Company: ARRY
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012865
Chunk: 37

Company: Array Technologies, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 37
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 of any award under the 2024 LIP by up to 20%, depending upon the Company’s progress in remediating its remaining material weaknesses in its internal controls over financial reporting. Six-Month LIP As discussed above, in light of the challenging operating environment in 2024 and in order to provide additional incentives for our key employees, including our NEOs, to achieve key business goals for the fiscal year, in September 2024, the Human Capital Committee approved the Six-Month LIP covering the second half of 2024. This plan was applicable to our currently employed NEOs and other participants in the 2024 LIP. Under the Six-Month LIP, participants were eligible to receive a cash incentive bonus based on cash, gross margin, and sales targets measured from July 1, 2024 through December 31, 2024. Payouts under the Six-Month LIP and the 2024 LIP were based on the average of the payout percentages (expressed as a percentage of target) indicated by the respective results under the Six-Month LIP and the 2024 LIP and collectively capped at 95% of the applicable participants’ original target 2024 LIP award. Cash. Cash, for purposes of the Six-Month LIP, measures the amount of cash and cash equivalents on our Consolidated Balance Sheet as of December 31, 2024, included in our Annual Report on Form 10-K.

| ARRAY TECHNOLOGIES |     | 35 |     | 2025 PROXY STATEMENT |

TABLE OF CONTENTS COMPENSATION DISCUSSION AND ANALYSIS

Gross Margin. Gross Margin, for purposes of the Six-Month LIP, refers to the percentage of our total revenue for the six months ended December 31, 2024 that remains after subtracting our cost of revenue for the same period. Sales to Low Share of Wallet Customers or “LSOW.” LSOW refers to the number of orders made by specific customers during the twelve months ended December 31, 2024, who have been underrepresented compared to Array’s historical win rate. Evaluation of Performance Results On February 24, 2025, our Human Capital Committee completed the evaluation of the Company’s results and the weighting of metrics discussed above to ensure that the incentive bonus determination based on corporate performance goal achievement was appropriate and commensurate with actual performance for each metric. The corporate performance portion of the incentive bonus determinations for 2024 for NEOs