Company: ARRY
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012865
Chunk: 42

Company: Array Technologies, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 42
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 objectives for the PSUs granted in 2024 are 50% based on the average of the revenue growth recorded by the Company in each of the three fiscal years in the performance period and 50% based on the average of the cumulative adjusted earnings per share (“EPS”) growth recorded in each of the three fiscal years in the performance period: The graphic below illustrates how the number of PSUs earned will be calculated.

| (1) | Adjusted earnings per share represents Adjusted net income divided by the weighted average number of common shares outstanding. We define Adjusted net income as net income (loss) to common stockholders plus (i) amortization of intangibles, (ii) amortization of developed technology, (iii) amortization of debt discount and issuance costs (iv) preferred accretion, (v) equity-based compensation, (vi) change in fair value of contingent consideration, (vii) impairment of long-lived assets, (viii) goodwill impairment, (ix) certain legal expenses, (x) other costs, and (xi) income tax (benefit) expense adjustments. See Appendix A for reconciliation of Net income to Adjusted net income. |

At the end of each one-year measurement period during the 2024-2026 performance period, the Human Capital Committee will calculate the degree to which the above performance metrics were achieved and the payout that such achievement would imply as a percentage of target. At the end of the 2026 measurement period, the Human Capital Committee will average the payout percentages for each of the three one-year measurement periods to determine a cumulative payout as a percentage of target for the 2024-2026 performance period (the “Cumulative Performance Payout Percentage”). The Human Capital Committee will then evaluate our total shareholder return (“TSR”) performance relative to a defined group of three peer companies in the utility scale solar space over the 2024-2026 performance period (“RTSR Modifier”). If our TSR is the highest of the four companies (including Array) in the group, the RTSR Modifier will be 115%, and if our TSR ranks last in the group, the RTSR Modifier will be 85%. The RTSR Modifier for TSR performance that ranks Array in either second or third place among the peer group will be 100%. The applicable RTSR Modifier will be multiplied by the Cumulative Performance Payout Percentage to determine the final payout for the 2024-2026 performance period as a percentage of target. In all cases, overall PSU payouts are