Company: ARRY
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012865
Chunk: 35

Company: Array Technologies, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 35
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| (1) | Pursuant to the terms of the Transition Agreement, in connection with his termination of employment, Mr. Wood received an amount equal to his target annual cash bonus for 2024, pro-rated for his partial year of service. |

| ARRAY TECHNOLOGIES |     | 34 |     | 2025 PROXY STATEMENT |

TABLE OF CONTENTS COMPENSATION DISCUSSION AND ANALYSIS

In connection with his promotion to President and Chief Operating Officer, Mr. Manning’s target annual bonus opportunity was increased from 60% to 70%, effective as of May 26, 2024 and blended for 2024 based on the portions of the year that Mr. Manning’s applicable target bonus and base salary were in effect. Our Human Capital Committee structured the annual incentive bonus to be formulaic and directly linked to the achievement of Company-wide goals and metrics approved by our Board. The final determinations of the amount of annual incentive bonus earned are based upon the extent to which results for the fiscal year met, failed to meet, or exceeded our established goals and metrics. Goals and Metrics In determining the goals and metrics for our 2024 LIP in early 2024, the Human Capital Committee based the metrics on the Company’s budget as approved by our Board. Each performance metric was also assigned a weighting factor to reflect the Company’s goals and priorities as interpreted by our Human Capital Committee. In consultation with Pay Governance, our Human Capital Committee established for each metric, threshold, target and stretch level of objectives and related levels of payment opportunities. These levels of achievement represent the minimum, target and maximum payout opportunities for each metric. In the event the threshold performance level is not met for a metric, none of the bonus is earned for that metric. Similarly, achieving above the stretch performance level earns the maximum percentage for a metric. In the event that a metric was achieved at a level between threshold and target or target and maximum, our Human Capital Committee makes a linear interpolation to determine the bonus earned for that metric.

| METRIC                           |     | WEIGHT 
    (%) |     | THRESHOLD |     | TARGET |     | STRETCH |
| Adjusted EBITDA ($)              |     |     60 |     |      249M |     |   311M |     |    373M |
| Cash Conversion Cycle (days)     |     |     30 |     |       104 |     |     83 |     |      69 |
| Company