Company: ARRY
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012865
Chunk: 27

Company: Array Technologies, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 27
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 and other factors further described in our Annual Report under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Factors Affecting Results of Operations.” As a result, the Human Capital Committee determined that the 2024 LIP, as originally developed, would not effectively serve its goal of incentivizing the performance and retention of our Named Executive Officers and other key employees. The ongoing successful execution of our business strategy is critical to Array’s overall success and depends upon our executive officers, including the NEOs, delivering strong performance. The Human Capital Committee was also mindful that over the past several years, the Company’s performance had not met the performance thresholds needed for the vesting of the PSUs granted to our NEOs under our 2020 Long-Term Incentive Plan (the “LTIP”). As a result, no PSUs granted to any of our executive officers have vested since the inception of the LTIP. In order to incentivize focus, engagement and execution of our goals through the second half of 2024, the Human Capital Committee determined to make the following modifications to the 2024 LIP:

| • | Reduced the 200% overall cap on any cumulative payouts under the 2024 LIP and Six-Month LIP financial goals to a cap of 95% of target on a full-year basis. |

The Human Capital Committee believed that the recalibrated financial goals for Six-Month LIP would focus the executive officers on challenging but achievable performance metrics, given the macroeconomic pressures facing our business, and continue to encourage dedicated corporate and individual performance throughout the remainder of 2024. Additionally, to further encourage retention and align our executives’ interests with those of our stockholders, in September 2024, the Human Capital Committee authorized a one-time supplemental grant of RSUs (the “Supplemental RSU Grant”) for each of our executive officers, including our currently employed NEOs, which will vest as to 66 2/3% of the RSUs on the second anniversary of the grant date and as to 33 1/3% of the RSUs on the third anniversary of the grant date, generally subject to the executive’s continued employment through the applicable vesting date. The Human Capital Committee did not make any intra-period adjustments to the performance metrics under our outstanding PSUs.

| ARRAY TECHNOLOGIES |     | 28 |     | 2025 PROXY STATEMENT |

TABLE OF CONTENTS COMPENSATION DISCUSSION AND ANALYSIS

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