Company: ARRY
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012865
Chunk: 53

Company: Array Technologies, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 53
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 by multiplying the number of shares that vested by the closing price of our common stock on the Nasdaq on the vesting date. Shares vested on various dates throughout the year. The value listed represents the aggregate value of all shares that vested for each NEO in 2024. None of our NEOs exercised stock options during 2024. |

POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL Executive Severance Plan On March 8, 2022, our Human Capital Committee approved our Executive Severance Plan, which governs severance payable to our executive officers, including each of our NEOs, under various termination scenarios. On April 4, 2024, our Human Capital Committee amended and restated our Executive Severance Plan. The following summarizes the terms and conditions of our Executive Severance Plan, as amended and restated on April 4, 2024. The Executive Severance Plan provides for severance payments and benefits in the event of a termination by the Company without Cause or a resignation by the executive for Good Reason (a “qualifying termination”), both in connection with and outside the context of a change in control (“CIC”). The severance entitlements under the Executive Severance Plan in connection with a CIC are subject to a double trigger that requires a termination of employment in order for severance to become payable. In the event of a qualifying termination other than in connection with, or within 24 months following a CIC, the Executive Severance Plan provides the following cash severance:

| • | In the case of our CEO, 150% of the sum of his or her (i) annual base salary and (ii) target bonus opportunity; and |

| • | In the case of all other executives, 100% of the sum of their annual base salary. |

Additionally, subject to his or her timely election of COBRA coverage, the executive would be entitled to payment of the Company’s portion of monthly COBRA premiums for a specified severance period (18 months for our CEO and 12 months for all other executives) or until the executive becomes eligible for coverage under a subsequent employer’s health plan.

| ARRAY TECHNOLOGIES |     | 45 |     | 2025 PROXY STATEMENT |

TABLE OF CONTENTS COMPENSATION DISCUSSION AND ANALYSIS Upon the executive’s qualifying termination not in connection with a CIC, all outstanding RSUs would continue to vest as if the executive had remained employed through each subsequent vesting date and all outstanding PS