Company: ARRY
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012865
Chunk: 56

Company: Array Technologies, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 56
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 90 days following the event constituting Good Reason. Equity Award Agreements Pursuant to the PSU award agreements granted under the LTIP, if, prior to the end of the performance period, the NEO’s employment is terminated due to death or disability, the PSUs will vest as of the date of such termination at target performance, pro-rated to reflect the portion of the performance period during which the executive was employed by us. If, after the end of the performance period but before the applicable vesting date, the NEO’s employment is terminated due to death or disability, the PSUs will vest based on actual performance. Upon the occurrence of a change in control, any outstanding PSUs will be earned based on actual performance through the date of the change in control, with the earned PSUs continuing to vest based on the executive’s continued service. Upon the executive’s qualifying termination that occurs upon or within 24 months following a change in control, or the executive’s termination by reason of death or disability following a change in control, all earned PSUs will immediately become fully vested upon the date of termination.

| ARRAY TECHNOLOGIES |     | 46 |     | 2025 PROXY STATEMENT |

TABLE OF CONTENTS COMPENSATION DISCUSSION AND ANALYSIS Payments and Benefits in Connection with Mr. Wood’s Separation On June 6, 2024, Mr. Wood and the Company entered into the Transition Agreement, pursuant to which Mr. Wood continued to receive his base salary during a transition period from June 30, 2024, the date he transitioned from CFO to an advisory role at the Company, until his separation from service on September 30, 2024. Additionally, subject to Mr. Wood’s execution and non-revocation of a general release of claims in favor of the Company and his compliance with his existing restrictive covenants, Mr. Wood was entitled to the following payments and benefits, consistent with the benefits provided under the Executive Severance Plan and/or as provided under the Transition Agreement: (i) an amount equal to $475,000, which represents 100% of Mr. Wood’s then-current annual base salary, payable over a period of 12 months following the date of his termination of employment, (ii) an amount equal to Mr. Wood’s target annual cash bonus for 2024, pro-rated for his partial year of service, and (iii) subject to his timely election of COBRA coverage, payment of the Company’s portion of monthly COBRA premiums