Company: ARRY
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001820721-25-000085
Chunk: 38

Company: Array Technologies, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 5
Chunk 38
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Item 5. Other Information

On August 4, 2025, the Company entered into an amendment (“Amendment No. 1”) to the Transition and Separation Agreement, dated June 6, 2024, between the Company and Kurt Wood, our former Chief Financial Officer. Amendment No. 1 provides for Company discretion to make a one-time cash payment in the amount of $20,000, less applicable withholdings, in exchange for the full cancellation of Mr. Wood’s then outstanding and unvested time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs” (the “Company-Initiated Payment”). In connection with the entry into Amendment No. 1, the Company exercised its discretion to make the Company Initiated Payment, and consequently, Mr. Wood’s outstanding and unvested RSUs and PSUs were cancelled effective as of August 4, 2025. 

10b5-1 Trading Plans

From time to time, our directors and officers may adopt plans for the purchase or sale of our securities. Such plans may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K). During the three months ended June 30, 2025, none of our directors or officers adopted, amended or terminated any such plan or trading arrangement.