Company: ARRY
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012865
Chunk: 59

Company: Array Technologies, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 59
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 common stock as of October 15, 2020, the first date on which our common stock traded on the Nasdaq Global Market, and then valued again on each of December 31, 2024, 2023, 2022, 2021 and 2020. |

| 4. | Represents the weighted peer group total shareholder return, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the customized peer group used by the Company for purposes of Item 201(e) of Regulation S-K (Enphase Energy, Solaredge Technologies, Shoals Technologies Group and FTC Solar). |

Relationship between Compensation Actually Paid and Performance Measures Over the course of 2022, the Company’s net income rose $43.6 million, and revenue increased $781 million. Total shareholder return increased over 200%. In 2023 while net income rose significantly, revenue dropped by 4%. Total shareholder return was reduced as well. In 2024, revenue fell by 42% and net income dropped significantly, resulting in a net loss of $240.4 million. Compensation actually paid to Mr. Hostetler likewise decreased significantly in 2024, primarily driven by the losses in total shareholder return and revenue. Compensation actually paid to the NEOs excluding Mr. Hostetler also decreased in 2024, primarily driven by the loss in total shareholder return. Array’s compensation philosophy ties executive compensation and company performance through each pay element. Compensation actually paid to our NEOs was reduced in 2024, due to the loss of value in both outstanding equity awards granted but not vested, as well as vested equity awards. While shareholder return is directly tied to Array’s long-term incentive awards, individual performance is a strong determining factor for base salary actions and short-term cash incentives reflect collective team performance, as stated above.

| ARRAY TECHNOLOGIES |     | 50 |     | 2025 PROXY STATEMENT |

TABLE OF CONTENTS COMPENSATION DISCUSSION AND ANALYSIS

The chart below shows the relationship between total shareholder return starting October 15, 2020, the first date on which our common stock traded on the Nasdaq Global Market, and compensation actually paid to our NEOs. There is a clear and immediate relationship between the financial performance of the business and the pay for executive leaders. Financial Performance Measures The performance metrics listed below represent the most important metrics we use to link compensation actually paid to