Company: ARRY
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012865
Chunk: 26

Company: Array Technologies, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 26
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-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 for 12 months (or, if earlier, until he becomes eligible for coverage under a subsequent employer’s health plan). In addition, (i) the unvested portion of any outstanding time-based RSUs held by Mr. Wood on his separation date (after giving effect to any accelerated vesting provided under the terms of the award agreements evidencing such awards) continues to vest as if Mr. Wood had remained employed through each subsequent vesting date, and (ii) any outstanding performance-based restricted stock units (“PSUs”) for which the performance period had not been completed as of Mr. Wood’s separation date remain outstanding and eligible to vest based on actual achievement of the performance metrics through the applicable performance period, pro-rated to reflect the portion of the performance period during which Mr. Wood was employed by the Company, but determined as if Mr. Wood had remained employed through September 30, 2025. The Transition Agreement also provided for reimbursement of attorneys’ fees incurred by Mr. Wood in the negotiation of such agreement, up to $10,000. Mr. Hostetler assumed the role of interim CFO from July 1, 2024 through January 5, 2025. Effective January 6, 2025, Mr. Jennings was appointed to the role of CFO. In connection with his appointment, we entered into an employment agreement with Mr. Jennings setting forth certain terms of his employment with the Company.

| ARRAY TECHNOLOGIES |     | 27 |     | 2025 PROXY STATEMENT |

TABLE OF CONTENTS

FISCAL 2024 CONSIDERATIONS In mid-year 2024, the Human Capital Committee reviewed management projections for the second half of 2024 against the previously determined goals under the 2024 Leadership Incentive Plan (the “2024 LIP”), our annual cash incentive bonus program. The Human Capital Committee concluded that, despite results for the first half of 2024 that were in line with management expectations, the full-year financial outcome was expected to result in a payout under the 2024 LIP of 35% of the target amount. This forecasted outcome at the time of the Human Capital Committee’s mid-year review was driven by continued macroeconomic pressures and uncertainties facing our business, including the interest rate environment, uncertainty regarding the Inflation Reduction Act, local permitting backlogs,