. Heyden may receive along-term variable remuneration. This shall be based on theDiebold Nixdorf, Incorporated long-term incentive plan(LTIP) as applicable from time to time which is set by theboard of Diebold Nixdorf, Incorporated. The LTIP award willbe determined based on the achievement of certain criteria setby the board of Diebold Nixdorf, Incorporated at its equitablediscretion. The LTIP shall include applicable targets, thresholdand maximum payments for the relevant period.

4.4 Mit der vorstehend geregelten Vergütung ist die gesamte Tätigkeit vonHerrn Heyden für die Gesellschaft und andere Unternehmen derDiebold Nixdorf Gruppe sowie die Diebold Nixdorf Gruppe selbstabgegolten. Insbesondere besteht kein Anspruch auf Vergütung vonMehrarbeit. Vergütung, die Herr Heyden aufgrund anderweitigerTätigkeit für andere Unternehmen der Diebold Nixdorf Gruppe erhält,ist auf die nach diesem Dienstvertrag anzurechnen.

4.4 The remuneration as set out above shall be deemed to coverthe entire work of Mr. Heyden for the Company and any othercompany of the Diebold Nixdorf Group or the DieboldNixdorf Group as such. In particular, there shall be no claimfor remuneration with respect to additional work. Any otherremuneration which Mr. Heyden receives for activities forother companies of the Diebold Nixdorf Group shall becredited against the remuneration provided for in this ServiceAgreement.

4.5 4.5 Die Gesellschaft erstatten Herrn Heyden Steuerberatungskosten gegenBeleg in Höhe von USD 10.000 brutto pro Jahr.

4.5 The Company will reimburse tax advisory expenses (financialplanning) against receipt of up to USD 10,000 gross perannum.

4.6 Herr Heyden erhält für die Dauer dieses Dienstvertrages einen Zuschusszu seiner Krankenversicherung sowie Pflegeversicherung in Höhe desArbeitgeberanteils, wie er bei Kranken- und Pflegeversicherungspflichtdes Herrn Heyden bestünde, höchstens jedoch in Höhe der Hälfte desBetrages, welchen Herr Heyden für seine Kranken- undPflegeversicherung tatsächlich aufwendet. Der Gesellschaft ist jährlicheine Bescheinigung über die entrichteten Beiträge vorzulegen.

4.6 Mr. Heyden shall receive for the duration of this agreement asubsidy for his health insurance and nursing care insurance inthe amount of the employer's contribution that would havebeen paid if Mr. Heyden had been subject to compulsoryhealth and long-term care insurance, but no more than half ofthe amount actually paid by Mr. Heyden for his health andlong-term care insurance. A certificate of the contributionspaid is to be submitted to the Company annually.

7

Exhibit 10.26

4.7 Im Fall der Arbeitsunfähigkeit, die durch Krankheit oder aus einemanderen von Herrn Heyden nicht zu vertretenden Grund eintritt, erhältHerr Heyden für die Dauer von bis zu 12 Monaten ab Beginn derArbeitsunfähigkeit, längstens bis zu seinem Ausscheiden aus derGesellschaft, sein Festgehalt fortgezahlt. Variable Vergütung gemäßZiffer 4.2 und 4.3 wird entsprechend der Regelungen der anwendbarenAIP / LTIP Pläne gezahlt.

4.7 In case of incapacity for work caused by illness or by any otherreason for which Mr. Heyden is not responsible, Mr. Heydenshall continue to receive his fixed remuneration for a period ofup to 12 months as of beginning of the incapacity for work,such term expiring in any event if he leaves the Company.Variable remuneration pursuant to Sec. 4.2 and 4.3 shall bepaid in accordance with the provisions of the relevant AIP /LTIP.

4.8 Nach Ablauf von 12 Monaten ab Beginn der Arbeitsunfähigkeit ist dieGesellschaft berechtigt, das Dienstverhältnis mit Herrn Heyden zumEnde eines jeden Monats unter vorzeitiger Auszahlung desInvalidenkapitals aus der beitragsorientierten Versorgungszusage derGesellschaft (siehe Ziffer 8 dieses Dienstvertrages) zu beenden. HerrHeyden wird dabei mindestens so behandelt, als ob eine volleErwerbsminderung im Sinne von Ziffer 2.2 der einschlägigenVersorgungsordnung vorläge. Der in der Versorgungsordnunggeforderte Nachweis der vollen Erwerbsminderung ist somit nichtAnspruchsvoraussetzung. Auch auf die Erfüllung der in derVersorgungsordnung festgelegten Wartezeit kommt es nicht an. ImÜbrigen ergeben sich die näheren Auszahlungsmodalitäten aus derVersorgungsordnung. Ziffer 11.6 dieses Dienstvertrags findet keineAnwendung.

4.8 After the expiry of a period of 12 months as of the beginningof illness, the Company may terminate this Service Agreementwith Mr. Heyden to the end of each calendar month, providedthat in case of such termination the disability benefits based onthe contribution-defined pension commitment of DieboldNixdorf AG shall be paid out prematurely (cf. Section 8 of thisService Agreement). In such case, Mr. Heyden shall be treated,as if his earning capacity was fully reduced within the meaningof number 2.2 of the applicable pension scheme. The proof ofthe total reduction of earning capacity required by the pensionscheme shall, therefore, not be a precondition for a claim. Thefulfilment of the waiting period provided in pension schemeshall also not be relevant. Apart from that, details on thepayment modalities are provided in the pension scheme. Sec.11.6 of this Service Agreement shall not apply.

4.9 Im Fall des Todes des Herrn Heyden haben seine Witwe / verbliebeneeingetragene Lebenspartnerin und seine minderjährigen KinderAnspruch auf Fortzahlung der festen Vergütung für einen Zeitraum vonsechs Monaten, beginnend mit dem Ende des Monats, in dem HerrHeyden verstorben ist. Variable Vergütung gemäß Ziffer 4.2 und 4.3wird entsprechend der Regelungen der anwendbaren AIP / LTIP Plänegezahlt.

4.9 In the event of death of Mr. Heyden, his widow and his minorchildren are entitled to continued payment of his fixedremuneration for a period of six months as of the end of themonth in which Mr. Heyden died. Variable remunerationpursuant to Sec. 4.2 and 4.3 shall be paid in accordance withthe provisions of the relevant AIP / LTIP.

5. Urlaub 5. Vacation

8

Exhibit 10.26

5.1 Herr Heyden hat Anspruch auf bezahlten Jahresurlaub von 30Arbeitstagen pro Kalenderjahr. Die Urlaubszeit ist im Einvernehmenmit den übrigen Geschäftsführern abzustimmen. Zur Abdeckungganztägiger Abwesenheiten stehen Herrn Heyden neben demKalenderjahresurlaub je Geschäftsjahr bis zu 5 weitere freie Tage (z.B. zur Abdeckung etwaiger sog. „Brückentage“) zur Verfügung.

5.1 Mr. Heyden is entitled to 30 days of annual vacation with payper calendar year. The timing of the vacation shall be agreedwith the other members of the Management Board. To coverfull-day absences Mr. Heyden is entitled to 5 further days offper business year in addition to his calendar annual vacation(e.g. to cover possible so called “bridging days”).

5.2 Im Rahmen der unternehmerischen Verantwortung kann Herr Heydenunabhängig von einer formellen Beantragung und Genehmigung freiüber den jährlichen Urlaub sowie die zusätzlichen fünf freien Tageverfügen. Eine Abwesenheitserfassung ist insofern nicht erforderlichund beschränkt sich auf ganztägige Abwesenheiten wegen Krankheit.Im Falle des Ausscheidens wird dabei auf volle Urlaubstageaufgerundet.

5.2 Within the scope of his entrepreneurial responsibility, Mr.Heyden may take vacation time at his absolute discretion,regardless of any formal application and approval. Insofar, noabsence for vacation needs to be recorded and only full-dayabsences for sickness shall be recorded. In case of termination,it shall be rounded up to full vacation days.

6. Wettbewerbsverbot 6. Non-compete Obligation

Herr Heyden ist verpflichtet, das Wettbewerbsverbot gemäß § 88AktG zu beachten. Es ist ihm insbesondere untersagt, ohne vorherigeschriftliche Zustimmung der Gesellschafterin für ein Unternehmen füreigene oder fremde Rechnung tätig zu werden, welches mit derGesellschaft in Wettbewerb steht oder ein solches Unternehmen zuerrichten, zu erwerben oder sich hieran zu beteiligen. Die Regelungenin Ziffer 2 dieses Dienstvertrags bleiben unberührt.

Mr. Heyden is obligated to observe the non-compete obligationat set out in section 88 of the German Stock Corporation Act(Aktiengesetz - AktG). He may not in particular, without priorwritten approval of the shareholder, act for another company forits own account or for the account of a third party whichcompetes with the Company or to incorporate or participate insuch company. The provisions set forth in section 2 of thisService agreement remain unaffected.

7. Versicherungen 7. Insurances

7.1 Die Gesellschaft schließt folgende Versicherungen ab: 7.1 The Company will take out the following insurances:

7.2 Unfallversicherung zugunsten von Herrn Heyden mitVersicherungssummen von EUR 300.000 für den Todesfall und bis zumax. EUR 600.000 für den Invaliditätsfall (je nach Invaliditätsgrad).Bei Dienstreisen für das außereuropäische Ausland erhöht sich derVersicherungsschutz um EUR 150.000 für den Todesfall und um EUR300.000 für den Invaliditätsfall (je nach Invaliditätsgrad).

7.2 Accident insurance for the benefit of Mr. Heyden with a suminsured of EUR 300,000.00 in case of death and up to EUR600,000.00 in case of disability (depending on the degree ofdisability). For business-related travel outside Europe, theinsurance coverage is increased by EUR 150,000.00 in case ofdeath and by EUR 300,000.00 in case of disability (dependingon the degree of disability).

9

Exhibit 10.26

7.3 Im Rahmen der vorbezeichneten Unfallversicherung werden dieEhefrau bzw. eingetragene Lebenspartnerin und die minderjährigenKinder wie folgt mitversichert:

7.3 The aforementioned accident insurance also covers the spouse /registered life partner and the minor children as follows:

Ehefrau / eingetragene Lebenspartnerin: Versicherungs-summenvon EUR 75.000 für den Todesfall und bis zu max. EUR150.000 für den Invaliditätsfall (je nach Invaliditätsgrad)

Spouse / registered life partner: sum insured of EUR75,000.00 in case of death and up to EUR 150,000.00in case of disability (depending on the degree ofdisability).

jedes Kind: Versicherungssummen von EUR 25.000 für denTodesfall und bis zu max. EUR 150.000 für denInvaliditätsfall (je nach Invaliditätsgrad)

Each child: sum insured of EUR 25,000.00 in case ofdeath and up to EUR 150,000.00 in case of disability(depending on the degree of disability)

7.4 Bei Buchung von Flugkarten über die Gesellschaft tritt eine zusätzlicheFluggast-Unfallversicherung über eine Versicherungssumme von EUR375.000 bei Tod oder Invalidität in Kraft.

7.4 When flight tickets are booked through the Company, anadditional air passenger accident insurance with a sum insuredof EUR 375,000.00 in case of death or disability applies.

7.5 Die Gesellschaft wird für Herrn Heyden folgende weitereVersicherungen abschließen und für die Dauer der Tätigkeit alsGeschäftsführer unterhalten:

7.5 The Company will implement the following additionalinsurances for the benefit of Mr. Heyden and will maintain suchinsurances during the term of the mandate:

Dienstreise-Unfallversicherung

Auslands-Reisekrankenversicherung

Reisegepäck-Versicherung

Verkehrsrechtsschutz-Versicherung für Dienstreisen

Privathaftpflicht-Versicherung

Business travel accident insurance

Foreign travel health insurance

Baggage insurance

Motor legal protection insurance for business travel

Private liability insurance

10

Exhibit 10.26

7.6 Eigenständige lokale Directors and Officers-Versicherung derGesellschaft zur Absicherung gegen Risiken aus der persönlichenHaftung des Herr Heyden mit einem Selbstbehalt von 10% desSchadens bis zur Höhe des Eineinhalbfachen der festen jährlichenVergütung von Herrn Heyden; die Gesellschaft verpflichtet sich, denSchutz der vorstehend genannten oder einer dem Umfang und derHöhe nach gleichwertigen eigenständigen und lokalen D&O-Versicherung der Gesellschaft, vor der die gesamte Tätigkeit vonHerrn Heyden für die Gesellschaft umfasst ist, für einen Zeitraumvon mindestens zehn Jahren nach der Beendigung der Mitgliedschaftin der Geschäftsführung der Gesellschaft aufrechtzuerhalten.

7.6 Directors and officers liability insurance to cover risks arisingfrom the personal liability of Mr. Heyden with a deductible of10% of the damage up to one and a half times the fixed annualremuneration of M. Heyden the Management Board member; theCompany shall ensure that insurance coverage under theaforementioned D&O policy (or another independent and localpolicy of the Company equivalent in scope and coverage)covering the entire services rendered by Mr. Heyden for theCompany shall be maintained for a period of not less than tenyears following any termination of the membership in theManagement Board.

7.7 Die auf die Versicherungsprämien der vorgenannten Versicherungenanfallende Einkommensteuer trägt Herr Heyden. Bezugsberechtigtsind Herr Heyden bzw. die von ihm schriftlich benannten Personen.

7.7 The income tax on the insurance premiums for theaforementioned insurances shall be borne by Mr. Heyden. Thebeneficiaries of the aforementioned insurances are Mr. Heydenand the persons specified by him in writing.

8. Betriebliche Altersversorgung 8. Company Pension Scheme

Gemäß der jeweils in der Wincor Nixdorf International GmbHgeltenden Versorgungsrichtlinie, welche auch für die Gesellschaftgilt, erhält Herr Heyden Leistungen der betrieblichenAltersversorgung. Die wesentlichen Regelungsinhalte der aktuellgeltenden Versorgungsrichtlinie 2006 vom 22.06.2006 sind in einemMerkblatt zur betrieblichen Altersversorgung in der Wincor NixdorfInternational GmbH zusammengefasst Herr Heyden erhält für jedesvolle Beschäftigungsjahr einen Versorgungsbeitrag in Höhe vonEUR 50.000.

In accordance with the pension directive of Wincor NixdorfInternational GmbH, as applicable from time to time, which isalso applicable for the Company, Mr. Heyden shall be entitled tobenefits under the company pension scheme. The substantialcontents of the pension directive 2006 dated June 22, 2006which is currently applicable are summarized in a leafletregarding the company pension scheme at Wincor NixdorfInternational GmbH. Mr. Heyden shall receive a benefitcontribution in the amount of EUR 50,000.00 for each completedyear of employment.

9. Auslagen 9. Expenses

Reisekosten und sonstige Auslagen werden Herrn Heyden imRahmen der steuerlich zulässigen Höchstbeträge vergütet. ImEinzelfall werden höhere Beträge gegen Nachweis erstattet. DieReisekostenrichtlinie für Leitende Angestellte der Wincor NixdorfInternational GmbH - welche ebenfalls in der GesellschaftAnwendung findet - gilt auch für Herrn Heyden.

Any travel and other expenses shall be reimbursed to Mr.Heyden up to the maximum amounts permitted for tax purposes.In the individual case, higher amounts may be reimbursed uponpresentation of receipts. The business travel expenses policy forexecutives of Wincor Nixdorf International GmbH which alsoapplies at the Company - also applies to Mr. Heyden.

11

Exhibit 10.26

10. Mobility Allowance 10. Mobility Allowance

Herr Heyden hat Anspruch auf eine monatliche Fahrzeug Allowanceentsprechend der jeweils gültigen Richtlinie in Höhe von EUR 1835,00

Mr. Heyden is entitled to a monthly car allowance inaccordance with the relevant policy, as applicable from time totime, in the amount of EUR 1,835.00

11. Dauer und Beendigung des Dienstverhältnisses 11. Term and Termination of this Service Agreement

11.1 Dieser befristete Dienstvertrag läuft ab dem Zeitpunkt derUnterzeichnung für 3 Jahre, also bis zum 28.02.2024 und kann währenddieses Zeitraumes mit einer Kündigungsfrist von sechs Monatenordentlich gekündigt werden. Er endet mit Ablauf der Laufzeit, ohnedass es einer Kündigung bedarf.

11.1 This fixed-term Service Agreement shall be effective as fromthe time of signature for a term of 3 years, so until February24, 2024 and can be terminated during this period observing anotice period of six (6) months. It terminates automatically atthe end of its term without a termination notice being required.

11.2 Der Dienstvertrag kann in beiderseitigem Einvernehmen im Rahmender gesetzlich zulässigen Zeitdauer verlängert werden. Hierzu bedarf eseines Gesellschafterbeschlusses über die Verlängerung der Bestellungzum Geschäftsführer, der frühestens ein Jahr, spätestens aber sechsMonate vor Ablauf der bisherigen Amtszeit gefasst werden soll. Soweitim Fall der Verlängerung nicht ausdrücklich etwas anderes vereinbartwird, gelten die zuletzt schriftlich niedergelegten Vertragsinhalteweiter.

11.2 The term of the Service Agreement may be extended bymutual agreement between the parties up to the maximum termpermitted by law. Such extension requires a resolution of theshareholder on the extension of the appointment asManagement Board member which shall be adopted not earlierthan one year but not later than six months prior to the expiryof the previous term of office. In case of an extension, unlessexpressly agreed otherwise, the terms previously agreed inwriting shall continue to apply.

11.3 Dieser Dienstvertrag kann jederzeit auch ohne Einhaltung einer Fristaußerordentlich aus wichtigem Grund gekündigt werden. WichtigerGrund ist eine schwere Verletzung vertraglicher Pflichten durch dieandere Vertragspartei.

11.3 This Service Agreement may be terminated for cause at anytime without giving prior notice. A termination for cause shallbe possible in case of a severe violation of contractual dutiesby the other party.

11.4 Jede Kündigung bedarf zu ihrer Wirksamkeit der Schriftform. 11.4 Each termination must be in writing in order to be effective.

11.5 Für den Fall der Kündigung, der Amtsniederlegung, der Abberufungsowie einer einvernehmlichen Beendigung dieses Dienstvertrages gilthinsichtlich der Vergütung Folgendes:

11.5 In the event of the unilaterally declared termination,resignation, revocation as well as in the event of a mutuallyagreed termination of this Service Agreement the followingshall apply with respect to the remuneration:

12

Exhibit 10.26

Soweit Herr Heyden sein Amt ohne wichtigen Grund niederlegt,erhält er ab dem Zeitpunkt des Wirksamwerdens der Niederlegungbis zum Vertragsende kein Festgehalt (Fixum) und auch keinevariable Vergütung mehr, das heißt weder einen AIP-Bonus (=kurzfristig variabler Vergütungsbestandteil) noch eine LTI-Zahlung / aktienbasierte Vergütung (= langfristig variablerVergütungsbestandteil). In Bezug auf langfristige variableVergütungen, die an Herrn Heyden vor der Amtsniederlegung fürden Zeitraum ab dem Jahre 2017 ausgegeben worden sind, geltendie Regelungen des „Diebold Nixdorf, Incorporated 1991Amended and Restated Equity Performance and Incentive Plan“bzw. des „2017 Equity and Performance Incentive Plan“.

If Mr. Heyden resigns from his office without cause, he shallas from the effectiveness of the resignation until the expiryof this Service Agreement neither receive a fixedremuneration (”Fixum”) nor a variable remuneration, i.e.neither an AIP-bonus (= short-term variable remunerationcomponent) nor an LTI / stock related remuneration (=long-term variable remuneration component). In relation toany long-term remuneration that has been awarded to Mr.Heyden prior to his resignation and in relation to periodscommencing 2017, the rules set forth in the „DieboldNixdorf, Incorporated 1991 Amended and Restated EquityPerformance and Incentive Plan“ or, if applicable, in the„2017 Equity and Performance Incentive Plan“ shall apply.

Soweit Herr Heyden sein Amt aus wichtigem Grund entsprechend§ 626 BGB niederlegt, erhält er ab diesem Zeitpunkt bis zumVertragsende als Vergütung sein bisheriges Festgehalt (Fixum)ohne variable Vergütung. In Bezug auf langfristige variableVergütungen, die an Herrn Heyden vor der Amtsniederlegung fürden Zeitraum ab dem Jahre 2017 ausgegeben worden sind, geltendie Regelungen des „Diebold Nixdorf, Incorporated 1991Amended and Restated Equity Performance and Incentive Plan“bzw. des „2017 Equity and Performance Incentive Plan“.

If Mr. Heyden resigns from his office for cause according tosection 626 of the German Civil Code (BürgerlichesGesetzbuch - BGB), he shall as from the termination until tothe expiry of this Service Agreement receive asremuneration his previous fixed remuneration (“Fixum”)without variable remuneration. In relation to any long-termremuneration that has been awarded to Mr. Heyden prior tohis resignation and in relation to periods commencing 2017,the rules set forth in the „Diebold Nixdorf, Incorporated1991 Amended and Restated Equity Performance andIncentive Plan“ or, if applicable, in the „2017 Equity andPerformance Incentive Plan“ shall apply.

Wird dieser Dienstvertrag von der Gesellschaft aus wichtigem Grundi.S.d. § 626 BGB mit oder ohne Auslauffrist gekündigt, erhältHerr. Heyden für das laufende Geschäftsjahr sowie für die etwaigeAuslauffrist keine variable Vergütung mehr.

If this Service Agreement is terminated by the Company forcause within the meaning of section 626 German CivilCode (Bürgerliches Gesetzbuch - BGB), either with orwithout phasing-out period, Mr. Heyden shall not receive avariable remuneration for the current business year and fora possible phasing-out period.

13

Exhibit 10.26

11.6 Für den Fall (i) der vorzeitigen Beendigung der Tätigkeit alsGeschäftsführer durch Widerruf der Bestellung ohne einen von HerrnHeyden zu vertretenden wichtigen Grund im Sinne des § 626 BGB,der die Gesellschaft zur außerordentlichen Kündigung desDienstvertrages berechtigen würde, und (ii) im Falle einer Kündigungdurch die Gesellschaft (mit Ausnahme einer Kündigung aufgrundArbeitsunfähigkeit gemäß Ziffer 4.8 dieses Dienstvertrags) oder einereinvernehmlichen Aufhebung dieses Dienstvertrages, steht dieGesellschaft dafür ein, dass Herr Heyden eine einmalige Abfindunggemäß den Vorgaben des Senior Leadership Severance Plan derDiebold Nixdorf, Incorporated in der jeweils geltenden Fassung,zuletzt geändert im November 2018 („SLSP“) für Angestellte auf derEbene von Herrn Heyden erhält. Die Abfindung nach dem SLSPreduziert sich um etwaige nach deutschem Recht zu zahlendeAbfindungen. Ferner wird die Vergütung, die Herr Heyden für einenZeitraum erhält, in dem er von seinen Arbeitspflichten freigestelltwird, von der Abfindungszahlung nach dem SLSP in Abzug gebracht.Voraussetzung für eine Zahlung nach dem SLSP ist dieUnterzeichnung einer vollständigen Freistellung der Unternehmen derDiebold Nixdorf Gruppe, deren Geschäftsführer, Vertreter undMitarbeiter, durch Herrn Heyden.

11.6 In the event of (i) a premature termination of the ManagementBoard mandate by way of a revocation of the appointmentwithout cause within the meaning of section 626 German CivilCode (Bürgerliches Gesetzbuch - BGB) for which Mr. Heydenis responsible and which would entitle the Company toterminate this Service Agreement for cause, and (ii) in the eventof unilateral termination by the Company (except for inability towork in accordance with Sec. 4.8 of this Service Agreement) ora mutually agreed termination of this Service Agreement, theCompany will ensure that Mr. Heyden shall receive a one-timeseverance payment equal to a separation payment for anemployee at Mr. Heyden’s level in accordance with theprovisions of the Senior Leadership Severance Plan (“SLSP”) ofDiebold Nixdorf, Incorporated as last amended in November2018 and as amended from time to time. Such severancebenefits under the SLSP shall be reduced by any separation paymandated under German law. Any and all remuneration paid fora period during which Mr. Heyden is released from his duties,shall also be deducted from any severance payments to be madeunder the SLSP. To receive the payments under the SeniorLeadership Severance Plan, Mr. Heyden shall execute a full andcomplete release of any and all companies of the DieboldNixdorf Group as well.

11.7 In Bezug auf langfristige variable Vergütungen, die an Herrn Heydenvor der Beendigung des Dienstvertrages für den Zeitraum ab demJahre 2017 ausgegeben worden sind, gelten die Regelungen des„Diebold Nixdorf, Incorporated 1991 Amended and Restated EquityPerformance and Incentive Plan“ bzw. des „2017 Equity andPerformance Incentive Plan“.

11.7 In relation to any long-term remuneration that has been awardedto Mr. Heyden prior to the termination of this ServiceAgreement and in relation to periods commencing 2017, therules set forth in the „Diebold Nixdorf, Incorporated 1991Amended and Restated Equity Performance and Incentive Plan“or, if applicable, in the „2017 Equity and Performance IncentivePlan“ shall apply.

11.8 Bei einem auf das Geschäftsjahr bezogenen unterjährigenAusscheiden werden die Vergütungsansprüche unterBerücksichtigung der vorstehenden Absätze zeitanteilig gewährt.

11.8 In case of an intra-year termination with regard to the businessyear, remuneration entitlements will be granted pro ratatemporis in consideration of the preceding paragraphs.

11.9 Die Beendigung des Dienstverhältnisses oder eine Freistellung hatkeine Auswirkung auf die nach diesem Dienstvertrag fortbestehendenVerpflichtungen des Herrn Heyden.

11.9 The termination of this Service Agreement or a release fromservices has no effect on the continuing obligations of Mr.Heyden set forth in this Service Agreement.

14

Exhibit 10.26

11.10 Dieser Dienstvertrag endet spätestens zum Ende des Monats, in demHerr Heyden das 68. Lebensjahr vollendet.

11.10 This Service Agreement shall, at the latest, expire at the end ofthe month in which Mr. Heyden completes his 68 year of life.

12. Freistellung 12. Release from duties

Aus sachlichen Gründen, insbesondere im Falle einer vorzeitigenBeendigung des Amtes als Geschäftsführer, ist die Gesellschaftberechtigt, Herrn Heyden unter Berücksichtigung der vorstehendenRegelungen für eine etwaig verbleibende Restlaufzeit diesesDienstvertrages von der Pflicht zur Arbeitsleistung freizustellen.

For objective reasons, in particular in case of a prematuretermination of the office as member of the Management Board,the Company may, taking into account the preceding provisions,release Mr. Heyden from its duties to perform services for anypotential remainder of a term of this Service Agreement.

13. Kontrollwechsels 13. Change in control

Im Falle eines Kontrollwechsels der Diebold Nixdorf, Inc. („DNInc.“), gilt folgendes:

In the event that a change in control of Diebold NixdorfIncorporated (“DN Inc.”) occurs, the following shall apply:

13.1 Kontrollwechsel bedeutet, das Eintreten einer der folgendenSituationen während der Dauer dieses Dienstvertrags:

13.1 “Change in Control” means the occurrence of any of thefollowing during the term of this Service Agreement:

th

15

Exhibit 10.26

(1) der Erwerb durch eine natürliche oder juristische Person oder eineGruppe (im Sinne von Ziffer 13d(3) oder , 14(d)(2) des SecuritiesExchange Act von 1934, in der jeweils gültigen Fassung (der "ExchangeAct")) (im Sinne von Abschnitt 13(d)(3) oder des Exchange Act) (eine"Person") von dreißig Prozent (30%) oder mehr des wirtschaftlichenEigentums (im Sinne von Rule 13d-3, die gemäß dem Exchange Actveröffentlicht wurde) von dreißig Prozent (30 %) oder mehr an entweder:(A) der zu diesem Zeitpunkt ausstehenden Stammaktien der DN Inc. (die"DN Inc. Stammaktien") oder (B) der kombinierten Stimmrechte derdann ausstehenden stimmberechtigten Aktien der DN Inc,, die bei derWahl der Direktoren (directors) allgemein stimmberechtigt sind("Stimmberechtigte Aktien"); jedoch unter der Voraussetzung, dass fürdie Zwecke dieses Unterabschnitts (1) die folgenden Erwerbe keinenKontrollwechsel darstellen: (i) jeglicher Erwerb direkt von der DN Inc.,(ii) jeglicher Erwerb durch die DN Inc., (iii) jeglicher Erwerb durch einenvon der DN Inc. oder einer Tochtergesellschaft finanzierten oderunterhaltenen Mitarbeiter-Benefit-Plan (oder einen damit verbundenenTrust) oder (iv) jeglicher Erwerb durch eine Person gemäß einerTransaktion, die den Klauseln (A), (B) und (C) des nachstehendenUnterabschnitts (3) entspricht; oder

(1) the acquisition by any individual, entity or group (within themeaning of Section 13(d)(3) or 14(d)(2) of the Securities ExchangeAct of 1934, as amended (the “Exchange Act”)) (a “Person”) ofbeneficial ownership (within the meaning of Rule 13d-3 promulgatedunder the Exchange Act) of thirty percent (30%) or more of either:(A) the then-outstanding shares of common stock of DN Inc. (the“DN Inc.Common Stock”) or (B) the combined voting power of thethen-outstanding voting securities of DN Inc.entitled to votegenerally in the election of directors (“Voting Stock”); provided,however, that for purposes of this subsection (1), the followingacquisitions shall not constitute a Change in Control: (i) anyacquisition directly from DN Inc., (ii) any acquisition by DN Inc.,(iii) any acquisition by any employee benefit plan (or related trust)sponsored or maintained by DN Inc.or any of its subsidiaries, or (iv)any acquisition by any Person pursuant to a transaction whichcomplies with clauses (A), (B) and (C) of subsection (3) below; or

16

Exhibit 10.26

(2) Personen, die zum Zeitpunkt dieses Dienstvertrags das Board ofDirectors der DN Inc. bilden (in der durch diesen Unterabschnitt (2)geänderten Form das "Amtierende Board"), aus irgendeinem Grund (mitAusnahme von Tod oder Dienstunfähigkeit) aufhören, mindestens dieMehrheit des Board of Directors zu bilden; vorausgesetzt jedoch, dass jedePerson, die nach dem Zeitpunkt dieses Dienstvertrags zum Direktor(director) wird, deren Wahl oder Nominierung zur Wahl durch dieAktionäre der DN Inc., durch eine Abstimmung von mindestens derMehrheit der Direktoren (directors), die zu diesem Zeitpunkt dasAmtierende Board bilden, genehmigt wurde (entweder durch eine spezielleAbstimmung oder durch Genehmigung der Vollmachtserklärung der DNInc., in der eine solche Person als Kandidat für das Amt des Direktors(director) genannt wird, ohne Einspruch gegen eine solche Nominierung),so betrachtet wird, als ob eine solche Person ein Mitglied des AmtierendenBoards wäre, jedoch unter Ausschluss einer solchen Person, derenanfänglicher Amtsantritt als Ergebnis eines tatsächlichen oder drohendenWahlkampfes in Bezug auf die Wahl oder Absetzung von Direktoren(directors) oder einer anderen tatsächlichen oder drohenden Einholung vonStimmrechtsvollmachten oder Zustimmungen durch oder im Namen eineranderen Person als dem Board of Directors erfolgt; oder

(2) individuals who, as of the date hereof, constitute the Board (asmodified by this subsection (2), the “Incumbent Board”), cease forany reason (other than death or disability) to constitute at least amajority of the Board; provided, however, that any individualbecoming a director subsequent to the date hereof whose election,or nomination for election by DN Inc.’s shareholders, was approvedby a vote of at least a majority of the directors then comprising theIncumbent Board (either by a specific vote or by approval of theproxy statement of DN Inc.in which such person is named as anominee for director, without objection to such nomination) shallbe considered as though such individual were a member of theIncumbent Board, but excluding for this purpose, any suchindividual whose initial assumption of office occurs as a result ofan actual or threatened election contest with respect to the electionor removal of directors or other actual or threatened solicitation ofproxies or consents by or on behalf of a Person other than theBoard; or

17

Exhibit 10.26

(3) Vollzug einer Umstrukturierung, Fusion, Konsolidierung, Verkauf odersonstige Veräußerung aller oder im Wesentlichen aller Vermögenswerte vonDN Inc. (ein "Unternehmenszusammenschluss"), jeweils mit der Ausnahme derFälle, in denen nach einem solchen Unternehmens-zusammenschluss (A) alleoder im Wesentlichen alle natürlichen und juristischen Personen, dieunmittelbar vor einem solchen Unternehmenszusammenschluss die wirt-schaftlichen Eigentümer von Stammaktien und Stimmberechtigten Aktien derDN Inc. waren, direkt oder indirekt mehr als 50 % der zu diesem Zeitpunktbestehenden Stammaktien bzw. der kombinierten Stimmkraft der zu diesemZeitpunkt bestehenden stimm-berechtigten Wertpapiere besitzen, die bei derWahl der Direktoren (directors) allgemein stimmberechtigt sind, des aus einemsolchen Unternehmenszusammenschluss hervor-gehenden Unternehmens(einschließlich, ohne Einschränkung, eines Unternehmens, das als Ergebniseiner solchen Transaktion Eigentümer der DN Inc. oder alle oder imWesentlichen aller Vermögenswerte der DN Inc. entweder direkt oder über eineoder mehrere Tochtergesellschaften ist) im Wesentlichen im gleichenVerhältnis zueinander, wie sie unmittelbar vor einem solchen Unternehmens-zusammenschluss an der DN Inc. Stammaktien und Stimmberechtigte Aktiender DN Inc. bestanden, (B) keine Person (mit Ausnahme eines aus einemsolchen Unternehmenszusammenschluss hervor-gehenden Unternehmens odereines von DN Inc. finanzierten oder unterhaltenen Mitarbeiter-Benefit Plans(oder eines zugehörigen Trusts)) oder ein aus einem solchenUnternehmenszusammenschluss hervorgehender Rechtsträger) besitzt direktoder indirekt dreißig Prozent (30 %) oder mehr der dann ausstehendenStammaktien des aus einem solchen Unternehmenszusammen-schlusshervorgehenden Rechtsträgers, oder die kombinierte Stimmkraft der dannausstehenden stimmberechtigten Aktien dieser Gesellschaft, außer in demAusmaß, in dem eine solche Inhaberschaft bereits vor demUnternehmenszusammenschluss bestand, und (C) mindestens eine Mehrheit derMitglieder des Board of Directors der aus einem solchenUnternehmenszusammenschluss hervor-gehenden Gesellschaft Mitglieder des

(3) consummation of a reorganization, merger or consolidationor sale or other disposition of all or substantially all of the assetsof DN Inc. (a “Business Combination”), in each case, unless,following such Business Combination, (A) all or substantially allof the individuals and entities who were the beneficial owners,respectively, of DN Inc.Common Stock and Voting Stockimmediately prior to such Business Combination beneficiallyown, directly or indirectly, more than fifty percent (50%) of,respectively, the then-outstanding shares of common stock andthe combined voting power of the then-outstanding votingsecurities entitled to vote generally in the election of directors, asthe case may be, of the entity resulting from such BusinessCombination (including, without limitation, an entity which as aresult of such transaction owns DN Inc.or all or substantially allof DN Inc.’s assets either directly or through one or moresubsidiaries) in substantially the same proportions relative toeach other as their ownership, immediately prior to suchBusiness Combination, of DN Inc.Common Stock and VotingStock of the Company, as the case may be, (B) no person(excluding any entity resulting from such Business Combinationor any employee benefit plan (or related trust) sponsored ormaintained by DN Inc.or such entity resulting from suchBusiness Combination) beneficially owns, directly or indirectly,thirty percent (30%) or more of, respectively, the then-outstanding shares of common stock of the entity resulting fromsuch Business Combination, or the combined voting power ofthe then-outstanding voting securities of such corporation exceptto the extent that such ownership existed prior to the BusinessCombination and (C) at least a majority of the members of theboard of directors of the corporation resulting from suchBusiness Combination were members of the Incumbent Board atthe time of the execution of the initial agreement, or of the actionof the Board providing for such Business Combination; or

18

Exhibit 10.26

Amtierenden Boards waren zum Zeitpunkt der Unterzeichnung derursprünglichen Vereinbarung oder der Maßnahme des Board ofDirectors, die einen solchen Unternehmens-zusammenschluss vorsieht;oder(4) die Zustimmung der Aktionäre der DN Inc. zu einer vollständigenLiquidation oder Auflösung der DN Inc.

(4) approval by the shareholders of DN Inc. of a completeliquidation or dissolution of DN Inc.

Ein "Kontrollwechsel" gilt als eingetreten (i) in Bezug auf einenKontrollwechsel gemäß vorstehendem Unterabschnitt (1) an dem Tag,an dem eine Person der wirtschaftliche Eigentümer von dreißig Prozent(30 %) oder mehr der DN Inc. Stammaktien oder der StimmberechtigtenAktien wird, (ii) in Bezug auf einen Kontrollwechsel gemäß vor-stehendem Unterabschnitt (2) an dem Tag, an dem die Mitglieder desAmtierenden Boards aus irgendeinem Grund (außer Tod oderDienstunfähigkeit) zum ersten Mal aufhören, mindestens die Mehrheitdes Boards zu bilden, (iii) in Bezug auf einen Kontrollwechsel gemäßvorstehendem Unterabschnitt (3) an dem Tag, an dem die betreffendeTransaktion ab-geschlossen wird, und (iv) in Bezug auf einenKontrollwechsel gemäß vorstehendem Unterabschnitt (4) oben, am Tagder Zustimmung der Aktionäre. Ungeachtet der vorstehendenBestimmungen gilt ein "Kontroll-wechsel" für die Zwecke diesesDienstvertrags nicht allein aufgrund eines Kontrollwechsels bei einerTochtergesellschaft, bei der Herr Heyden angestellt ist, als eingetreten.

A “Change in Control” will be deemed to occur (i) with respect to aChange in Control pursuant to subsection (1) above, on the date thatany Person becomes the beneficial owner of thirty percent (30%) ormore of either DN Inc.Common Stock or the Voting Stock, (ii) withrespect to a Change in Control pursuant to subsection (2) above, onthe date the members of the Incumbent Board first cease for anyreason (other than death or disability) to constitute at least a majorityof the Board, (iii) with respect to a Change in Control pursuant tosubsection (3) above, on the date the applicable transaction closesand (iv) with respect to a Change in Control pursuant to subsection(4) above, on the date of the shareholder approval. Notwithstandingthe foregoing provisions, a “Change in Control” shall not be deemedto have occurred for purposes of this Agreement solely because of achange in control of any subsidiary by which Mr. Heyden may beemployed.

13.2 „Schwerbehinderung`` bedeutet, dass Herr Heyden im Sinne desdeutschen Rechts dauerhaft schwerbehindert ist und tatsächlich vor demKontrollwechsel Leistungen bzw. Vergünstigungen aufgrund derSchwerbehinderung erhält.

13.2 “Disabled” means Mr. Heyden has become permanently disabledwithin the meaning of German law and begins actually to receivedisability benefits prior to the Change in Control.

13.3 "Triftiger Grund" bedeutet: 13.3 “Good Reason” means:

19

Exhibit 10.26

(1) die Nichtwahl, Wiederwahl oder anderweitige Beibehaltung von HerrHeyden in den Ämtern oder Positionen in der Gesellschaft oder einerTochtergesellschaft, die er unmittelbar vor einem Kontrollwechselinnehatte, oder die Abberufung von Herr Heyden als Vorstandsmitgliedder Gesellschaft (oder eines Nachfolgers), falls er unmittelbar vor demKontrollwechsel Vorstandsmitglied der Gesellschaft gewesen sein sollte;

(1) failure to elect, reelect or otherwise maintain Mr. Heyden in theoffices or positions in the Company or any Subsidiary which he heldimmediately prior to a Change in Control, or the removal of Mr.Heyden as a director of the Company (or any successor thereto) if heshall have been a director of the Company immediately prior to theChange in Control;

(2)  eine wesentliche Verringerung der Art oder des Umfangs derVerantwortlichkeiten oder Pflichten, die mit der Position oder denPositionen bei der Gesellschaft und ihren Tochtergesellschaftenverbunden sind, die Herr Heyden unmittelbar vor dem Kontrollwechselinnehatte, eine wesentliche Verringerung der Summe seinerGrundvergütung (wie in diesem Dienstvertrag definiert) und seinervaruablen Vergütung (wie in diesem Dienstvertrag definiert), die er vonder Gesellschaft erhält, oder die Beendigung der Rechte von Herr Heydenauf wesentliche Leistungen an Arbeitnehmer (wie nachstehend definiert),auf die er unmittelbar vor dem Kontrollwechsel Anspruch hatte, oder einewesentliche Verringerung des Umfangs oder des Werts dieser Leistungenohne vorherige schriftliche Zustimmung der Gesellschaft. DieBeendigung von Herr Heydens Ansprüchen auf wesentliche Leistungenan Arbeitnehmer (wie nachstehend definiert), auf die er unmittelbar vordem Kontrollwechsel Anspruch hatte, oder eine wesentliche Verringerungdes Umfangs oder des Werts dieser Leistungen ohne die vorherigeschriftliche Zustimmung von Herr Heyden;

(2) a material reduction in the nature or scope of the responsibilitiesor duties attached to the position or positions with the Company andits Subsidiaries which Mr. Heyden held immediately prior to theChange in Control, a material reduction in the aggregate of his BasePay (as that term is hereafter defined) and Incentive Pay (as that termis hereafter defined) opportunity received from the Company, or thetermination of the Mr. Heyden’s rights to any material EmployeeBenefits (as that term is hereafter defined) to which he was entitledimmediately prior to the Change in Control or a material reduction inscope or value thereof without the prior written consent of Mr.Heyden;

(3)  die Liquidation, Auflösung, Fusion, Konsolidierung oderReorganisation der Gesellschaft oder die Übertragung des gesamten odereines wesentlichen Teils ihres Geschäfts und / oder Vermögens, es seidenn, der Rechtsnachfolger oder die Rechtsnachfolger (durch Liquidation,Fusion, Konsolidierung, Reorganisation oder auf andere Weise), an denenalle oder ein wesentlicher Teil seiner Geschäfte und / oderVermögenswerte, die (direkt oder per Gesetz) übertragen wurden, hat allePflichten und Verpflichtungen der Gesellschaft aus dieser Vereinbarungübernommen;

(3) the liquidation, dissolution, merger, consolidation orreorganization of the Company or transfer of all or a significantportion of its business and/or assets, unless the successor orsuccessors (by liquidation, merger, consolidation, reorganization orotherwise) to which all or a significant portion of its business and/orassets have been transferred (directly or by operation of law) shallhave assumed all duties and obligations of the Company under thisAgreement;

20

Exhibit 10.26

(4)  die Gesellschaft ihren Hauptgeschäftssitz verlegt oder dieGesellschaft oder eine Tochtergesellschaft von dem Mitarbeiterverlangt, dass er seinen Hauptarbeitsort an einen Ort verlegt, der mehrals 50 Meilen (US) von dem Ort entfernt ist, an dem er sich unmittelbarvor dem Kontrollwechsel befand, oder die Gesellschaft oder eineTochtergesellschaft von Herr Heyden verlangt, dass er im Rahmen derErfüllung seiner Aufgaben oder Pflichten aus diesem Vertragwesentlich mehr Tage von seinem Dienstsitz entfernt arbeitet, als diesvor dem Kontrollwechsel von ihm verlangt wurde. (entweder in Bezugauf aufeinanderfolgende Tage oder auf die Gesamtzahl der Tage ineinem Kalenderjahr), ohne dass in beiden Fällen seine vorherigeschriftliche Zustimmung vorliegt; oder

(4) the Company shall relocate its principal executive offices, or theCompany or any Subsidiary shall require the Employee to have his orher principal location of work changed, to any location which is inexcess of 50 miles from the location thereof immediately prior to theChange in Control or the Company or any Subsidiary shall requireMr. Heyden to travel away from his office in the course ofdischarging his responsibilities or duties hereunder significantlymore (in terms of either consecutive days or aggregate days in anycalendar year) than was required of him prior to the Change inControl without, in either case, his prior written consent; or

(5) ohne die Allgemeingültigkeit oder die Wirkung des Vorstehendeneinzuschränken, jede wesentliche Verletzung dieses Vertrages durchdas Unternehmen oder einen Rechtsnachfolger desselben.

(5) without limiting the generality or the effect of the foregoing, anymaterial breach of this Agreement by the Company or any successorthereto.

Herr Heyden ist nicht berechtigt zu behaupten, dass seine Kündigungaus triftigem Grund erfolgt ist, es sei denn, er teilt dem Unternehmendas Ereignis oder die Ereignisse, die die Grundlage für einen solchenAnspruch bilden, innerhalb von neunzig (90) Tagen nach Eintritt desEreignisses oder der Ereignisse schriftlich mit und beschreibt diesenAnspruch in hinreichend ausreichenden Einzelheiten, damit dasUnternehmen das Ereignis oder die Ereignisse und einen Zeitraum vonmindestens dreißig (30) Tagen nach der Behebung des angeblichenZustands beheben kann.

Mr. Heyden is not entitled to assert that his termination is for GoodReason unless he gives the Company written notice of the event orevents that are the basis for such claim within ninety (90) days afterthe event or events occur, describing such claim in reasonablysufficient detail to allow the Company to address the event or eventsand a period of not less than thirty (30) days after to cure the allegedcondition.

13.4 „Laufzeit“ bezeichnet den Zeitraum, der mit dem Datum diesesDokuments beginnt und mit Ablauf von drei Jahren nach dem erfolgtenKontrollwechsel endet. Ungeachtet des Vorstehenden gilt die Laufzeitals abgelaufen, wenn der Mitarbeiter zu irgendeinem Zeitpunkt voreinem Kontrollwechsel aus irgendeinem Grund kein Mitarbeiter desUnternehmens oder einer Tochtergesellschaft mehr ist.

13.4 “Term” means the period commencing as of the date hereof andexpiring upon the three-year anniversary after a Change in Control.Notwithstanding the foregoing, if, at any time prior to a Change inControl, the Employee for any reason is no longer an employee ofthe Company or a Subsidiary, thereupon the Term shall be deemed tohave expired.

13.5 Mit Wirkung nur bei einem Kontrollwechsel gelten die folgendenBestimmungen:

13.5 Effective only upon a Change in Control, the following terms shallapply:

21

Exhibit 10.26

(a) Herr Heyden wird im Wesentlichen seine gesamte Zeit während dernormalen Geschäftszeiten (vorbehaltlich Urlaub, Krankheit und sonstigerAbwesenheiten in Übereinstimmung mit den Richtlinien der Gesellschaftund ihrer Tochtergesellschaften, wie sie für Mitarbeiter inSchlüsselpositionen unmittelbar vor dem Kontrollwechsel gelten) denGeschäften und Angelegenheiten der Gesellschaft und ihrerTochtergesellschaften widmen, wobei jedoch nichts in dieser VereinbarungHerr Heyden daran hindert, während der normalen Geschäftszeiten (i) alsDirektor, Treuhänder oder Mitglied oder Teilnehmer an einer Organisationoder einem Unternehmen tätig zu sein, solange diese Tätigkeit nicht indirektem Wettbewerb mit der Geschäftstätigkeit der Gesellschaft steht.Diese Vereinbarung schließt zudem nicht aus, dass Herr Heyden währendder normalen Geschäftszeiten angemessene Zeiträume für (i) die Tätigkeitals Direktor, Treuhänder oder Mitglied oder Teilnehmer einer Organisationoder eines Unternehmens aufwendet, solange diese Tätigkeit nicht indirektem Wettbewerb zu den Geschäften des Unternehmens steht, die zudiesem Zeitpunkt betrieben werden, (ii) sich an karitativen undgemeinnützigen Aktivitäten beteiligt oder (iii) seine persönlichenInvestitionen verwaltet.

(a) Mr. Heyden shall devote substantially all of his time duringnormal business hours (subject to vacations, sick leave and otherabsences in accordance with the policies of the Company and itsSubsidiaries as in effect for key employees immediately prior to theChange in Control) to the business and affairs of the Company andits Subsidiaries, but nothing in this Agreement shall preclude Mr.Heyden from devoting reasonable periods of time during normalbusiness hours to (i) serving as a director, trustee or member of orparticipant in any organization or business so long as such activity isnot directly competitive with the business of the Company as thenbeing carried on, (ii) engaging in charitable and communityactivities, or (iii) managing his personal investments

22

Exhibit 10.26

(b) Für seine Dienste gemäß Abschnitt 13.5(a) erhält Herr Heyden (i) einjährliches Grundgehalt, das nicht geringer ist als die jährliche Fest- oderGrundvergütung von Herr Heyden (zahlbar monatlich oder anderweitig,wie sie für Mitarbeiter in Schlüsselpositionen unmittelbar vor dem Eintritteines Kontrollwechsels gilt) oder eine höhere Vergütung, welche von Zeitzu Zeit vom Vorstand bzw. dem Vergütungsausschuss genehmigt wird.(dieses Grundgehalt zu einem solchen Satz wird hierin als"Grundvergütung" bezeichnet), und (ii) eine realistische Möglichkeit,einen jährlichen variablen Betrag zu verdienen, der nicht geringer ist alsder jährliche Bonus, oder eine andere Möglichkeit für Zahlungen vonBarvergütungen zusätzlich zu den in Klausel (i) oben genannten Beträgen,die in Bezug auf die in einem Kalenderjahr während des Jahres, in demder Kontrollwechsel stattfand, erbrachten Leistungen gemäß einer Bonus-,Anreiz-, Gewinnbeteiligungs-, Leistungs-, Ermessensvergütung oder einerähnlichen Richtlinie, einem Plan, einem Programm oder einerVereinbarung der Gesellschaft oder einer Tochtergesellschaft oder einesRechtsnachfolgers davon, entspricht. Dies sowohl hinsichtlich des Wertsals auch der Erreichbarkeit ("Anreizvergütung"); vorausgesetzt jedoch,dass nicht mit der vorherigen schriftlichen Zustimmung von Herr Heydeneine Änderung des Verhältnisses zwischen Grundvergütung undLeistungsvergütung vereinbart ist, solange die jährlicheGesamtbarvergütung für Herr Heyden in einem Kalenderjahr in diesemZusammenhang oder als Folge davon nicht verringert wird; und unter derweiteren Voraussetzung, dass eine Erhöhung der Gesamtbarvergütungvon Herr Heyden oder eines Teils davon in keiner Weise eine andereVerpflichtung des Unternehmens im Rahmen dieser Vereinbarungmindert.

(b) For his services pursuant to Section 13.5(a) hereof, the Mr.Heyden shall (i) be paid an annual base salary at a rate not less thanthe Mr. Heyden’s annual fixed or base compensation (payablemonthly or otherwise as in effect for key employees of the Companyimmediately prior to the occurrence of a Change in Control) or suchhigher rate as may be approved from time to time by the Board, theCompensation Committee thereof or management (which base salaryat such rate is herein referred to as “Base Pay”) and (ii) have a bonafide opportunity to earn an annual amount equal to not less than theannual bonus, incentive or other opportunity for payments of cashcompensation in addition to the amounts referred to in clause (i)above made or to be made in regard to services rendered in anycalendar year during the year in which the Change in Controloccurred pursuant to any bonus, incentive, profit-sharing,performance, discretionary pay or similar policy, plan, program orarrangement of the Company or any Subsidiary or any successorthereto providing an annual cash bonus opportunity at least equal tothe cash bonus opportunity payable thereunder (in both value andachievability) prior to a Change in Control (“Incentive Pay”);provided, however, that with the prior written consent of Mr.Heyden, nothing herein shall preclude a change in the mix betweenBase Pay and Incentive Pay so long as the aggregate annual cashcompensation opportunity for Mr. Heyden in any one calendar year isnot reduced in connection therewith or as a result thereof; andprovided further, however, that in no event shall any increase in Mr.Heyden’s aggregate cash compensation or any portion thereof in anyway diminish any other obligation of the Company under thisAgreement.

23

Exhibit 10.26

(c) Für seine Dienste gemäß Abschnitt 13.5(a) dieses Dienstvertrages ist HerrHeyden ein vollwertiger Teilnehmer und hat Anspruch auf dieVergünstigungen Leistungen und Dienstgutschriften für Leistungen, wie sieim Rahmen aller Richtlinien, Pläne, Programme oder Vereinbarungen überAltersvorsorge, Einkommen und Sozialleistungen für Mitarbeiter vorgesehensind, an denen leitende Angestellte der Gesellschaft oder ihrerTochtergesellschaften teilnehmen, einschließlich, aber nicht beschränkt aufAktienoptionen, Aktienkäufe, Aktienwertsteigerungen, Gewährung vonAktien mit Verfügungsbeschränkung, Spar-, Renten-, Zusatzrenten- oderandere Altersvorsorge-, Einkommens- oder Sozialleistungen,Entgeltumwandlung, Gruppen- und/oder Führungskräfte-Lebens-, Kranken-,Invaliditäts-, Gehalts- und Rentenversicherungen (unabhängig davon, ob diesedurch eine tatsächliche Versicherung oder eine Selbstversicherung derGesellschaft oder einer Tochtergesellschaft finanziert werden), Kranken-,Krankenhaus- oder andere Versicherungen, Krankenversicherung, Kranken-/Krankenhausversicherung oder andere Versicherungen (unabhängig davon,ob sie durch eine tatsächliche Versicherung finanziert oder von derGesellschaft oder einer Tochtergesellschaft selbst versichert werden),Arbeitsunfähigkeitsversicherung, Gehaltsfortzahlung, Kostenerstattung undandere Richtlinien, Pläne, Programme oder Vereinbarungen für Leistungen anArbeitnehmer, die jetzt bestehen, oder alle gleichwertigenNachfolgeregelungen, Pläne, Programme oder Vereinbarungen, die später vonder Gesellschaft oder einer Tochtergesellschaft angenommen werden, dieVergünstigungen, Leistungen und Dienstgutschriften für Leistungen bieten,die mindestens gleichwertig mit den Leistungen sind, die vor einemKontrollwechsel erbracht wurden oder zahlbar sind (zusammenfassend als"Leistungen an Arbeitnehmer" bezeichnet); mit der Maßgabe, dass HerrHeyden, sofern nicht ausdrücklich in diesem Vertrag vorgesehen undvorbehaltlich der Bedingungen dieses Vertrages. Herr Heydens Rechte hierauswerden durch die Bedingungen dieser Vereinbarung geregelt und werdendurch diese Vereinbarung nicht erweitert oder anderweitig beeinflusst.Vorbehaltlich des Vorbehalts im

(c) For his services pursuant to Section 13.5(a) hereof, Mr.Heyden shall be a full participant in, and shall be entitled to theperquisites, benefits and service credit for benefits as providedunder, any and all employee retirement, income and welfarebenefit policies, plans, programs or arrangements in which keyemployees of the Company or its Subsidiaries participate,including without limitation any stock option, stock purchase,stock appreciation, restricted stock grant, savings, pension,supplemental retirement or other retirement, income or welfarebenefit, deferred compensation, group and/or executive life,health, medical/hospital or other insurance (whether funded byactual insurance or self-insured by the Company or anySubsidiary), disability, salary continuation, expensereimbursement and other employee benefit policies, plans,programs or arrangements that may now exist or any equivalentsuccessor policies, plans, programs, or arrangements that may beadopted hereafter by the Company or any Subsidiary providingperquisites, benefits and service credit for benefits at least equal tothose provided or are payable thereunder prior to a Change inControl (collectively, “Employee Benefits”); provided, however,that except as expressly provided in, and subject to the termshereof, Mr. Heyden’s rights thereunder shall be governed by theterms thereof and shall not be enlarged hereunder or otherwiseaffected hereby. Subject to the proviso in the immediatelypreceding sentence, if and to the extent such perquisites, benefitsor service credit for benefits are not payable or provided underany such policy, plan, program or arrangement as a result of theamendment or termination thereof, then the Company shall itselfpay or provide therefor. Nothing in this Agreement shall precludeimprovement or enhancement of any such Employee Benefits,provided that no such improvement shall in any way diminish anyother obligation of the Company under this Agreement.

24

Exhibit 10.26

unmittelbar vorangehenden Satz gilt, dass, wenn und soweit solcheVergünstigungen, Leistungen oder Dienstgutschriften für Leistungenaufgrund der Änderung oder Beendigung einer solchen Police, einessolchen Plans, eines solchen Programms oder einer solchenVereinbarung nicht zahlbar sind oder erbracht werden, das Unternehmenselbst dafür zahlt oder sorgt. Nichts in diesem Vertrag schließt eineVerbesserung oder Erweiterung solcher Leistungen für Mitarbeiter aus,vorausgesetzt, dass eine solche Verbesserung in keiner Weise eineandere Verpflichtung des Unternehmens aus diesem Vertrag schmälert.

13.6 Ausschließliche Verpflichtungen der Gesellschaft bei bestimmtenBeendigungen nach einem Kontrollwechsel.

13.6 Exclusive Obligations of the Company upon Certain TerminationsFollowing a Change in Control.

Triftiger Grund; außer bei Vorliegen eines triftigen Grundes in derSphäre von Herr Heyden: Wenn das Unternehmen während desZeitraums von drei (3) Jahren nach einem Kontrollwechsel dasArbeitsverhältnis von Herr Heyden kündigt, ohne dass ein wichtigerGrund vorliegt, oder Herr Heyden aus triftigem Grund kündigt, zahlt dieGesellschaft an Herr Heyden (bzw. an dessen Nachlass oderBegünstigten von Herr Heyden, (falls dieser nach demBeendigungsdatum verstirbt) zu dem hierin genannten Zeitpunkt diefolgenden Beträge:

Good Reason; Other Than for Cause. If, during the three (3) yearperiod following a Change in Control, (X) the Company terminatesMr. Heyden’s employment other than for Cause, death, or Disabilityor (Y) the Mr. Heyden resigns for Good Reason the Company shallpay to Mr. Heyden (or Mr. Heyden’s estate or beneficiary, in theevent of Mr. Heyden’s death after the Date of Termination), at thetime specified herein, the following amounts:

(a) eine Pauschalzahlung in Höhe der Summe aus (i) dem zweifachenGrundgehalt von Herr Heyden plus (ii) dem zweifachen jährlichenvariablen Anteil am Zielgehalt von Herr Heyden, anstelle weitererZahlungen an Herr Heyden für Zeiträume nach dem Beendigungsdatum(zusammen die "Abfindung"), zahlbar innerhalb von sechs (6)Geschäftstagen nach dem Beendigungsdatum, sofern alle Bedingungenfür die Zahlung erfüllt sind;

(a) a lump sum payment equal to the sum of (i) two times the BasePay of Mr. Heyden plus (ii) two times the target annual IncentivePay of Mr. Heyden, in lieu of any further payments to Mr. Heydenfor periods subsequent to the Date of Termination (collectively, the“Severance Payment”), payable within six (6) business daysfollowing the Date of Termination, provided all conditions topayment have been satisfied;

25

Exhibit 10.26

(b) Beginnend mit dem Beendigungsdatum und bis zum früheren derfolgenden Ereignisse: (i) Ablauf von zwei Jahren ab Beendigungsdatums, (ii)Tod des Mitarbeiters oder (iii) Vollendung des 67. Lebensjahres von HerrHeyden (ein solcher Zeitraum, der "Leistungszeitraum"), gewährt dasUnternehmen Herr Heyden (und seinen anspruchsberechtigten Angehörigenund Begünstigten) weiterhin alle nicht-staatlichen oder ergänzendenmedizinischen, zahnärztlichen, visuellen und verschreibungspflichtigenArzneimittelleistungen (zusammen "Gesundheitsleistungen") sowieLebensversicherungsleistungen, die im Wesentlichen denen entsprechen, dieHerr Heyden unmittelbar vor dem Beendigungsdatum erhalten hat odererhalten kann (und wenn und soweit diese Leistungen nicht im Rahmen einerRichtlinie, eines Plans, eines Programms oder einer Vereinbarung desUnternehmens oder seiner Tochtergesellschaft gezahlt oder erbracht werdenkönnen). nur um geltendem Recht zu entsprechen oder aufgrund der Tatsache,dass Herr Heyden nicht mehr leitender Angestellter oder Mitarbeiter desUnternehmens und seiner Tochtergesellschaften ist, dann zahlt dasUnternehmen selbst oder sorgt für die Zahlung an Herr Heyden (bzw. seineberechtigten Angehörigen und Begünstigten) solcher Gesundheitsleistungenund Lebensversicherungsleistungen). Ohne den Zweck oder die Wirkunganderweitig einzuschränken, werden die an Herr Heyden gemäß diesemAbschnitt geleisteten oder zu zahlenden Gesundheitsleistungen in dem Umfanggekürzt, in dem Herr Heyden während des Leistungszeitraums tatsächlichvergleichbare Gesundheitsleistungen von einem anderen Arbeitgeber erhält;und

(b) commencing on the Date of Termination and continuing untilthe earlier of (i) the expiration of the two year anniversary of theDate of Termination, (ii) the Employee’s death, or (iii) Mr.Heyden’s attainment of age 67 (such time period, the “BenefitsPeriod”), the Company shall continue to provide Mr. Heyden(and his eligible dependents and beneficiaries) with any non-governmental or supplemental medical, dental, vision, andprescription drug benefits (collectively “health benefits”) and lifeinsurance benefits substantially similar to those which the Mr.Heyden was receiving or entitled to receive immediately prior tothe Date of Termination (and if and to the extent that suchbenefits shall not or cannot be paid or provided under any policy,plan, program or arrangement of the Company or its Subsidiariessolely in order to comply with applicable law or due to the factthat Mr. Heyden is no longer an officer or employee of theCompany and its Subsidiaries, then the Company shall itself payor provide for the payment to Mr. Heyden (and his eligibledependents and beneficiaries) such health benefits and lifeinsurance benefits). Without otherwise limiting the purposes oreffect, health benefits provided or payable to the Mr. Heydenpursuant to this Section shall be reduced to the extent comparablehealth benefits are actually received by Mr. Heyden from anotheremployer during the Benefits Period; and

26

Exhibit 10.26

(c) eine Einmalzahlung in Höhe der zusätzlichen Leistungen, die HerrHeyden im Rahmen jedes qualifizierten oder nicht qualifiziertenAltersvorsorge-, Gewinnbeteiligungs-, Entgeltumwandlungs- oderErgänzungsplans, der von der Gesellschaft zu Herr Heydens Gunstenunterhalten wird, erworben hätte, wenn er sein Beschäftigungsverhältnismit der Gesellschaft für ein weiteres Jahr nach seinem Beendigungsdatumfortgesetzt hätte, vorausgesetzt, dass Herr Heydens Ansprüche unmittelbarvor seinem Beendigungsdatum im Rahmen dieser Pläne vollständigunverfallbar waren, zahlbar innerhalb von sechs (6) Geschäftstagen nachdem Beendigungsdatum, vorausgesetzt, alle Bedingungen für die Zahlungsind erfüllt.

(c) a lump sum payment in an amount equal to the additionalbenefits that Mr. Heyden would have accrued under Germanpension plan each qualified or nonqualified pension, profitsharing, deferred compensation or supplemental plan maintainedby the Company for Mr. Heyden’s benefit had he continued hisemployment with the Company for one additional year followinghis Date of Termination, provided that Mr. Heyden was fullyvested under such plans immediately prior to his Date ofTermination, payable within six (6) business days following theDate of Termination, provided all conditions to payment havebeen satisfied.

Ohne die Rechte von Herr Heyden nach dem Gesetz einzuschränken, zahltdas Unternehmen, wenn es eine nach diesem Vertrag zu leistende Zahlungnicht rechtzeitig leistet, Zinsen auf den entsprechenden Betrag an HerrHeyden bis zu dem Tag, an dem diese Zahlung geleistet wird, mit einemjährlichen Zinssatz von zwölf Prozent (12 %).

Without limiting the rights of Mr. Heyden at law or in equity, ifthe Company fails to make any payment required to be madeunder this Agreement on a timely basis, the Company shall payinterest on the amount thereof to Mr. Heyden until the date suchpayment is made at an annualized rate of interest equal to twelvepercent (12%).

13.7 Die Abfindung im Sinne dieser Ziffer 13 vermindert sich um etwaigesonstige Zahlungen, die Herrn Heyden aufgrund der Beendigung desDienstverhältnisses mit dem Käufer zustehen und die entweder vomKäufer oder von der Gesellschaft selbst geleistet werden, sowie um einenetwaigen Signing- oder Retention-Bonus, den Herr Heyden vom Käufererhält, oder um sonstige Zahlungen, die Herr Heyden von der Gesellschaftoder vom Käufer im Zusammenhang mit dem Verkauf desEinzelhandelsgeschäfts erhält. Insbesondere gehen die Parteien davon aus,dass der Käufer die Verpflichtung zur Zahlung der Abfindung gemäß §11.6 und 13 des Dienstvertrags übernimmt. Herr Heyden ist verpflichtet,ohne Zustimmung der Gesellschaft einer Änderung dieser Regelunggegenüber dem Käufer nicht zuzustimmen. Herr Heyden ist daherverpflichtet, die Zahlung der Abfindung zunächst vom Besteller zuverlangen. Die hier geregelte Verpflichtung des Unternehmens gilt fürbeide Parteien nur als Sicherheit für den Fall, dass die Durchsetzung derForderung gegen den Käufer problematisch ist.

13.7 The severance payment within the meaning of this Section 13shall be reduced by any other payments due to Mr. Heyden as aresult of the termination of the employment with the Buyer whichare made either by the Buyer or the Company itself and anysigning or retention bonus received by Mr. Heyden from the Buyeror any other payments paid to Mr. Heyden by the Company or theBuyer related to the sale of the retail business. In particular, theParties assume that the Buyer will take over the obligation to paythe severance pursuant to Sec. 11.6 and 13 of the ServiceAgreement, whichever may become applicable. Mr. Heyden isobligated to not, without agreement of the Company, agree to achange of that provision towards the Buyer. Mr. Heyden shalltherefore be obligated to request payment of the severance fromthe Buyer in a first instance. The obligation of the Companyregulated herein is considered by both Parties only as a security incase the enforcement of the claim against the Buyer isproblematic.

27

Exhibit 10.26

14. Nachvertragliches Wettbewerbsverbot 14. Post-Contractual Non-Compete

14.1 Herr Heyden verpflichtet sich, während der Dauer von 12 Monate nachBeendigung des Dienstvertrags keine Stellung in einemKonkurrenzunternehmen anzunehmen, sich an einem solchenKonkurrenzunternehmen weder mittelbar oder unmittelbar zubeteiligen, ein solches nicht selbst zu betreiben oder mit Rat und Tatirgendwie zu fördern. Untersagt ist auch eine Wettbewerbstätigkeit alsfreier Mitarbeiter, arbeitnehmerähnlich oder als Arbeitnehmer,Angestellter oder als Organ eines solchen Konkurrenzunternehmens.Hiervon ausgenommen sind bloße Finanzbeteiligungen, die keineunternehmerischen Einflussmöglichkeiten eröffnen. DasWettbewerbsverbot erfasst nicht einfache Tätigkeiten, die allenfalls zueiner untergeordnete Unterstützung des Konkurrenzunternehmensführen könne und im Übrigen schutzwürdige Interessen derGesellschaft nicht berühren.

14.1 Mr. Heyden undertakes for a period of 12 months aftertermination of the Service Agreement not to take up a positionin a Competing Company, not to participate directly orindirectly in such a Competing Company, not to operate such acompany himself or to support it in any way with words anddeeds. It is also prohibited to engage in any competitive activityas a freelancer for or as an employee-like or as an employee,employee or organ of such a Competing Company. Excludedfrom this are mere financial participations which do not openup any possibilities for entrepreneurial influence. The non-competition clause does not cover simple activities which couldat best lead to a subordinate support of the CompetingCompany and otherwise do not affect interests of the Companywhich are worthy of protection.

14.2 Unter Konkurrenzunternehmen ist jedes Unternehmen zu verstehen,das sich ganz oder teilweise auf dem Gebiet des Vertriebs, derVermietung, des Betriebs, der Forschung und/oder Entwicklung vonProdukten in den Geschäftsfeldern der Gesellschaft oder den mit ihrverbundenen Unternehmen zur Zeit der Beendigung desDienstverhältnisses betätigt. Die derzeitigen Geschäftsfelder sind dasHerstellen und der Vertrieb von Geldautomaten, sowie das Herstellenund der Vertrieb von Kassensystemen jeweils nebst dazugehörigenDienstleistungen wie z.B. Services, Cloud Solutions etc

14.2 Competing Company is defined as any company that is whollyor partially engaged in the distribution, leasing, operation,research and/or development of products in the business fieldsof the Company or its Affiliates at the time of termination ofthe employment contract. The current business sements areProduction and sale of ATMs and Checkout Systems incl.relating Services and customer solutions.

14.3 Geografisch gilt das Wettbewerbsverbot für weltweit. 14.3 Geographically, the non-competition obligation applies world-wide.

14.4 Das nachvertragliche Wettbewerbsverbot gilt auch zu Gunsten derVerbundenen Unternehmen.

14.4 The post-contractual non-compete obligation also applies infavor of any Affiliates.

28

Exhibit 10.26

14.5 Die Gesellschaft verpflichtet sich, für die Dauer des nachvertraglichenWettbewerbsverbots an Herrn Heyden eine Entschädigung zu zahlen,die für jedes Jahr des Verbots die Hälfte der von Herrn Heyden zuletztbezogenen vertragsmäßigen Leistungen beträgt (§ 74 Abs. 2 HGB).Bei der Berechnung der Karenzentschädigung werden der langfristigeVergütungskomponente, die Beiträge zur Altersversorgung und dergeldwerte Vorteil des Dienstwagens nicht berücksichtigt. DieKarenzentschädigung ist am Schluss des jeweiligen Monats fällig.

14.5 The Company undertakes to pay Mr. Heyden compensation forthe duration of the post-contractual non-compete obligation,which is calculated for each year of the obligation as half of thecontractual benefits last received by Mr. Heyden (Section 74(2) HGB). The long-term incentive remuneration component,pension contributions, and the non-cash benefit in kind of thecompany car are not taken into account in the calculation of thecompensation. The compensation is due at the end of therespective month.

14.6 Auf die fällige Entschädigung wird alles angerechnet, was HerrHeyden während der Dauer des Wettbewerbsverbots durchanderweitige selbständige oder unselbständige Verwertung seinerArbeitskraft erzielt. Etwaige Abfindungen werden angerechnet.Angerechnet werden auch Leistungen aus der Altersversorgung Ziffer8 dieses Dienstvertrags. Soweit anderweitige Bezüge für einen übereinen Kalendermonat hinausgehenden Zeitraum gezahlt werden, hateine Umrechnung auf einen Kalendermonat zu erfolgen.

14.6 Any other income that Mr. Heyden earns during the period ofthe non-compete obligation through other independent ordependent utilization of his work will be credited against thecompensation due. Any severance payments will be credited.Benefits from the pension scheme in accordance with Section 8of this Service Agreement will also be credited. As far as otherpayments are made for a period exceeding one calendar month,a conversion to one calendar month must be made.

14.7 Herr Heyden verpflichtet sich, während der Dauer desWettbewerbsverbots auf Verlangen Auskunft über die Art und Höhedes anderweitigen Erwerbs zu geben, unter Vorlage geeigneterNachweise. Er hat ferner sämtliche Auskünfte zu erteilen und zubelegen, die für die Ermittlung der nach dieser Regelung zuerfolgenden Anrechnung anderweitigen Erwerbs erforderlich sind.

14.7 During the period of the non-competition obligation, Mr.Heyden undertakes, upon request, to provide information aboutthe type and amount of the other income, upon presentation ofsuitable evidence. Furthermore, he shall provide andsubstantiate all information necessary for the determination ofthe crediting of other income to be made in accordance withthis provision.

14.8 Kündigt die Gesellschaft das Dienstverhältnis aus einem von HerrnHeyden zu vertretenden wichtigen Grund im Sinne des § 626 BGB,wird das Wettbewerbsverbot unwirksam, sofern die Gesellschaft ihmvor Ablauf eines Monats nach der Kündigung schriftlich mitteilt, dasssie sich nicht an die Vereinbarung gebunden hält.

14.8 If the Company terminates the employment relationship for animportant reason for which Mr. Heyden is responsible withinthe meaning of § 626 BGB (German Civil Code), the non-competition clause shall become ineffective if the Companynotifies him in writing before the end of one month aftertermination that it does not consider itself bound by theagreement.

14.9 Die Gesellschaft kann während der Vertragslaufzeit auf dasWettbewerbsverbot mit sofortiger Wirkung verzichten. DieVerpflichtung zur Zahlung einer Karenzentschädigung endet in diesemFall sechs Monate nach Zugang der schriftlichen Verzichtserklärung.

14.9 The Company may waive the non-compete clause withimmediate effect during the term of the agreement. In this case,the obligation to pay compensation ends six months afterreceipt of the written waiver.

29

Exhibit 10.26

14.10 Im Übrigen gelten die §§ 74 ff. HGB entsprechend. Insbesondere giltfür den Geltungsbereich dieses nachvertraglichenWettbewerbsverbots die geltungserhaltende Reduktion gemäß § 74aHGB.

14.10 In all other respects, §§ 74 et seq. of the German commercialCode (Handelsgesetzbuch – HGB) shall apply. In particular, thepartial retention pursuant to § 74a HGB shall apply to the scopeof this Post-Contractual Non-Compete Covenant.

15. Abwerbeverbot 15. Non-Solicitation

Für die Dauer von 12 Monaten nach Beendigung desAnstellungsverhältnisses ist es Herr Heyden auch untersagt, direktoder indirekt über andere Personen einen Mitarbeiter inSchlüsselpositionen dazu aufzufordern, zu veranlassen oder zubeeinflussen, mit der Gesellschaft oder einem VerbundenenUnternehmen in Wettbewerb zu treten. "Schlüsselmitarbeiter" istjede Person, die innerhalb der letzten zwölf Monate (i) bei einemUnternehmen der Diebold Nixdorf-Gruppe angestellt war und überdie Herr Heyden aufgrund seiner Arbeit Zugang zu vertraulichenInformationen oder Goodwill hatte, die bei der Anwerbung einessolchen Mitarbeiters helfen würden, oder (ii) mit der Herr Heyden inden 24 Monaten unmittelbar vor Beendigung des Dienstvertragspersönlich in Ausübung seiner Tätigkeit für die Gesellschaft odereinem verbundenen Unternehmen tun hatte. Nichts in dieserRegelung soll oder darf einem Mitarbeiter verbieten, bei einemanderen Unternehmen oder Person angestellt zu werden.

15.1 For a period of 12 months after termination of the ServiceAgreement, Mr. Heyden may not, directly or indirectly throughothers, solicit, induce, or influence any Key Employee to engagein competition with the Company or with any of its Affiliates.“Key Employee” means any person employed by a company ofthe Diebold Nixdorf Group within the last twelve months (i)about whom Mr. Heyden, as a result of his work, had access toconfidential information or goodwill that would assist insolicitation of such employee, or (ii) with whom he personallydealt in his activities for the Company or for any of its Affiliatesin the 24 months immediately preceding the termination of youremployment. Nothing in this section is meant to or shall prohibitan employee from be-coming employed by another organizationor person.

16. Beendigung sonstiger Verträge 16. Termination of other agreements

Dieser Dienstvertrag beendet und ersetzt alle vorherigen, auchmündlichen Vereinbarungen über die Tätigkeit des Herrn Heyden alsGeschäftsführer, Vorstand oder Arbeitnehmer der Gesellschaft odereinem Verbundenen Unternehmen. Vereinbarungen außerhalb diesesDienstvertrages wurden nicht getroffen.

This Service Agreement terminates and replaces all previousagreements, including verbal agreements, regarding the activitiesof Mr. Heyden as managing director, member of the ExecutiveBoard or employee of the Company or any of its Affiliates. Noagreements have been made outside this Service Agreement.

17. Schlussbestimmungen 17. Miscellaneous

17.1 Änderungen, Ergänzungen und die Aufhebung diesesDienstvertrages bedürfen der Schriftform; auf die Schriftform kannnur schriftlich verzichtet werden.

17.1 Any amendments and additions to as well as the rescission of thisAgreement shall be made in writing; this written formrequirement may only be waived in writing.

30

Exhibit 10.26

17.2 Sofern im Rahmen der Beschäftigungsbedingungen für Mitarbeiterdes Leitungskreises Vergünstigungen zuerkannt sind oder werden,die in diesem Vertrag nicht ausdrücklich geregelt sind, gelten dieseVergünstigungen während ihrer zeitlichen Geltung im Leitungskreisentsprechend auch für Herrn Heyden als vereinbart.

17.2 If any benefits have or will be granted in the terms of employmentfor the employees of the management group (Leitungskreis) whichare not expressly provided in this Service Agreement, such benefitsshall be deemed to be agreed with Mr. Heyden for the period duringwhich they apply in the management group (Leitungskreis).

17.3 Sollten einzelne Bestimmungen des Vertrages ganz oder teilweiseungültig oder undurchführbar sein oder ihre Rechtsgültigkeit späterverliefen, bleibt der Vertrag im Übrigen gültig. Anstelle derunwirksamen oder undurchführbaren Bestimmung soll, soweitrechtlich zulässig, eine andere angemessene Regelung gelten, diewirtschaftlich dem am nächsten kommt, was die Vertragspartnergewollt haben oder gewollt haben würden, wenn sie dieUnwirksamkeit oder Undurchführbarkeit der Regelung bedachthätten.

17.3 Should any provisions of this Agreement be invalid or unenforceablein whole or in part or become invalid, the validity and enforceabilityof the remaining provisions of this Agreement shall not be affected.The invalid or unenforceable provision shall be deemed replaced, tothe extent permitted by law, by another appropriate provision ascomes closest to the economic result that the parties intended orwould have intended had they been aware of the invalidity orunenforceability of the provision.

17.4 Als ausschließlicher Gerichtsstand für alle Streitigkeiten aus diesemVertrag wird, soweit gesetzlich zulässig, der Sitz der Gesellschaftvereinbart. Dieser Vertrag unterliegt dem Recht der BundesrepublikDeutschland.

17.4 The exclusive place of jurisdiction for all disputes arising out of thisAgreement shall be, to the extent permitted by law, the location ofthe Company’s registered office. This Agreement shall be governedby the laws of the Federal Republic of Germany.

17.5 Nur die deutsche Fassung dieses Vertrages ist maßgeblich undverbindlich.

17.5 Only the German Version of this agreement shall be authorative andbinding.

_________________, den / this ____________ Paderborn, den / this ____________

__________________________________

Diebold Nixdorf Incorporated

Name:

Title:

__________________________________

Olaf Heyden

31

Exhibit 10.28

Dienstvertrag Service Agreement

Zwischen

der Diebold Nixdorf Holding Germany GmbH, Heinz-Nixdorf-Ring 1,33106 Paderborn, vertreten durch die alleinige Gesellschafterin,Diebold Nixdorf Incorporated, diese vertreten durch________________

- im Folgenden „Gesellschaft“ genannt -

und

Herrn Dr. Ulrich Näher, wohnhaft Brunhildenstr. 8, 80639 München

Between

Diebold Nixdorf Holding Germany GmbH, Heinz-Nixdorf-Ring1, 33106 Paderborn, represented by the sole shareholder,Diebold Nixdorf Incorporated in turn represented by,_________________

- hereinafter referred to as “Company” -

and

Dr. Ulrich Näher, residing in Brunhildenstr. 8, 80639 München

Präambel Preamble

Herr Dr. Ulrich Näher ist durch Beschluss des Aufsichtsrats derDiebold Nixdorf AG vom 03.03.2016 für die Zeit vom 01.03.2016 biszum 28.02.2022 zum ordentlichen Mitglied des Vorstandes derDiebold Nixdorf AG bestellt worden. Die Diebold Nixdorf AG wurde2019 auf die Diebold Nixdorf Holding Germany Inc. Co. KGaA (DNKGaA) verschmolzen. Die DN KGaA wurde zuletzt im Wege desFormwechsels in die Diebold Nixdorf Holding Germany GmbHumgewandelt.

Herr Dr. Näher wurde mit Wirkung zum 5. Mai 2020 zumGeschäftsführer der Diebold Nixdorf Holding Germany GmbHbestellt.

Zwischen Herrn Dr. Näher und der DN AG bzw. der DN KGaA wurdeein Vorstandsanstellungsvertrag nebst Änderungen, zuletzt vom13.05.2018 abgeschlossen, die auch zwischen den Parteien derzeit biszum 28.02.2022 gelten.

Diese sollen nun vollständig durch diesen Dienstvertrag ersetztwerden.

By resolution of the Supervisory Board of Diebold Nixdorf AGon March 3, 2016, Dr. Ulrich Näher was appointed as a regularmember of the Management Board of Diebold Nixdorf AG forthe term commencing from March 1, 2016 to February 28, 2022.Diebold Nixdorf AG was merged into Diebold Nixdorf HoldingGermany Inc. Co KGaA (DN KGaA) in 2019. DN KGaA waslast transformed into Diebold Nixdorf Holding Germany GmbHby way of a change of legal form.

Dr. Näher was appointed as member of the Management Boardof Diebold Nixdorf Holding Germany GmbH effective May 5,2020.

Between Dr. Näher and DN AG or DN KGaA a managementservice agreement including amendments was concluded, mostrecently from May 13, 2018 which also applies between theparties currently up to February 28, 2022.

These are now to be completely replaced by this ServiceAgreement.

Die vorausgeschickt vereinbaren die Parteien was folgt: On this basis, the parties agree to the following:1. Aufgabenbereich und Pflichten i. Responsibilities and Duties

1

Exhibit 10.28

1.1 Herr Dr. Näher ist gemeinsam mit den anderen Geschäftsführern zurFührung der Geschäfte der Gesellschaft und der dazugehörigenTochtergesellschaften nach Maßgabe der gesetzlichen Bestimmungen, derSatzung, etwaiger Weisungen unter dem Beherrschungs- undGewinnabführungsvertrag mit der Gesellschaft, der Geschäftsordnung fürdie Geschäftsführung und der Beschlüsse der Gesellschafterin - soweitgesetzlich zulässig - in den jeweils geltenden Fassungen nach bestemWissen und Können berechtigt und verpflichtet.

1.1 Dr. Näher shall have the right and duty to conduct the business ofthe Company and its subsidiaries jointly with the other members ofthe Management Board according to his best knowledge and skilland in accordance with the statutory provisions, potential directionsissued under the domination and profit and loss transfer agreementwith the Company, the Articles of Association, the Rules ofProcedure (Geschäftsordnung) of the Management Board and theresolutions of the shareholder - to the extent permitted under stockcorporation law, each as amended from time to time.

1.2 Die Abgrenzung der Gesamtverantwortung für die Gesellschaft und derspeziellen Ressortverantwortung ergibt sich aus der Geschäftsordnung fürdie Geschäftsführung und dem jeweils gültigen Organisationsplan derGesellschaft.

1.2 The distinction between the joint responsibility for the Companyand the individual responsibility for a specific area of responsibilityis determined in the Rules of Procedure of the Management Boardand the organization plan of the Company as applicable from timeto time.

1.3 Es besteht Einverständnis darüber, dass die Geschäftsordnung für dieGeschäftsführung und der Organisationsplan nach denUnternehmenserfordernissen geändert werden können, ohne dass davondie übrigen vertraglichen Regelungen berührt werden. Der Stellung vonHerrn Dr. Näher ist dabei angemessen Rechnung zu tragen.

1.3 The parties agree that the Rules of Procedure of the ManagementBoard and the organization plan may be amended if this is requiredfor business reasons. Such amendments will not affect the otherprovisions of this Agreement and shall be made with due regard tothe position of Dr. Näher.

1.4 Die Mitglieder der Geschäftsführung informieren sich regelmäßig über diejeweiligen Ressortangelegenheiten.

1.4 The members of the Management Board shall keep themselvesinformed about any matters concerning the respective areas ofresponsibility on a regular basis.

1.5 Herr Dr. Näher vertritt die Gesellschaft gemeinsam mit einemGeschäftsführer oder einem Prokuristen der Gesellschaft.

1.5 Dr. Näher shall represent the Company jointly with another memberof the Management Board or a holder of a general commercialpower of attorney (Prokurist) of the Company.

1.6 Herr Dr. Näher wird nach Aufforderung durch die Gesellschaft beiUnternehmen, an denen die Gesellschaft unmittelbar oder mittelbarbeteiligt ist, neben den bereits ausgeübten Ämtern weitere Ämter alsGeschäftsführer, Mitglied des Aufsichtsrates oder ähnliche Funktionensowie Funktionen in Vereinigungen, denen die Gesellschaft angehört,übernehmen.

1.6 Dr. Näher shall, at the request of the Company, assume, in additionto the offices already held by him, further offices as managingdirector, member of the supervisory board or similar functions incompanies in which the Company holds a direct or indirect interest,as well as functions in associations in which the Company is amember.

2

Exhibit 10.28

1.7 Bei seinem Ausscheiden aus der Geschäftsführung hat Herr Dr. Näher dieaufgrund seiner Stellung in der Gesellschaft übernommenenGeschäftsführerämter, Aufsichtsratsmandate oder ähnliche Funktionensowie Funktionen in Vereinigungen zur Verfügung zu stellen. AufWunsch der Gesellschaft hat er sich dafür einzusetzen, dass eine anderevon der Gesellschaft genannte Person an seine Stelle tritt. Herr Dr. Näherist jederzeit zur Niederlegung eines aufgrund seiner Stellung in derGesellschaft übernommenen Geschäftsführeramtes,Aufsichtsratsmandates oder ähnlicher Funktionen sowie Ehrenämterverpflichtet, wenn er durch die Gesellschaft hierzu aufgefordert wird.Jeweils vor der Übernahme eines Amtes oder Mandates wird festgestellt,ob es sich bei dem Amt oder Mandat um eine aufgrund der Stellung in derGesellschaft übernommene Tätigkeit handelt.

1.7 When ceasing to hold office as Management Board member, Dr.Näher shall resign from any offices as managing director,supervisory board member or similar functions as well as from anyfunctions in associations that he has assumed as a result of hisposition in the Company. At the request of the Company, he shallprocure that he is replaced by another person specified by theCompany. Dr. Näher shall, at the request of the Company, resign atany time from any offices as managing director, supervisory boardmember or similar functions and from any honorary offices that hehas assumed as a result of his position in the Company. Prior to theassumption of any office, it shall be determined whether such officeis a function assumed as a result of the position in the Company.

2. Tätigkeitsumfang und Nebenbeschäftigung 2. Scope of Work, and Secondary Employment2.1 Herr Dr. Näher hat seine ganze Arbeitskraft ausschließlich der

Gesellschaft zu widmen und deren Interessen und Belange unterBeachtung größter Sorgfalt jederzeit zu wahren und zu fördern. Herr Dr.Näher wird jedoch auch als Chief Commercial Officer der DieboldNixdorf Gruppe tätig.

2.1 Dr. Näher shall dedicate his full work capacity exclusively to theCompany and shall at any time preserve and promote theCompany’s interests and concerns with greatest care. Dr. Nähershall however, also act as the Chief Commercial Officer of theDiebold Nixdorf group.

2.2 Im Hinblick auf seine Position wird Dr. Näher erforderliche Dienstreiseninnerhalb und außerhalb Deutschlands tätigen. Er kann unterBerücksichtigung der Interessen der Gesellschaft von seinem Wohnsitz inMünchen aus arbeiten.

2.2 In view of his position, Dr. Näher shall travel inside and outside ofGermany as necessary. He may work remotely from his residence inMunich, taking into account the interests of the Company.

3

Exhibit 10.28

2.3 Während der Dauer des Dienstverhältnisses ist jede entgeltlicheselbständige oder unselbständige Nebenbeschäftigung und dieÜbernahme von Aufsichtsrats-, bzw. Beiratsämtern bei außenstehendenUnternehmen nur mit vorheriger schriftlicher Zustimmung derGesellschafterin zulässig. Die Zustimmung ist zu erteilen, soweit nichtberechtigte Interessen der Gesellschaft oder von einer mit ihrverbundenen Unternehmen im Sinne der §§ 15 ff. AktG („VerbundeneUnternehmen“ und die Gesellschaft zusammen mit den VerbundenenUnternehmen die „Diebold Nixdorf Gruppe“) dieser Tätigkeitentgegenstehen. Unentgeltliche Nebenbeschäftigungen und Ämter wirdHerr Dr. Näher vor Übernahme der Gesellschafterin anzeigen.

2.3 For the term of this Service Agreement, each dependent orindependent secondary employment against remuneration as well asthe offices as member of a supervisory board or an advisory board inexternal companies may only be assumed with prior written approvalof the shareholder. Such approval shall be granted unless justifiedinterests of the Company or any of its affiliated companies within themeaning of sec. 15 et seq. of the German Stock Corporation Act(Aktiengesetz – AktG) (the “Affiliates” and the Company togetherwith the Affiliates the “Diebold Nixdorf Group”) conflict with suchactivity. Dr. Näher shall indicate to the shareholder any secondaryemployment and office without remuneration prior to its assumption.

2.4 Bei Veröffentlichungen und Vorträgen wird Herr Dr. Näher stets dieInteressen der Gesellschaft wahren und die Geheimhaltungspflichtbeachten.

2.4 In publications and presentations Dr. Näher shall always protect theinterests of the Company and comply with the duty ofconfidentiality.

3. Geheimhaltung, Herausgabe und Erfindungen 3. Confidentiality, Return of Material and Inventions3.1 Herr Dr. Näher ist verpflichtet, alle ihm durch seine Tätigkeit zur

Kenntnis gelangten vertraulichen Angelegenheiten der Gesellschaftsowie der mit ihr Verbundenen Unternehmen und ihrer Geschäftspartner,insbesondere Betriebs- oder Geschäftsgeheimnisse, geheim zu halten.Die Geheimhaltungspflicht besteht nach dem Ausscheiden aus derGesellschaft fort.

3.1 Dr. Näher shall keep confidential any confidential matters of theCompany and of any of its Affiliates and business partners, inparticular trade and business secrets, that have become known to himas a result of his work. The obligation to maintain confidentialityshall continue to exist after leaving the Company.

4

Exhibit 10.28

Eine Information stellt ein Geschäftsge-heimnis dar, wenn sie geheim unddaher von wirtschaftlichem Wert ist, sie Gegen-stand angemessenerGeheimhaltungsmaßnahmen durch ihren rechtmäßigen Inhaber ist und einberechtigtes Interesse an ihrer Geheimhaltung besteht. Hierzu gehöreninsbesondere vertrauliche Absichten und Pläne, strategische Geschäftspläne,Forschung und Entwicklungs-Pläne bezüglich Produkten, Dienstleistungenund Software, vertrauliche Produktinformationen, vertrauliches Know-how,Marktaussichten und Geschäftsbeziehungen, Aufträge, Informationen zuKundenlisten, Preisen, Preisvereinbarungen zukünftigen Kunden undPreisnachlass- und sonstigen Zahlungsvereinbarungen sowie für sonstige aussachlichem Grund für vertraulich erklärte Angelegenheiten. Zu denvertraulichen Angelegenheiten zählen ferner Einzelheiten derVertriebskanäle, der betriebswirtschaftlichen Daten und derVertriebskonditionen.

Information is a trade secret if it is secret and therefore ofeconomic value, if it is subject to appropriate secrecy measuresby its rightful owner and if there is a legitimate interest in itssecrecy. This includes in particular confidential intentions andplans, strategic business plans, research and development plansrelating to products, services and software; confidential productinformation, confidential know-how, market prospects andbusiness relations, orders, information on customer lists, prices,price agreements with future customers and agreements ondiscounts and other payments as well as other matters declaredconfidential for a factual reason. Confidential matters alsoinclude details of distribution channels, business managementdata and distribution conditions.

3.2 Im Rahmen des rechtlich Zulässigen und sofern nicht von der Gesellschaftausdrücklich anders beschlossen und verlangt, darf Herr Dr. Näherentsprechende Informationen auch im Rahmen seiner Tätigkeit für andereUnternehmen der Diebold Nixdorf Gruppe verwenden und weitergeben.

3.2 To the extent legally permissible and unless expressly resolvedand requested otherwise by the Company, Dr. Näher is entitled touse and disclose respective information in connection with itsservices for any other company of the Diebold Nixdorf Group.

3.3 Herr Dr. Näher ist verpflichtet, alle seine dienstliche Tätigkeit betreffendenSchriftstücke einschließlich seiner eigenen Aufzeichnungen geschäftlicherArt sowie entsprechende Daten als anvertrautes Eigentum der Gesellschaftzu behandeln, sorgfältig unter Verschluss zu halten und bei Beendigung desDienstverhältnisses unaufgefordert und vollzählig der Gesellschaftauszuhändigen. Ein Zurückbehaltungsrecht besteht insoweit nicht.

3.3 Dr. Näher shall treat all documents concerning his duties underthis Service Agreement, including his own records of a businessnature and related data, as property of the Company that has beenentrusted to him, shall keep them carefully under lock and key,and shall, without being requested to do so, return all suchdocuments, records and data to the Company upon termination ofthis Service Agreement. There shall be no right of retention withregard to such documents, records and data.

5

Exhibit 10.28

3.4 Herr Dr. Näher ist verpflichtet, etwaige Erfindungen im Sinne desGesetzes über Arbeitnehmererfindungen der Gesellschaft unverzüglichschriftlich mitzuteilen. Die Gesellschaft ist berechtigt, innerhalb einerFrist von vier Monaten nach dieser Mitteilung zu erklären, ob und inwelchem Umfang sie die Erfindungen in Anspruch nimmt. Für den Falleiner Inanspruchnahme der Erfindung erhält Herr Dr. Näher eineVergütung in entsprechender Anwendung der Bestimmungen desGesetzes über Arbeitnehmererfindungen und den hierzu ergangenenVergütungsrichtlinien.

3.4 Dr. Näher shall, without undue delay, give written notice to theCompany of any inventions within the meaning of the German Act onEmployee Inventions (Gesetz über Arbeitnehmererfindungen). Within aperiod of four months as of receipt of such notice, the Company shall beentitled to declare whether and to what extent it claims the inventions. Ifthe Company claims an invention, Dr. Näher shall receive acompensation in accordance with the German Act on EmployeeInventions and the compensation guidelines issued thereunder whichapply mutatis mutandis.

4. Vergütung, Arbeitsunfähigkeit und Tod 4. Remuneration, Incapacity for Work and Death4.1 Herr Dr. Näher kann eine Jahresgesamtzielvergütung erhalten, die sich

aus einer jährlichen festen Vergütung (Fixum) in Höhe von bruttoEUR 496.203,00, einer kurzfristig variablen Zielvergütung in Höhe vonbrutto EUR 496.203,00 sowie einer langfristig variablen Zielvergütungin Höhe von brutto EUR 868.355,00 zusammensetzt, wobei dieVoraussetzungen der variablen nachfolgend geregelt sind.

Das Fixum ist in zwölf gleichen Raten jeweils zum Ende desKalendermonats zahlbar.

4.1 Dr. Näher may receive an annual total target remuneration whichcomprises an annual fixed remuneration (“Fixum”) in the gross amountof EUR 496,203.00 a target short-term variable remuneration in thegross amount of EUR 496,203.00 as well as a target long-term variableremuneration in the amount of EUR 868,355.00, whereas the conditionsof the variable remunerations are set out below.

The Fixum is payable by twelve equal instalments, in each case to theend of the calendar month.

4.2 Herr Dr. Näher kann im Rahmen des globalen jährlichen Incentive-Plans (Annual Incentive Plan - AIP) der Diebold Nixdorf Gruppe einekurzfristige variable Vergütung erhalten. Die Einzelheiten sind imanwendbaren AIP festgelegt, der jährlich vom Vorstand der DieboldNixdorf, Incorporated nach billigem Ermessen beschlossen wird. DerAIP enthält die anwendbaren Ziele, Schwellenwerte undHöchstzahlungen für das betreffende Jahr.

4.2 Dr. Näher may receive a short-term variable remuneration under theglobal Annual Incentive Plan (AIP) of the Diebold Nixdorf Group. Thedetails are set forth in the applicable AIP which is decided uponannually by the board of Diebold Nixdorf, Incorporated at its equitablediscretion. The AIP shall include applicable targets, threshold andmaximum payments for the relevant year.

6

Exhibit 10.28

4.3 Entsprechend seiner Funktion kann Herr Dr. Näher eine langfristig variableVergütung erhalten. Diese richtet sich nach dem jeweiligen langfristigenIncentive Plan (Long-Term Incentive Plan – LTIP) der Diebold Nixdorf,Incorporated, welcher vom Vorstand der Diebold Nixdorf, Incorporatedbeschlossen wird. Die langfristig variable Vergütung wird auf Grundlagedes Erreichens bestimmter, vom Vorstand von Diebold Nixdorf,Incorporated nach billigem Ermessen festgelegter Kriterien bestimmt. DerLTIP enthält die anwendbaren Ziele, Schwellenwerte und Höchstzahlungenfür den Bezugszeitraum.

4.3 In accordance with his function, Dr. Näher may receive a long-term variable remuneration. This shall be based on the DieboldNixdorf, Incorporated long-term incentive plan (LTIP) asapplicable from time to time which is set by the board of DieboldNixdorf, Incorporated. The LTIP award will be determined basedon the achievement of certain criteria set by the board of DieboldNixdorf, Incorporated at its equitable discretion. The LTIP shallinclude applicable targets, threshold and maximum payments forthe relevant period.

4.4 Mit der vorstehend geregelten Vergütung ist die gesamte Tätigkeit vonHerrn Dr. Näher für die Gesellschaft und andere Unternehmen der DieboldNixdorf Gruppe sowie die Diebold Nixdorf Gruppe selbst abgegolten.Insbesondere besteht kein Anspruch auf Vergütung von Mehrarbeit.Vergütung, die Herr Dr. Näher aufgrund anderweitiger Tätigkeit für andereUnternehmen der Diebold Nixdorf Gruppe erhält, ist auf die nach diesemDienstvertrag anzurechnen.

4.4 The remuneration as set out above shall be deemed to cover theentire work of Dr. Näher for the Company and any other companyof the Diebold Nixdorf Group or the Diebold Nixdorf Group assuch. In particular, there shall be no claim for remuneration withrespect to additional work. Any other remuneration which Dr.Näher receives for activities for other companies of the DieboldNixdorf Group shall be credited against the remuneration providedfor in this Service Agreement.

4.5 Die Gesellschaft erstatten Herrn Näher Steuerberatungskosten gegen Belegin Höhe von USD 10.000 brutto pro Jahr.

4.5 The Company will reimburse tax advisory expenses (financialplanning) against receipt of up to USD 10,000 gross per annum.

4.6 Herr Dr. Näher erhält für die Dauer dieses Dienstvertrages einen Zuschusszu seiner Krankenversicherung sowie Pflegeversicherung in Höhe desArbeitgeberanteils, wie er bei Kranken- und Pflegeversicherungspflicht desHerrn Näher bestünde, höchstens jedoch in Höhe der Hälfte des Betrages,welchen Herr Dr. Näher für seine Kranken- und Pflegeversicherungtatsächlich aufwendet. Der Gesellschaft ist jährlich eine Bescheinigungüber die entrichteten Beiträge vorzulegen.

4.6 Dr. Näher shall receive for the duration of this agreement asubsidy for his health insurance and nursing care insurance in theamount of the employer's contribution that would have been paidif Dr. Näher had been subject to compulsory health and long-termcare insurance, but no more than half of the amount actually paidby Dr. Näher for his health and long-term care insurance. Acertificate of the contributions paid is to be submitted to theCompany annually.

4.7 Im Fall der Arbeitsunfähigkeit, die durch Krankheit oder aus einem anderenvon Herrn Dr. Näher nicht zu vertretenden Grund eintritt, erhält Herr Dr.Näher für die Dauer von bis zu 12 Monaten ab Beginn derArbeitsunfähigkeit, längstens bis zu seinem Ausscheiden aus derGesellschaft, sein Festgehalt fortgezahlt. Variable Vergütung gemäß Ziffer4.2 und 4.3 wird entsprechend der Regelungen der anwendbaren AIP /LTIP Pläne gezahlt.

4.7 In case of incapacity for work caused by illness or by any otherreason for which Dr. Näher is not responsible, Dr. Näher shallcontinue to receive his fixed remuneration for a period of up to 12months as of beginning of the incapacity for work, such termexpiring in any event if he leaves the Company. Variableremuneration pursuant to Sec. 4.2 and 4.3 shall be paid inaccordance with the provisions of the relevant AIP / LTIP.

7

Exhibit 10.28

4.8 Nach Ablauf von 12 Monaten ab Beginn der Arbeitsunfähigkeit ist dieGesellschaft berechtigt, das Dienstverhältnis mit Herrn Dr. Näher zumEnde eines jeden Monats unter vorzeitiger Auszahlung desInvalidenkapitals aus der beitragsorientierten Versorgungszusage derGesellschaft (siehe Ziffer 8 dieses Dienstvertrages) zu beenden. Herr Dr.Näher wird dabei mindestens so behandelt, als ob eine volleErwerbsminderung im Sinne von Ziffer 2.2 der einschlägigenVersorgungsordnung vorläge. Der in der Versorgungsordnung geforderteNachweis der vollen Erwerbsminderung ist somit nichtAnspruchsvoraussetzung. Auch auf die Erfüllung der in derVersorgungsordnung festgelegten Wartezeit kommt es nicht an. ImÜbrigen ergeben sich die näheren Auszahlungsmodalitäten aus derVersorgungsordnung. Ziffer 11.6 dieses Dienstvertrags findet keineAnwendung.

4.8 After the expiry of a period of 12 months as of the beginning ofillness, the Company may terminate this Service Agreement withDr. Näher to the end of each calendar month, provided that in caseof such termination the disability benefits based on thecontribution-defined pension commitment of Diebold Nixdorf AGshall be paid out prematurely (cf. Section 8 of this ServiceAgreement). In such case, Dr. Näher shall be treated, as if hisearning capacity was fully reduced within the meaning of number2.2 of the applicable pension scheme. The proof of the totalreduction of earning capacity required by the pension schemeshall, therefore, not be a precondition for a claim. The fulfilmentof the waiting period provided in pension scheme shall also not berelevant. Apart from that, details on the payment modalities areprovided in the pension scheme. Sec. 11.6 of this ServiceAgreement shall not apply.

4.9 Im Fall des Todes des Herrn Dr. Näher haben seine Witwe / verbliebeneeingetragene Lebenspartnerin und seine minderjährigen Kinder Anspruchauf Fortzahlung der festen Vergütung für einen Zeitraum von sechsMonaten, beginnend mit dem Ende des Monats, in dem Herr Dr. Näherverstorben ist. Variable Vergütung gemäß Ziffer 4.2 und 4.3 wirdentsprechend der Regelungen der anwendbaren AIP / LTIP Pläne gezahlt.

4.9 In the event of death of Dr. Näher, his widow and his minorchildren are entitled to continued payment of his fixedremuneration for a period of six months as of the end of the monthin which Dr. Näher died. Variable remuneration pursuant to Sec.4.2 and 4.3 shall be paid in accordance with the provisions of therelevant AIP / LTIP.

5. Urlaub 5. Vacation5.1 Herr Dr. Näher hat Anspruch auf bezahlten Jahresurlaub von 30

Arbeitstagen pro Kalenderjahr. Die Urlaubszeit ist im Einvernehmen mitden übrigen Geschäftsführern abzustimmen. Zur Abdeckung ganztägigerAbwesenheiten stehen Herrn Dr. Näher neben dem Kalenderjahresurlaub jeGeschäftsjahr bis zu 5 weitere freie Tage (z. B. zur Abdeckung etwaigersog. „Brückentage“) zur Verfügung.

5.1 Dr. Näher is entitled to 30 days of annual vacation with pay percalendar year. The timing of the vacation shall be agreed with theother members of the Management Board. To cover full-dayabsences Dr. Näher is entitled to 5 further days off per businessyear in addition to his calendar annual vacation (e.g. to coverpossible so called “bridging days”).

8

Exhibit 10.28

5.2 Im Rahmen der unternehmerischen Verantwortung kann Herr Dr. Näherunabhängig von einer formellen Beantragung und Genehmigung freiüber den jährlichen Urlaub sowie die zusätzlichen fünf freien Tageverfügen. Eine Abwesenheitserfassung ist insofern nicht erforderlich undbeschränkt sich auf ganztägige Abwesenheiten wegen Krankheit. ImFalle des Ausscheidens wird dabei auf volle Urlaubstage aufgerundet.

5.2 Within the scope of his entrepreneurial responsibility, Dr. Näher maytake vacation time at his absolute discretion, regardless of any formalapplication and approval. Insofar, no absence for vacation needs to berecorded and only full-day absences for sickness shall be recorded. Incase of termination, it shall be rounded up to full vacation days.

6. Wettbewerbsverbot 6. Non-compete ObligationHerr Dr. Näher ist verpflichtet, das Wettbewerbsverbot gemäß § 88 AktGzu beachten. Es ist ihm insbesondere untersagt, ohne vorherigeschriftliche Zustimmung der Gesellschafterin für ein Unternehmen füreigene oder fremde Rechnung tätig zu werden, welches mit derGesellschaft in Wettbewerb steht oder ein solches Unternehmen zuerrichten, zu erwerben oder sich hieran zu beteiligen. Die Regelungen inZiffer 2 dieses Dienstvertrags bleiben unberührt.

Dr. Näher is obligated to observe the non-compete obligation at setout in section 88 of the German Stock Corporation Act (Aktiengesetz- AktG). He may not in particular, without prior written approval ofthe shareholder, act for another company for its own account or forthe account of a third party which competes with the Company or toincorporate or participate in such company. The provisions set forthin section 2 of this Service agreement remain unaffected.

7. Versicherungen 7. Insurances7.1 Die Gesellschaft schließt folgende Versicherungen ab: 7.1 The Company will take out the following insurances:7.2 Unfallversicherung zugunsten von Herrn Dr. Näher mit

Versicherungssummen von EUR 300.000 für den Todesfall und bis zumax. EUR 600.000 für den Invaliditätsfall (je nach Invaliditätsgrad). BeiDienstreisen für das außereuropäische Ausland erhöht sich derVersicherungsschutz um EUR 150.000 für den Todesfall und um EUR300.000 für den Invaliditätsfall (je nach Invaliditätsgrad).

7.2 Accident insurance for the benefit of Dr. Näher with a sum insured ofEUR 300,000.00 in case of death and up to EUR 600,000.00 in caseof disability (depending on the degree of disability). For business-related travel outside Europe, the insurance coverage is increased byEUR 150,000.00 in case of death and by EUR 300,000.00 in case ofdisability (depending on the degree of disability).

7.3 Im Rahmen der vorbezeichneten Unfallversicherung werden die Ehefraubzw. eingetragene Lebenspartnerin und die minderjährigen Kinder wiefolgt mitversichert:

7.3 The aforementioned accident insurance also covers the spouse /registered life partner and the minor children as follows:

• Ehefrau / eingetragene Lebenspartnerin: Versicherungs-summen von EUR 75.000 für den Todesfall und bis zu max.EUR 150.000 für den Invaliditätsfall (je nach Invaliditätsgrad)

• Spouse / registered life partner: sum insured of EUR75,000.00 in case of death and up to EUR 150,000.00 incase of disability (depending on the degree of disability).

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Exhibit 10.28

• jedes Kind: Versicherungssummen von EUR 25.000 für denTodesfall und bis zu max. EUR 150.000 für den Invaliditätsfall (jenach Invaliditätsgrad)

• Each child: sum insured of EUR 25,000.00 in case of deathand up to EUR 150,000.00 in case of disability (dependingon the degree of disability)

7.4 Bei Buchung von Flugkarten über die Gesellschaft tritt eine zusätzlicheFluggast-Unfallversicherung über eine Versicherungssumme von EUR375.000 bei Tod oder Invalidität in Kraft.

7.4 When flight tickets are booked through the Company, an additionalair passenger accident insurance with a sum insured of EUR375,000.00 in case of death or disability applies.

7.5 Die Gesellschaft wird für Herrn Dr. Näher folgende weitereVersicherungen abschließen und für die Dauer der Tätigkeit alsGeschäftsführer unterhalten:

7.5 The Company will implement the following additional insurancesfor the benefit of Dr. Näher and will maintain such insurancesduring the term of the mandate:

• Dienstreise-Unfallversicherung• Auslands-Reisekrankenversicherung• Reisegepäck-Versicherung• Verkehrsrechtsschutz-Versicherung für Dienstreisen• Privathaftpflicht-Versicherung

• Business travel accident insurance• Foreign travel health insurance• Baggage insurance• Motor legal protection insurance for business travel• Private liability insurance

7.6 Eigenständige lokale Directors and Officers-Versicherung der Gesellschaftzur Absicherung gegen Risiken aus der persönlichen Haftung des Herr Dr.Näher mit einem Selbstbehalt von 10% des Schadens bis zur Höhe desEineinhalbfachen der festen jährlichen Vergütung von Herrn Näher; dieGesellschaft verpflichtet sich, den Schutz der vorstehend genannten odereiner dem Umfang und der Höhe nach gleichwertigen eigenständigen undlokalen D&O-Versicherung der Gesellschaft, vor der die gesamte Tätigkeitvon Herrn Dr. Näher für die Gesellschaft umfasst ist, für einen Zeitraumvon mindestens zehn Jahren nach der Beendigung der Mitgliedschaft in derGeschäftsführung der Gesellschaft aufrechtzuerhalten.

7.6 Directors and officers liability insurance to cover risks arising fromthe personal liability of Dr. Näher with a deductible of 10% of thedamage up to one and a half times the fixed annual remuneration ofM. Näher the Management Board member; the Company shallensure that insurance coverage under the aforementioned D&Opolicy (or another independent and local policy of the Companyequivalent in scope and coverage) covering the entire servicesrendered by Dr. Näher for the Company shall be maintained for aperiod of not less than ten years following any termination of themembership in the Management Board.

7.7 Die auf die Versicherungsprämien der vorgenannten Versicherungenanfallende Einkommensteuer trägt Herr Dr. Näher. Bezugsberechtigt sindHerr Dr. Näher bzw. die von ihm schriftlich benannten Personen.

7.7 The income tax on the insurance premiums for the aforementionedinsurances shall be borne by Dr. Näher. The beneficiaries of theaforementioned insurances are Dr. Näher and the persons specifiedby him in writing.

8. Betriebliche Altersversorgung 8. Company Pension Scheme

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Exhibit 10.28

Gemäß der jeweils in der Wincor Nixdorf International GmbH geltendenVersorgungsrichtlinie, welche auch für die Gesellschaft gilt, erhält HerrDr. Näher Leistungen der betrieblichen Altersversorgung. Diewesentlichen Regelungsinhalte der aktuell geltendenVersorgungsrichtlinie 2006 vom 22.06.2006 sind in einem Merkblatt zurbetrieblichen Altersversorgung in der Wincor Nixdorf InternationalGmbH zusammengefasst Herr Dr. Näher erhält für jedes volleBeschäftigungsjahr einen Versorgungsbeitrag in Höhe von EUR 50.000.

In accordance with the pension directive of Wincor NixdorfInternational GmbH, as applicable from time to time, which is alsoapplicable for the Company, Dr. Näher shall be entitled to benefitsunder the company pension scheme. The substantial contents of thepension directive 2006 dated June 22, 2006 which is currentlyapplicable are summarized in a leaflet regarding the companypension scheme at Wincor Nixdorf International GmbH. Dr. Nähershall receive a benefit contribution in the amount of EUR50,000.00 for each completed year of employment.

9. Auslagen 9. ExpensesReisekosten und sonstige Auslagen werden Herrn Dr. Näher im Rahmender steuerlich zulässigen Höchstbeträge vergütet. Im Einzelfall werdenhöhere Beträge gegen Nachweis erstattet. Die Reisekostenrichtlinie fürLeitende Angestellte der Wincor Nixdorf International GmbH - welcheebenfalls in der Gesellschaft Anwendung findet - gilt auch für Herrn Dr.Näher.

Any travel and other expenses shall be reimbursed to Dr. Näher upto the maximum amounts permitted for tax purposes. In theindividual case, higher amounts may be reimbursed uponpresentation of receipts. The business travel expenses policy forexecutives of Wincor Nixdorf International GmbH which alsoapplies at the Company - also applies to Dr. Näher.

10. Mobility Allowance 10. Mobility AllowanceHerr Dr. Näher hat Anspruch auf eine monatliche Fahrzeug Allowanceentsprechend der jeweils gültigen Richtlinie in Höhe von EUR 1835,00

Dr. Näher is entitled to a monthly car allowance in accordance withthe relevant policy, as applicable from time to time, in the amountof EUR 1,835.00

11. Dauer und Beendigung des Dienstverhältnisses 11. Term and Termination of this Service Agreement

11.1 Dieser befristete Dienstvertrag läuft ab dem Zeitpunkt derUnterzeichnung für 3 Jahre, also bis zum 28.022024 und kann währenddieses Zeitraumes mit einer Kündigungsfrist von sechs Monatenordentlich gekündigt werden. Er endet mit Ablauf der Laufzeit, ohne dasses einer Kündigung bedarf.

11.1 This fixed-term Service Agreement shall be effective as from thetime of signature for a term of 3 years, so until February 24, 2024and can be terminated during this period observing a notice periodof six (6) months. It terminates automatically at the end of its termwithout a termination notice being required.

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Exhibit 10.28

11.2 Der Dienstvertrag kann in beiderseitigem Einvernehmen im Rahmen dergesetzlich zulässigen Zeitdauer verlängert werden. Hierzu bedarf es einesGesellschafterbeschlusses über die Verlängerung der Bestellung zumGeschäftsführer, der frühestens ein Jahr, spätestens aber sechs Monate vorAblauf der bisherigen Amtszeit gefasst werden soll. Soweit im Fall derVerlängerung nicht ausdrücklich etwas anderes vereinbart wird, gelten diezuletzt schriftlich niedergelegten Vertragsinhalte weiter.

11.2 The term of the Service Agreement may be extended by mutualagreement between the parties up to the maximum term permittedby law. Such extension requires a resolution of the shareholder onthe extension of the appointment as Management Board memberwhich shall be adopted not earlier than one year but not later thansix months prior to the expiry of the previous term of office. In caseof an extension, unless expressly agreed otherwise, the termspreviously agreed in writing shall continue to apply.

11.3 Dieser Dienstvertrag kann jederzeit auch ohne Einhaltung einer Fristaußerordentlich aus wichtigem Grund gekündigt werden. Wichtiger Grundist eine schwere Verletzung vertraglicher Pflichten durch die andereVertragspartei.

11.3 This Service Agreement may be terminated for cause at any timewithout giving prior notice. A termination for cause shall bepossible in case of a severe violation of contractual duties by theother party.

11.4 Jede Kündigung bedarf zu ihrer Wirksamkeit der Schriftform. 11.4 Each termination must be in writing in order to be effective.11.5 Für den Fall der Kündigung, der Amtsniederlegung, der Abberufung sowie

einer einvernehmlichen Beendigung dieses Dienstvertrages gilthinsichtlich der Vergütung Folgendes:

11.5 In the event of the unilaterally declared termination, resignation,revocation as well as in the event of a mutually agreed terminationof this Service Agreement the following shall apply with respect tothe remuneration:

• Soweit Herr Dr. Näher sein Amt ohne wichtigen Grundniederlegt, erhält er ab dem Zeitpunkt des Wirksamwerdens derNiederlegung bis zum Vertragsende kein Festgehalt (Fixum) undauch keine variable Vergütung mehr, das heißt weder einen AIP-Bonus (= kurzfristig variabler Vergütungsbestandteil) noch eineLTI-Zahlung / aktienbasierte Vergütung (= langfristig variablerVergütungsbestandteil). In Bezug auf langfristige variableVergütungen, die an Herrn Dr. Näher vor der Amtsniederlegungfür den Zeitraum ab dem Jahre 2017 ausgegeben worden sind,gelten die Regelungen des „Diebold Nixdorf, Incorporated 1991Amended and Restated Equity Performance and Incentive Plan“bzw. des „2017 Equity and Performance Incentive Plan“.

• If Dr. Näher resigns from his office without cause, heshall as from the effectiveness of the resignation until theexpiry of this Service Agreement neither receive a fixedremuneration (”Fixum”) nor a variable remuneration, i.e.neither an AIP-bonus (= short-term variable remunerationcomponent) nor an LTI / stock related remuneration (=long-term variable remuneration component). In relationto any long-term remuneration that has been awarded toDr. Näher prior to his resignation and in relation toperiods commencing 2017, the rules set forth in the„Diebold Nixdorf, Incorporated 1991 Amended andRestated Equity Performance and Incentive Plan“ or, ifapplicable, in the „2017 Equity and Performance IncentivePlan“ shall apply.

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Exhibit 10.28

• Soweit Herr Dr. Näher sein Amt aus wichtigem Grundentsprechend § 626 BGB niederlegt, erhält er ab diesemZeitpunkt bis zum Vertragsende als Vergütung sein bisherigesFestgehalt (Fixum) ohne variable Vergütung. In Bezug auflangfristige variable Vergütungen, die an Herrn Dr. Näher vorder Amtsniederlegung für den Zeitraum ab dem Jahre 2017ausgegeben worden sind, gelten die Regelungen des „DieboldNixdorf, Incorporated 1991 Amended and Restated EquityPerformance and Incentive Plan“ bzw. des „2017 Equity andPerformance Incentive Plan“.

• If Dr. Näher resigns from his office for cause according tosection 626 of the German Civil Code (BürgerlichesGesetzbuch - BGB), he shall as from the termination until tothe expiry of this Service Agreement receive as remunerationhis previous fixed remuneration (“Fixum”) without variableremuneration. In relation to any long-term remuneration thathas been awarded to Dr. Näher prior to his resignation and inrelation to periods commencing 2017, the rules set forth inthe „Diebold Nixdorf, Incorporated 1991 Amended andRestated Equity Performance and Incentive Plan“ or, ifapplicable, in the „2017 Equity and Performance IncentivePlan“ shall apply.

• Wird dieser Dienstvertrag von der Gesellschaft aus wichtigemGrund i.S.d. § 626 BGB mit oder ohne Auslauffrist gekündigt,erhält Herr. Näher für das laufende Geschäftsjahr sowie für dieetwaige Auslauffrist keine variable Vergütung mehr.

• If this Service Agreement is terminated by the Company forcause within the meaning of section 626 German Civil Code(Bürgerliches Gesetzbuch - BGB), either with or withoutphasing-out period, Dr. Näher shall not receive a variableremuneration for the current business year and for a possiblephasing-out period.

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Exhibit 10.28

11.6 Für den Fall (i) der vorzeitigen Beendigung der Tätigkeit alsGeschäftsführer durch Widerruf der Bestellung ohne einen von Herrn Dr.Näher zu vertretenden wichtigen Grund im Sinne des § 626 BGB, der dieGesellschaft zur außerordentlichen Kündigung des Dienstvertragesberechtigen würde, und (ii) im Falle einer Kündigung durch dieGesellschaft (mit Ausnahme einer Kündigung aufgrundArbeitsunfähigkeit gemäß Ziffer 4.8 dieses Dienstvertrags) oder einereinvernehmlichen Aufhebung dieses Dienstvertrages, steht dieGesellschaft dafür ein, dass Herr Dr. Näher eine einmalige Abfindunggemäß den Vorgaben des Senior Leadership Severance Plan der DieboldNixdorf, Incorporated in der jeweils geltenden Fassung, zuletzt geändertim November 2018 („SLSP“) für Angestellte auf der Ebene von HerrnDr. Näher erhält. Die Abfindung nach dem SLSP reduziert sich umetwaige nach deutschem Recht zu zahlende Abfindungen. Ferner wird dieVergütung, die Herr Dr. Näher für einen Zeitraum erhält, in dem er vonseinen Arbeitspflichten freigestellt wird, von der Abfindungszahlungnach dem SLSP in Abzug gebracht. Voraussetzung für eine Zahlung nachdem SLSP ist die Unterzeichnung einer vollständigen Freistellung derUnternehmen der Diebold Nixdorf Gruppe, deren Geschäftsführer,Vertreter und Mitarbeiter, durch Herrn Dr. Näher.

11.6 In the event of (i) a premature termination of the ManagementBoard mandate by way of a revocation of the appointment withoutcause within the meaning of section 626 German Civil Code(Bürgerliches Gesetzbuch - BGB) for which Dr. Näher isresponsible and which would entitle the Company to terminate thisService Agreement for cause, and (ii) in the event of unilateraltermination by the Company (except for inability to work inaccordance with Sec. 4.8 of this Service Agreement) or a mutuallyagreed termination of this Service Agreement, the Company willensure that Dr. Näher shall receive a one-time severance paymentequal to a separation payment for an employee at Dr. Näher’s levelin accordance with the provisions of the Senior LeadershipSeverance Plan (“SLSP”) of Diebold Nixdorf, Incorporated as lastamended in November 2018 and as amended from time to time.Such severance benefits under the SLSP shall be reduced by anyseparation pay mandated under German law. Any and allremuneration paid for a period during which Dr. Näher is releasedfrom his duties, shall also be deducted from any severancepayments to be made under the SLSP. To receive the paymentsunder the Senior Leadership Severance Plan, Dr. Näher shallexecute a full and complete release of any and all companies of theDiebold Nixdorf Group as well.

11.7 In Bezug auf langfristige variable Vergütungen, die an Herrn Dr. Nähervor der Beendigung des Dienstvertrages für den Zeitraum ab dem Jahre2017 ausgegeben worden sind, gelten die Regelungen des „DieboldNixdorf, Incorporated 1991 Amended and Restated Equity Performanceand Incentive Plan“ bzw. des „2017 Equity and Performance IncentivePlan“.

11.7 In relation to any long-term remuneration that has been awarded toDr. Näher prior to the termination of this Service Agreement and inrelation to periods commencing 2017, the rules set forth in the„Diebold Nixdorf, Incorporated 1991 Amended and RestatedEquity Performance and Incentive Plan“ or, if applicable, in the„2017 Equity and Performance Incentive Plan“ shall apply.

11.8 Bei einem auf das Geschäftsjahr bezogenen unterjährigen Ausscheidenwerden die Vergütungsansprüche unter Berücksichtigung dervorstehenden Absätze zeitanteilig gewährt.

11.8 In case of an intra-year termination with regard to the business year,remuneration entitlements will be granted pro rata temporis inconsideration of the preceding paragraphs.

11.9 Die Beendigung des Dienstverhältnisses oder eine Freistellung hat keineAuswirkung auf die nach diesem Dienstvertrag fortbestehendenVerpflichtungen des Herrn Dr. Näher.

11.9 The termination of this Service Agreement or a release fromservices has no effect on the continuing obligations of Dr. Näher setforth in this Service Agreement.

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Exhibit 10.28

11.10 Dieser Dienstvertrag endet spätestens zum Ende des Monats, in demHerr Dr. Näher das 68. Lebensjahr vollendet.

11.10 This Service Agreement shall, at the latest, expire at the end of themonth in which Dr. Näher completes his 68 year of life.

12. Freistellung 12. Release from dutiesAus sachlichen Gründen, insbesondere im Falle einer vorzeitigenBeendigung des Amtes als Geschäftsführer, ist die Gesellschaftberechtigt, Herrn Dr. Näher unter Berücksichtigung der vorstehendenRegelungen für eine etwaig verbleibende Restlaufzeit diesesDienstvertrages von der Pflicht zur Arbeitsleistung freizustellen.

For objective reasons, in particular in case of a prematuretermination of the office as member of the Management Board, theCompany may, taking into account the preceding provisions,release Dr. Näher from its duties to perform services for anypotential remainder of a term of this Service Agreement.

13. Kontrollwechsels 13. Change in controlIm Falle eines Kontrollwechsels der Diebold Nixdorf, Inc. („DN Inc.“),gilt folgendes:

In the event that a change in control of Diebold NixdorfIncorporated (“DN Inc.”) occurs, the following shall apply:

13.1 Kontrollwechsel bedeutet, das Eintreten einer der folgenden Situationenwährend der Dauer dieses Dienstvertrags:

13.1 “Change in Control” means the occurrence of any of the followingduring the term of this Service Agreement:

th

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Exhibit 10.28

(1) der Erwerb durch eine natürliche oder juristische Person oder eineGruppe (im Sinne von Ziffer 13d(3) oder , 14(d)(2) des SecuritiesExchange Act von 1934, in der jeweils gültigen Fassung (der "ExchangeAct")) (im Sinne von Abschnitt 13(d)(3) oder des Exchange Act) (eine"Person") von dreißig Prozent (30%) oder mehr des wirtschaftlichenEigentums (im Sinne von Rule 13d-3, die gemäß dem Exchange Actveröffentlicht wurde) von dreißig Prozent (30 %) oder mehr an entweder:(A) der zu diesem Zeitpunkt ausstehenden Stammaktien der DN Inc. (die"DN Inc. Stammaktien") oder (B) der kombinierten Stimmrechte derdann ausstehenden stimmberechtigten Aktien der DN Inc,, die bei derWahl der Direktoren (directors) allgemein stimmberechtigt sind("Stimmberechtigte Aktien"); jedoch unter der Voraussetzung, dass fürdie Zwecke dieses Unterabschnitts (1) die folgenden Erwerbe keinenKontrollwechsel darstellen: (i) jeglicher Erwerb direkt von der DN Inc.,(ii) jeglicher Erwerb durch die DN Inc., (iii) jeglicher Erwerb durch einenvon der DN Inc. oder einer Tochtergesellschaft finanzierten oderunterhaltenen Mitarbeiter-Benefit-Plan (oder einen damit verbundenenTrust) oder (iv) jeglicher Erwerb durch eine Person gemäß einerTransaktion, die den Klauseln (A), (B) und (C) des nachstehendenUnterabschnitts (3) entspricht; oder

(1) the acquisition by any individual, entity or group (within themeaning of Section 13(d)(3) or 14(d)(2) of the Securities ExchangeAct of 1934, as amended (the “Exchange Act”)) (a “Person”) ofbeneficial ownership (within the meaning of Rule 13d-3 promulgatedunder the Exchange Act) of thirty percent (30%) or more of either:(A) the then-outstanding shares of common stock of DN Inc. (the“DN Inc.Common Stock”) or (B) the combined voting power of thethen-outstanding voting securities of DN Inc.entitled to votegenerally in the election of directors (“Voting Stock”); provided,however, that for purposes of this subsection (1), the followingacquisitions shall not constitute a Change in Control: (i) anyacquisition directly from DN Inc., (ii) any acquisition by DN Inc.,(iii) any acquisition by any employee benefit plan (or related trust)sponsored or maintained by DN Inc.or any of its subsidiaries, or (iv)any acquisition by any Person pursuant to a transaction whichcomplies with clauses (A), (B) and (C) of subsection (3) below; or

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Exhibit 10.28

(2) Personen, die zum Zeitpunkt dieses Dienstvertrags das Board ofDirectors der DN Inc. bilden (in der durch diesen Unterabschnitt (2)geänderten Form das "Amtierende Board"), aus irgendeinem Grund (mitAusnahme von Tod oder Dienstunfähigkeit) aufhören, mindestens dieMehrheit des Board of Directors zu bilden; vorausgesetzt jedoch, dass jedePerson, die nach dem Zeitpunkt dieses Dienstvertrags zum Direktor(director) wird, deren Wahl oder Nominierung zur Wahl durch dieAktionäre der DN Inc., durch eine Abstimmung von mindestens derMehrheit der Direktoren (directors), die zu diesem Zeitpunkt dasAmtierende Board bilden, genehmigt wurde (entweder durch eine spezielleAbstimmung oder durch Genehmigung der Vollmachtserklärung der DNInc., in der eine solche Person als Kandidat für das Amt des Direktors(director) genannt wird, ohne Einspruch gegen eine solche Nominierung),so betrachtet wird, als ob eine solche Person ein Mitglied des AmtierendenBoards wäre, jedoch unter Ausschluss einer solchen Person, derenanfänglicher Amtsantritt als Ergebnis eines tatsächlichen oder drohendenWahlkampfes in Bezug auf die Wahl oder Absetzung von Direktoren(directors) oder einer anderen tatsächlichen oder drohenden Einholung vonStimmrechtsvollmachten oder Zustimmungen durch oder im Namen eineranderen Person als dem Board of Directors erfolgt; oder

(2) individuals who, as of the date hereof, constitute the Board (asmodified by this subsection (2), the “Incumbent Board”), cease forany reason (other than death or disability) to constitute at least amajority of the Board; provided, however, that any individualbecoming a director subsequent to the date hereof whose election,or nomination for election by DN Inc.’s shareholders, was approvedby a vote of at least a majority of the directors then comprising theIncumbent Board (either by a specific vote or by approval of theproxy statement of DN Inc.in which such person is named as anominee for director, without objection to such nomination) shall beconsidered as though such individual were a member of theIncumbent Board, but excluding for this purpose, any suchindividual whose initial assumption of office occurs as a result of anactual or threatened election contest with respect to the election orremoval of directors or other actual or threatened solicitation ofproxies or consents by or on behalf of a Person other than theBoard; or

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Exhibit 10.28

(3) Vollzug einer Umstrukturierung, Fusion, Konsolidierung, Verkauf odersonstige Veräußerung aller oder im Wesentlichen aller Vermögenswerte vonDN Inc. (ein "Unternehmenszusammenschluss"), jeweils mit der Ausnahme derFälle, in denen nach einem solchen Unternehmens-zusammenschluss (A) alleoder im Wesentlichen alle natürlichen und juristischen Personen, dieunmittelbar vor einem solchen Unternehmenszusammenschluss die wirt-schaftlichen Eigentümer von Stammaktien und Stimmberechtigten Aktien derDN Inc. waren, direkt oder indirekt mehr als 50 % der zu diesem Zeitpunktbestehenden Stammaktien bzw. der kombinierten Stimmkraft der zu diesemZeitpunkt bestehenden stimm-berechtigten Wertpapiere besitzen, die bei derWahl der Direktoren (directors) allgemein stimmberechtigt sind, des aus einemsolchen Unternehmenszusammenschluss hervor-gehenden Unternehmens(einschließlich, ohne Einschränkung, eines Unternehmens, das als Ergebniseiner solchen Transaktion Eigentümer der DN Inc. oder alle oder imWesentlichen aller Vermögenswerte der DN Inc. entweder direkt oder über eineoder mehrere Tochtergesellschaften ist) im Wesentlichen im gleichenVerhältnis zueinander, wie sie unmittelbar vor einem solchen Unternehmens-zusammenschluss an der DN Inc. Stammaktien und Stimmberechtigte Aktiender DN Inc. bestanden, (B) keine Person (mit Ausnahme eines aus einemsolchen Unternehmenszusammenschluss hervor-gehenden Unternehmens odereines von DN Inc. finanzierten oder unterhaltenen Mitarbeiter-Benefit Plans(oder eines zugehörigen Trusts)) oder ein aus einem solchenUnternehmenszusammenschluss hervorgehender Rechtsträger) besitzt direktoder indirekt dreißig Prozent (30 %) oder mehr der dann ausstehendenStammaktien des aus einem solchen Unternehmenszusammen-schlusshervorgehenden Rechtsträgers, oder die kombinierte Stimmkraft der dannausstehenden stimmberechtigten Aktien dieser Gesellschaft, außer in demAusmaß, in dem eine solche Inhaberschaft bereits vor demUnternehmenszusammenschluss bestand, und (C) mindestens eine Mehrheit derMitglieder des Board of Directors der aus einem solchenUnternehmenszusammenschluss hervor-gehenden Gesellschaft Mitglieder des

(3) consummation of a reorganization, merger or consolidationor sale or other disposition of all or substantially all of the assetsof DN Inc. (a “Business Combination”), in each case, unless,following such Business Combination, (A) all or substantially allof the individuals and entities who were the beneficial owners,respectively, of DN Inc.Common Stock and Voting Stockimmediately prior to such Business Combination beneficiallyown, directly or indirectly, more than fifty percent (50%) of,respectively, the then-outstanding shares of common stock andthe combined voting power of the then-outstanding votingsecurities entitled to vote generally in the election of directors, asthe case may be, of the entity resulting from such BusinessCombination (including, without limitation, an entity which as aresult of such transaction owns DN Inc.or all or substantially allof DN Inc.’s assets either directly or through one or moresubsidiaries) in substantially the same proportions relative toeach other as their ownership, immediately prior to suchBusiness Combination, of DN Inc.Common Stock and VotingStock of the Company, as the case may be, (B) no person(excluding any entity resulting from such Business Combinationor any employee benefit plan (or related trust) sponsored ormaintained by DN Inc.or such entity resulting from suchBusiness Combination) beneficially owns, directly or indirectly,thirty percent (30%) or more of, respectively, the then-outstanding shares of common stock of the entity resulting fromsuch Business Combination, or the combined voting power ofthe then-outstanding voting securities of such corporation exceptto the extent that such ownership existed prior to the BusinessCombination and (C) at least a majority of the members of theboard of directors of the corporation resulting from suchBusiness Combination were members of the Incumbent Board atthe time of the execution of the initial agreement, or of the actionof the Board providing for such Business Combination; or

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Exhibit 10.28

Amtierenden Boards waren zum Zeitpunkt der Unterzeichnung derursprünglichen Vereinbarung oder der Maßnahme des Board ofDirectors, die einen solchen Unternehmens-zusammenschluss vorsieht;oder(4) die Zustimmung der Aktionäre der DN Inc. zu einer vollständigenLiquidation oder Auflösung der DN Inc.

(4) approval by the shareholders of DN Inc. of a completeliquidation or dissolution of DN Inc.

Ein "Kontrollwechsel" gilt als eingetreten (i) in Bezug auf einenKontrollwechsel gemäß vorstehendem Unterabschnitt (1) an dem Tag,an dem eine Person der wirtschaftliche Eigentümer von dreißig Prozent(30 %) oder mehr der DN Inc. Stammaktien oder der StimmberechtigtenAktien wird, (ii) in Bezug auf einen Kontrollwechsel gemäß vor-stehendem Unterabschnitt (2) an dem Tag, an dem die Mitglieder desAmtierenden Boards aus irgendeinem Grund (außer Tod oderDienstunfähigkeit) zum ersten Mal aufhören, mindestens die Mehrheitdes Boards zu bilden, (iii) in Bezug auf einen Kontrollwechsel gemäßvorstehendem Unterabschnitt (3) an dem Tag, an dem die betreffendeTransaktion ab-geschlossen wird, und (iv) in Bezug auf einenKontrollwechsel gemäß vorstehendem Unterabschnitt (4) oben, am Tagder Zustimmung der Aktionäre. Ungeachtet der vorstehendenBestimmungen gilt ein "Kontroll-wechsel" für die Zwecke diesesDienstvertrags nicht allein aufgrund eines Kontrollwechsels bei einerTochtergesellschaft, bei der Herr Dr. Näher angestellt ist, als eingetreten.

A “Change in Control” will be deemed to occur (i) with respect to aChange in Control pursuant to subsection (1) above, on the date thatany Person becomes the beneficial owner of thirty percent (30%) ormore of either DN Inc.Common Stock or the Voting Stock, (ii) withrespect to a Change in Control pursuant to subsection (2) above, onthe date the members of the Incumbent Board first cease for anyreason (other than death or disability) to constitute at least a majorityof the Board, (iii) with respect to a Change in Control pursuant tosubsection (3) above, on the date the applicable transaction closesand (iv) with respect to a Change in Control pursuant to subsection(4) above, on the date of the shareholder approval. Notwithstandingthe foregoing provisions, a “Change in Control” shall not be deemedto have occurred for purposes of this Agreement solely because of achange in control of any subsidiary by which Dr. Näher may beemployed.

13.2 „Schwerbehinderung`` bedeutet, dass Dr. Näher im Sinne des deutschenRechts dauerhaft schwerbehindert ist und tatsächlich vor demKontrollwechsel Leistungen bzw. Vergünstigungen aufgrund derSchwerbehinderung erhält.

13.2 “Disabled” means Dr. Näher has become permanently disabledwithin the meaning of German law and begins actually to receivedisability benefits prior to the Change in Control.

13.3 "Triftiger Grund" bedeutet: 13.3 “Good Reason” means:

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Exhibit 10.28

(1) die Nichtwahl, Wiederwahl oder anderweitige Beibehaltung von Dr.Naeher in den Ämtern oder Positionen in der Gesellschaft oder einerTochtergesellschaft, die er unmittelbar vor einem Kontrollwechselinnehatte, oder die Abberufung von Dr. Naeher als Vorstandsmitglied derGesellschaft (oder eines Nachfolgers), falls er unmittelbar vor demKontrollwechsel Vorstandsmitglied der Gesellschaft gewesen sein sollte;

(1) failure to elect, reelect or otherwise maintain Dr. Näher in theoffices or positions in the Company or any Subsidiary which he heldimmediately prior to a Change in Control, or the removal of Dr.Näher as a director of the Company (or any successor thereto) if heshall have been a director of the Company immediately prior to theChange in Control;

(2)  eine wesentliche Verringerung der Art oder des Umfangs derVerantwortlichkeiten oder Pflichten, die mit der Position oder denPositionen bei der Gesellschaft und ihren Tochtergesellschaftenverbunden sind, die Dr. Näher unmittelbar vor dem Kontrollwechselinnehatte, eine wesentliche Verringerung der Summe seinerGrundvergütung (wie in diesem Dienstvertrag definiert) und seinervaruablen Vergütung (wie in diesem Dienstvertrag definiert), die er vonder Gesellschaft erhält, oder die Beendigung der Rechte von Dr. Naeherauf wesentliche Leistungen an Arbeitnehmer (wie nachstehend definiert),auf die er unmittelbar vor dem Kontrollwechsel Anspruch hatte, oder einewesentliche Verringerung des Umfangs oder des Werts dieser Leistungenohne vorherige schriftliche Zustimmung der Gesellschaft. Die Beendigungvon Dr. Nähers Ansprüchen auf wesentliche Leistungen an Arbeitnehmer(wie nachstehend definiert), auf die er unmittelbar vor demKontrollwechsel Anspruch hatte, oder eine wesentliche Verringerung desUmfangs oder des Werts dieser Leistungen ohne die vorherige schriftlicheZustimmung von Dr. Näher;

(2) a material reduction in the nature or scope of the responsibilitiesor duties attached to the position or positions with the Company andits Subsidiaries which Dr. Näher held immediately prior to theChange in Control, a material reduction in the aggregate of his BasePay (as that term is hereafter defined) and Incentive Pay (as that termis hereafter defined) opportunity received from the Company, or thetermination of the Dr. Näher’s rights to any material EmployeeBenefits (as that term is hereafter defined) to which he was entitledimmediately prior to the Change in Control or a material reduction inscope or value thereof without the prior written consent of Dr. Näher;

(3)  die Liquidation, Auflösung, Fusion, Konsolidierung oderReorganisation der Gesellschaft oder die Übertragung des gesamten odereines wesentlichen Teils ihres Geschäfts und / oder Vermögens, es seidenn, der Rechtsnachfolger oder die Rechtsnachfolger (durch Liquidation,Fusion, Konsolidierung, Reorganisation oder auf andere Weise), an denenalle oder ein wesentlicher Teil seiner Geschäfte und / oderVermögenswerte, die (direkt oder per Gesetz) übertragen wurden, hat allePflichten und Verpflichtungen der Gesellschaft aus dieser Vereinbarungübernommen;

(3) the liquidation, dissolution, merger, consolidation orreorganization of the Company or transfer of all or a significantportion of its business and/or assets, unless the successor orsuccessors (by liquidation, merger, consolidation, reorganization orotherwise) to which all or a significant portion of its business and/orassets have been transferred (directly or by operation of law) shallhave assumed all duties and obligations of the Company under thisAgreement;

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Exhibit 10.28

(4)  die Gesellschaft ihren Hauptgeschäftssitz verlegt oder dieGesellschaft oder eine Tochtergesellschaft von dem Mitarbeiterverlangt, dass er seinen Hauptarbeitsort an einen Ort verlegt, der mehrals 50 Meilen (US) von dem Ort entfernt ist, an dem er sich unmittelbarvor dem Kontrollwechsel befand, oder die Gesellschaft oder eineTochtergesellschaft von Dr. Naeher verlangt, dass er im Rahmen derErfüllung seiner Aufgaben oder Pflichten aus diesem Vertragwesentlich mehr Tage von seinem Dienstsitz entfernt arbeitet, als diesvor dem Kontrollwechsel von ihm verlangt wurde. (entweder in Bezugauf aufeinanderfolgende Tage oder auf die Gesamtzahl der Tage ineinem Kalenderjahr), ohne dass in beiden Fällen seine vorherigeschriftliche Zustimmung vorliegt; oder

(4) the Company shall relocate its principal executive offices, or theCompany or any Subsidiary shall require the Employee to have his orher principal location of work changed, to any location which is inexcess of 50 miles from the location thereof immediately prior to theChange in Control or the Company or any Subsidiary shall requireDr. Näher to travel away from his office in the course of discharginghis responsibilities or duties hereunder significantly more (in termsof either consecutive days or aggregate days in any calendar year)than was required of him prior to the Change in Control without, ineither case, his prior written consent; or

(5) ohne die Allgemeingültigkeit oder die Wirkung des Vorstehendeneinzuschränken, jede wesentliche Verletzung dieses Vertrages durchdas Unternehmen oder einen Rechtsnachfolger desselben.

(5) without limiting the generality or the effect of the foregoing, anymaterial breach of this Agreement by the Company or any successorthereto.

Dr. Näher ist nicht berechtigt zu behaupten, dass seine Kündigung austriftigem Grund erfolgt ist, es sei denn, er teilt dem Unternehmen dasEreignis oder die Ereignisse, die die Grundlage für einen solchenAnspruch bilden, innerhalb von neunzig (90) Tagen nach Eintritt desEreignisses oder der Ereignisse schriftlich mit und beschreibt diesenAnspruch in hinreichend ausreichenden Einzelheiten, damit dasUnternehmen das Ereignis oder die Ereignisse und einen Zeitraum vonmindestens dreißig (30) Tagen nach der Behebung des angeblichenZustands beheben kann.

Dr. Näher is not entitled to assert that his termination is for GoodReason unless he gives the Company written notice of the event orevents that are the basis for such claim within ninety (90) days afterthe event or events occur, describing such claim in reasonablysufficient detail to allow the Company to address the event or eventsand a period of not less than thirty (30) days after to cure the allegedcondition.

13.4 „Laufzeit“ bezeichnet den Zeitraum, der mit dem Datum diesesDokuments beginnt und mit Ablauf von drei Jahren nach dem erfolgtenKontrollwechsel endet. Ungeachtet des Vorstehenden gilt die Laufzeitals abgelaufen, wenn der Mitarbeiter zu irgendeinem Zeitpunkt voreinem Kontrollwechsel aus irgendeinem Grund kein Mitarbeiter desUnternehmens oder einer Tochtergesellschaft mehr ist.

13.4 “Term” means the period commencing as of the date hereof andexpiring upon the three-year anniversary after a Change in Control.Notwithstanding the foregoing, if, at any time prior to a Change inControl, the Employee for any reason is no longer an employee ofthe Company or a Subsidiary, thereupon the Term shall be deemed tohave expired.

13.5 Mit Wirkung nur bei einem Kontrollwechsel gelten die folgendenBestimmungen:

13.5 Effective only upon a Change in Control, the following terms shallapply:

21

Exhibit 10.28

(a) Dr. Näher wird im Wesentlichen seine gesamte Zeit während dernormalen Geschäftszeiten (vorbehaltlich Urlaub, Krankheit und sonstigerAbwesenheiten in Übereinstimmung mit den Richtlinien der Gesellschaftund ihrer Tochtergesellschaften, wie sie für Mitarbeiter inSchlüsselpositionen unmittelbar vor dem Kontrollwechsel gelten) denGeschäften und Angelegenheiten der Gesellschaft und ihrerTochtergesellschaften widmen, wobei jedoch nichts in dieser VereinbarungDr. Näher daran hindert, während der normalen Geschäftszeiten (i) alsDirektor, Treuhänder oder Mitglied oder Teilnehmer an einer Organisationoder einem Unternehmen tätig zu sein, solange diese Tätigkeit nicht indirektem Wettbewerb mit der Geschäftstätigkeit der Gesellschaft steht.Diese Vereinbarung schließt zudem nicht aus, dass Dr. Näher während dernormalen Geschäftszeiten angemessene Zeiträume für (i) die Tätigkeit alsDirektor, Treuhänder oder Mitglied oder Teilnehmer einer Organisationoder eines Unternehmens aufwendet, solange diese Tätigkeit nicht indirektem Wettbewerb zu den Geschäften des Unternehmens steht, die zudiesem Zeitpunkt betrieben werden, (ii) sich an karitativen undgemeinnützigen Aktivitäten beteiligt oder (iii) seine persönlichenInvestitionen verwaltet.

(a) Dr. Näher shall devote substantially all of his time during normalbusiness hours (subject to vacations, sick leave and other absencesin accordance with the policies of the Company and its Subsidiariesas in effect for key employees immediately prior to the Change inControl) to the business and affairs of the Company and itsSubsidiaries, but nothing in this Agreement shall preclude Dr. Näherfrom devoting reasonable periods of time during normal businesshours to (i) serving as a director, trustee or member of or participantin any organization or business so long as such activity is notdirectly competitive with the business of the Company as then beingcarried on, (ii) engaging in charitable and community activities, or(iii) managing his personal investments

22

Exhibit 10.28

(b) Für seine Dienste gemäß Abschnitt 13.5(a) erhält Dr. Näher (i) einjährliches Grundgehalt, das nicht geringer ist als die jährliche Fest- oderGrundvergütung von Dr. Näher (zahlbar monatlich oder anderweitig, wiesie für Mitarbeiter in Schlüsselpositionen unmittelbar vor dem Eintritteines Kontrollwechsels gilt) oder eine höhere Vergütung, welche von Zeitzu Zeit vom Vorstand bzw. dem Vergütungsausschuss genehmigt wird.(dieses Grundgehalt zu einem solchen Satz wird hierin als"Grundvergütung" bezeichnet), und (ii) eine realistische Möglichkeit,einen jährlichen variablen Betrag zu verdienen, der nicht geringer ist alsder jährliche Bonus, oder eine andere Möglichkeit für Zahlungen vonBarvergütungen zusätzlich zu den in Klausel (i) oben genannten Beträgen,die in Bezug auf die in einem Kalenderjahr während des Jahres, in demder Kontrollwechsel stattfand, erbrachten Leistungen gemäß einer Bonus-,Anreiz-, Gewinnbeteiligungs-, Leistungs-, Ermessensvergütung oder einerähnlichen Richtlinie, einem Plan, einem Programm oder einerVereinbarung der Gesellschaft oder einer Tochtergesellschaft oder einesRechtsnachfolgers davon, entspricht. Dies sowohl hinsichtlich des Wertsals auch der Erreichbarkeit ("Anreizvergütung"); vorausgesetzt jedoch,dass nicht mit der vorherigen schriftlichen Zustimmung von Dr. Nähereine Änderung des Verhältnisses zwischen Grundvergütung undLeistungsvergütung vereinbart ist, solange die jährlicheGesamtbarvergütung für Dr. Näher in einem Kalenderjahr in diesemZusammenhang oder als Folge davon nicht verringert wird; und unter derweiteren Voraussetzung, dass eine Erhöhung der Gesamtbarvergütung vonDr. Näher oder eines Teils davon in keiner Weise eine andereVerpflichtung des Unternehmens im Rahmen dieser Vereinbarungmindert.

(b) For his services pursuant to Section 13.5(a) hereof, the Dr. Nähershall (i) be paid an annual base salary at a rate not less than the Dr.Näher’s annual fixed or base compensation (payable monthly orotherwise as in effect for key employees of the Companyimmediately prior to the occurrence of a Change in Control) or suchhigher rate as may be approved from time to time by the Board, theCompensation Committee thereof or management (which base salaryat such rate is herein referred to as “Base Pay”) and (ii) have a bonafide opportunity to earn an annual amount equal to not less than theannual bonus, incentive or other opportunity for payments of cashcompensation in addition to the amounts referred to in clause (i)above made or to be made in regard to services rendered in anycalendar year during the year in which the Change in Controloccurred pursuant to any bonus, incentive, profit-sharing,performance, discretionary pay or similar policy, plan, program orarrangement of the Company or any Subsidiary or any successorthereto providing an annual cash bonus opportunity at least equal tothe cash bonus opportunity payable thereunder (in both value andachievability) prior to a Change in Control (“Incentive Pay”);provided, however, that with the prior written consent of Dr. Näher,nothing herein shall preclude a change in the mix between Base Payand Incentive Pay so long as the aggregate annual cash compensationopportunity for Dr. Näher in any one calendar year is not reduced inconnection therewith or as a result thereof; and provided further,however, that in no event shall any increase in Dr. Näher’s aggregatecash compensation or any portion thereof in any way diminish anyother obligation of the Company under this Agreement.

23

Exhibit 10.28

(c) Für seine Dienste gemäß Abschnitt 13.5(a) dieses Dienstvertrages ist Dr.Näher ein vollwertiger Teilnehmer und hat Anspruch auf die VergünstigungenLeistungen und Dienstgutschriften für Leistungen, wie sie im Rahmen allerRichtlinien, Pläne, Programme oder Vereinbarungen über Altersvorsorge,Einkommen und Sozialleistungen für Mitarbeiter vorgesehen sind, an denenleitende Angestellte der Gesellschaft oder ihrer Tochtergesellschaftenteilnehmen, einschließlich, aber nicht beschränkt auf Aktienoptionen,Aktienkäufe, Aktienwertsteigerungen, Gewährung von Aktien mitVerfügungsbeschränkung, Spar-, Renten-, Zusatzrenten- oder andereAltersvorsorge-, Einkommens- oder Sozialleistungen, Entgeltumwandlung,Gruppen- und/oder Führungskräfte-Lebens-, Kranken-, Invaliditäts-, Gehalts-und Rentenversicherungen (unabhängig davon, ob diese durch einetatsächliche Versicherung oder eine Selbstversicherung der Gesellschaft odereiner Tochtergesellschaft finanziert werden), Kranken-, Krankenhaus- oderandere Versicherungen, Krankenversicherung, Kranken-/Krankenhausversicherung oder andere Versicherungen (unabhängig davon,ob sie durch eine tatsächliche Versicherung finanziert oder von derGesellschaft oder einer Tochtergesellschaft selbst versichert werden),Arbeitsunfähigkeitsversicherung, Gehaltsfortzahlung, Kostenerstattung undandere Richtlinien, Pläne, Programme oder Vereinbarungen für Leistungen anArbeitnehmer, die jetzt bestehen, oder alle gleichwertigenNachfolgeregelungen, Pläne, Programme oder Vereinbarungen, die später vonder Gesellschaft oder einer Tochtergesellschaft angenommen werden, dieVergünstigungen, Leistungen und Dienstgutschriften für Leistungen bieten,die mindestens gleichwertig mit den Leistungen sind, die vor einemKontrollwechsel erbracht wurden oder zahlbar sind (zusammenfassend als"Leistungen an Arbeitnehmer" bezeichnet); mit der Maßgabe, dass Dr. Näher,sofern nicht ausdrücklich in diesem Vertrag vorgesehen und vorbehaltlich derBedingungen dieses Vertrages. Dr. Nähers Rechte hieraus werden durch dieBedingungen dieser Vereinbarung geregelt und werden durch dieseVereinbarung nicht erweitert oder anderweitig beeinflusst. Vorbehaltlich desVorbehalts im unmittelbar

(c) For his services pursuant to Section 13.5(a) hereof, Dr. Nähershall be a full participant in, and shall be entitled to theperquisites, benefits and service credit for benefits as providedunder, any and all employee retirement, income and welfarebenefit policies, plans, programs or arrangements in which keyemployees of the Company or its Subsidiaries participate,including without limitation any stock option, stock purchase,stock appreciation, restricted stock grant, savings, pension,supplemental retirement or other retirement, income or welfarebenefit, deferred compensation, group and/or executive life,health, medical/hospital or other insurance (whether funded byactual insurance or self-insured by the Company or anySubsidiary), disability, salary continuation, expensereimbursement and other employee benefit policies, plans,programs or arrangements that may now exist or any equivalentsuccessor policies, plans, programs, or arrangements that may beadopted hereafter by the Company or any Subsidiary providingperquisites, benefits and service credit for benefits at least equal tothose provided or are payable thereunder prior to a Change inControl (collectively, “Employee Benefits”); provided, however,that except as expressly provided in, and subject to the termshereof, Dr. Näher’s rights thereunder shall be governed by theterms thereof and shall not be enlarged hereunder or otherwiseaffected hereby. Subject to the proviso in the immediatelypreceding sentence, if and to the extent such perquisites, benefitsor service credit for benefits are not payable or provided underany such policy, plan, program or arrangement as a result of theamendment or termination thereof, then the Company shall itselfpay or provide therefor. Nothing in this Agreement shall precludeimprovement or enhancement of any such Employee Benefits,provided that no such improvement shall in any way diminish anyother obligation of the Company under this Agreement.

24

Exhibit 10.28

vorangehenden Satz gilt, dass, wenn und soweit solcheVergünstigungen, Leistungen oder Dienstgutschriften für Leistungenaufgrund der Änderung oder Beendigung einer solchen Police, einessolchen Plans, eines solchen Programms oder einer solchenVereinbarung nicht zahlbar sind oder erbracht werden, das Unternehmenselbst dafür zahlt oder sorgt. Nichts in diesem Vertrag schließt eineVerbesserung oder Erweiterung solcher Leistungen für Mitarbeiter aus,vorausgesetzt, dass eine solche Verbesserung in keiner Weise eineandere Verpflichtung des Unternehmens aus diesem Vertrag schmälert.

13.6 Ausschließliche Verpflichtungen der Gesellschaft bei bestimmtenBeendigungen nach einem Kontrollwechsel.

13.6 Exclusive Obligations of the Company upon Certain TerminationsFollowing a Change in Control.

Triftiger Grund; außer bei Vorliegen eines triftigen Grundes in derSphäre von Dr. Näher: Wenn das Unternehmen während des Zeitraumsvon drei (3) Jahren nach einem Kontrollwechsel das Arbeitsverhältnisvon Dr. Naeher kündigt, ohne dass ein wichtiger Grund vorliegt, oderDr. Naeher aus triftigem Grund kündigt, zahlt die Gesellschaft an Dr.Näher (bzw. an dessen Nachlass oder Begünstigten von Dr. Näher, (fallsdieser nach dem Beendigungsdatum verstirbt) zu dem hierin genanntenZeitpunkt die folgenden Beträge:

Good Reason; Other Than for Cause. If, during the three (3) yearperiod following a Change in Control, (X) the Company terminatesDr. Näher’s employment other than for Cause, death, or Disabilityor (Y) the Dr. Näher resigns for Good Reason the Company shallpay to Dr. Näher (or Dr. Näher’s estate or beneficiary, in the eventof Dr. Näher’s death after the Date of Termination), at the timespecified herein, the following amounts:

(a) eine Pauschalzahlung in Höhe der Summe aus (i) dem zweifachenGrundgehalt von Dr. Näher plus (ii) dem zweifachen jährlichenvariablen Anteil am Zielgehalt von Dr. Näher, anstelle weitererZahlungen an Dr. Näher für Zeiträume nach dem Beendigungsdatum(zusammen die "Abfindung"), zahlbar innerhalb von sechs (6)Geschäftstagen nach dem Beendigungsdatum, sofern alle Bedingungenfür die Zahlung erfüllt sind;

(a) a lump sum payment equal to the sum of (i) two times the BasePay of Dr. Näher plus (ii) two times the target annual Incentive Payof Dr. Näher, in lieu of any further payments to Dr. Näher forperiods subsequent to the Date of Termination (collectively, the“Severance Payment”), payable within six (6) business daysfollowing the Date of Termination, provided all conditions topayment have been satisfied;

25

Exhibit 10.28

(b) Beginnend mit dem Beendigungsdatum und bis zum früheren der folgendenEreignisse: (i) Ablauf von zwei Jahren ab Beendigungsdatums, (ii) Tod desMitarbeiters oder (iii) Vollendung des 67. Lebensjahres von Dr. Näher (einsolcher Zeitraum, der "Leistungszeitraum"), gewährt das Unternehmen Dr.Näher (und seinen anspruchsberechtigten Angehörigen und Begünstigten)weiterhin alle nicht-staatlichen oder ergänzenden medizinischen,zahnärztlichen, visuellen und verschreibungspflichtigen Arzneimittelleistungen(zusammen "Gesundheitsleistungen") sowie Lebensversicherungsleistungen,die im Wesentlichen denen entsprechen, die Dr. Näher unmittelbar vor demBeendigungsdatum erhalten hat oder erhalten kann (und wenn und soweit dieseLeistungen nicht im Rahmen einer Richtlinie, eines Plans, eines Programmsoder einer Vereinbarung des Unternehmens oder seiner Tochtergesellschaftgezahlt oder erbracht werden können). nur um geltendem Recht zu entsprechenoder aufgrund der Tatsache, dass Dr. Näher nicht mehr leitender Angestellteroder Mitarbeiter des Unternehmens und seiner Tochtergesellschaften ist, dannzahlt das Unternehmen selbst oder sorgt für die Zahlung an Dr. Näher (bzw.seine berechtigten Angehörigen und Begünstigten) solcherGesundheitsleistungen und Lebensversicherungsleistungen). Ohne den Zweckoder die Wirkung anderweitig einzuschränken, werden die an Dr. Näher gemäßdiesem Abschnitt geleisteten oder zu zahlenden Gesundheitsleistungen in demUmfang gekürzt, in dem Dr. Näher während des Leistungszeitraums tatsächlichvergleichbare Gesundheitsleistungen von einem anderen Arbeitgeber erhält;und

(b) commencing on the Date of Termination and continuing untilthe earlier of (i) the expiration of the two year anniversary of theDate of Termination, (ii) the Employee’s death, or (iii) Dr.Näher’s attainment of age 67 (such time period, the “BenefitsPeriod”), the Company shall continue to provide Dr. Näher (andhis eligible dependents and beneficiaries) with any non-governmental or supplemental medical, dental, vision, andprescription drug benefits (collectively “health benefits”) and lifeinsurance benefits substantially similar to those which the Dr.Näher was receiving or entitled to receive immediately prior tothe Date of Termination (and if and to the extent that suchbenefits shall not or cannot be paid or provided under any policy,plan, program or arrangement of the Company or its Subsidiariessolely in order to comply with applicable law or due to the factthat Dr. Näher is no longer an officer or employee of theCompany and its Subsidiaries, then the Company shall itself payor provide for the payment to Dr. Näher (and his eligibledependents and beneficiaries) such health benefits and lifeinsurance benefits). Without otherwise limiting the purposes oreffect, health benefits provided or payable to the Dr. Näherpursuant to this Section shall be reduced to the extent comparablehealth benefits are actually received by Dr. Näher from anotheremployer during the Benefits Period; and

26

Exhibit 10.28

(c) eine Einmalzahlung in Höhe der zusätzlichen Leistungen, die Dr.Näher im Rahmen jedes qualifizierten oder nicht qualifiziertenAltersvorsorge-, Gewinnbeteiligungs-, Entgeltumwandlungs- oderErgänzungsplans, der von der Gesellschaft zu Dr. Nähers Gunstenunterhalten wird, erworben hätte, wenn er sein Beschäftigungsverhältnismit der Gesellschaft für ein weiteres Jahr nach seinem Beendigungsdatumfortgesetzt hätte, vorausgesetzt, dass Dr. Nähers Ansprüche unmittelbarvor seinem Beendigungsdatum im Rahmen dieser Pläne vollständigunverfallbar waren, zahlbar innerhalb von sechs (6) Geschäftstagen nachdem Beendigungsdatum, vorausgesetzt, alle Bedingungen für die Zahlungsind erfüllt.

(c) a lump sum payment in an amount equal to the additionalbenefits that Dr. Näher would have accrued under German pensionplan each qualified or nonqualified pension, profit sharing,deferred compensation or supplemental plan maintained by theCompany for Dr. Näher’s benefit had he continued hisemployment with the Company for one additional year followinghis Date of Termination, provided that Dr. Näher was fully vestedunder such plans immediately prior to his Date of Termination,payable within six (6) business days following the Date ofTermination, provided all conditions to payment have beensatisfied.

Ohne die Rechte von Dr. Näher nach dem Gesetz einzuschränken, zahltdas Unternehmen, wenn es eine nach diesem Vertrag zu leistende Zahlungnicht rechtzeitig leistet, Zinsen auf den entsprechenden Betrag an Dr.Näher bis zu dem Tag, an dem diese Zahlung geleistet wird, mit einemjährlichen Zinssatz von zwölf Prozent (12 %).

Without limiting the rights of Dr. Näher at law or in equity, if theCompany fails to make any payment required to be made underthis Agreement on a timely basis, the Company shall pay intereston the amount thereof to Dr. Näher until the date such payment ismade at an annualized rate of interest equal to twelve percent(12%).

13.7 Die Abfindung im Sinne dieser Ziffer 13 vermindert sich um etwaigesonstige Zahlungen, die Herrn Dr. Näher aufgrund der Beendigung desDienstverhältnisses mit dem Käufer zustehen und die entweder vomKäufer oder von der Gesellschaft selbst geleistet werden, sowie um einenetwaigen Signing- oder Retention-Bonus, den Herr Dr. Näher vom Käufererhält, oder um sonstige Zahlungen, die Herr Dr. Näher von derGesellschaft oder vom Käufer im Zusammenhang mit dem Verkauf desEinzelhandelsgeschäfts erhält. Insbesondere gehen die Parteien davon aus,dass der Käufer die Verpflichtung zur Zahlung der Abfindung gemäß §11.6 und 13 des Dienstvertrags übernimmt. Dr. Näher ist verpflichtet, ohneZustimmung der Gesellschaft einer Änderung dieser Regelung gegenüberdem Käufer nicht zuzustimmen. Dr. Näher ist daher verpflichtet, dieZahlung der Abfindung zunächst vom Besteller zu verlangen. Die hiergeregelte Verpflichtung des Unternehmens gilt für beide Parteien nur alsSicherheit für den Fall, dass die Durchsetzung der Forderung gegen denKäufer problematisch ist.

13.7 The severance payment within the meaning of this Section 13shall be reduced by any other payments due to Dr. Näher as aresult of the termination of the employment with the Buyer whichare made either by the Buyer or the Company itself and anysigning or retention bonus received by Dr. Näher from the Buyeror any other payments paid to Dr. Näher by the Company or theBuyer related to the sale of the retail business. In particular, theParties assume that the Buyer will take over the obligation to paythe severance pursuant to Sec. 11.6 and 13 of the ServiceAgreement, whichever may become applicable. Dr. Näher isobligated to not, without agreement of the Company, agree to achange of that provision towards the Buyer. Dr. Näher shalltherefore be obligated to request payment of the severance fromthe Buyer in a first instance. The obligation of the Companyregulated herein is considered by both Parties only as a security incase the enforcement of the claim against the Buyer isproblematic.

27

Exhibit 10.28

14. Nachvertragliches Wettbewerbsverbot 14. Post-Contractual Non-Compete

14.1 Herr Dr. Näher verpflichtet sich, während der Dauer von 12 Monate nachBeendigung des Dienstvertrags keine Stellung in einemKonkurrenzunternehmen anzunehmen, sich an einem solchenKonkurrenzunternehmen weder mittelbar oder unmittelbar zu beteiligen,ein solches nicht selbst zu betreiben oder mit Rat und Tat irgendwie zufördern. Untersagt ist auch eine Wettbewerbstätigkeit als freierMitarbeiter, arbeitnehmerähnlich oder als Arbeitnehmer, Angestellter oderals Organ eines solchen Konkurrenzunternehmens. Hiervon ausgenommensind bloße Finanzbeteiligungen, die keine unternehmerischenEinflussmöglichkeiten eröffnen. Das Wettbewerbsverbot erfasst nichteinfache Tätigkeiten, die allenfalls zu einer untergeordnete Unterstützungdes Konkurrenzunternehmens führen könne und im Übrigenschutzwürdige Interessen der Gesellschaft nicht berühren.

14.1 Dr. Näher undertakes for a period of 12 months after terminationof the Service Agreement not to take up a position in a CompetingCompany, not to participate directly or indirectly in such aCompeting Company, not to operate such a company himself or tosupport it in any way with words and deeds. It is also prohibited toengage in any competitive activity as a freelancer for or as anemployee-like or as an employee, employee or organ of such aCompeting Company. Excluded from this are mere financialparticipations which do not open up any possibilities forentrepreneurial influence. The non-competition clause does notcover simple activities which could at best lead to a subordinatesupport of the Competing Company and otherwise do not affectinterests of the Company which are worthy of protection.

14.2 Unter Konkurrenzunternehmen ist jedes Unternehmen zu verstehen, dassich ganz oder teilweise auf dem Gebiet des Vertriebs, der Vermietung,des Betriebs, der Forschung und/oder Entwicklung von Produkten in denGeschäftsfeldern der Gesellschaft oder den mit ihr verbundenenUnternehmen zur Zeit der Beendigung des Dienstverhältnisses betätigt.Die derzeitigen Geschäftsfelder sind das Herstellen und der Vertrieb vonGeldautomaten, sowie das Herstellen und der Vertrieb vonKassensystemen jeweils nebst dazugehörigen Dienstleistungen wie z.B.Services, Cloud Solutions etc

14.2 Competing Company is defined as any company that is wholly orpartially engaged in the distribution, leasing, operation, researchand/or development of products in the business fields of theCompany or its Affiliates at the time of termination of theemployment contract. The current business sements are Productionand sale of ATMs and Checkout Systems incl. relating Servicesand customer solutions.

14.3 Geografisch gilt das Wettbewerbsverbot für weltweit. 14.3 Geographically, the non-competition obligation applies world-wide.

14.4 Das nachvertragliche Wettbewerbsverbot gilt auch zu Gunsten derVerbundenen Unternehmen.

14.4 The post-contractual non-compete obligation also applies in favorof any Affiliates.

28

Exhibit 10.28

14.5 Die Gesellschaft verpflichtet sich, für die Dauer des nachvertraglichenWettbewerbsverbots an Herrn Dr. Näher eine Entschädigung zu zahlen,die für jedes Jahr des Verbots die Hälfte der von Herrn Dr. Näher zuletztbezogenen vertragsmäßigen Leistungen beträgt (§ 74 Abs. 2 HGB). Beider Berechnung der Karenzentschädigung werden der langfristigeVergütungskomponente, die Beiträge zur Altersversorgung und dergeldwerte Vorteil des Dienstwagens nicht berücksichtigt. DieKarenzentschädigung ist am Schluss des jeweiligen Monats fällig.

14.5 The Company undertakes to pay Dr. Näher compensation for theduration of the post-contractual non-compete obligation, which iscalculated for each year of the obligation as half of the contractualbenefits last received by Dr. Näher (Section 74 (2) HGB). Thelong-term incentive remuneration component, pensioncontributions, and the non-cash benefit in kind of the company carare not taken into account in the calculation of the compensation.The compensation is due at the end of the respective month.

14.6 Auf die fällige Entschädigung wird alles angerechnet, was Herr Dr. Näherwährend der Dauer des Wettbewerbsverbots durch anderweitigeselbständige oder unselbständige Verwertung seiner Arbeitskraft erzielt.Etwaige Abfindungen werden angerechnet. Angerechnet werden auchLeistungen aus der Altersversorgung Ziffer 8 dieses Dienstvertrags.Soweit anderweitige Bezüge für einen über einen Kalendermonathinausgehenden Zeitraum gezahlt werden, hat eine Umrechnung auf einenKalendermonat zu erfolgen.

14.6 Any other income that Dr. Näher earns during the period of thenon-compete obligation through other independent or dependentutilization of his work will be credited against the compensationdue. Any severance payments will be credited. Benefits from thepension scheme in accordance with Section 8 of this ServiceAgreement will also be credited. As far as other payments aremade for a period exceeding one calendar month, a conversion toone calendar month must be made.

14.7 Herr Dr. Näher verpflichtet sich, während der Dauer desWettbewerbsverbots auf Verlangen Auskunft über die Art und Höhe desanderweitigen Erwerbs zu geben, unter Vorlage geeigneter Nachweise. Erhat ferner sämtliche Auskünfte zu erteilen und zu belegen, die für dieErmittlung der nach dieser Regelung zu erfolgenden Anrechnunganderweitigen Erwerbs erforderlich sind.

14.7 During the period of the non-competition obligation, Dr. Näherundertakes, upon request, to provide information about the typeand amount of the other income, upon presentation of suitableevidence. Furthermore, he shall provide and substantiate allinformation necessary for the determination of the crediting ofother income to be made in accordance with this provision.

14.8 Kündigt die Gesellschaft das Dienstverhältnis aus einem von Herrn Dr.Näher zu vertretenden wichtigen Grund im Sinne des § 626 BGB, wirddas Wettbewerbsverbot unwirksam, sofern die Gesellschaft ihm vorAblauf eines Monats nach der Kündigung schriftlich mitteilt, dass sie sichnicht an die Vereinbarung gebunden hält.

14.8 If the Company terminates the employment relationship for animportant reason for which Dr. Näher is responsible within themeaning of § 626 BGB (German Civil Code), the non-competitionclause shall become ineffective if the Company notifies him inwriting before the end of one month after termination that it doesnot consider itself bound by the agreement.

14.9 Die Gesellschaft kann während der Vertragslaufzeit auf dasWettbewerbsverbot mit sofortiger Wirkung verzichten. Die Verpflichtungzur Zahlung einer Karenzentschädigung endet in diesem Fall sechsMonate nach Zugang der schriftlichen Verzichtserklärung.

14.9 The Company may waive the non-compete clause with immediateeffect during the term of the agreement. In this case, the obligationto pay compensation ends six months after receipt of the writtenwaiver.

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Exhibit 10.28

14.10 Im Übrigen gelten die §§ 74 ff. HGB entsprechend. Insbesondere giltfür den Geltungsbereich dieses nachvertraglichen Wettbewerbsverbotsdie geltungserhaltende Reduktion gemäß § 74a HGB.

14.10 In all other respects, §§ 74 et seq. of the German commercial Code(Handelsgesetzbuch – HGB) shall apply. In particular, the partialretention pursuant to § 74a HGB shall apply to the scope of thisPost-Contractual Non-Compete Covenant.

15. Abwerbeverbot 15. Non-SolicitationFür die Dauer von 12 Monaten nach Beendigung desAnstellungsverhältnisses ist es Herr Dr. Näher auch untersagt, direktoder indirekt über andere Personen einen Mitarbeiter inSchlüsselpositionen dazu aufzufordern, zu veranlassen oder zubeeinflussen, mit der Gesellschaft oder einem VerbundenenUnternehmen in Wettbewerb zu treten. "Schlüsselmitarbeiter" ist jedePerson, die innerhalb der letzten zwölf Monate (i) bei einemUnternehmen der Diebold Nixdorf-Gruppe angestellt war und über dieHerr Dr. Näher aufgrund seiner Arbeit Zugang zu vertraulichenInformationen oder Goodwill hatte, die bei der Anwerbung einessolchen Mitarbeiters helfen würden, oder (ii) mit der Herr Dr. Näher inden 24 Monaten unmittelbar vor Beendigung des Dienstvertragspersönlich in Ausübung seiner Tätigkeit für die Gesellschaft oder einemverbundenen Unternehmen tun hatte. Nichts in dieser Regelung solloder darf einem Mitarbeiter verbieten, bei einem anderen Unternehmenoder Person angestellt zu werden.

For a period of 12 months after termination of the ServiceAgreement, Dr. Näher may not, directly or indirectly through others,solicit, induce, or influence any Key Employee to engage incompetition with the Company or with any of its Affiliates. “KeyEmployee” means any person employed by a company of theDiebold Nixdorf Group within the last twelve months (i) aboutwhom Dr. Näher, as a result of his work, had access to confidentialinformation or goodwill that would assist in solicitation of suchemployee, or (ii) with whom he personally dealt in his activities forthe Company or for any of its Affiliates in the 24 monthsimmediately preceding the termination of your employment.Nothing in this section is meant to or shall prohibit an employeefrom be-coming employed by another organization or person.

16. Beendigung sonstiger Verträge 16. Termination of other agreements

Dieser Dienstvertrag beendet und ersetzt alle vorherigen, auchmündlichen Vereinbarungen über die Tätigkeit des Herrn Dr. Näher alsGeschäftsführer, Vorstand oder Arbeitnehmer der Gesellschaft odereinem Verbundenen Unternehmen. Vereinbarungen außerhalb diesesDienstvertrages wurden nicht getroffen.

This Service Agreement terminates and replaces all previousagreements, including verbal agreements, regarding the activities ofDr. Näher as managing director, member of the Executive Board oremployee of the Company or any of its Affiliates. No agreementshave been made outside this Service Agreement.

17. Schlussbestimmungen 17. Miscellaneous17.1 Änderungen, Ergänzungen und die Aufhebung dieses Dienstvertrages

bedürfen der Schriftform; auf die Schriftform kann nur schriftlichverzichtet werden.

17.1 Any amendments and additions to as well as the rescission of thisAgreement shall be made in writing; this written form requirementmay only be waived in writing.

30

Exhibit 10.28

17.2 Sofern im Rahmen der Beschäftigungsbedingungen für Mitarbeiter desLeitungskreises Vergünstigungen zuerkannt sind oder werden, die indiesem Vertrag nicht ausdrücklich geregelt sind, gelten dieseVergünstigungen während ihrer zeitlichen Geltung im Leitungskreisentsprechend auch für Herrn Dr. Näher als vereinbart.

17.2 If any benefits have or will be granted in the terms of employment forthe employees of the management group (Leitungskreis) which are notexpressly provided in this Service Agreement, such benefits shall bedeemed to be agreed with Dr. Näher for the period during which theyapply in the management group (Leitungskreis).

17.3 Sollten einzelne Bestimmungen des Vertrages ganz oder teilweiseungültig oder undurchführbar sein oder ihre Rechtsgültigkeit späterverliefen, bleibt der Vertrag im Übrigen gültig. Anstelle derunwirksamen oder undurchführbaren Bestimmung soll, soweit rechtlichzulässig, eine andere angemessene Regelung gelten, die wirtschaftlichdem am nächsten kommt, was die Vertragspartner gewollt haben odergewollt haben würden, wenn sie die Unwirksamkeit oderUndurchführbarkeit der Regelung bedacht hätten.

17.3 Should any provisions of this Agreement be invalid or unenforceable inwhole or in part or become invalid, the validity and enforceability of theremaining provisions of this Agreement shall not be affected. Theinvalid or unenforceable provision shall be deemed replaced, to theextent permitted by law, by another appropriate provision as comesclosest to the economic result that the parties intended or would haveintended had they been aware of the invalidity or unenforceability of theprovision.

17.4 Als ausschließlicher Gerichtsstand für alle Streitigkeiten aus diesemVertrag wird, soweit gesetzlich zulässig, der Sitz der Gesellschaftvereinbart. Dieser Vertrag unterliegt dem Recht der BundesrepublikDeutschland.

17.4 The exclusive place of jurisdiction for all disputes arising out of thisAgreement shall be, to the extent permitted by law, the location of theCompany’s registered office. This Agreement shall be governed by thelaws of the Federal Republic of Germany.

17.5 Nur die deutsche Fassung dieses Vertrages ist maßgeblich undverbindlich.

17.5 Only the German Version of this agreement shall be authorative andbinding.

_________________, den / this ____________ Paderborn, den / this ____________

__________________________________

Diebold Nixdorf Incorporated

Name:

Title:

__________________________________

Dr. Ulrich Näher

31

Exhibit 10.44

PERFORMANCE UNIT AGREEMENT

This Performance Unit Agreement (this “Agreement”) is made and entered into as of the Date of Grant set forth on the Grant DetailPage by and between Diebold Nixdorf, Incorporated, an Ohio corporation (the “Company”) and Jeffrey Rutherford (the“Participant”).

1. Grant of Performance Units. Pursuant to Article VIII of the 2017 Equity and Performance Incentive Plan, as amended(the “Plan”), the Company hereby grants to the Participant an Award for a target number of Performance Units (“PUs”) set forth onthe Grant Detail Page (the “Target Award”). The number of PUs that the Participant actually earns for the Performance Period (up tothe target number set forth on the Grant Detail Page) will be determined by the level of achievement of the Management Objectivesin accordance with Exhibit I attached hereto. Capitalized terms that are used but not defined herein have the meanings ascribed tothem in the Plan.

2. Performance Period. For purposes of this Agreement, the term “Performance Period” shall refer to the periodscommencing on and ending on the dates set forth on the Grant Detail Page. The Performance Period will include calendar years 2021through 2024 and will be divided into four annual performance measuring periods, as indicated on the Grant Detail Page (each, the“Annual Performance Period”). Each Annual Performance Period will include Management Objectives.

3. Management Objectives.

3.1 Earned PUs. The number of PUs earned by the Participant for the Annual Performance Period will bedetermined at the end of the Annual Performance Period based on the level of achievement of the Management Objectives inaccordance with Exhibit I. All determinations of whether Management Objectives have been achieved, the number of PUsearned by the Participant, and all other matters related to this Section 3 shall be made by the Committee in its sole discretion.If results for Management Objectives are attained at performance levels below target, a proportionate number of PUs shall beearned, as determined by mathematical interpolation, up to target. No additional PUs shall be earned for results in excess ofthe target level of results for the Management Objectives.

3.2 Certification. Promptly following completion of the Annual Performance Period, the Committee will review andcertify in writing (a) whether, and to what extent, the Management Objectives for the Annual Performance Period have beenachieved, and (b) the number of PUs that the Participant shall earn, if any, subject to compliance with the requirements ofSection 4. Such certification shall be final, conclusive and binding on the Participant, and on all other persons, to themaximum extent permitted by law.

4. Vesting of PUs. The PUs are subject to forfeiture until they vest. Except as otherwise provided in this Agreement, thePUs will vest and become nonforfeitable on the date the Committee certifies the achievement of the Management Objectivesin accordance with Section 3.2, subject to (a) the achievement of the Management

Objectives for payout set forth in Exhibit I attached hereto, and (b) the Participant’s continuous service with the Company ora Subsidiary from the Date of Grant through the last day of the Annual Performance Period. The number of PUs that vest andbecome payable under this Agreement shall be determined by the Committee based on the level of achievement of theManagement Objectives set forth in Exhibit I and shall be rounded to the nearest whole PU.

5. Payment of PUs.

5.1 Form of Payment. Payment of vested PUs shall be made in the form of the Company’s Common Shares. Finalawards shall be paid in a lump sum, less applicable taxes, as soon as practicable after the determination by the Committee ofthe level of attainment of each Management Objective following the conclusion of each Annual Performance Period, (but inall events by the last day of the fiscal year following the last fiscal year of each Annual Performance Period); provided,however, that in the event the Award vests pursuant to Section 8, the Award (except as otherwise required under Section 13)shall be payable in a lump sum as provided in Section 8.

5.2 Obligation. Prior to payment, the Company shall only have an unfunded and unsecured obligation to makepayment of earned awards to the Participant.

6. Termination of Continuous Service.

6.1 Termination for Reasons Other Than for Death or Disability; Engaging in Detrimental Activity. If theParticipant’s continuous service with the Company or a Subsidiary is terminated for any reason other than as set forth inSection 6.2 or as contemplated by Section 8, or if the Participant shall engage in any Detrimental Activity (as defined inSection 7.2), the Participant shall forfeit all PUs.

6.2 Termination due to Death or Disability. If the Participant’s continuous service with the Company or aSubsidiary terminates as a result of the Participant’s death or Disability, the extent to which the PUs granted hereby shall bedeemed to have been earned shall be determined as if the Participant’s continuous service had not terminated and the resultshall be multiplied by a fraction, the numerator of which is the number of full months the Participant was employed duringeach Annual Performance Period and the denominator of which is the total number of months in each Annual PerformancePeriod.

7. Detrimental Activity.

7.1 Engaging in Detrimental Activity. If the Participant, either during employment by the Company or a Subsidiaryor within one (1) year after termination of such employment, shall engage in any Detrimental Activity, and the Board shall sofind, and the Participant shall not have ceased all Detrimental Activity within thirty (30) days after notice of such findinggiven within one (1) year after commencement of such Detrimental Activity, the Participant shall:

(a) Return to the Company all PUs that the Participant has not disposed of that were paid out pursuant to thisAgreement within a period of one (1) year prior to the date of the commencement of such Detrimental Activity, and

(b) With respect to any PUs that the Participant has disposed of that were paid out pursuant to thisAgreement within a period of one (1) year prior to the date of the commencement of such Detrimental Activity, payto the Company in cash the value of such Common Shares on the date such PUs were paid out.

To the extent that such amounts are not paid to the Company, the Company may set off the amounts sopayable to it against any amounts that may be owing from time-to-time by the Company or a Subsidiary to theParticipant, whether as wages, deferred compensation or vacation pay or in the form of any other benefit or for anyother reason.

7.2 Definition of “Detrimental Activity.” For purposes of this Agreement, the term “Detrimental Activity” shallinclude:

(a) Engaging in any activity, as an employee, principal, agent, or consultant for another entity, and in acapacity, that directly competes with the Company or any Subsidiary in any actual product, service, or businessactivity (or in any product, service, or business activity which was under active development while the Participantwas employed by the Company if such development is being actively pursued by the Company during the one (1)year period first referred to in Section 7.1) for which the Participant has had any direct responsibility and directinvolvement during the last two (2) years of his or her employment with the Company or a Subsidiary, in any territoryin which the Company or a Subsidiary manufactures, sells, markets, services, or installs such product or service, orengages in such business activity.

(b) Soliciting any employee of the Company or a Subsidiary to terminate his or her employment with theCompany or a Subsidiary.

(c) The disclosure to anyone outside the Company or a Subsidiary, or the use in other than the Company or aSubsidiary’s business, without prior written authorization from the Company, of any confidential, proprietary or tradesecret information or material relating to the business of the Company and its Subsidiaries, acquired by the Participantduring his or her employment with the Company or its Subsidiaries or while acting as a consultant for the Companyor its Subsidiaries thereafter; provided, however, that nothing in this Agreement or the Plan limits a Participant’sability to file a charge or complaint or to communicate, including by providing documents or other informationwithout notice to the Company, with the Securities and Exchange Commission or any other governmental agency orcommission (“Government Agency”) or limits a Participant’s right to receive an award for information provided toany Government Agency.

(d) The failure or refusal to disclose promptly and to assign to the Company upon request all right, title andinterest in any invention or idea, patentable or not, made or conceived by the Participant during employment by theCompany and any Subsidiary, relating in any manner to the actual or anticipated business, research or developmentwork of the Company or any Subsidiary or the failure or refusal to do anything reasonably necessary to enable theCompany or any Subsidiary to secure a patent, a design registration, a utility model or a copyright registration whereappropriate, in the United States and in any other countries.

(e) Activity that results in termination for Cause (as defined in Section 7.3).

7.3 Definition of “Cause.” For the purposes of Section 7 of this Agreement, “Cause” shall mean a termination dueto the Participant’s:

(a) Willful failure to substantially perform his or her duties with the Company (other than any such failureresulting from the Participant’s Disability), after a written demand for substantial performance is delivered to theParticipant that specifically identifies the manner in which the Company believes that the Participant has notsubstantially performed his or her duties, and the Participant has failed to remedy the situation within fifteen (15)business days of such written notice from the Company;

(b) Willful gross negligence in the performance of the Participant’s duties;

(c) Conviction of, or plea of guilty or nolo contendere, to any felony or a lesser crime or offense which, inthe reasonable opinion of the Company, could adversely affect the business or reputation of the Company;

(d) Willful engagement in conduct that is demonstrably and materially injurious to the Company, monetarilyor otherwise;

(e)       Material violation of the Company’s written policies or codes of conduct, including written policiesrelated to discrimination, harassment, and performance of unethical activities;

(f) Willful violation of any of the covenants contained in Article 4 of the Senior Leadership Severance Plan,if applicable to the Participant;

(g) Act of dishonesty resulting in, or intended to result in, personal gain at the expense of the Company;

(h) Engaging in any act that is intended to harm, or may be reasonably expected to harm, the reputation,business prospects, or operations of the Company; or

(i) Engaging in any act that justifies termination of employment with immediate effect under the local lawsapplicable to the Participant’s employment relationship.

For purposes of this definition, no act or omission by the Participant shall be considered “willful” unless it is done oromitted in bad faith or without reasonable belief that the Participant’s action or omission was in the best interests of the Company.Any act or failure to act based upon: (i) authority given pursuant to a resolution duly adopted by the Board; or (ii) advice of counselfor the Company, shall be conclusively presumed to be done or omitted to be done by the Participant in good faith and in the bestinterests of the Company.

For purposes of this Award, there shall be no termination for Cause pursuant to subsections (a) through (h) above,unless a written notice, containing a detailed description of the grounds constituting Cause hereunder, is delivered to the Participantstating the basis for the termination. Upon receipt of such notice, the Participant shall be given thirty (30) days to fully cure (if suchviolation, neglect, or conduct is capable of cure) the violation, neglect, or conduct that is the basis of such claim.

8. Change in Control.

8.1 Acceleration of Vesting. Notwithstanding any provision of this Agreement to the contrary, if, during the three(3) year period following a Change in Control, (a) the Company terminates the Participant’s employment other than forCause, death or disability or (b) the Participant resigns for Good Reason, as that term is defined in the Agreement betweenthe Company and the Participant dated January 3, 2019, then the Participant shall be deemed to have earned/vested 100% ofall the PUs granted hereunder at the target level of achievement and such earned PUs shall be paid in a lump sum within 30days following the date of the Change in Control or the date of termination of the Company’s employment in the form ofCommon Shares, cash or a combination of Common Shares and cash, as such form of payment is determined by theCommittee in its sole discretion.

8.2 Business Combination. Notwithstanding anything in this Section 8 to the contrary, in connection with aBusiness Combination (as defined in the Plan) the result of which is that the Company’s Common Shares and voting stockexchanged for or becomes exchangeable for securities of another entity, cash or a combination thereof, if the entity resultingfrom such Business Combination does not assume the PUs evidenced hereby and the Company’s obligations hereunder, orreplace the PUs evidenced hereby with a substantially equivalent security of the entity resulting from such BusinessCombination, then the PUs shall vest and become nonforfeitable, as of the day immediately prior to the date of such BusinessCombination, and paid in a lump sum on the date of such Business

Combination in the form of Common Shares, cash or a combination of Common Shares and cash as determined by theCommittee.

9. Rights as Shareholder; Dividend Equivalents. Except as otherwise provided herein, the Participant shall not have anyrights of a shareholder with respect to the Common Shares underlying the PUs, including, but not limited to, voting rights and theright to receive or accrue dividends or dividend equivalents.

10. Adjustments. The PUs may be adjusted or terminated in any manner as contemplated by Article XII of the Plan.

11. Withholding. The Participant shall be required to pay to the Company, and the Company shall have the right to deductfrom any compensation paid to the Participant pursuant to the Plan, the amount of any required withholding taxes in respect of thePUs and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of suchwithholding taxes. The Committee may permit the Participant to satisfy any federal, state or local tax withholding obligation by anyof the following means, or by a combination of such means:

(a) tendering a cash payment;

(b) subject to Article XIII of the Plan, authorizing the Company to withhold Common Shares from theCommon Shares otherwise issuable or deliverable to the Participant as a result of the vesting of the PUs; or

(c) delivering to the Company previously owned and unencumbered Common Shares.

12. Transferability. Neither the PUs granted hereby nor any interest therein shall be transferable prior to payment other thanby the laws of descent and distribution.

13. Compliance with Section 409A of the Code. To the extent applicable, it is intended that this Agreement and the Plancomply with the provisions of Section 409A of the Code, or with an exception thereto, so that the income inclusion provisions ofSection 409A(a)(1) of the Code do not apply to the Participant. To the extent necessary to comply with the provisions ofSection 409A of the Code, relating to payment of PUs upon the Participant’s “separation from service” (determined in accordancewith Section 409A of the Code), if the Participant is a “specified employee” (within the meaning of Section 409A of the Code), theParticipant’s date of payment of the PUs shall be the date that is six (6) months after the date of the Participant’s “separation fromservice” with the Company and its Subsidiaries or, if earlier, the date of the Participant’s death.

14. Compliance with Law. The issuance and transfer of shares of Common Stock in connection with the PUs shall besubject to compliance by the Company and the Participant with all applicable requirements of federal and state securities laws andwith all applicable requirements of any stock exchange on which the Company’s shares of Common Stock may be

listed. No shares of Common Stock shall be issued or transferred unless and until any then applicable requirements of state andfederal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel.

15. Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will bebinding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forthherein, this Agreement will be binding upon the Participant and the Participant’s beneficiaries, executors, administrators and theperson(s) to whom the PUs may be transferred by will or the laws of descent or distribution.

16. Severability. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect thevalidity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreementshall be severable and enforceable to the extent permitted by law.

17. Amendment. The Committee has the right to amend, alter, suspend, discontinue or cancel the PUs, prospectively orretroactively; provided, that, no such amendment shall adversely affect the Participant’s material rights under this Agreementwithout the Participant’s consent.

18. Continuous Service. For purposes of this Agreement, the continuous service of the Participant with the Company or aSubsidiary shall not be deemed interrupted, and the Participant shall not be deemed to have ceased to be an associate of theCompany or any Subsidiary, by reason of the transfer of his or her employment among the Company and its Subsidiaries.

19. Participant’s Acknowledgment. In accepting the grant, the Participant (you) acknowledges that: (a) the Plan isestablished voluntarily by the Company, it is discretionary in nature and it may be modified, suspended or terminated by theCompany at any time, as provided in the Plan and this Agreement; (b) the grant of the PUs is voluntary and occasional and does notcreate any contractual or other right to receive future grants of PUs, or benefits in lieu of PUs, even if PUs have been grantedrepeatedly in the past; (c) all decisions with respect to future grants, if any, will be at the sole discretion of the Company; (d) yourparticipation in the Plan is voluntary; (e) the PUs are not part of normal or expected compensation or salary for any purposes,including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses,long-service awards, pension or retirement benefits or similar payments and the PU grant is an extraordinary item which is outsidethe scope of your employment contract, if any; (f) in the event that you are an employee of a Subsidiary of the Company, the grantwill not be interpreted to form an employment contract or relationship with the Company; and furthermore, the grant will not beinterpreted to form an employment contract with the Subsidiary that is your employer; (g) the future value of the underlyingCommon Shares is unknown and cannot be predicted with certainty; (h) no claim or entitlement to compensation or damages arisesfrom forfeiture or termination of the PUs or diminution in value of the PUs or the Common Shares and you irrevocably release theCompany, its affiliates and its Subsidiaries from any such claim that may arise; and (i) notwithstanding any terms or

conditions of the Plan to the contrary, in the event of involuntary termination of your employment, your right to receive PUs and vestin PUs under the Plan, if any, will terminate effective as of the date that you are no longer actively employed and will not beextended by any notice period mandated under local law (e.g., active employment would not include a period of “garden leave” orsimilar period pursuant to local law); furthermore, in the event of involuntary termination of employment, your right to vest in thePUs after termination of employment, if any, will be measured by the date of termination of your active employment and will not beextended by any notice period mandated under local law.

20. Data Privacy. The Participant (you) hereby explicitly and unambiguously consents to the collection, use and transfer, inelectronic or other form, of your personal data as described in this document by and among, as applicable, the Company, its affiliatesand its Subsidiaries (“the Company Group”) for the exclusive purpose of implementing, administering and managing yourparticipation in the Plan.

You understand that the Company Group holds certain personal information about you, including, but not limited to, yourname, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality,job title, any Common Shares or directorships held in the Company, details of all PUs or any other entitlement to Common Sharesawarded, canceled, exercised, vested, unvested or outstanding in your favor, for the purpose of implementing, administering andmanaging the Plan (“Data”). You understand that Data may be transferred to any third parties assisting in the implementation,administration and management of the Plan, that these recipients may be located in your country or elsewhere, and that therecipient’s country may have different data privacy laws and protections than your country. You understand that you may request alist with the names and addresses of any potential recipients of the Data by contacting your local human resources representative.You authorize the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes ofimplementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may berequired to a broker or other third party with whom you may elect to deposit any Common Shares acquired. You understand thatData will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understandthat you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessaryamendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local humanresources representative. You understand, however, that refusing or withdrawing your consent may affect your ability to participatein the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that youmay contact your local human resources representative.

21. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all ofwhich together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimiletransmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve theoriginal graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper documentbearing an original signature.

22. Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant hasread and understands the terms and provisions thereof, and accepts the PUs subject to all of the terms and conditions of the Plan andthis Agreement. The Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the PUsor disposition of the underlying shares and that the Participant has been advised to consult a tax advisor prior to such vesting,settlement or disposition. This Agreement is subject to the terms and conditions of the Plan.

23. Governing Law. The validity, construction, interpretation, and enforceability of this Agreement shall be determined andgoverned by the laws of the State of Ohio, USA without giving effect to the principles of conflicts of law. For the purpose oflitigating any dispute that arises under this Agreement, the parties hereby consent to exclusive jurisdiction and agree that suchlitigation shall be conducted in the federal or state courts of the State of Ohio, USA.

The parties have executed this Agreement on the terms and conditions set forth herein as of the Date of Grant.

Jeffrey Rutherford

DIEBOLD NIXDORF, INCORPORATED

EXHIBIT 21.1

LIST OF SIGNIFICANT SUBSIDIARIES

The following are the subsidiaries of the Registrant included in the Registrant’s consolidated financial statements at December 31, 2020. Other subsidiaries arenot listed because such subsidiaries are inactive. Subsidiaries are listed alphabetically under either the domestic or international categories.

Domestic Jurisdiction under which organizedPercent of voting securities owned

by RegistrantAevi Americas Incorporated Georgia 82.7%(27)Diebold Global Finance Corporation Delaware 100%Diebold Holding Company, LLC Delaware 100%Diebold Latin America Holding Company, LLC Delaware 100%Diebold Mexico Holding Company, LLC Delaware 100%(1)Diebold Nixdorf Technology Finance, LLC Delaware 100%Diebold Self-Service Systems New York 100%(2)Diebold Software Solutions, Inc. Delaware 100%Diebold SST Holding Company, LLC Delaware 100%VDM Holding Company, Inc. Delaware 100%

International Jurisdiction under which organizedPercent of voting securities owned

by RegistrantAevi CZ s.r.o Czech Republic 82.7%(27)Aevi International GmbH Germany 82.7%(26)Aevi UK Ltd. United Kingdom 82.7%(27)Aisino Wincor Engineering Pte. Ltd. Singapore 43.56%(46)Aisino Wincor Manufacturing (Shanghai) Co. Ltd. China 43.56%(46)Aisino-Wincor Retail & Banking Systems (Shanghai) Co. Ltd. China 43.56%(44)Bitelco Diebold Chile Limitada Chile 100%(20)CI Tech Sensors AG Switzerland 100%(4)C.R. Panama, Inc. Panama 100%(10)Cable Print B.V.B.A. Belgium 100%(37)D&G ATMS y Seguridad de Costa Rica Ltda. Costa Rica 51%(33)D&G Centroamerica, S. de R.L. Panama 51%(29)D&G Centroamerica y GBM de Nicaragua y Compañia Ltda. Nicaragua 51%(30)D&G Dominicana S.A. Dominican Republic 51%(32)D&G Honduras S. de R.L. Honduras 51%(31)D&G Panama S. de R.L. Panama 51%(34)DB &DG ATMs Seguridad de Guatemala, Limitada Guatemala 51%(30)DB & GB de El Salvador Limitada El Salvador 51%(30)DCHC, S.A. Panama 100%(10)Diebold Africa (Pty) Ltd. South Africa 100%(17)Diebold Africa Investment Holdings (Pty) Ltd. South Africa 100%(14)Diebold Argentina, S.A. Argentina 100%(10)Diebold Brasil LTDA Brazil 100%(28)Diebold Brasil Servicos de Tecnologia e Participacoes Ltda Brazil 100%(22)Diebold Canada Holding Company Inc. Canada 100%Diebold Ecuador SA Ecuador 100%(18)Diebold Finance Germany GmbH Germany 100%(3)Diebold Financial Equipment Company, Ltd.  China 48.1%(24)Diebold Netherlands B.V. The Netherlands 100(5)%Diebold Nixdorf AB Sweden 100%(4)Diebold Nixdorf AG Switzerland 100%(5)Diebold Nixdorf A/S Denmark 100%(4)Diebold Nixdorf AS Norway 100%(4)Diebold Nixdorf Australia Pty. Ltd. Australia 100%(1)

Diebold Nixdorf Banking Services Ltd. United Kingdom 100%(35)Diebold Nixdorf BPO Sp. z.o.o. Poland 100%(4)Diebold Nixdorf Business Administration Center GmbH Germany 100%(4)Diebold Nixdorf B.V. Netherlands 100%(4)Diebold Nixdorf BVBA Belgium 100%(16)Diebold Nixdorf C.A. Venezuela 100%(4)Diebold Nixdorf Canada Limited Canada 100%(1)Diebold Nixdorf Colombia, S.A.S. Columbia 100%(13)Diebold Nixdorf de Mexico S.A. de C.V. Mexico 100%(43)Diebold Nixdorf Deutschland GmbH Germany 100%(4)Diebold Nixdorf Dutch Holding B.V. Netherlands 100%Diebold Nixdorf EURL Algeria 100%(4)Diebold Nixdorf Finance Malta Holdling Ltd. Malta 100%(4)Diebold Nixdorf Finance Malta Ltd. Malta 100%(39)Diebold Nixdorf Fuel and Convenience Solutions GmbH Germany 100%(4)Diebold Nixdorf Global Holdings BV Netherlands 100%Diebold Nixdorf Global Logistics GmbH Germany 100%(19)Diebold Nixdorf Global Solutions B.V. Netherlands 100%(40)Diebold Nixdorf GmbH Austria 100%(1)Diebold Nixdorf Grundstücksverwaltungllmenau GmbH & Co. KG Germany 100%(42)Diebold Nixdorf Holding Germany GmbH Germany 100%Diebold Nixdorf (Hong Kong) Ltd. Hong Kong 100%(4)Diebold Nixdorf India Private Limited India 100%(8)Diebold Nixdorf Information Systems S.A. Greece 100%(4)Diebold Nixdorf Information Systems (Shanghai) Co. Ltd. China 100%(4)Diebold Nixdorf (Ireland) Ltd. Ireland 100%(4)Diebold Nixdorf Kft. Hungary 100%(4)Diebold Nixdorf Limited Nigeria 100%(4)Diebold Nixdorf LLC Russia 100%(3)Diebold Nixdorf Manufacturing Pte. Ltd. Singapore 100%(38)Diebold Nixdorf Middle East FZ-LLC United Arab Emirates 100%(4)Diebold Nixdorf Myanmar Limited Myanmar 100%(7)Diebold Nixdorf Operations GmbH Germany 100%(4)Diebold Nixdorf Oy Finland 100%(4)Diebold Nixdorf Peru S.r.l. Peru 100%(47)Diebold Nixdorf Philippines, Inc. Philippines 100%Diebold Nixdorf Portugal Unipessoal, Lda. Portugal 100%(1)Diebold Nixdorf Real Estate GmbH & Co. KG Germany 100%(42)Diebold Nixdorf Retail Services GmbH Germany 100%(4)Diebold Nixdorf Retail Solutions s.r.o. Czech Republic 100%(36)Diebold Nixdorf S.A. Morocco 100%(4)Diebold Nixdorf S.A.S. France 100%(4)Diebold Nixdorf Sdn. Bhd. Malaysia 100%(4)Diebold Nixdorf Security GmbH Germany 100%(4)Diebold Nixdorf Singapore Pte. Ltd. Singapore 100%(4)Diebold Nixdorf S.L. Spain 100%(4)Diebold Nixdorf Software C.V. Netherlands 100%(9)Diebold Nixdorf Software Partner B.V. Netherlands 100%(4)Diebold Nixdorf South Africa (Pty) Ltd. South Africa 74.9%(25)Diebold Nixdorf Sp. z.o.o. Poland 100%(4)Diebold Nixdorf s.r.l. Italy 100%(4)Diebold Nixdorf Srl Romania 100%(41)Diebold Nixdorf s.r.o. Czech Republic 100%(4)DIEBOLD NIXDORF s.r.o. Slovakia 100%(4)Diebold Nixdorf Systems GmbH Germany 100%(4)

Diebold Nixdorf Taiwan Ltd. Taiwan 100%(4)Diebold Nixdorf Technologies LLC UAE 49% (48)Diebold Nixdorf Technology GmbH Germany 100%(4)Diebold Nixdorf Teknoloji A.S. Turkey 100%(4)Diebold Nixdorf (Thailand) Company Limited Thailand 100%Diebold Nixdorf (UK) Limited United Kingdom 100%(4)Diebold Nixdorf Vietnam Company Limited Vietnam 100%Diebold Pacific, Limited Hong Kong 100%Diebold Panama, Inc. Panama 100%(10)Diebold Paraguay S.A. Paraguay 100%(45)Diebold Self Service Solutions Limited Liability Company Switzerland 100%(14)Diebold Switzerland Holding Company, LLC Switzerland 100%(1)Diebold Uruguay S.A. Uruguay 100%(10)Inspur Financial Information System Co., Ltd. China 48.1%(6)IP Management GmbH Germany 100%(4)IT Soluciones Integrales, C.A. Venezuela 100%(21)J.J.F. Panama, Inc. Panama 100%(10)LLC Diebold Nixdorf Ukraine 100%(4)Moxx B.V. Netherlands 100%(1)Procomp Amazonia Industria Eletronica S.A. Brazil 100%(11)Procomp Industria Eletronica LTDA Brazil 100%(23)Prosystems IT GmbH Germany 100%(4)Pt. Diebold Nixdorf Indonesia Indonesia 100%(12)Wincor Nixdorf Facility GmbH Germany 100%(4)WINCOR NIXDORF International GmbH Germany 100%(3)Wincor Nixdorf IT Support S.A. de C.V. Mexico 100%(21)Wincor Nixdorf Retail ME JLT United Arab Emirates 80%(15)

(1) 100 percent of voting securities are owned by Diebold Nixdorf Global Holdings, BV, which is 100 percent owned by Registrant.

(2) 70 percent of partnership interest is owned by Diebold Holding Company, LLC., which is 100 percent owned by Registrant, while the remaining 30 percent partnershipinterest is owned by Diebold SST Holding Company, LLC., which is 100 percent owned by Registrant.

(3) 100 percent of voting securities are owned by Diebold Nixdorf Holding Germany GmbH, which is 100 percent owned by Registrant.

(4) 100 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 3 for ownership).

(5) 100 percent of voting securities are owned by Diebold Self-Service Solutions Limited Liability Company (refer to 14 for ownership).

(6) 48.1 percent of voting securities are owned by Diebold Switzerland Holding Company, LLC (refer to 1 for ownership).

(7) 99.99 percent of voting securities are owned by VDM Holding Company, Inc., which is 100 percent owned by Registrant, while the remaining .01 percent of votingsecurities is owned by Diebold Pacific Limited, which is 100 percent owned by Registrant.

(8) 62.42 percent of voting securities are owned by Registrant; 19.03 percent of voting securities are owned by Diebold Self-Service Solutions Limited Liability Company(refer to 14 for ownership); 6.82 percent of voting securities are owned by Diebold Switzerland Holding Company, LLC (refer to 1 for ownership); 11.72 percent ofvoting securities are owned by WINCOR NIXDORF International (refer to 3 for ownership); and the remaining .01 percent of voting securities is owned by DieboldHolding Company, LLC, which is 100 percent owned by Registrant.

(9) 60 percent of voting securities are owned by Diebold Nixdorf Global Holdings, BV, which is 100 percent owned by Registrant; 39.96 percent of voting securities areowned by IP Management GmbH (refer to 4 for ownership); and the remaining .4 percent of voting securities is owned by Diebold Nixdorf Software Partner B.V. (referto 4 for ownership).

(10) 100 percent of voting securities are owned by Diebold Latin America Holding Company, LLC, which is 100 percent owned by Registrant.

(11) 99.99 percent of voting securities are owned by Diebold Brasil LTDA (refer to 28 for ownership), while the remaining .01 percent is owned by Registrant.

(12) 87.33 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 3 for ownership), while the remaining 12.52 percent is owned byDibold Nixdorf Global Holdings, BV, which is 100 percent owned by Registrant.

(13) 21.44 percent of voting securities are owned by Diebold Latin America Holding Company, LLC, which is 100 percent owned by Registrant; 16.78 percent of votingsecurities are owned by Diebold Panama, Inc. (refer to 10 for ownership); 16.78 percent of voting securities are owned by DCHC SA (refer to 10 for ownership);13.5 percent of voting securities are owned by J.J.F. Panama, Inc. (refer to 10 for ownership); and the remaining 31.5 percent of voting securities are owned by C.R.Panama, Inc. (refer to 10 for ownership).

(14) 100 percent of voting securities are owned by Diebold Switzerland Holding Company, LLC (refer to 1 for ownership).

(15) 80 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 3 for ownership).

(16) 90 percent of voting securities are owned by Diebold Self-Service Solutions Limited Liability Company (refer to 14 for ownership), while the remaining 10 percent ofvoting securities are owned by Diebold Nixdorf AG (refer to 5 for ownership).

(17) 100 percent of voting securities are owned by Diebold Africa Investment Holdings Pty. Ltd. (refer to 14 for ownership).

(18) 99.99 percent of voting securities are owned by Diebold Colombia SA (refer to 13 for ownership), while the remaining 0.01 percent is owned by Diebold Latin AmericaHolding Company, LLC, which is 100 percent owned by Registrant.

(19) 100 percent of voting securities are owned by Diebold Nixdorf Logistics GmbH (refer to 4 for ownership).

(20) 99.88 percent of voting securities are owned by Registrant, while the remaining .12 percent of voting securities are owned by Diebold Latin America Holding Company,LLC, which is 100 percent owned by Registrant.

(21) 100 percent of voting securities are owned by Wincor Nixdorf C.A. (refer to 4 for ownership).

(22) 99.99 percent of voting securities are owned by Diebold Canada Holding Company Inc., which is 100 percent owned by Registrant, while the remaining .01 percent isowned by Procomp Amazonia Industria Eletronica S.A. (refer to 11 for ownership).

(23) 99.99 percent of voting securities are owned by Diebold Brasil Servicos de Tecnologia e Participacoes Limitada (refer to 22 for ownership), while the remaining.01 percent is owned by Registrant.

(24) 100 percent of voting securities are owned by Inspur Financial Information Technology Co., Ltd. (refer to 6 for ownership).

(25) 74.9 percent of voting securities are owned by Diebold Africa Investment Holdings Pty. Ltd. (refer to 14 for ownership).

(26) 82.7 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 3 for ownership).

(27) 100 percent of voting securities are owned by Aevi International GmbH (refer to 26 for ownership).

(28) 99.99 percent of voting securities are owned by Diebold Latin America Holding Company, LLC, which is 100 percent owned by Registrant, while the remaining.01 percent is owned by Registrant.

(29) 51 percent of voting securities are owned by Diebold Latin America Holding Company, LLC, which is 100 percent owned by Registrant.

(30) 99 percent of voting securities are owned by D&G Centroamerica, S. de R. L. (refer to 29 for ownership).

(31) 99.97 percent of voting securities are owned by D&G Centroamerica, S. de R.L. (refer to 29 for ownership), while the remaining .03 percent of voting securities isowned by D&G ATMs y Seguridad de Costa Rica Ltda. (refer to 33 for ownership).

(32) 99.85 percent of voting securities are owned by D&G Centroamerica, S. de R. L. (refer to 29 for ownership).

(33) 100 percent of voting securities are owned by D&G Centroamerica, S. de R. L. (refer to 29 for ownership).

(34) 99.99 percent of voting securities are owned by D&G Centroamerica, S. de R.L. (refer to 29 for ownership).

(35) 100 percent of voting securities are owned by Diebold Nixdorf (UK) Limited (refer to 4 for ownership).

(36) 100 percent of voting securities are owned by IP Management GmbH (refer to 4 for ownership).

(37) 99.99 percent of voting securities are owned by Registrant, while the remaining .01 percent is owned by Diebold Holding Company, LLC., which is 100 percent ownedby Registrant.

(38) 100 percent of voting securities are owned by Diebold Nixdorf Pte. Ltd (refer to 4 for ownership).

(39) 100 percent of voting securities are owned by Diebold Nixdorf Finance Malta Holding Ltd. (refer to 4 for ownership).

(40) 100 percent of voting securities are owned by Diebold Nixdorf Software C.V. (refer to 9 for ownership).

(41) 99.99 percent of voting securities are owned by Diebold Self-Service Solutions Limited Liability Company (refer to 14 for ownership), while the remaining .01 percent isowned by Diebold Switzerland Holding Company, LLC (refer to 1 for ownership).

(42) 100 percent of voting securities are equally owned by Wincor Nixdorf Facility GmbH (refer to 4 for ownership) and Diebold Nixdorf Security GmbH (refer to 4 forownership).

(43) 93.43 percent of voting securities are owned by Diebold Mexico Holding Company, LLC (refer to 1 for ownership); 6.56 percent of voting securities are owned byWINCOR NIXDORF International (refer to 47 for ownership); <.001 percent of voting securities is owned by Wincor Nixdorf C.A. (refer to 51 for ownership); while theremaining <.001 percent is owned by Registrant.

(44) 43.56 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 3 for ownership).

(45) 99 percent of voting securities are owned by Diebold Latin America Holding Company, LLC, which is 100 percent owned by Registrant, while the remaining 1 percentis owned by Registrant.

(46) 100 percent of voting securities are owned by Aisino-Wincor Retail & Banking Syst. (Shanghai) Co. Ltd. (refer to 44 for ownership).

(47) 99.86 percent of voting securities are owned by Registrant, while the remaining .14 percent of voting securities is owned by Diebold Latin America Holding Company,LLC, which is 100 percent owned by Registrant.

(48) 49 percent of voting securities are owned by WINCOR NIXDORF International GmbH (refer to 3 for ownership).

Exhibit 22.1

LIST OF SUBSIDIARY GUARANTORS

The following subsidiaries of Diebold Nixdorf, Incorporated (the “Parent Company”) were, as of December 31, 2020, guarantors of the Company’s 8.5% seniornotes due April 2024:

NAME OF SUBSIDIARY PLACE OF INCORPORATION OR ORGANIZATIONDiebold Global Finance Corporation DelawareDiebold Holding Company, LLC DelawareDiebold Self-Service Systems DelawareDiebold SST Holding Company, LLC DelawareGriffin Technology Incorporated New York

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

The Board of DirectorsDiebold Nixdorf, Incorporated:

We consent to the incorporation by reference in the registration statements (Nos. 33-32960, 33-39988, 33-55452, 33-54677, 33-54675, 333-31993, 333-32187,333-60578, 333-162036, 333-162037, 333-162049, 333-190626, 333-193713, 333-199738, 333-217476, 333-223125, 333-224618, 333‑231133 and 333-238167) on Form S-8 and (Nos. 333-213780 and 333-208186) on Form S-4 of Diebold Nixdorf, Incorporated and subsidiaries of our reports dated March 1,2021, with respect to the consolidated balance sheets of Diebold Nixdorf, Incorporated as of December 31, 2020 and 2019, the related consolidated statementsof operations, comprehensive income (loss), equity, and cash flows for each of the years in the three-year period ended December 31, 2020, and the relatednotes, collectively, the consolidated financial statements, and the effectiveness of internal control over financial reporting as of December 31, 2020, whichreports appear in the December 31, 2020 annual report on Form 10‑K of Diebold Nixdorf, Incorporated.

Our report on the consolidated financial statements refers to a change to the accounting for leases due to the adoption of ASU 2016-02, Leases.

/s/  KPMG LLP

Cleveland, OhioMarch 1, 2021

EXHIBIT 24.1

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, That the undersigned directors of Diebold Nixdorf, Incorporated, a corporation organized and existing under the lawsof the State of Ohio, do for themselves and not for another, constitute and appoint Jonathan B. Leiken, or any one of them, a true and lawful attorney-in-fact intheir names, place and stead, to sign their names to the report on Form 10-K for the year ended December 31, 2020, or to any and all amendments to suchreports,  and to cause the same to be filed with the Securities and Exchange Commission; it  being intended to give and grant unto said attorneys-in-fact  andeach  of  them full  power  and  authority  to  do  and  perform any  act  and  thing  necessary  and  proper  to  be  done  in  the  premises  as  fully  and  to  all  intents  andpurposes as the undersigned by themselves could do if personally present. The undersigned directors ratify and confirm all that said attorneys-in-fact or either ofthem shall lawfully do or cause to be done by virtue hereof.

The undersigned have hereunto set their hands as of the date set opposite their signature.

Signature Date

/s/ Arthur F. Anton February 19, 2021Arthur F. Anton

/s/ Bruce Besanko February 19, 2021Bruce Besanko

/s/ Reynolds C. Bish February 19, 2021Reynolds C. Bish

/s/ Ellen M. Costello February 19, 2021Ellen M. Costello

/s/ Phillip R. Cox February 19, 2021Phillip R. Cox

/s/ Alexander Dibelius February 19, 2021Alexander Dibelius

/s/ Matthew Goldfarb February 19, 2021Matthew Goldfarb

/s/ Gary G. Greenfield February 19, 2021Gary G. Greenfield

/s/ Kent M. Stahl February 19, 2021Kent M. Stahl

/s/ Lauren C. States February 19, 2021Lauren C. States

EXHIBIT 31.1

DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIESCERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Gerrard B. Schmid, certify that:

1)    I have reviewed this annual report on Form 10-K of Diebold Nixdorf, Incorporated;

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 thestatements  made,  in  light  of  the  circumstances  under  which  such  statements  were  made,  not  misleading  with  respect  to  the  period  covered  by  thisreport;

3)        Based  on  my  knowledge,  the  financial  statements,  and  other  financial  information  included  in  this  report,  fairly  present  in  all  material  respects  thefinancial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in ExchangeAct  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  theregistrant and have:

a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, toensure  that  material  information  relating  to  the  registrant,  including  its  consolidated  subsidiaries,  is  made  known  to  us  by  others  within  thoseentities, particularly during the period in which this report is being prepared;

b)        designed  such  internal  control  over  financial  reporting,  or  caused  such  internal  control  over  financial  reporting  to  be  designed  under  oursupervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for externalpurposes in accordance with generally accepted accounting principles;

c)        evaluated  the  effectiveness  of  the  registrant’s  disclosure  controls  and  procedures  and  presented  in  this  report  our  conclusions  about  theeffectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscalquarter (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

5)        The  registrant’s  other  certifying  officer  and  I  have  disclosed,  based  on  our  most  recent  evaluation  of  internal  control  over  financial  reporting,  to  theregistrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likelyto adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control overfinancial reporting.

Date: March 1, 2021

    By: /s/ Gerrard B. Schmid        Gerrard B. Schmid    President and Chief Executive Officer    (Principal Executive Officer)

EXHIBIT 31.2

DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIESCERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jeffrey Rutherford, certify that:

1)    I have reviewed this annual report on Form 10-K of Diebold Nixdorf, Incorporated;

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 thestatements  made,  in  light  of  the  circumstances  under  which  such  statements  were  made,  not  misleading  with  respect  to  the  period  covered  by  thisreport;

3)        Based  on  my  knowledge,  the  financial  statements,  and  other  financial  information  included  in  this  report,  fairly  present  in  all  material  respects  thefinancial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in ExchangeAct  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  theregistrant and have:

a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, toensure  that  material  information  relating  to  the  registrant,  including  its  consolidated  subsidiaries,  is  made  known  to  us  by  others  within  thoseentities, particularly during the period in which this report is being prepared;

b)        designed  such  internal  control  over  financial  reporting,  or  caused  such  internal  control  over  financial  reporting  to  be  designed  under  oursupervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for externalpurposes in accordance with generally accepted accounting principles;

c)        evaluated  the  effectiveness  of  the  registrant’s  disclosure  controls  and  procedures  and  presented  in  this  report  our  conclusions  about  theeffectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscalquarter (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

5)        The  registrant’s  other  certifying  officer  and  I  have  disclosed,  based  on  our  most  recent  evaluation  of  internal  control  over  financial  reporting,  to  theregistrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likelyto adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control overfinancial reporting.

Date: March 1, 2021

        By: /s/ Jeffrey Rutherford        Jeffrey Rutherford        Senior Vice President and Chief Financial Officer        (Principal Financial Officer)

EXHIBIT 32.1

DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 906 OF THESARBANES-OXLEY ACT OF 2002, 18 U.S.C. SECTION 1350

In connection with the Annual Report on Form 10-K of Diebold Nixdorf, Incorporated and subsidiaries (the Company) for the year ended December 31, 2020 asfiled  with  the  Securities  and  Exchange  Commission  on  the  date  hereof  (the  Report),  I,  Gerrard  B.  Schmid,  President  and  Chief  Executive  of  the  Company,certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to my knowledge:

1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of thedates and for the periods expressed in the Report.

     /s/ Gerrard B. Schmid         Gerrard B. Schmid    President and Chief Executive Officer    (Principal Executive Officer)

March 1, 2021

EXHIBIT 32.2

DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THESARBANES-OXLEY ACT OF 2002, 18 U.S.C. SECTION 1350

In connection with the Annual Report on Form 10-K of Diebold Nixdorf, Incorporated and subsidiaries (the Company) for the year ended December 31, 2020 asfiled with the Securities and Exchange Commission on the date hereof (the Report), I, Jeffrey Rutherford, Senior Vice President and Chief Financial Officer ofthe Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to my knowledge:

1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of thedates and for the periods expressed in the Report.

        /s/ Jeffrey Rutherford        Jeffrey Rutherford        Senior Vice President and Chief Financial Officer        (Principal Financial Officer)

March 1, 2021