Company: ARRY
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012865
Chunk: 34

Company: Array Technologies, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 34
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 our NEOs are eligible to receive an annual cash incentive bonus based on financial and operational achievements during the applicable fiscal year that are intended to support the Company’s approved goals and metrics, encouraging further contributions by the executive to stockholder value. During 2024, as discussed above under “Fiscal 2024 Considerations,” we also introduced the Six-Month LIP in order to motivate our NEOs to continue to achieve important near-term performance goals despite the challenging operating environment. The original 2024 LIP and the Six-Month LIP are described below. The graphic below illustrates how the bonus was calculated in the 2024 LIP design, including the weighting of the corporate metrics. 2024 Plan Design (1) See the section entitled “—Goals and Metrics” below for additional information on how we define Adjusted EBITDA, and see Appendix A for reconciliation of net income to Adjusted EBITDA. For 2024, annual incentive bonus payouts under the 2024 LIP could range from 50% of target (at threshold performance) to 100% of target (at target performance) to 200% of target (at stretch performance). Performance below threshold performance would result in a payout of 0%. In all cases, payouts were initially subject to a maximum of 200% of target. In connection with the approval of the Six-Month LIP, the Human Capital Committee determined that payouts under the 2024 LIP and the Six-Month LIP would be subject to a collective cap of 95% of the applicable participant’s original target award under the 2024 LIP. The 2024 target annual incentive opportunities were determined by our Human Capital Committee as a percentage of annual base salary in the range of competitive target bonus amounts for comparable positions at companies in our compensation peer group. Target annual incentive opportunities are subject to review based on market data as well as to pro-rata adjustment due to promotions occurring during the fiscal year or other relevant changes in job responsibilities. The following were the target annual incentive opportunities represented as a percentage of annual base salaries for each of the NEOs for 2024:

| NAME             |     | % OF BASE 
 SALARY    |
| Kevin Hostetler  |     | ​125%     |
| Kurt Wood(1)     |     | ​75%      |
| Neil Manning     |     | ​70%      |
| Terrance Collins |     | ​60%      |
| James Zhu        |     | ​50%