Company: ARRY
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012865
Chunk: 31

Company: Array Technologies, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 31
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 and long-term performance and approves performance targets, which include financial and operational measures. The Human Capital Committee also establishes incentive compensation targets for each individual NEO, expressed as a percentage of annual base salary.

| ARRAY TECHNOLOGIES |     | 31 |     | 2025 PROXY STATEMENT |

TABLE OF CONTENTS COMPENSATION DISCUSSION AND ANALYSIS

Competitive Benchmarking Our Human Capital Committee considers competitive industry data in making executive pay determinations and utilizes an executive compensation benchmarking peer group of companies (“compensation peer group”) comprised of companies our Human Capital Committee considers to be appropriate for benchmarking compensation based on comparability in company size (determined by reference to market capitalization, revenue, and other selected metrics), growth trajectory and industry fit. For the year ended December 31, 2024, the compensation peer group included 17 companies:

| • | Enphase Energy, Inc.; |

| • | ESCO Technologies Inc.; |

| • | First Solar, Inc.; |

| • | Fluence Energy, Inc.; |

| • | Franklin Electric Co., Inc.; |

| • | FTC Solar, Inc.; |

| • | Generac Holdings Inc.; |

| • | Gibraltar Industries, Inc.; |

| • | Lindsay Corporation; |

| • | Littelfuse, Inc.; |

| • | Nextracker, Inc.; |

| • | Power Integrations, Inc.; |

| • | Shoals Technologies Group, Inc.; |

| • | SolarEdge Technologies, Inc.; |

| • | SunPower Corporation; |

| • | Sunrun Inc.; and |

| • | The Timken Company. |

For 2025, the compensation peer group was reviewed and evaluated by the Human Capital Committee with the input of Pay Governance. Based on an analysis by Pay Governance, the Human Capital Committee decided to remove First Solar, Inc., Generac Holdings Inc., and SunPower Corporation from the compensation peer group for 2025 and add American Superconductor Corporation, Helios Technologies, Inc., and Rogers Corporation. The Human Capital Committee will review and refine the compensation peer group periodically to reflect Array’s size, growth, evolving business model and other relevant factors. COMPONENTS OF OUR EXECUTIVE COMPENSATION PROGRAM To achieve the objectives of our executive compensation program, we have developed a balanced compensation package generally consisting of base salary, annual incentive bonus and long-term incentive stock awards. The Human Capital Committee reviews the structure and amount of these elements in the first quarter of each year in light of Company