# EDGAR Filing Document

**Accession Number:** 0000821130
**File Stem:** 0000821130-26-000035
**Filing Date:** 2026-5
**Character Count:** 218001
**Document Hash:** 5aa0b618a2d111ba4503473bc2a3c172
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000821130-26-000035.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0000821130-26-000035

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARRAY DIGITAL INFRASTRUCTURE, INC.
- **CENTRAL INDEX KEY:** 0000821130
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO TELEPHONE COMMUNICATIONS [4812]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 621147325
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09712
- **FILM NUMBER:** 26956087

**BUSINESS ADDRESS:**
- **STREET 1:** 500 WEST MADISON STREET
- **STREET 2:** SUITE 810
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60661
- **BUSINESS PHONE:** 8665734544

**MAIL ADDRESS:**
- **STREET 1:** 500 WEST MADISON STREET
- **STREET 2:** SUITE 810
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60661

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED STATES CELLULAR CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? ad-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q** 

---

| | |
|:---|:---|
| **(Mark One)** | |
| ☒ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the quarterly period ended March 31, 2026** 

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to** 

**Commission file number 001-09712**![Array_logo.jpg](ad-20260331_g1.jpg)

**ARRAY DIGITAL INFRASTRUCTURE, INC.**

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **62-1147325** |
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |

---

**<u>500 West Madison Street, Suite 810, Chicago, Illinois 60661</u>**

(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: (866) 573-4544

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Shares, $1 par value | AD | New York Stock Exchange |
| 6.25% Senior Notes due 2069 | UZD | New York Stock Exchange |
| 5.50% Senior Notes due 2070 | UZE | New York Stock Exchange |
| 5.50% Senior Notes due 2070 | UZF | New York Stock Exchange |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Yes | ☒ | No | ☐ |
| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Yes | ☒ | No | ☐ |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. |
| Large accelerated filer | ☒ | Accelerated filer | Accelerated filer | Accelerated filer | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | Smaller reporting company | Smaller reporting company | Smaller reporting company | ☐ |
| | | Emerging growth company | Emerging growth company | Emerging growth company | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Yes | ☐ | No | ☒ |

---

The number of shares outstanding of each of the issuer's classes of common stock, as of March 31, 2026, is 53.4 million Common Shares, $1 par value, and 33.0 million Series A Common Shares, $1 par value.

------

---

| | |
|:---|:---|
| **Array Digital Infrastructure, Inc.** | **Array Digital Infrastructure, Inc.** |
| **Quarterly Report on Form 10-Q** | **Quarterly Report on Form 10-Q** |
| **For the Period Ended March 31, 2026** | **For the Period Ended March 31, 2026** |
| **<u>Index</u>** | **<u>Page No.</u>** |
| <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i4512272d69ec43d1a4458c3b9da5e895_10)</u> | <u>[1](#i4512272d69ec43d1a4458c3b9da5e895_10)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Executive Overview](#i4512272d69ec43d1a4458c3b9da5e895_16)</u> | <u>[1](#i4512272d69ec43d1a4458c3b9da5e895_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Terms Used by Array](#i4512272d69ec43d1a4458c3b9da5e895_19)</u> | <u>[3](#i4512272d69ec43d1a4458c3b9da5e895_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Array Operations](#i4512272d69ec43d1a4458c3b9da5e895_31)</u> | <u>[4](#i4512272d69ec43d1a4458c3b9da5e895_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Financial Overview](#i4512272d69ec43d1a4458c3b9da5e895_34)</u> | <u>[5](#i4512272d69ec43d1a4458c3b9da5e895_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Liquidity and Capital Resources](#i4512272d69ec43d1a4458c3b9da5e895_49)</u> | <u>[8](#i4512272d69ec43d1a4458c3b9da5e895_49)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Cash Flow Analysis](#i4512272d69ec43d1a4458c3b9da5e895_52)</u> | <u>[10](#i4512272d69ec43d1a4458c3b9da5e895_52)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheet Analysis](#i4512272d69ec43d1a4458c3b9da5e895_55)</u> | <u>[11](#i4512272d69ec43d1a4458c3b9da5e895_55)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Supplemental Information Relating to Non-GAAP Financial Measures](#i4512272d69ec43d1a4458c3b9da5e895_58)</u> | <u>[12](#i4512272d69ec43d1a4458c3b9da5e895_58)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Application of Critical Accounting Policies and Estimates](#i4512272d69ec43d1a4458c3b9da5e895_67)</u> | <u>[14](#i4512272d69ec43d1a4458c3b9da5e895_67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Private Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement](#i4512272d69ec43d1a4458c3b9da5e895_79)</u> | <u>[15](#i4512272d69ec43d1a4458c3b9da5e895_79)</u> |
| <u>[Risk Factors](#i4512272d69ec43d1a4458c3b9da5e895_1099511629026)</u> | <u>[17](#i4512272d69ec43d1a4458c3b9da5e895_1099511629026)</u> |
| <u>[Quantitative and Qualitative Disclosures About Market Risk](#i4512272d69ec43d1a4458c3b9da5e895_85)</u> | <u>[18](#i4512272d69ec43d1a4458c3b9da5e895_85)</u> |
| <u>[Financial Statements (Unaudited)](#i4512272d69ec43d1a4458c3b9da5e895_88)</u> | <u>[19](#i4512272d69ec43d1a4458c3b9da5e895_88)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement of Operations](#i4512272d69ec43d1a4458c3b9da5e895_91)</u> | <u>[19](#i4512272d69ec43d1a4458c3b9da5e895_91)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement of Cash Flows](#i4512272d69ec43d1a4458c3b9da5e895_94)</u> | <u>[20](#i4512272d69ec43d1a4458c3b9da5e895_94)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheet](#i4512272d69ec43d1a4458c3b9da5e895_97)</u> | <u>[21](#i4512272d69ec43d1a4458c3b9da5e895_97)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement of Changes in Equity](#i4512272d69ec43d1a4458c3b9da5e895_100)</u> | <u>[23](#i4512272d69ec43d1a4458c3b9da5e895_100)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements](#i4512272d69ec43d1a4458c3b9da5e895_106)</u> | <u>[25](#i4512272d69ec43d1a4458c3b9da5e895_106)</u> |
| <u>[Controls and Procedures](#i4512272d69ec43d1a4458c3b9da5e895_166)</u> | <u>[30](#i4512272d69ec43d1a4458c3b9da5e895_166)</u> |
| <u>[Legal Proceedings](#i4512272d69ec43d1a4458c3b9da5e895_169)</u> | <u>[31](#i4512272d69ec43d1a4458c3b9da5e895_169)</u> |
| <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i4512272d69ec43d1a4458c3b9da5e895_172)</u> | <u>[32](#i4512272d69ec43d1a4458c3b9da5e895_172)</u> |
| <u>[Other Information](#i4512272d69ec43d1a4458c3b9da5e895_178)</u> | <u>[33](#i4512272d69ec43d1a4458c3b9da5e895_178)</u> |
| <u>[Exhibits](#i4512272d69ec43d1a4458c3b9da5e895_181)</u> | <u>[34](#i4512272d69ec43d1a4458c3b9da5e895_181)</u> |
| <u>[Form 10-Q Cross Reference Index](#i4512272d69ec43d1a4458c3b9da5e895_184)</u> | <u>[35](#i4512272d69ec43d1a4458c3b9da5e895_184)</u> |
| <u>[Signatures](#i4512272d69ec43d1a4458c3b9da5e895_187)</u> | <u>[36](#i4512272d69ec43d1a4458c3b9da5e895_187)</u> |

---

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

---

| | |
|:---|:---|
| ![Array_logo_final_SM-2.jpg](ad-20260331_g2.jpg) | **Array Digital Infrastructure, Inc.**<br>**Management's Discussion and Analysis of**<br>**Financial Condition and Results of Operations**  |

---

**Executive Overview**

The following discussion and analysis compares Array Digital Infrastructure, Inc.'s (Array) financial results for the three months ended March 31, 2026, to the three months ended March 31, 2025. It should be read in conjunction with Array's interim consolidated financial statements and notes included herein, and with the description of Array's business, its audited consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) included in Array's Annual Report on Form 10-K (Form 10-K) for the year ended December 31, 2025. Certain numbers included herein are rounded to thousands or millions for ease of presentation; however, certain calculated amounts and percentages are determined using the unrounded numbers.

This report contains statements that are not based on historical facts, which may be identified by words such as "believes," "anticipates," "estimates," "expects," "plans," "intends," "projects," "will" and similar expressions. These statements constitute and represent "forward looking statements" as this term is defined in the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be significantly different from any future results, events or developments expressed or implied by such forward looking statements. See the disclosure under the heading Private Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement elsewhere in this report for additional information.

The accounting policies of Array conform to accounting principles generally accepted in the United States of America (GAAP). However, Array uses certain "non-GAAP financial measures" in the MD&A. A discussion of the reasons Array determines these metrics to be useful and reconciliations of these measures to their most directly comparable measures determined in accordance with GAAP are included in the disclosure under the heading Supplemental Information Relating to Non-GAAP Financial Measures within the MD&A of this report.

**Overview**

Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services. Array also holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. As of March 31, 2026, Array is an 81.9%-owned subsidiary of Telephone and Data Systems, Inc. (TDS).

**Towers**

Array seeks to grow tower revenue primarily through increasing colocations on existing towers and amendments to existing colocations. Array seeks to provide unique tower locations, attractive terms and streamlined implementation to wireless network operators, internet service providers, government and public safety agencies, broadcast and media companies, and other businesses. As of March 31, 2026, Array owns 4,452 towers in 19 states.

**Noncontrolling interest investments**

Array holds noncontrolling interests in primarily wireless operating companies that generate material amounts of income and cash distributions. These entities primarily consist of wireless entities managed by Verizon and AT&T. The noncontrolling entities that are managed by Array consist primarily of tower operations.

**Retained spectrum**

Array holds wireless spectrum that is subject to sale agreements described below, and additional wireless spectrum not subject to pending sale agreements that Array seeks to opportunistically monetize. As of March 31, 2026, the book value of the remaining spectrum not subject to pending sale agreements was $1,584.7 million and includes primarily C-Band spectrum. Array incurred costs related to the management of the retained spectrum of $1.9 million as a standalone tower company during the three months ended March 31, 2026.

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Strategic Alternatives Review**

On August 1, 2025, Array sold its wireless operations and select spectrum assets to T-Mobile US, Inc. (T-Mobile) under a Securities Purchase Agreement (Securities Purchase Agreement). Total consideration received was $4,293.8 million after adjustments which included a combination of $2,628.8 million in cash proceeds and $1,665.0 million in debt assumed by T-Mobile through the preliminary results of an exchange offer made to Array's debtholders, which subsequently closed on August 5, 2025. The final cash proceeds are subject to adjustment according to the terms and conditions of the Securities Purchase Agreement. As of March 31, 2026, Array recorded an estimated purchase price true-up due to T-Mobile of $20.2 million. At closing, a $16.7 million deferral of the purchase price was recorded related to certain spectrum licenses included in the transaction that did not transfer to T-Mobile and are subject to FCC approval. In addition, at closing, Array and T-Mobile entered into a Short-Term Spectrum Manager Lease Agreement and Short-Term Spectrum Manager Sublease Agreements which provide T-Mobile with an exclusive license to use certain Array spectrum assets and leases at no cost for up to one year from closing for the sole purpose of providing continued, uninterrupted service to customers. Further, at closing, Array and T-Mobile entered into a Master License Agreement (MLA), pursuant to which, among other things, T-Mobile has agreed to license from Array space on towers owned by Array. The wireless operations and select spectrum assets sold to T-Mobile are presented as discontinued operations throughout this report. See Note 2 — Discontinued Operations in the Notes to Consolidated Financial Statements for additional information.

On January 13, 2026, Array closed on the sale of certain 3.45 GHz and 700 MHz wireless spectrum licenses to AT&T for total proceeds of $1,018.0 million and recorded a book gain on the transaction of $156.6 million ($117.5 million net of tax expense) during the first quarter of 2026.

In addition to the sale of Array's wireless operations and select spectrum assets to T-Mobile pursuant to the Securities Purchase Agreement and the sale of certain spectrum assets to AT&T pursuant to a License Purchase Agreement, Array also separately entered into the following material agreements to sell spectrum assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Spectrum Licenses** | **Buyer** | **Purchase Price** | **Book Value as of March 31, 2026** | **Signing Date** | **Estimated or Actual Close Date** |
| (Dollars in thousands) |  |  |  |  |  |
| AWS, Cellular and PCS<sup>1</sup> | Verizon | $1000000 | $585579 | October 17, 2024 | Q2/Q3 2026 |
| 700 MHz<sup>2</sup> | T-Mobile | $74800 | $53147 | August 29, 2025 | May 5, 2026 |
| 700 MHz<sup>2</sup> | T-Mobile | $10200 | $11119 | August 29, 2025 | 2026 |
| 600 MHz<sup>3</sup> | T-Mobile | $86387 | $86387 | October 7, 2025 | May 2026 |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;This license transaction remains subject to regulatory approval and other customary closing conditions.

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;This license transaction involves multiple closing dates. The first group of spectrum licenses received regulatory approval and closed on May 5, 2026. The additional spectrum licenses remain subject to regulatory approval and other customary closing conditions.

<sup>3</sup> &nbsp;&nbsp;&nbsp;&nbsp;This license transaction received regulatory approval and is expected to close in May 2026, subject to customary closing conditions.

See Note 5 — Divestitures and Note 9 — Subsequent Events in the Notes to Consolidated Financial Statements for additional information related to the spectrum license transactions.

The strategic alternatives review process is ongoing as Array works toward closing the Verizon and T-Mobile spectrum transactions signed during 2024 and 2025, and seeks to opportunistically monetize its remaining spectrum assets that are not subject to executed agreements.

**Recent Development**

On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS (the "Array Proposal"). A special committee of independent and disinterested directors of the Array Board of Directors has been formed to evaluate this proposal. For additional information on the Array Proposal, see TDS' Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026.

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Terms Used by Array**

The following is a list of definitions of certain industry terms that are used throughout this document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Adjusted EBITDA** – non-GAAP metric referring to earnings before interest, taxes, depreciation and accretion, gains and losses and other specified items. See Supplemental Information Relating to Non-GAAP Financial Measures within this MD&A for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Adjusted OIBDA** – non-GAAP measure referring to operating income before depreciation and accretion, gains and losses and other specified items. See Supplemental Information Relating to Non-GAAP Financial Measures within this MD&A for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Colocations** – represents instances where a third-party leases space on a company-owned tower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Tower Tenancy Rate** – calculated as total number of colocations divided by total number of towers.

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Array Operations**

**OPERATIONS**

![Q12026ArraySites.jpg](ad-20260331_g3.jpg)

---

| | |
|:---|:---|
| **As of March 31, 2026** | |
| Owned towers | **4452** |
| Number of colocations<sup>1</sup> | **4290** |
| Tower tenancy rate<sup>1</sup> | **0.96** |

---

<sup>1</sup>Includes T-Mobile MLA committed site minimum of 2,015. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800 sites for a period of up to 30 months subject to the terms and conditions of the MLA. As of March 31, 2026, the Number of colocations and the Tower tenancy rate exclude DISH Wireless due to the low probability of collection on outstanding amounts. See Financial Overview within this MD&A for additional information.

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Financial Overview — Array**

The following discussion and analysis compares financial results for the three months ended March 31, 2026, to the three months ended March 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | 2025 | 2026 vs. 2025 |
| (Dollars in thousands) |  |  |  |
| **Operating revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Site rental | $**51024** | $26595 | 92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | **988** | 389 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | **52012** | 26984 | 93% |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations (excluding Depreciation and accretion reported below) | **21609** | 16290 | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | **12745** | 29202 | (56)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and accretion | **12604** | 11993 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **904** | 226 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on license sales and exchanges, net | **(156635)** | (1100) | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | **(108773)** | 56611 | N/M |
| **Operating income (loss)** | **160785** | (29627) | N/M |
| **Other income (expense)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated entities | **40408** | 35927 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | **4223** | 2658 | 59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **(7180)** | (3667) | (96)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term imputed spectrum lease income | **34200** |  | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **(14)** |  | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | **71637** | 34918 | N/M |
| **Income before income taxes** | **232422** | 5291 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | **52398** | (192) | N/M |
| **Net income from continuing operations** | **180024** | 5483 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income from continuing operations attributable to noncontrolling interests, net of tax | **193** | 799 | (76)% |
| **Net income from continuing operations attributable to Array shareholders** | **179831** | 4684 | N/M |
| **Net income (loss) from discontinued operations** | **(2036)** | 14202 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income from discontinued operations attributable to noncontrolling interests, net of tax | **—** | 639 | N/M |
| **Net income (loss) from discontinued operations attributable to Array shareholders** | **(2036)** | 13563 | N/M |
| **Net income** | **177988** | 19685 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to noncontrolling interests, net of tax | **193** | 1438 | (87)% |
| **Net income attributable to Array shareholders** | $**177795** | $18247 | N/M |
| Adjusted OIBDA from continuing operations (Non-GAAP)<sup>1</sup> | $**17845** | $(17363) | N/M |
| Adjusted EBITDA from continuing operations (Non-GAAP)<sup>1</sup> | $**62462** | $21222 | N/M |
| Capital expenditures from continuing operations<sup>2</sup> | $**8645** | $4840 | 79% |

---

N/M - Percentage change not meaningful

<sup>1</sup>Refer to Supplemental Information Relating to Non-GAAP Financial Measures within this MD&A for a reconciliation of this measure.

<sup>2</sup>Refer to Liquidity and Capital Resources within this MD&A for additional information on Capital expenditures.

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**Key components of changes in the statement of operations items were as follows:**

**Site rental revenues**

Site rental revenues increased for the three months ended March 31, 2026, primarily as a result of the execution of the T-Mobile MLA, pursuant to which T-Mobile leases space on an additional minimum 2,015 Array-owned towers, which were not under existing leases for T-Mobile, for a minimum of 15 years and leases space on approximately 1,800 Array-owned towers on an interim basis. The duration of the interim lease is 30 months, and T-Mobile may cancel such interim leases at their option on a tower-by-tower basis at any time. Array expects revenue will decline in future periods as T-Mobile terminates these interim leases. Further, the MLA extended the license term for approximately 600 existing T-Mobile colocations on Array towers for a new 15-year term that commenced on August 1, 2025.

This was partially offset by a $4.4 million decrease in site rental revenues from DISH Wireless, including a $2.9 million write-off of contractual assets and liabilities. In September 2025, Array received a letter from DISH Wireless claiming that its obligations under its Master Lease Agreement with Array were excused due to actions taken by the FCC and subsequent agreements to sell spectrum assets. DISH Wireless has subsequently failed to make certain payments due to Array under their contractual commitment. Array believes that DISH Wireless' claim that its obligations under its Agreement with Array are excused is without merit. Beginning in the first quarter of 2026, Array cannot predict with certainty that outstanding amounts will be collected and revenue will only be recognized on a cash basis as payments are received. Site rental revenues from DISH Wireless were $6.5 million in 2025. DISH Wireless is contractually committed to levels of revenue commensurate with 2025, subject to escalators, through 2031, and a declining revenue commitment in 2032-2035.

**Services revenues**

Services revenues increased for the three months ended March 31, 2026 due primarily to an increase in application and related fees as a result of Array fully insourcing sales and leasing operations in March 2025.

**Cost of operations**

Cost of operations increased in the three months ended March 31, 2026 due primarily to the classification of property tax and property insurance following the sale of the wireless business, an increase in maintenance expenses and an increase in cell site ground rent due to incremental expense related to customer growth, new leases, lease amendments and escalations.

**Selling, general and administrative**

Selling, general and administrative expenses decreased for the three months ended March 31, 2026 due primarily to decreases in shared overhead costs, employee expenses and the classification of property tax and property insurance attributed to the sale of the wireless business. Selling, general and administrative expenses in 2026 include costs to support the winddown of the legacy wireless operations. These expenses are expected to persist at a declining rate into future periods.

**(Gain) loss on license sales and exchanges, net**

(Gain) loss on license sales and exchanges, net increased for the three months ended March 31, 2026 due to the closing of the sale of certain 3.45 GHz and 700 MHz wireless spectrum licenses to AT&T. See Note 5 — Divestitures in the Notes to Consolidated Financial Statements for additional information.

**Equity in earnings of unconsolidated entities**

Equity in earnings of unconsolidated entities represents Array's share of net income from entities in which it has a noncontrolling interest and that are accounted for using the equity method or the net asset value practical expedient. See Note 6 — Investments in Unconsolidated Entities in the Notes to Consolidated Financial Statements for additional information.

**Interest expense** 

Interest expense from continuing operations excludes interest costs in all periods associated with term loans repaid, and debt exchanged, in conjunction with the sale of Array's wireless operations to T-Mobile. As a result, the increase in interest expense is primarily attributable to the new term loan that Array entered into in August 2025 and a decrease in capitalized interest. See Market Risk for additional information regarding maturities of long-term debt and weighted average interest rates.

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**Short-term imputed spectrum lease income**

Short-term imputed spectrum lease income increased for the three months ended March 31, 2026 due to the execution of the Short-Term Spectrum Manager Lease Agreement and Short-Term Spectrum Manager Sublease Agreements, which provide T-Mobile with an exclusive license to use certain Array spectrum assets and leases at no cost for up to one year from closing. The portion of the purchase price allocated to the use of this spectrum will be amortized over one year following the close. Effective April 1, 2026, the Short-Term Spectrum Manager Lease was terminated for certain spectrum assets. The termination of these leases will result in future imputed spectrum lease income of $11.7 million being recognized to (Gain) loss on sale of business and other exit costs, net within discontinued operations during the second quarter of 2026.

**Income tax expense (benefit)**

Income tax expense on continuing operations increased for the three months ended March 31, 2026, due primarily to the increase in Income before income taxes.

**Net income (loss) from discontinued operations attributable to Array shareholders**

See Note 2 — Discontinued Operations in the Notes to Consolidated Financial Statements for additional information related to the components of Net income (loss) from discontinued operations.

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**Liquidity and Capital Resources** 

**Sources of Liquidity**

Array believes that existing cash and investment balances, expected and potential dispositions of spectrum assets, distributions from unconsolidated entities, expected cash flows from operating activities and funds available under its financing agreements will provide sufficient liquidity for Array to meet its funding needs. Array requires funding for, among other uses, day-to-day operations, capital expenditures, debt service requirements and potential acquisitions of land, land easements or additional towers.

**Cash and Cash Equivalents**

The majority of Array's Cash and cash equivalents are held in money market funds that purchase only debt issued by the U.S. Treasury or U.S. government agencies and bank deposit accounts. Array's Cash and cash equivalents were $253.6 million and $113.4 million at March 31, 2026 and December 31, 2025, respectively. Refer to the Consolidated Cash Flow Analysis for additional information related to changes in Cash and cash equivalents.

In January 2026, Array closed on the sale of certain 3.45 GHz and 700 MHz wireless spectrum licenses to AT&T for total proceeds of $1,018.0 million and expects a cash income tax liability on the transaction of approximately $130.0 million, most of which will be paid during the second quarter of 2026, pursuant to the Tax Allocation Agreement which provides that Array remits income tax payments to TDS consistent with when such payments would be paid if Array and its subsidiaries were a separate taxpayer.

**Financing**

***Revolving Credit Agreement***

Array has an unsecured revolving credit agreement with a maximum borrowing capacity of $100.0 million. Amounts under the agreement may be borrowed, repaid and reborrowed from time to time until maturity in December 2030. As of March 31, 2026, there were no outstanding borrowings under the agreement, except for letters of credit, and Array's unused borrowing capacity was $99.9 million.

***Term Loan Agreement*** 

As of March 31, 2026, Array has outstanding borrowings of $325.0 million under a term loan agreement with CoBank, ACB. The maturity date of the term loan is June 2030. Borrowings bear interest at a rate of Secured Overnight Financing Rate (SOFR) plus 2.50%.

***Debt Covenants***

The revolving credit agreement and term loan agreement with CoBank require Array to comply with certain affirmative and negative covenants, which include certain financial covenants that may restrict the borrowing capacity available. Array is required to maintain a Consolidated Leverage Ratio, as defined in the agreements, as of the end of any fiscal quarter at a level not to exceed 3.50 to 1.00. Array is also required to maintain the Consolidated Interest Coverage Ratio at a level not lower than 3.00 to 1.00 as of the end of any fiscal quarter. Array believes that it was in compliance as of March 31, 2026 with all such financial covenants.

**Capital Expenditures**

Capital expenditures for continuing operations (i.e., additions to property, plant and equipment), which include the effects of accruals and capitalized interest, for the three months ended March 31, 2026 and 2025, were $8.6 million and $4.8 million, respectively. Capital expenditures were used principally for tower maintenance, purchases of land interests, tower builds and one-time costs of migrating the tower light monitoring function to Array's long-term solution.

Array's capital expenditures for 2026 are expected to be between $25.0 million and $35.0 million. These capital expenditures are expected to be used for purchases of land interests which are opportunistic in nature, tower maintenance, tower builds and one-time costs of migrating the tower light monitoring function to Array's long-term solution.

**Divestitures**

See Note 5 — Divestitures in the Notes to Consolidated Financial Statements for additional information related to divestitures.

**Other Obligations**

Array will require capital for future spending on existing contractual obligations, which primarily include long-term debt obligations and ground lease commitments; and tax payments related to announced wireless spectrum license transactions.

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**Dividends**

Array has not paid any regular cash dividends in past periods. In conjunction with the close of the transaction of the sale of spectrum licenses to AT&T on January 13, 2026, on this same date, the Array Board of Directors declared a special dividend per Common and Series A outstanding share of $10.25 for shareholders of record on January 23, 2026, which was paid on February 2, 2026 for a total amount of $885.5 million. Array expects its pending sale of spectrum licenses to Verizon, which is subject to regulatory approval and customary closing conditions, to deliver substantial proceeds and expects its Board of Directors to declare a special dividend upon closure of the transaction. While no decisions have been made, the Array Board of Directors may declare regular cash dividends in the future.

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**Consolidated Cash Flow Analysis**

The following discussion summarizes Array's cash flow activities for the three months ended March 31, 2026 and 2025. Cash flows may fluctuate from quarter to quarter and year to year due to timing and other factors. This discussion is intended to highlight the significant changes and is not intended to fully reconcile the changes.

**2026 Commentary**

Array's Cash and cash equivalents increased $140.2 million. Net cash provided by operating activities related to continuing operations was $24.5 million due to net income of $180.0 million adjusted for non-cash items of $245.9 million, distributions received from unconsolidated entities of $18.4 million and changes in working capital items which increased net cash by $72.0 million. The working capital changes were primarily driven by the timing of tax payments on the sale of spectrum licenses to AT&T, partially offset by deferred revenue related to spectrum leases. Cash flows used in operating activities related to discontinued operations were $0.7 million.

Cash flows provided by investing activities related to continuing operations were $1,004.2 million, due primarily to cash received from the sale of wireless spectrum licenses to AT&T of $1,018.0 million, partially offset by payments for property, plant and equipment of $13.8 million. There were no cash flows provided by investing activities related to discontinued operations.

Cash flows used for financing activities related to continuing operations were $887.8 million, due primarily to dividends paid to Array shareholders of $885.5 million. There were no cash flows used for financing activities related to discontinued operations.

**2025 Commentary**

Array's Cash, cash equivalents and restricted cash increased $41.4 million. Net cash used in operating activities related to continuing operations was $71.2 million due to net income of $5.5 million adjusted for non-cash items of $22.7 million, distributions received from unconsolidated entities of $11.3 million and changes in working capital items which decreased net cash by $65.2 million. The working capital changes were primarily driven by the payment of associate bonuses and an increase in receivable balances. Cash flows provided by operating activities related to discontinued operations were $230.5 million.

Cash flows used for investing activities related to continuing operations were $9.6 million, due primarily to payments for property, plant and equipment of $7.5 million. Cash flows used for investing activities related to discontinued operations were $64.3 million.

Cash flows used for financing activities related to continuing operations were $35.2 million, due primarily to the repurchase of Common Shares of $21.4 million, tax withholdings, net of cash receipts, for stock-based compensation awards of $6.6 million and repayments on long-term debt agreements of $5.0 million. Cash flows used for financing activities related to discontinued operations were $8.8 million.

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**Consolidated Balance Sheet Analysis**

The following discussion addresses certain captions in the consolidated balance sheet and changes therein. This discussion is intended to highlight the significant changes and is not intended to fully reconcile the changes. Notable balance sheet changes during 2026 were as follows:

**Non-current assets held for sale**

Non-current assets held for sale decreased $860.0 million due primarily to the close of the sale of wireless spectrum licenses to AT&T in January 2026. See Note 5 — Divestitures in the Notes to Consolidated Financial Statements for additional information.

**Customer deposits and deferred revenues**

Customer deposits and deferred revenues decreased $40.7 million due primarily to the recognition of the deferral of a portion of the T-Mobile purchase price related to T-Mobile's use of certain spectrum assets at no cost for up to one year from closing. See Note 2 — Discontinued Operations in the Notes to Consolidated Financial Statements for additional information.

**Accrued taxes**

Accrued taxes increased $114.8 million due primarily to the taxable gain on the sale of certain wireless spectrum licenses to AT&T in January 2026.

**Deferred income tax liability, net**

Deferred income tax liability, net decreased $66.5 million due to reversals of temporary differences related to prior amortization of wireless spectrum licenses, triggered by the sale of wireless spectrum licenses to AT&T in January 2026.

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**Supplemental Information Relating to Non-GAAP Financial Measures**

Array sometimes uses information derived from consolidated financial information but not presented in its financial statements prepared in accordance with GAAP to evaluate the performance of its business. Specifically, Array has referred to the following measures in this report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ EBITDA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted EBITDA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted OIBDA

These measures are considered "non-GAAP financial measures" under U.S. Securities and Exchange Commission Rules. Following are explanations of each of these measures.

**EBITDA, Adjusted EBITDA and Adjusted OIBDA**

EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as Net income from continuing operations adjusted for the items set forth in the reconciliation below. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under GAAP and should not be considered as alternatives to Net income from continuing operations or Cash flows from operating activities - continuing operations, as indicators of cash flows or as measures of liquidity. Array does not intend to imply that any such items set forth in the reconciliation below are non-recurring, infrequent or unusual; such items may occur in the future.

Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to applicable GAAP income measures are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of Array's operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented below as it provides additional relevant and useful information to investors and other users of Array's financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation and accretion, gains and losses, expenses related to the strategic alternatives review and short-term imputed spectrum lease income, while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measures, Net income from continuing operations and/or Operating income (loss).

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | 2025 |
| (Dollars in thousands) |  |  |
| **Net income from continuing operations (GAAP)** | $**180024** | $5483 |
| Add back: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | **52398** | (192) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **7180** | 3667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and accretion | **12604** | 11993 |
| EBITDA (Non-GAAP) | **252206** | 20951 |
| Add back or deduct: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses related to strategic alternatives review | **187** | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **904** | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on license sales and exchanges, net | **(156635)** | (1100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term imputed spectrum lease income | **(34200)** |  |
| Adjusted EBITDA (Non-GAAP) | **62462** | 21222 |
| Deduct: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated entities | **40408** | 35927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | **4223** | 2658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **(14)** |  |
| Adjusted OIBDA (Non-GAAP) | **17845** | (17363) |
| Deduct: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and accretion | **12604** | 11993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses related to strategic alternatives review | **187** | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **904** | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on license sales and exchanges, net | **(156635)** | (1100) |
| **Operating income (loss) (GAAP)** | $**160785** | $(29627) |

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**Application of Critical Accounting Policies and Estimates**

Array prepares its consolidated financial statements in accordance with GAAP. Array's significant accounting policies are discussed in detail in Note 1 — Summary of Significant Accounting Policies and Recent Accounting Pronouncements and Note 10 — Leases in the Notes to Consolidated Financial Statements included in Array's Form 10-K for the year ended December 31, 2025. Array's application of critical accounting policies and estimates is discussed in detail in Management's Discussion and Analysis of Financial Condition and Results of Operations, included in Array's Form 10-K for the year ended December 31, 2025.

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**Private Securities Litigation Reform Act of 1995**

**Safe Harbor Cautionary Statement**

This Form 10-Q, including exhibits, contains statements that are not based on historical facts and represent forward-looking statements, as this term is defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address activities, events or developments that Array intends, expects, projects, believes, estimates, plans or anticipates will or may occur in the future are forward-looking statements. The words "believes," "anticipates," "estimates," "expects," "plans," "intends," "projects" and similar expressions are intended to identify these forward-looking statements, but are not the exclusive means of identifying them. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be significantly different from any future results, events or developments expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to, those set forth below, as more fully described under "Risk Factors" in Array's Form 10-K for the year ended December 31, 2025. Each of the following risks could have a material adverse effect on Array's business, financial condition or results of operations. However, such factors are not necessarily all of the important factors that could cause actual results, performance or achievements to differ materially from those expressed in, or implied by, the forward-looking statements contained in this document. Other unknown or unpredictable factors also could have material adverse effects on future results, performance or achievements. Array undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. You should carefully consider the following factors and other information contained in, or incorporated by reference into, this Form 10-Q to understand the material risks relating to Array's business, financial condition or results of operations.

**Announced Transactions and Strategic Alternatives Review Risk Factors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *Closing of the T-Mobile transaction occurred on August 1, 2025, and has required substantial changes to the manner in which Array's remaining business is conducted, which could have a material adverse effect on Array's financial condition and results of operations.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *Array entered into License Purchase Agreements with Verizon and T-Mobile to sell certain wireless spectrum licenses. There is no guarantee that such transactions contemplated by the License Purchase Agreements will be consummated. Costs and uncertainties related to these transactions could have adverse effects on Array's financial condition or results of operations.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*▪ On May 7, 2026, TDS delivered to the Array Board of Directors a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS. There can be no guarantee whether any transaction will be accepted, rejected, consummated or abandoned. Further, the proposal (whether accepted, rejected, consummated or abandoned) could result in adverse effects on Array's business, financial condition or results of operations.*

**Operational Risk Factors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *An inability to monetize the remaining spectrum assets as well as the ongoing costs to retain the spectrum could adversely affect Array's operations.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *Increasing competition in the tower industry could adversely affect Array's revenues, negatively impact future growth and increase its costs to compete.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *There are economic and business risks associated with fixed rate annual escalators on colocation revenue contracts.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *A substantial portion of Array revenues are derived from a small number of tenants concentrated in the wireless industry and the loss or financial difficulties of such tenants may adversely affect Array's business, financial condition, results of operations and future growth. Array is particularly reliant on its relationship with T-Mobile. DISH Wireless has failed to make certain payments due to Array under their contractual commitment. Lower demand for wireless services, negative trends in the wireless industry or changes in customer business models may decrease the revenues Array receives from its tenants, which could adversely affect Array's business, financial condition, results of operations and future growth.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *Inability to protect Array's real estate rights, with respect to land leases, could have an adverse effect on Array's business, financial condition or results of operations.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *Advances or changes in technology could reduce the need for tower-based services.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *Array's business, financial condition or results of operations may be adversely impacted by extreme weather events, climate-related events, natural disasters (including wildfires) and other unforeseen events.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*▪ An inability to attract people of outstanding talent throughout all levels of the organization, to develop their potential through education and assignments, and to retain them by keeping them engaged, challenged and properly rewarded could have an adverse effect on Array's business, financial condition or results of operations.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *Costs, integration problems or other factors associated with acquisitions or divestitures of assets could have an adverse effect on Array's business, financial condition or results of operations.* 

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**Financial Risk Factors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *Uncertainty in Array's or TDS' future cash flow and liquidity, its level of indebtedness or the inability to access capital, deterioration in the capital markets, changes in interest rates, changes in Array's or TDS' credit ratings or other factors could limit or restrict the availability of financing on terms and prices acceptable to Array.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*▪ Array has significant investments in wireless operating entities that it does not control. Losses in the value of or cash flows from such investments could have an adverse effect on Array's financial condition, cash flows or results of operations.* 

**Regulatory, Legal and Governance Risk Factors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *Failure by Array to timely or fully comply with any existing applicable legislative and/or regulatory requirements or changes thereto could adversely affect Array's business, financial condition or results of operations.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *Settlements, judgments, restraints on its current or future manner of doing business and/or costs resulting from pending and future legal and policy proceedings could have an adverse effect on Array's business, financial condition or results of operations.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *There could be potential conflicts of interests between TDS and Array.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*▪ Certain matters, such as control by TDS and provisions in the Array Restated Certificate of Incorporation, may serve to discourage or make more difficult a change in control of Array or have other consequences.* 

**General Risk Factors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *Array has experienced, and in the future expects to experience, cyber-attacks or other breaches of information technology security of varying degrees on a regular basis, which could have an adverse effect on Array's business, financial condition or results of operations.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***▪*** *Disruption in credit or other financial markets, a deterioration of U.S. or global economic conditions or other events could, among other things, impede Array's access to or increase the cost of financing its operating and investment activities and/or result in reduced revenues and lower operating income and cash flows, which would have an adverse effect on Array's business, financial condition or results of operations.* 

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**Risk Factors**

In addition to the information set forth in this Form 10-Q, you should carefully consider the factors discussed in Part I, "Item 1A. Risk Factors" in Array's Form 10-K for the year ended December 31, 2025, which could materially affect Array's business, financial condition or future results. The risks described in this Form 10-Q and the Form 10-K for the year ended December 31, 2025, may not be the only risks that could affect Array. Additional unidentified or unrecognized risks and uncertainties could materially adversely affect Array's business, financial condition and/or operating results. The following additional risk factor should be read in conjunction with the risk factors previously disclosed in Array's Annual Report on Form 10-K for the year ended December 31, 2025.

**Announced Transactions and Strategic Alternatives Review Risk Factors**

**On May 7, 2026, TDS delivered to the Array Board of Directors a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS. There can be no guarantee whether any transaction will be accepted, rejected, consummated or abandoned. Further, the proposal (whether accepted, rejected, consummated or abandoned) could result in adverse effects on Array's business, financial condition or results of operations.**

On May 7, 2026, TDS delivered to the Array Board of Directors a letter setting forth a non-binding proposal to acquire all of the outstanding Array Common Shares that are not owned by TDS. For additional information, see TDS' Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 8, 2026. There is no guarantee that any definitive agreement will be entered into or that any transaction will be accepted, rejected, consummated or abandoned, and the terms of any such transaction may differ materially from those originally proposed by TDS. The uncertainty regarding the proposal (whether accepted, rejected, consummated or abandoned) could result in: a diversion of management's attention from Array's existing business; a failure to achieve financial and operating objectives; adverse effects on Array's financial condition or results of operations; a failure to retain key personnel, customers, business partners or contracts; and volatility in Array's stock price. In addition, the proposal (whether accepted, rejected, consummated or abandoned) may result in the incurrence of significant expenses.

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Quantitative and Qualitative Disclosures About Market Risk**

**Market Risk**

As of March 31, 2026, approximately 55% of Array's long-term debt was in fixed-rate senior notes and approximately 45% in variable-rate debt. Fluctuations in market interest rates can lead to volatility in the fair value of fixed-rate notes and interest expense on variable-rate debt.

The following table presents the scheduled principal payments on long-term debt obligations and the related weighted average interest rates by maturity dates at March 31, 2026.

---

| | | |
|:---|:---|:---|
| | **Principal Payments Due by Period** | **Principal Payments Due by Period** |
| | **Long-Term Debt Obligations**<sup>1</sup> | **Weighted-Avg. Interest Rates on Long-Term Debt Obligations**<sup>2</sup> |
| (Dollars in thousands) |  |  |
| Remainder of 2026 | $4063 | 6.2% |
| 2027 | 8125 | 6.2% |
| 2028 | 8125 | 6.2% |
| 2029 | 12188 | 6.2% |
| 2030 | 292500 | 6.2% |
| Thereafter | 363928 | 5.9% |
| Total | $688929 | 6.0% |

---

<sup>1</sup>The total long-term debt obligation differs from Long-term debt in the Consolidated Balance Sheet due to unamortized debt issuance costs on all non-revolving debt instruments and unamortized discounts related to the 6.7% Senior Notes.

<sup>2</sup>Represents the weighted average stated interest rates at March 31, 2026, for debt maturing in the respective periods.

See Note 3 — Fair Value Measurements in the Notes to Consolidated Financial Statements for additional information related to the fair value of Array's Long-term debt as of March 31, 2026.

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Array Digital Infrastructure, Inc.** | **Array Digital Infrastructure, Inc.** | **Array Digital Infrastructure, Inc.** |
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | 2025 |
| (Dollars and shares in thousands, except per share amounts) |  |  |
| **Operating revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Site rental | $**51024** | $26595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | **988** | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | **52012** | 26984 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations (excluding Depreciation and accretion reported below) | **21609** | 16290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | **12745** | 29202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and accretion | **12604** | 11993 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **904** | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on license sales and exchanges, net | **(156635)** | (1100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | **(108773)** | 56611 |
| **Operating income (loss)** | **160785** | (29627) |
| **Other income (expense)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated entities | **40408** | 35927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | **4223** | 2658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **(7180)** | (3667) |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term imputed spectrum lease income | **34200** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **(14)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | **71637** | 34918 |
| **Income before income taxes** | **232422** | 5291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | **52398** | (192) |
| **Net income from continuing operations** | **180024** | 5483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income from continuing operations attributable to noncontrolling interests, net of tax | **193** | 799 |
| **Net income from continuing operations attributable to Array shareholders** | **179831** | 4684 |
| **Net income (loss) from discontinued operations** | **(2036)** | 14202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income from discontinued operations attributable to noncontrolling interests, net of tax | **—** | 639 |
| **Net income (loss) from discontinued operations attributable to Array shareholders** | **(2036)** | 13563 |
| **Net income** | **177988** | 19685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to noncontrolling interests, net of tax | **193** | 1438 |
| **Net income attributable to Array shareholders** | $**177795** | $18247 |
| **Basic weighted average shares outstanding** | **86416** | 85137 |
| **Basic earnings per share from continuing operations attributable to Array shareholders** | $**2.08** | $0.05 |
| **Basic earnings (loss) per share from discontinued operations attributable to Array shareholders** | $**(0.02)** | $0.16 |
| **Basic earnings per share attributable to Array shareholders** | $**2.06** | $0.21 |
| **Diluted weighted average shares outstanding** | **86488** | 88166 |
| **Diluted earnings per share from continuing operations attributable to Array shareholders** | $**2.08** | $0.05 |
| **Diluted earnings (loss) per share from discontinued operations attributable to Array shareholders** | $**(0.02)** | $0.16 |
| **Diluted earnings per share attributable to Array shareholders** | $**2.06** | $0.21 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Array Digital Infrastructure, Inc.**

**Consolidated Statement of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | 2025 |
| (Dollars in thousands) |  |  |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $**177988** | $19685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) from discontinued operations | **(2036)** | 14202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income from continuing operations | **180024** | 5483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add (deduct) adjustments to reconcile net income to net cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and accretion | **12604** | 11993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad debts expense | **(264)** | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | **227** | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net | **(62256)** | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated entities | **(40408)** | (35927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from unconsolidated entities | **18373** | 11254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **904** | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on license sales and exchanges, net | **(156635)** | (1100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | **(111)** | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities from operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **9512** | (12408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **(7329)** | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits and deferred revenues | **(33349)** | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes | **112171** | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | **756** | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | **(9741)** | (55869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities - continuing operations | **24478** | (71217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities - discontinued operations | **(652)** | 230490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | **23826** | 159273 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for additions to property, plant and equipment | **(13822)** | (7513) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for licenses | **—** | (2072) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash received from divestitures | **1018044** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities - continuing operations | **1004222** | (9585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities - discontinued operations | **—** | (64337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | **1004222** | (73922) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of long-term debt | **—** | (5000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax withholdings, net of cash receipts, for stock-based compensation awards | **(1374)** | (6579) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of Common Shares | **—** | (21360) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to Array shareholders | **(885472)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests | **(964)** | (1639) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | **—** | (589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities - continuing operations | **(887810)** | (35167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities - discontinued operations | **—** | (8826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | **(887810)** | (43993) |
| **Net increase in cash, cash equivalents and restricted cash** | **140238** | 41358 |
| **Cash, cash equivalents and restricted cash** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | **113400** | 159142 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $**253638** | $200500 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Array Digital Infrastructure, Inc.**

**Consolidated Balance Sheet — Assets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | December 31, 2025 |
| (Dollars in thousands) |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**253638** | $113400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated | **1883** | 7420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, less allowances of $2,393 and $3,090, respectively | **11456** | 14236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | **3273** | 3216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **3813** | 6515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | **274063** | 144787 |
| **Non-current assets held for sale** | **731678** | 1591675 |
| **Licenses** | **1642039** | 1642187 |
| **Investments in unconsolidated entities** | **435061** | 412608 |
| **Property, plant and equipment, net of accumulated depreciation of $698,485 and $690,007, respectively** | **386727** | 388999 |
| **Operating lease right-of-use assets** | **473383** | 472995 |
| **Other assets and deferred charges** | **21736** | 24837 |
| **Total assets**<sup>1</sup> | $**3964687** | $4678088 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Array Digital Infrastructure, Inc.**

**Consolidated Balance Sheet — Liabilities and Equity**

 **(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | December 31, 2025 |
| (Dollars and shares in thousands, except per share amounts) |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | $**6094** | $4063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated | **6373** | 10503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade | **26122** | 27892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits and deferred revenues | **45213** | 85945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes | **131650** | 16884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | **558** | 4322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term operating lease liabilities | **15640** | 15294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities of discontinued operations | **20242** | 20242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **13708** | 14843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **265600** | 199988 |
| **Deferred liabilities and credits** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability, net | **320533** | 387030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term operating lease liabilities | **511639** | 509876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other deferred liabilities and credits | **333360** | 336379 |
| **Long-term debt, net** | **668499** | 670258 |
| **Commitments and contingencies** |  |  |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Array shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A Common and Common Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized 190,000 shares (50,000 Series A Common and 140,000 Common Shares) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued 88,074 shares (33,006 Series A Common and 55,068 Common Shares) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding 86,443 shares (33,006 Series A Common and 53,437 Common Shares) and 86,380 shares (33,006 Series A Common and 53,374 Common Shares), respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Value ($1.00 per share) ($33,006 Series A Common and $55,068 Common Shares) | **88074** | 88074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | **1795691** | 1795369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury shares, at cost, 1,631 and 1,694 Common Shares, respectively | **(84129)** | (85606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **59261** | 769789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Array shareholders' equity | **1858897** | 2567626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | **6159** | 6931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | **1865056** | 2574557 |
| **Total liabilities and equity**<sup>1</sup> | $**3964687** | $4678088 |

---

The accompanying notes are an integral part of these consolidated financial statements.

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;The consolidated total assets as of March 31, 2026 and December 31, 2025, include assets held by current consolidated variable interest entities (VIEs) of $42.9 million and $45.0 million, respectively, which are not available to be used to settle the obligations of Array. The consolidated total liabilities as of March 31, 2026 and December 31, 2025, include certain liabilities of current consolidated VIEs of $10.8 million and $11.1 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Array. See Note 7 — Variable Interest Entities for additional information.

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Array Digital Infrastructure, Inc.**

**Consolidated Statement of Changes in Equity**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Array Shareholders** | **Array Shareholders** | **Array Shareholders** | **Array Shareholders** | **Array Shareholders** | | |
| | **Series A**<br>**Common and**<br>**Common**<br>**shares** | **Additional**<br>**paid-in**<br>**capital** | **Treasury**<br>**shares** | **Retained**<br>**earnings** | **Total<br>Array<br>shareholders'<br>equity** |<br>**Noncontrolling**<br>**interests** |<br>**Total equity** |
| (Dollars in thousands, except per share amounts) |  |  |  |  |  |  |  |
| **December 31, 2025** | $**88074** | $**1795369** | $**(85606)** | $**769789** | $**2567626** | $**6931** | $**2574557** |
| Net income attributable to Array shareholders |  |  |  | 177795 | 177795 |  | 177795 |
| Net income attributable to noncontrolling interests classified as equity |  |  |  |  |  | 192 | 192 |
| Array Common and Series A Common share dividends ($10.25 per share) |  |  |  | (885472) | (885472) |  | (885472) |
| Incentive and compensation plans |  | 322 | 1477 | (2851) | (1052) |  | (1052) |
| Distributions to noncontrolling interests |  |  |  |  |  | (964) | (964) |
| **March 31, 2026** | $**88074** | $**1795691** | $**(84129)** | $**59261** | $**1858897** | $**6159** | $**1865056** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Array Digital Infrastructure, Inc.**

**Consolidated Statement of Changes in Equity**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Array Shareholders** | **Array Shareholders** | **Array Shareholders** | **Array Shareholders** | **Array Shareholders** | | |
| | **Series A**<br>**Common and**<br>**Common**<br>**shares** | **Additional**<br>**paid-in**<br>**capital** | **Treasury**<br>**shares** | **Retained**<br>**earnings** | **Total<br>Array<br>shareholders'<br>equity** |<br>**Noncontrolling**<br>**interests** |<br>**Total equity** |
| (Dollars in thousands) |  |  |  |  |  |  |  |
| **December 31, 2024** | **88074** | **1782219** | $**(111589)** | $**2818002** | $**4576706** | $**14947** | $**4591653** |
| Net income attributable to Array shareholders |  |  |  | 18247 | 18247 |  | 18247 |
| Net income attributable to noncontrolling interests classified as equity |  |  |  |  |  | 850 | 850 |
| Repurchase of Common Shares |  |  | (20878) |  | (20878) |  | (20878) |
| Incentive and compensation plans |  | 16926 | 7409 | (13856) | 10479 |  | 10479 |
| Distributions to noncontrolling interests |  |  |  |  |  | (1639) | (1639) |
| **March 31, 2025** | $**88074** | $**1799145** | $**(125058)** | $**2822393** | $**4584554** | $**14158** | $**4598712** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Array Digital Infrastructure, Inc.**

**Notes to Consolidated Financial Statements**

**Note 1 Basis of Presentation**

As of March 31, 2026, Array Digital Infrastructure, Inc. (Array), a Delaware corporation, is an 81.9%-owned subsidiary of Telephone and Data Systems, Inc. (TDS). The Notes to Consolidated Financial Statements are presented for continuing operations, except for Note 2 — Discontinued Operations.

The accounting policies of Array conform to accounting principles generally accepted in the United States of America (GAAP) as set forth in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). Unless otherwise specified, references to accounting provisions and GAAP in these notes refer to the requirements of the FASB ASC. The consolidated financial statements include the accounts of Array, subsidiaries in which it has a controlling financial interest, general partnerships in which Array has a majority partnership interest and certain entities in which Array has a variable interest that requires consolidation into the Array financial statements under GAAP. Intercompany accounts and transactions have been eliminated.

Certain numbers included herein are rounded to thousands or millions for ease of presentation; however, certain calculated amounts and percentages are determined using the unrounded numbers. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in Array's Annual Report on Form 10-K (Form 10-K) for the year ended December 31, 2025.

The accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring items, unless otherwise disclosed) necessary for the fair statement of Array's financial position as of March 31, 2026 and December 31, 2025, its results of operations, cash flows and changes in equity for the three months ended March 31, 2026 and 2025. The Consolidated Statement of Comprehensive Income was not included because comprehensive income for the three months ended March 31, 2026 and 2025, equaled net income. These results are not necessarily indicative of the results to be expected for the full year. Array has not changed its significant accounting and reporting policies from those disclosed in its Form 10-K for the year ended December 31, 2025.

**Leases**

Operating lease income was $51.0 million and $26.6 million for the three months ended March 31, 2026 and 2025, respectively.

**Dividend**

On January 13, 2026, the Array Board of Directors declared a special dividend per Common and Series A outstanding share of $10.25 for shareholders of record on January 23, 2026, which was paid on February 2, 2026 for a total amount of $885.5 million.

**Note 2 Discontinued Operations**

On August 1, 2025, Array sold its wireless operations and select spectrum assets to T-Mobile US, Inc. (T-Mobile) pursuant to a Securities Purchase Agreement (Securities Purchase Agreement). Array met the criteria to classify the wireless operations and select spectrum assets sold to T-Mobile as discontinued operations following the receipt of regulatory approval and subsequent closing of the transaction, all of which occurred during the three months ended September 30, 2025.

Total consideration received was $4,293.8 million after adjustments which included a combination of $2,628.8 million in cash proceeds and $1,665.0 million in debt assumed by T-Mobile through the preliminary results of an exchange offer made to Array's debtholders, which subsequently closed on August 5, 2025. The final cash proceeds are subject to adjustment according to the terms and conditions of the Securities Purchase Agreement. As of March 31, 2026, Array recorded an estimated purchase price true-up due to T-Mobile of $20.2 million, which is classified as Current liabilities of discontinued operations in the Consolidated Balance Sheet. Certain licenses included in the T-Mobile transaction did not transfer to T-Mobile at the time of close and are subject to FCC approval. At closing, a $16.7 million deferral of the purchase price was recorded related to these spectrum licenses, which is classified as Other deferred liabilities and credits in the Consolidated Balance Sheet. Array also may incur significant decommissioning costs for certain equipment and recorded a liability of $65.8 million as of March 31, 2026, which is classified as Other deferred liabilities and credits in the Consolidated Balance Sheet. During the three months ended March 31, 2026, Array recognized a loss on the transaction of $0.4 million.

On August 1, 2025, a Short-Term Spectrum Manager Lease Agreement and Short-Term Spectrum Manager Sublease Agreements became effective, which provide T-Mobile with an exclusive license to use certain Array spectrum assets and leases at no cost for up to one year from closing for the sole purpose of providing continued, uninterrupted service to customers. The portion of the purchase price allocated to the use of this spectrum was $149.3 million based on an estimate for fair market value and will be recognized to Short-term imputed spectrum lease income in the continuing operations Consolidated Statement of Operations over the one year term. As of March 31, 2026, the remaining balance of the deferred purchase price is $43.6 million and is classified as Customer deposits and deferred revenues in the Consolidated Balance Sheet. See Note 9 — Subsequent Events for additional information.

------

<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

Net income (loss) from discontinued operations in the Consolidated Statement of Operations consists of the following:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | 2025 |
| (Dollars in thousands) |  |  |
| **Operating revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | $**—** | $713961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment sales | **—** | 150090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | **—** | 864051 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;System operations (excluding Depreciation, amortization and accretion reported below) | **509** | 159794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of equipment sold | **—** | 177619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | **1518** | 303344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | **—** | 150535 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset disposals, net | **—** | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of business and other exit costs, net | **390** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | **2417** | 793011 |
| **Operating income (loss)** | **(2417)** | 71040 |
| **Other income (expense)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **(314)** | (35985) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **—** | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | **(314)** | (35991) |
| **Income (loss) before income taxes** | **(2731)** | 35049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | **(695)** | 20847 |
| **Net income (loss) from discontinued operations** | $**(2036)** | $14202 |

---

**Note 3 Fair Value Measurements** 

As of March 31, 2026 and December 31, 2025, Array did not have any material financial or nonfinancial assets or liabilities that were required to be recorded at fair value in its Consolidated Balance Sheet in accordance with GAAP.

The provisions of GAAP establish a fair value hierarchy that contains three levels for inputs used in fair value measurements. Level 1 inputs include quoted market prices for identical assets or liabilities in active markets. Level 2 inputs include quoted market prices for similar assets and liabilities in active markets or quoted market prices for identical assets and liabilities in inactive markets. Level 3 inputs are unobservable. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. A financial instrument's level within the fair value hierarchy is not representative of its expected performance or its overall risk profile and, therefore, Level 3 assets are not necessarily higher risk than Level 2 assets or Level 1 assets.

Array has applied the provisions of fair value accounting for purposes of computing the fair value of financial instruments for disclosure purposes as displayed below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Level within the Fair Value Hierarchy** | **March 31, 2026** | **March 31, 2026** | December 31, 2025 | December 31, 2025 |
| | **Level within the Fair Value Hierarchy** | **Book Value** | **Fair Value** | Book Value | Fair Value |
| (Dollars in thousands) |  |  |  |  |  |
| Long-term debt | 2 | $**682186** | $**603157** | $684202 | $606961 |

---

Long-term debt excludes the current portion of Long-term debt and debt financing costs. The fair value of Long-term debt was estimated using various methods, including quoted market prices and discounted cash flow analyses.

The fair values of Cash and cash equivalents approximate their book values due to the short-term nature of these financial instruments.

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**Note 4 Earnings Per Share** 

Basic earnings (loss) per share attributable to Array shareholders is computed by dividing Net income (loss) attributable to Array shareholders by the weighted average number of Common Shares outstanding during the period. Diluted earnings (loss) per share attributable to Array shareholders is computed by dividing Net income (loss) attributable to Array shareholders by the weighted average number of Common Shares outstanding during the period adjusted to include the effects of potentially dilutive securities. Potentially dilutive securities primarily include incremental shares issuable upon the exercise of outstanding stock options and the vesting of performance and restricted stock units, as calculated using the treasury stock method.

The amounts used in computing basic and diluted earnings (loss) per share attributable to Array shareholders were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | 2025 |
| (Dollars and shares in thousands, except per share amounts) |  |  |
| Net income from continuing operations attributable to Array shareholders | $**179831** | $4684 |
| Net income (loss) from discontinued operations attributable to Array shareholders | **(2036)** | 13563 |
| Net income attributable to Array shareholders | $**177795** | $18247 |
| Weighted average number of shares used in basic earnings (loss) per share | **86416** | 85137 |
| Effects of dilutive securities | **72** | 3029 |
| Weighted average number of shares used in diluted earnings (loss) per share | **86488** | 88166 |
| Basic earnings per share from continuing operations attributable to Array shareholders | $**2.08** | $0.05 |
| Basic earnings (loss) per share from discontinued operations attributable to Array shareholders | **(0.02)** | 0.16 |
| Basic earnings per share attributable to Array shareholders | $**2.06** | $0.21 |
| Diluted earnings per share from continuing operations attributable to Array shareholders | $**2.08** | $0.05 |
| Diluted earnings (loss) per share from discontinued operations attributable to Array shareholders | **(0.02)** | 0.16 |
| Diluted earnings per share attributable to Array shareholders | $**2.06** | $0.21 |

---

Certain Common Shares issuable upon the exercise of stock options or vesting of performance and restricted stock units were not included in weighted average diluted shares outstanding for the calculation of Diluted earnings (loss) per share attributable to Array shareholders because their effects were antidilutive. The number of such Common Shares excluded was less than 0.1 million and 0.1 million for the three months ended March 31, 2026 and 2025, respectively.

**Note 5 Divestitures**

In addition to the divestiture of Array's wireless operations, as disclosed in Note 2 — Discontinued Operations, other divestiture transactions are disclosed below.

On January 13, 2026, Array closed on the sale of certain 3.45 GHz and 700 MHz wireless spectrum licenses to New Cingular Wireless PCS, LLC (AT&T), a subsidiary of AT&T Inc., for $1,018.0 million and recorded a book gain of $156.6 million ($117.5 million net of tax expense) during the first quarter of 2026.

On October 17, 2024, Array entered into a License Purchase Agreement (Verizon License Purchase Agreement) with Verizon Communications Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close for total proceeds of $1,000.0 million. As of March 31, 2026, the book value of the wireless spectrum licenses to be sold was $585.6 million and is classified as held for sale in the Consolidated Balance Sheet. The transaction is expected to close in the second or third quarter of 2026, subject to regulatory approval and other customary closing conditions.

On August 29, 2025, Array entered into a License Purchase Agreement (T-Mobile License Purchase Agreement) with T-Mobile to sell certain 700 MHz wireless spectrum licenses and agreed to grant T-Mobile certain rights to lease such licenses prior to the transaction close for total proceeds of $85.0 million. As of March 31, 2026, the book value of the wireless spectrum licenses to be sold was $64.3 million, of which $53.1 million has received regulatory approval and is classified as held for sale in the Consolidated Balance Sheet. See Note 9 — Subsequent Events for additional information.

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As part of the T-Mobile transaction to sell the wireless operations, Array entered into a Put/Call Agreement with T-Mobile whereby T-Mobile has the right to call certain spectrum assets and Array has the right to put certain spectrum assets to T-Mobile for an aggregate agreed upon price of $106.0 million. The call option notice period started on May 24, 2024, and the put exercise period started on August 1, 2025. Both periods end on July 31, 2026. There was no cash exchanged at the inception of the Put/Call Agreement. All license transfers pursuant to any put/call are subject to Federal Communications Commission (FCC) approval. Array accounted for this instrument as a net written call option and wrote off the entire fair value in 2025. In September 2025, T-Mobile exercised $86.4 million of the call option. As of March 31, 2026, the book value of the spectrum licenses subject to the call notice was $86.4 million and is classified as held for sale in the Consolidated Balance Sheet. The transaction is expected to close in May 2026, subject to customary closing conditions.

**Note 6 Investments in Unconsolidated Entities** 

Investments in unconsolidated entities consist of amounts invested in entities in which Array holds a noncontrolling interest. Array's Investments in unconsolidated entities are accounted for using the equity method, measurement alternative method or net asset value practical expedient method as shown in the table below. The carrying value of measurement alternative method investments represents cost minus any impairments plus or minus any observable price changes.

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | December 31, 2025 |
| (Dollars in thousands) |  |  |
| Equity method investments | $**422121** | $399794 |
| Measurement alternative method investments | **5779** | 5362 |
| Investments recorded using the net asset value practical expedient | **7161** | 7452 |
| Total investments in unconsolidated entities | $**435061** | $412608 |

---

The following table, which is based on unaudited information provided in part by third parties, summarizes the combined results of operations of Array's equity method investments.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | 2025 |
| (Dollars in thousands) |  |  |
| Revenues | $**1865387** | $1908624 |
| Operating expenses | **1516516** | 1517768 |
| Operating income | **348871** | 390856 |
| Other income (expense), net | **(9877)** | (11692) |
| Net income | $**338994** | $379164 |

---

**Note 7 Variable Interest Entities** 

**Consolidated VIEs**

Array consolidates VIEs in which it has a controlling financial interest as defined by GAAP and is therefore deemed the primary beneficiary. Array reviews the criteria for a controlling financial interest at the time it enters into agreements and subsequently when events warranting reconsideration occur. These VIEs have risks similar to those described in the "Risk Factors" in Array's Form 10-K for the year ended December 31, 2025 .

Array consolidates VIEs that are limited partnerships that lease tower space to tenants. A limited partnership is a variable interest entity unless the limited partners hold substantive participating rights or kick-out rights over the general partner. For certain limited partnerships, Array is the general partner and manages the operations. In these partnerships, the limited partners do not have substantive kick-out or participating rights and, further, such limited partners do not have the authority to remove the general partner. Therefore, these limited partnerships also are recognized as VIEs and are consolidated into the Array financial statements under the variable interest model.

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<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

The following table presents the classification and balances of the consolidated VIEs' assets and liabilities in Array's Consolidated Balance Sheet.

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | December 31, 2025 |
| (Dollars in thousands) |  |  |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | $**1835** | $1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **270** | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current assets held for sale | **—** | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | **16733** | 16997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | **22904** | 23219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets and deferred charges | **1111** | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**42853** | $44997 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities | $**2389** | $2928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term operating lease liabilities | **24878** | 25157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other deferred liabilities and credits | **13650** | 13535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $**40917** | $41620 |

---

**Other Related Matters**

Array made contributions, loans or advances to its VIEs totaling $3.0 million and $4.5 million during the three months ended March 31, 2026 and 2025, respectively.

**Note 8 Business Segment Information** 

Array is a single reportable segment. Array generates its revenues primarily by leasing tower space on Array-owned towers to customers. Array's chief operating decision maker is the TDS President and Chief Executive Officer.

Although the chief operating decision maker regularly uses Adjusted earnings before interest, taxes, depreciation and accretion (Adjusted EBITDA) for purposes of assessing performance and making capital allocation decisions, Array has concluded that Net income attributable to Array shareholders, as reported on the Consolidated Statement of Operations, is also used and is the measure of profit or loss required to be disclosed under the provisions of ASC 280 for a single operating segment. The measure of segment assets is reported in the Consolidated Balance Sheet as "Total assets".

**Note 9 Subsequent Events**

Effective April 1, 2026, the Short-Term Spectrum Manager Lease Agreement with T-Mobile was terminated for certain spectrum assets. The termination of these leases will result in future imputed spectrum lease income of $11.7 million being recognized to (Gain) loss on sale of business and other exit costs, net within discontinued operations during the second quarter of 2026.

On May 5, 2026, Array closed on the sale of certain 700 MHz wireless spectrum licenses under the T-Mobile License Purchase Agreement for total proceeds of $74.8 million and expects to record a book gain on the transaction of approximately $3.0 million ($2.3 million net of tax expense) during the second quarter of 2026. This closing includes the first group of wireless spectrum licenses included in the T-Mobile License Purchase Agreement. The additional wireless spectrum licenses remain subject to regulatory approval and other customary closing conditions. At the first closing, $18.6 million of the purchase price was deferred based on the fair market value of all wireless spectrum licenses included in the T-Mobile License Purchase Agreement.

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**Array Digital Infrastructure, Inc.**

**Additional Required Information**

**Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

Array maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) that are designed to ensure that information required to be disclosed in its reports filed or submitted under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to Array's management, including its principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

As required by SEC Rules 13a-15(b), Array carried out an evaluation, under the supervision and with the participation of management, including its principal executive officer and principal financial officer, of the effectiveness of the design and operation of Array's disclosure controls and procedures as of the end of the period covered by this Quarterly Report. Based on this evaluation, Array's principal executive officer and principal financial officer concluded that Array's disclosure controls and procedures were effective as of March 31, 2026, at the reasonable assurance level.

**Changes in Internal Control Over Financial Reporting**

There have been no changes in internal controls over financial reporting that have occurred during the three months ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, Array's internal control over financial reporting.

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<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Legal Proceedings**

In April 2018, the United States Department of Justice (DOJ) notified Array and its parent, TDS, that it was conducting inquiries of Array and TDS under the federal False Claims Act relating to Array's participation in wireless spectrum license auctions 58, 66, 73 and 97 conducted by the FCC. Array is or was a limited partner in several limited partnerships which qualified for the 25% bid credit in each auction. The investigation arose from civil actions under the Federal False Claims Act brought by private parties in the U.S. District Court for the Western District of Oklahoma. In 2019, following the DOJ's investigation, the DOJ informed Advantage Spectrum, L.P. (Advantage) and King Street Wireless, L.P. (King Street) that it would not intervene in the above-referenced actions. Subsequently, the private party plaintiffs decided to continue the actions on their own. In July 2020, these actions were transferred to the U.S. District Court for the District of Columbia upon the request of Advantage and King Street and over the objection of the Relators. In March 2023, the District Court for the District of Columbia granted Advantage's and King Street's motion to dismiss the actions with prejudice. The private party plaintiffs appealed the district court's decision to grant the motions to dismiss. In April 2025, the U.S. Court of Appeals for the D.C. Circuit affirmed the district court's dismissal as to the case involving King Street. Plaintiffs filed a petition for certiorari with the U.S. Supreme Court on September 5, 2025. On January 12, 2026, the Supreme Court denied the petition. The King Street case is now concluded. In the Advantage case, on September 26, 2025, the D.C. Circuit reversed the district court's decision dismissing the case and remanded that case to the district court for further proceedings. The district court set a briefing schedule for defendants' motions to dismiss and stayed all other proceedings. On January 22, 2026, the defendants filed a motion to dismiss in the Advantage case. The motion to dismiss is now fully briefed. Array believes that the Relators' claims are without merit and that Advantage's and King Street's participation in FCC auctions complied with applicable law and FCC Rules.

On January 31, 2025, a stockholder derivative lawsuit was filed in the Circuit Court of Cook County, Illinois, Chancery Division against certain TDS and Array directors and officers, and nominal defendant TDS. The derivative lawsuit takes issue with certain public statements made between May 6, 2022 and November 3, 2022 regarding, among other things, Array's business strategies to address subscriber demand, alleging that the fact that the statements were made was a breach of fiduciary duty on the part of the officer and director defendants, and bringing claims for indemnification and contribution against the officer and director defendants and Array. In addition to indemnification and contribution, the plaintiff seeks money damages and the implementation of certain governance proposals. On July 21, 2025, a motion to intervene in the lawsuit was filed by the stockholder plaintiff who had previously filed a stockholder derivative lawsuit in the United States District Court for the Northern District of Illinois and subsequently dismissed that federal court lawsuit. The defendants filed a motion to dismiss the Circuit Court lawsuit on July 23, 2025. On September 29, 2025, the proposed intervenor withdrew her motion to intervene. A hearing on the motion to dismiss was held on October 6, 2025. A status conference on the motion to dismiss is set for June 12, 2026. Array is unable at this time to determine whether the outcome of these actions would have a material impact on its results of operations, financial condition, or cash flows. Array intends to contest plaintiffs' claims vigorously on the merits.

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<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Unregistered Sales of Equity Securities and Use of Proceeds**

In November 2009, Array announced by Form 8-K that the Board of Directors of Array authorized the repurchase of up to 1,300,000 additional Common Shares on an annual basis beginning in 2009 and continuing each year thereafter, on a cumulative basis. In December 2016, the Array Board amended this authorization to provide that, beginning on January 1, 2017, the increase in the authorized repurchase amount with respect to a particular year will be any amount from zero to 1,300,000 Common Shares, as determined by the Pricing Committee of the Board of Directors, and that if the Pricing Committee did not specify an additional amount for any year, such additional amount would be zero for such year. The Pricing Committee has not specified any increase in the authorization since that time. The Pricing Committee also was authorized to decrease the cumulative amount of the authorization at any time, but has not taken any action to do so at this time. The authorization provides that share repurchases will be made pursuant to open market purchases, block purchases in compliance with Rule 10b-18 of the Exchange Act or Rule 10b5-1 of the Exchange Act, or pursuant to accelerated share repurchase arrangements, prepaid share repurchases, private purchases, or otherwise, depending on market prices and other conditions. This authorization does not have an expiration date.

The maximum number of shares that may yet be purchased was 658,107 as of March 31, 2026. Array did not determine to terminate the foregoing Common Share repurchase program, as amended. There were no purchases made by or on behalf of Array, or any purchases made by any "affiliated purchaser" (as defined by the SEC) of Array, of Array Common Shares during the quarter covered by this Form 10-Q.

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<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Other Information**

**Rule 10b5-1 Trading Arrangements**

During the three months ended March 31, 2026, none of Array's directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) has adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5–1 trading arrangement (each as defined in Item 408 of Regulation S-K under the 1934 Act).

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<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**Exhibits**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Documents** |
| Exhibit 2.1 | <u>[Letter](ad3312026ex21.htm)[A](ad3312026ex21.htm)[greement, dated February 4, 2026, related to the Securities Purchase Agreement, dated as of May 24, 2024, among T](ad3312026ex21.htm)[DS](ad3312026ex21.htm)[, Array](ad3312026ex21.htm)[,](ad3312026ex21.htm)[USCC Wireless Holdings, LLC and T-Mobile US, Inc.](ad3312026ex21.htm)</u> |
| Exhibit 10.1 | <u>[Amendment to the Array 2022 Long-Term Incentive Plan.](array3312026ex101.htm)</u> |
| Exhibit 10.2 | <u>[Form of Array 2022 Long-Term Incentive Plan 2026 Performance Award Agreement.](array3312026ex102.htm)</u> |
| Exhibit 10.3 | <u>[Form of Array 2022 Long-Term Incentive Plan 2026 Restricted Stock Unit Award Agreement.](array3312026ex103.htm)</u> |
| Exhibit 10.4 | <u>[Array 2026 Annual Incentive](https://www.sec.gov/Archives/edgar/data/821130/000082113026000018/array8-k2026aipexhibit101.htm)[Plan](https://www.sec.gov/Archives/edgar/data/821130/000082113026000018/array8-k2026aipexhibit101.htm)[effec](https://www.sec.gov/Archives/edgar/data/821130/000082113026000018/array8-k2026aipexhibit101.htm)[tive January 1, 2026,](https://www.sec.gov/Archives/edgar/data/821130/000082113026000018/array8-k2026aipexhibit101.htm)[is hereby in](https://www.sec.gov/Archives/edgar/data/821130/000082113026000018/array8-k2026aipexhibit101.htm)[corporate](https://www.sec.gov/Archives/edgar/data/821130/000082113026000018/array8-k2026aipexhibit101.htm)[d by reference to Exhibit 10.1 to Array's Current Report on Form 8-K dated March 24, 2026.](https://www.sec.gov/Archives/edgar/data/821130/000082113026000018/array8-k2026aipexhibit101.htm)</u> |
| Exhibit 31.1 | <u>[Principal executive officer certification pursuant to Rule 13a-14 of the Securities Exchange Act of 1934.](ad3312026ex311.htm)</u> |
| Exhibit 31.2 | <u>[Principal financial officer certification pursuant to Rule 13a-14 of the Securities Exchange Act of 1934.](ad3312026ex312.htm)</u> |
| Exhibit 32.1 | <u>[Principal executive officer certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code.](ad3312026ex321.htm)</u> |
| Exhibit 32.2 | <u>[Principal financial officer certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code.](ad3312026ex322.htm)</u> |
| Exhibit 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| Exhibit 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| Exhibit 101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document |
| Exhibit 101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document |
| Exhibit 101.LAB | Inline XBRL Taxonomy Label Linkbase Document |
| Exhibit 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| Exhibit 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the inline document. |

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<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

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| | | | |
|:---|:---|:---|:---|
| **Form 10-Q Cross Reference Index**  | **Form 10-Q Cross Reference Index**  | **Form 10-Q Cross Reference Index**  | **Form 10-Q Cross Reference Index**  |
| **<u>Item Number</u>**  | **<u>Item Number</u>**  | **<u>Item Number</u>**  | **<u>Page No.</u>** |
| Part I. | Financial Information | Financial Information | |
| | <u>[Item 1.](#i4512272d69ec43d1a4458c3b9da5e895_88)</u> | <u>[Financial Statements (Unaudited)](#i4512272d69ec43d1a4458c3b9da5e895_88)</u> | <u>[19](#i4512272d69ec43d1a4458c3b9da5e895_88)</u> - <u>[23](#i4512272d69ec43d1a4458c3b9da5e895_100)</u> |
| | | <u>[Notes to Consolidated Financial Statements](#i4512272d69ec43d1a4458c3b9da5e895_106)</u> | <u>[25](#i4512272d69ec43d1a4458c3b9da5e895_106)</u> - <u>[29](#i4512272d69ec43d1a4458c3b9da5e895_1280)</u> |
| | <u>[Item 2.](#i4512272d69ec43d1a4458c3b9da5e895_10)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i4512272d69ec43d1a4458c3b9da5e895_10)</u> | <u>[1](#i4512272d69ec43d1a4458c3b9da5e895_10)</u> - <u>[15](#i4512272d69ec43d1a4458c3b9da5e895_79)</u> |
| | <u>[Item 3.](#i4512272d69ec43d1a4458c3b9da5e895_85)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i4512272d69ec43d1a4458c3b9da5e895_85)</u> | <u>[18](#i4512272d69ec43d1a4458c3b9da5e895_85)</u> |
| | <u>[Item 4.](#i4512272d69ec43d1a4458c3b9da5e895_166)</u> | <u>[Controls and Procedures](#i4512272d69ec43d1a4458c3b9da5e895_166)</u> | <u>[30](#i4512272d69ec43d1a4458c3b9da5e895_166)</u> |
| Part II. | Other Information | Other Information | |
| | <u>[Item 1.](#i4512272d69ec43d1a4458c3b9da5e895_169)</u> | <u>[Legal Proceedings](#i4512272d69ec43d1a4458c3b9da5e895_169)</u> | <u>[31](#i4512272d69ec43d1a4458c3b9da5e895_169)</u> |
| | <u>[Item 1A.](#i4512272d69ec43d1a4458c3b9da5e895_1099511629026)</u> | <u>[Risk Factors](#i4512272d69ec43d1a4458c3b9da5e895_1099511629026)</u> | <u>[17](#i4512272d69ec43d1a4458c3b9da5e895_1099511629026)</u> |
| | <u>[Item 2.](#i4512272d69ec43d1a4458c3b9da5e895_172)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i4512272d69ec43d1a4458c3b9da5e895_172)</u> | <u>[32](#i4512272d69ec43d1a4458c3b9da5e895_172)</u> |
| | <u>[Item 5.](#i4512272d69ec43d1a4458c3b9da5e895_178)</u> | <u>[Other Information](#i4512272d69ec43d1a4458c3b9da5e895_178)</u> | <u>[33](#i4512272d69ec43d1a4458c3b9da5e895_178)</u> |
| | <u>[Item 6.](#i4512272d69ec43d1a4458c3b9da5e895_181)</u> | <u>[Exhibits](#i4512272d69ec43d1a4458c3b9da5e895_181)</u> | <u>[34](#i4512272d69ec43d1a4458c3b9da5e895_181)</u> |
| <u>[Signatures](#i4512272d69ec43d1a4458c3b9da5e895_187)</u> | <u>[Signatures](#i4512272d69ec43d1a4458c3b9da5e895_187)</u> | | <u>[36](#i4512272d69ec43d1a4458c3b9da5e895_187)</u> |

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<u>[**Table of Contents**](#i4512272d69ec43d1a4458c3b9da5e895_7)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | ARRAY DIGITAL INFRASTRUCTURE, INC. |
| | | (Registrant) |
| Date: | May 8, 2026 | /s/ Anthony J. M. Carlson |
|  |  | Anthony J. M. Carlson<br>President and Chief Executive Officer<br>(principal executive officer) |
| Date: | May 8, 2026 | /s/ Vicki L. Villacrez |
|  |  | Vicki L. Villacrez<br>Executive Vice President, Chief Financial Officer and Treasurer<br>(principal financial officer) |

---

## Exhibit 2.1

**Exhibit 2.1**

Telephone and Data Systems, Inc.

30 North LaSalle Street

Suite 4000

Chicago, Illinois 60602

Attention: Joseph Hanley

Email: joseph.hanley@tdsinc.com

Array Digital Infrastructure, Inc.

500 West Madison Street

Suite 810

Chicago, IL 60661

Attention: Coleman Prewitt

Email: coleman.prewitt@arrayinc.com

<u>Letter Agreement (the "Letter Agreement") Re: Trademarks License Extension</u> 

Dated: February 4th, 2026

To Whom It May Concern:

Reference is made to the Securities Purchase Agreement by and among Telephone and Data Systems, Inc., Array Digital Infrastructure, Inc. (f/k/a United States Cellular Corporation), USCC Wireless Holdings, LLC and T-Mobile US, Inc., dated as of May 24, 2024 (as amended or modified from time to time, the "<u>SPA</u>"). Capitalized terms used but not otherwise defined in this letter shall have the meanings set forth in the SPA.

Pursuant to (i) Section 9.1 of the SPA, each of Buyer and Seller (on behalf of itself and its Affiliates) granted to the other (and its Affiliates (in the case of Buyer) or Subsidiaries (in the case of Seller), as applicable) a non-exclusive, royalty-free, fully paid up license to the Seller Licensed Trademarks or the Buyer Licensed Trademarks, respectively and as applicable, for a period ending on twelve (12) months after Closing; and (ii) Section 9.3(f) of the SPA, and subject to Section 9.1(b), Seller agreed to, and to cause its Affiliates to, *inter alia*, cease all use of any Combined Trademarks as soon as reasonably practicable after the Closing Date, but no later than one hundred eight (180) days after the Closing Date.

In addition, Parent, Seller, and Buyer are parties to that certain Transition Services Agreement dated as of August 1, 2025 (the "<u>TSA</u>"), pursuant to which each of Parent and Buyer agreed to provide or cause to be provided to Buyer and Seller respectively or certain of their Subsidiaries certain services on a transitional basis.

Notwithstanding anything in Section 9.1, Section 9.3(f) or any other provision of the SPA to the contrary, the Parties agree to modify the term of each of (a) the license under the Seller Licensed Trademarks granted to Buyer pursuant to Section 9.1(a) of the SPA, (b) the license under the Buyer Licensed Trademarks granted to Seller pursuant to Section 9.1(b) of the SPA and (c) the period by which Seller is required to, and to cause its Affiliates to, cease all uses of any Combined Trademarks as required under Section 9.3(f) of the SPA, such that each such term shall be coextensive with the Term of the TSA (as defined therein), as such Term may be modified by any extensions thereof or the early termination of the TSA in its entirety (the Term so modified, the "<u>TSA Term</u>").

Therefore, (i) the Parties' (and their Subsidiaries' or Affiliates', as applicable) respective licenses to the Seller Licensed Trademarks and the Buyer Licensed Trademarks will terminate automatically upon, and no earlier than, the end of the TSA Term; and (ii) Seller shall cease all use of any Combined Trademarks upon the end of the TSA Term. For the avoidance of doubt, termination or expiration of any individual Service (as defined in the TSA), statement of work, annex, schedule or other portion of the TSA shall not constitute termination of the TSA for purposes of this Letter Agreement. Except for the amendments expressly set forth in this Letter Agreement, the SPA (including Sections 9.1 and 9.3(f) thereof) shall remain unchanged and in full force and effect.

Nothing in this Letter Agreement may be construed as an admission of law or fact or as a waiver of any right or remedy of any Party, all of which are expressly reserved. Capitalized terms used but not defined herein shall have the meanings set forth in the SPA. Except as expressly set forth in this Letter Agreement, nothing in this Letter Agreement affects or modifies the terms and conditions of the SPA. The provisions of Sections 1.2, 13.3, 13.4, 13.9, 13.10, 13.11, 13.13 and 13.15 of the SPA shall be incorporated into this Letter Agreement as if set forth herein, *mutatis mutandis*.

------

IN WITNESS WHEREOF, each of the undersigned has duly executed this Letter Agreement as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| | | Sincerely, | Sincerely, |
| | | T-Mobile US, Inc. | T-Mobile US, Inc. |
|  |  |  | /s/ Stefan Bewley |
|  |  | Name: | Stefan Bewley |
|  |  | Title: | Chief Strategy Officer & EVP, Marketing |
| Accepted and Agreed: | Accepted and Agreed: |  |  |
| Array Digital Infrastructure, Inc. | Array Digital Infrastructure, Inc. |  |  |
| By: | /s/ Anthony Carlson |  |  |
| Name: | Anthony Carlson |  |  |
| Title: | President and CEO |  |  |
| Telephone and Data Systems, Inc. | Telephone and Data Systems, Inc. |  |  |
| By: | /s/ Joseph R. Hanley |  |  |
| Name: | Joseph R. Hanley |  |  |
| Title: | Senior Vice President - Strategy and Corporate Development | Senior Vice President - Strategy and Corporate Development |  |
| cc: Sidley Austin LLP  | cc: Sidley Austin LLP  | cc: Sidley Austin LLP  | cc: Sidley Austin LLP  |
| One South Dearborn Street  | One South Dearborn Street  | One South Dearborn Street  | One South Dearborn Street  |
| Chicago, Illinois 60603  | Chicago, Illinois 60603  | Chicago, Illinois 60603  | Chicago, Illinois 60603  |
| Attention: John P. Kelsh; Scott R. Williams; Christopher R. Hale  | Attention: John P. Kelsh; Scott R. Williams; Christopher R. Hale  | Attention: John P. Kelsh; Scott R. Williams; Christopher R. Hale  | Attention: John P. Kelsh; Scott R. Williams; Christopher R. Hale  |
| Email: jkelsh@sidley.com; swilliams@sidley.com; chale@sidley.com;  | Email: jkelsh@sidley.com; swilliams@sidley.com; chale@sidley.com;  | Email: jkelsh@sidley.com; swilliams@sidley.com; chale@sidley.com;  | Email: jkelsh@sidley.com; swilliams@sidley.com; chale@sidley.com;  |

---

## Exhibit 10.1

**Exhibit 10.1**

**AMENDMENT** 

**TO THE**

**ARRAY DIGITAL INFRASTRUCTURE, INC.**

**2022 LONG-TERM INCENTIVE PLAN**

**WHEREAS,** Array Digital Infrastructure, Inc. (the "**<u>Company</u>**") heretofore has adopted and maintains the Array Digital Infrastructure, Inc. 2022 Long-Term Incentive Plan, as amended from time to time (the "**<u>Plan</u>**"), for the benefit of certain key executive and management employees of the Company and certain of its subsidiaries;

**WHEREAS,** the Board of Directors of the Company (the "**<u>Board</u>**") may amend the Plan as it shall deem advisable, subject to any requirement of shareholder approval as specified in the Plan, including under applicable law or the principal stock exchange on which the Company's common shares are then traded;

**WHEREAS,** the Board desires to amend the Plan to provide that the treatment of outstanding awards thereunder upon a Change in Control of the Company shall be determined in the discretion of the Board (as constituted prior to such Change in Control); and

**WHEREAS,** such amendment is not subject to any required shareholder approval.

**NOW, THEREFORE, BE IT RESOLVED,** that the Plan hereby is amended, effective solely for awards granted on or after the date hereof, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9(a) hereby is amended in its entirety to read as follows:

Notwithstanding any other section of the Plan, in the event of a Change in Control, the Board (as constituted prior to such Change in Control) may in its discretion, but shall not be required to, make such adjustments to outstanding awards hereunder as it deems appropriate, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (i) causing some or all outstanding Stock Options and SARs to become exercisable in full, either immediately or upon a subsequent termination of employment; (ii) causing some or all outstanding Restricted Stock Awards to become nonforfeitable and the Restriction Periods applicable to some or all outstanding Restricted Stock Awards to lapse in full or in part, either immediately or upon a subsequent termination of employment; (iii) causing some or all outstanding Restricted Stock Unit Awards to become nonforfeitable, and to the extent permissible under section 409A of the Code, causing the Restriction Periods applicable to some or all outstanding Restricted Stock Unit Awards to lapse in full or in part, either immediately or upon a subsequent termination of employment; (iv) causing some or all outstanding Other Stock Awards to become nonforfeitable, and to the extent permissible under section 409A of the Code, causing the Restriction Periods applicable to some or all outstanding Other Stock Awards to lapse in full or in part, either immediately or upon a subsequent termination of employment; (v) causing some or all outstanding Performance Awards to become nonforfeitable, and to the extent permissible under section 409A of the Code, causing the Performance Periods applicable to some or all outstanding Performance Awards to lapse in full or in part, either immediately or upon a subsequent termination of employment; and (vi) causing the Performance Measures applicable to some or all outstanding Performance Awards, Restricted Stock Awards, Restricted Stock Unit Awards or Other Stock Awards (if any) to be deemed to be satisfied at the target, maximum or any other level, as determined by the Board (as constituted prior to such Change in Control), either immediately or upon a subsequent termination of employment; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) substituting for some or all of the Common Stock available under the Plan, whether or not then subject to an outstanding award, the number and class of shares into which each outstanding share of such Common Stock shall be converted pursuant to such Change in Control, with an appropriate and equitable adjustment to such award as determined by the Board (as constituted prior to such Change in Control) in accordance with the methodology set forth in Section 7.8; and/or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) requiring that outstanding awards, in whole or in part, be surrendered to the Company by the holder, and be immediately cancelled by the Company, and providing for the holder to receive, in accordance with the requirements of section 409A of the Code, to the extent applicable: (i) a cash payment in an amount equal to (A) in the case of a Stock Option or an SAR, the number of shares of Common Stock then subject to the portion of such Stock Option or SAR surrendered, to the extent such Stock Option or SAR is then exercisable or becomes exercisable pursuant to this Section 7.9(a), multiplied by the excess, if any, of the Fair Market Value of a share of Common Stock as of the date of the Change in Control, over the purchase price or base price per share of Common Stock subject to such Stock Option or SAR, (B) in the case of a Stock Award, the number of shares of Common Stock or Restricted Stock Units, as the case may be, then subject to the portion of such award surrendered, to the extent the Restriction Period and Performance Period, if any, applicable to such Stock Award has lapsed or will lapse pursuant to this Section 7.9(a) and to the extent that the Performance Measures, if any, have been satisfied or are deemed satisfied pursuant to this Section 7.9(a), multiplied by the Fair Market Value of a share of Common Stock as of the date of the Change in Control, and (C) in the case of a Performance Award, the amount payable with respect to the portion of such award surrendered, to the extent the Performance Period applicable to such award has lapsed or will lapse pursuant to this Section 7.9(a) and to the extent that the Performance Measures applicable to such award have been satisfied or are deemed satisfied pursuant to this Section 7.9(a); (ii) shares of capital stock of the corporation resulting from or succeeding to the business of the Company pursuant to such Change in Control, or a parent corporation thereof, having a fair market value not less than the amount determined under clause (i) above; or (iii) a combination of the payment of cash pursuant to clause (i) above and the issuance of shares pursuant to clause (ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9 hereby is further amended to delete therefrom subsections (c) and (d) in their entirety.

\* \* \* \* \* \*

**IN WITNESS WHEREOF,** the undersigned has executed this Amendment as of this 17th day of March, 2026.

---

| | |
|:---|:---|
| **ARRAY DIGITAL INFRASTRUCTURE, INC.** | **ARRAY DIGITAL INFRASTRUCTURE, INC.** |
| By: | /s/ Anthony J. M. Carlson |
|  | Anthony J. M. Carlson |
| Its: | President and Chief Executive Officer |

---

![image_0.jpg](image_0.jpg)

## Exhibit 10.2

**Exhibit 10.2**

**ARRAY DIGITAL INFRASTRUCTURE, INC.**

**2022 LONG-TERM INCENTIVE PLAN**

**2026 PERFORMANCE AWARD AGREEMENT**

Array Digital Infrastructure, Inc., a Delaware corporation (the "Company"), hereby grants to the recipient of this award (the "Employee") as of the date set forth in the "Stock Options and Awards" section of the Employee's Company on-line account with Shareworks (the "Award Summary"), a Performance Award (the "Award") with a target opportunity equal to the number of shares of Common Stock set forth in the Award Summary. Depending on performance during the Performance Period(s) (for all purposes of this Award Agreement, as defined in accordance with Exhibit A hereto), the Employee may be entitled under this Award Agreement to shares of Common Stock equal to a number that is greater or lesser than the target opportunity in accordance with Section 2 below. The Award is granted pursuant to the provisions of the Array Digital Infrastructure, Inc. 2022 Long-Term Incentive Plan, as amended from time to time (the "Plan") and is subject to the restrictions, terms and conditions set forth below. Capitalized terms not defined herein shall have the meanings specified in the Plan.

**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award Subject to Acceptance</u>**

The Award shall become null and void unless the Employee accepts the Award and this Award Agreement electronically by utilizing the Employee's Company on-line account with Shareworks, which is accessed at www.shareworks.com/login (or via such other method as prescribed by the Company).

**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance-Based Adjustment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>In General</u>. The number of shares of Common Stock subject to this Award shall be adjusted pursuant to the terms of this Award Agreement and the Plan and based on the level achievement of the Performance Measures (for all purposes of this Award Agreement, as defined in accordance with Exhibit A hereto and determined in accordance with criteria approved by the Board) during the Performance Period(s). The level of achievement of the Performance Measures shall be determined and certified by the Board in writing within sixty (60) days following the last day of the applicable Performance Period (the date of such certification, the "Certification Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Impact of Adjustment</u>. On and after each Certification Date, "Award" for all purposes of this Award Agreement shall mean the Award as adjusted pursuant to this Section 2. To the extent shares of Common Stock subject to the Award are reduced pursuant to this Section 2, then the Award shall be forfeited as it relates to those reduced shares, and the Employee shall have no rights with respect thereto (including, without limitation, any rights relating to the related accumulated dividend equivalents under Section 5.4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fractional Shares</u>. Only a whole number of shares of Common Stock may be issued in respect of this Award. If a fractional number of shares of Common Stock is scheduled to vest and become nonforfeitable pursuant to Section 3, such number of shares shall be rounded down to the nearest whole number, with the fractional portion thereof forfeited.

**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restriction Period and Forfeiture</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>In General</u>. Except as otherwise provided in this Award Agreement, the Award shall become nonforfeitable and the Restriction Period with respect to the Award shall terminate on December 31, 2028 (the "Vesting Date"), provided that the Employee remains continuously employed by the Employers and Affiliates until the Vesting Date. Following the Vesting Date, but no later than the 15th day of the third calendar month following the Vesting Date (the "Release Date"), the Company shall issue to the Employee in a single payment the shares of Common Stock subject to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Death or Disability</u>. If the Employee's employment with the Employers and Affiliates terminates prior to the Vesting Date by reason of death or Disability, then on the date of the Employee's termination of employment a pro rata portion of the Award (in the case of termination prior to the Certification Date, without regard to the adjustment set forth in Section 2, and in the case of termination on or following the Certification Date, after the adjustment set forth in Section 2) shall become nonforfeitable and the Restriction Period with respect to such pro rata portion of the Award shall terminate, and the remaining portion of the Award shall be forfeited and the Employee (or his or her beneficiary, as applicable) shall have no rights with respect thereto (including, without limitation, any rights relating to unvested accumulated dividend equivalents under Section 5.4). Such pro-rata portion shall be equal to the number of shares of Common Stock subject to the Award, multiplied by a fraction, the numerator of which is the number of whole months commencing on January 1, 2026 and ending on the date of the Employee's termination, and the denominator of which is 36. Within sixty (60) days following the date of the Employee's termination of employment, the Company shall issue to the Employee or the Employee's designated beneficiary, as applicable, in a single payment the shares of Common Stock subject to the portion of the Award that has become nonforfeitable; <u>provided</u>, <u>however</u>, that if the Employee terminated employment by reason of Disability, the Award is subject to section 409A of the Code, and the Employee is a Specified Employee as of the date of his or her termination of employment, then such payment shall be delayed until and made during the seventh calendar month following the calendar month during which the Employee's termination of employment occurs (or, if earlier, the calendar month following the calendar month of the Employee's death). For purposes of this Award Agreement, "Disability" shall mean a disability within the meaning of the long-term disability plan of the Employee's Employer, as determined by the disability insurer of such plan.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Retirement</u>. If the Employee's employment with the Employers and Affiliates terminates prior to the Vesting Date by reason of Retirement, then a pro rata portion of the Award shall become nonforfeitable (based on actual achievement of the Performance Measures through the end of the applicable Performance Period(s)), and the remaining portion of the Award shall be forfeited and the Employee (or his or her beneficiary, as applicable) shall have no rights with respect thereto (including, without limitation, any rights relating to unvested accumulated dividend equivalents under Section 5.4). Such pro-rata portion shall be equal to the number of shares of Common Stock subject to the Award, multiplied by a fraction, the numerator of which is the number of whole months commencing on January 1, 2026 and ending on the date of the Employee's termination, and the denominator of which is 36. On the Release Date, the Company shall issue to the Employee in a single payment the shares of Common Stock subject to the Award that are nonforfeitable as a result of the Employee's termination of employment due to Retirement. For purposes of this Award Agreement, "Retirement" shall mean the Employee's termination of employment with the Employers and Affiliates on or after January 1, 2027 and at or after the Employee's attainment of age 66.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Termination of Employment</u>. If the Employee's employment with the Employers and Affiliates terminates prior to the Vesting Date for any reason other than death, Disability or Retirement (including if the Employee's employment is terminated prior to the Vesting Date by reason of the Employee's negligence or willful misconduct, in each case as determined by the Company in its sole discretion, irrespective of whether such termination occurs on or after the Employee attains age 66), then on the date of the Employee's termination of employment the Award shall be forfeited and shall be canceled by the Company and the Employee shall have no rights with respect thereto (including, without limitation, any rights relating to accumulated dividend equivalents under Section 5.4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Forfeiture of Award and Award Gain upon Competition, Misappropriation, Solicitation or Disparagement</u>. Notwithstanding any other provision herein, if the Employee engages in (i) Competition (as defined in this Section 3(e) below); (ii) Misappropriation (as defined in this Section 3(e) below); (iii) Solicitation (as defined in this Section 3(e) below) or (iv) Disparagement (as defined in this Section 3(e) below), then (i) on the date of such Competition, Misappropriation, Solicitation or Disparagement, the Award immediately shall be forfeited and shall be canceled by the Company and the Employee shall have no rights with respect thereto (including, without limitation, any rights relating to accumulated dividend equivalents under Section 5.4) and (ii) in the event that the Award became nonforfeitable within the twelve months immediately preceding such Competition, Misappropriation, Solicitation or Disparagement, the Employee shall pay the Company, within five business days of receipt by the Employee of a written demand therefor, an amount in cash determined by multiplying the number of shares of Common Stock subject to the portion of the Award on the date that it became nonforfeitable (without reduction for any shares of Common Stock withheld by the Company pursuant to Section 5.3) by the Fair Market Value of a share of Common Stock on the date that the Award was paid. The Employee acknowledges and agrees that the Award, by encouraging stock ownership and thereby increasing an employee's proprietary interest in the Company's success, is intended as an incentive to participating employees to remain in the employ of the Employers or an Affiliate. The Employee acknowledges and agrees that this Section 3(e) is therefore fair and reasonable, and not a penalty.

The Employee may be released from the Employee's obligations under this Section 3(e) only if and to the extent the Board determines in its sole discretion that such release is in the best interests of the Company. Moreover, the provisions of Section 3(e)(i) (with respect to the Employee's engagement in Competition) and 3(e)(iii) (with respect to the Employee's engagement in Solicitation) are inapplicable and will not be enforced against the Employee if the Employee regularly performed services for the Employers in California or, regardless of where this Award Agreement was signed or where the Employee regularly performed services for the Employers, if those sections would have the effect of prohibiting the Employee from seeking or obtaining work in California.

The Employee agrees that by accepting this Award Agreement the Employee authorizes the Employers and any Affiliate to deduct any amount owed by the Employee pursuant to this Section 3(e) from any amount payable by the Employers or any Affiliate to the Employee, including, without limitation, any amount payable to the Employee as salary, wages, vacation pay or bonus as allowed under state law. The Employee further agrees to execute any documents at the time of setoff required by the Employers and any Affiliate in order to effectuate the setoff. This right of setoff shall not be an exclusive remedy (the Company shall be entitled to any other remedy permitted under applicable law) and an Employer's or an Affiliate's election not to exercise this right of setoff with respect to any amount payable to the Employee shall not constitute a waiver of this right of setoff with respect to any other amount payable to the Employee or any other remedy. Should the Company institute a legal action against the Employee to recover the amounts due, the Employee agrees to reimburse the Company for its reasonable attorneys' fees and litigation costs incurred in recovering such amounts from the Employee.

------

For purposes of this Award Agreement, "Competition" shall mean that the Employee, directly or indirectly, individually or in conjunction with any Person, during the Employee's employment with the Employers and the Affiliates and for the twelve months after the termination of that employment for any reason, other than on any Employer's or Affiliate's behalf (i) has contact with, or provides any information to a third party in connection with its or their direct or indirect solicitation of, any customer or prospective customer of an Employer or Affiliate with whom the Employee had contact during the one year period immediately prior to termination of the Employee's employment which has been contacted or solicited by or on behalf of an Employer or Affiliate, for the purpose of soliciting or selling to such customer or prospective customer the same or a similar (such that it could substitute for) product or service provided by an Employer or Affiliate during the Employee's employment with the Employers and Affiliates; or (ii)

works for a builder, seller and/or operator of wireless towers or entity that has as its primary business the sale or purchase of licensed wireless spectrum in the same or similar role for which the Employee worked for any Employer or Affiliate or which is likely to require utilizing any Confidential Information (as defined below) acquired while employed by any Employer or Affiliate in any market within the continental United States in which an Employer or Affiliate provided such products or services during the Employee's employment with an Employer or Affiliate or had plans to do so within the twelve-month period immediately following the Employee's termination of employment. "Work for" includes the provision of services, whether paid or unpaid, as an employee, officer, director, consultant or advisor.

For purposes of this Award Agreement, "Misappropriation" shall mean that the Employee (i) uses Confidential Information (as defined below) for the benefit of anyone other than the Employers or an Affiliate, as the case may be, or discloses the Confidential Information to anyone not authorized by the Employers or an Affiliate, as the case may be, to receive such information; (ii) upon termination of employment, makes any summaries of, takes any notes with respect to or memorizes any Confidential Information or takes any Confidential Information or reproductions thereof from the facilities of the Employers or an Affiliate or (iii) upon termination of employment or upon the request of the Employers or an Affiliate, fails to return all Confidential Information then in the Employee's possession. For the avoidance of doubt, "Misappropriation" does not include disclosure of Confidential Information in the reporting of any allegations of unlawful conduct to any governmental official for investigation, including by filing a charge or complaint with any federal, state or local governmental agency or commission, such as the U.S. Securities and Exchange Commission, or by participating in any such agency or commission's investigation without notice to the Employers, or to an attorney, provided that the Employee informs the official, agency, commission or attorney that the Employers and/or Affiliates deem the information to be confidential. The Employee may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (a) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and provided that such disclosure is solely for the purpose of reporting or investigating a suspected violation of the law, or (b) in a complaint or other document filed in a lawsuit or other proceeding, provided that such filing is made under seal. Additionally, in the event the Employee files a lawsuit against the Employer for retaliation by the Employer against the Employee for reporting a suspected violation of law, the Employee has the right to provide trade secret information to their attorney and use the trade secret information in the court proceeding, although the Employee must file any document containing the trade secret under seal and may not disclose the trade secret, except pursuant to court order.

"Confidential Information" shall mean any information that the Employee learns or develops during the course of employment with an Employer or Affiliate that gives the Employer or any Affiliate a commercial advantage over a competitor that does not have such information and/or information that is not generally known to Persons outside the Employer or Affiliate, regardless of whether it is labeled confidential. Such information includes, but is not limited to, any confidential and proprietary drawings, reports, sales and training manuals, customer lists, computer programs and other material embodying trade secrets or confidential technical, business, or financial information of any Employer or an Affiliate. Confidential Information also includes information of third parties for which an Employer or Affiliate has accepted obligations of confidentiality. Nothing in this Award Agreement shall be interpreted or applied in a way that interferes with the Employee's legal right to engage in Section 7 activities under the National Labor Relations Act as well as any right to make truthful statements or disclosures regarding wages, hours and/or other terms and conditions of employment, which may be subject to an enforceable non-disclosure or confidentiality obligation pursuant to some other contract, policy, or arrangement or applicable law.

For purposes of this Award Agreement, "Solicitation" shall mean that the Employee, directly or indirectly, individually or in conjunction with any Person, during the Employee's employment with the Employers and the Affiliates and for the twelve months after the termination of that employment for any reason, other than on any Employer's or Affiliate's behalf, solicits, induces or encourages (or attempts to solicit, induce or encourage) any individual away from any Employer's or Affiliate's employ or from the faithful discharge of such individual's contractual and fiduciary obligations to serve the Employers' and Affiliates' interests with undivided loyalty.

For purposes of this Award Agreement, "Disparagement" shall mean that the Employee has made a material statement (whether oral, written or electronic), or released any material information or encouraged others to make such a statement or release such information, to any Person other than to an officer of an Employer or an Affiliate that, if the Employee is considered a supervisor under the National Labor Relations Act, is designed to embarrass, disparage or demean an Employer, an Affiliate, or any of their respective owners, directors, officers, employees, products or services, or if the Employee is not considered a supervisor under the National Labor Relations Act, is so disloyal, reckless or maliciously untrue as to lose its status as protected activity, including under the National Labor Relations Act, about an Employer, an Affiliate, or any of their respective owners, directors, officers, employees, products or services. For the avoidance of doubt, "Disparagement" does not include making truthful statements (i) when required by legal process to do so by a court of law, (ii) to any governmental agency having supervisory authority over the business of an Employer or Affiliate, or (iii) when required by any administrative or legislative body (including a committee thereof) with the jurisdiction to order the Employee to divulge, disclose or make accessible such information.

------

**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Control</u>**. The treatment of the Award in connection with a Change in Control shall be governed by Section 7.9 of the Plan.

**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Terms and Conditions of Award</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Transferability of Award</u>. Except (i) to a beneficiary upon the Employee's death (as designated in such form prescribed by the Company or pursuant to the terms of the Plan, and which may be designated on both a primary and contingent basis) or (ii) pursuant to a court order entered in connection with a dissolution of marriage or child support, the Employee may not sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Award (whether by operation of law or otherwise) and the Award otherwise may not be subject to execution, attachment or similar process. Upon any attempt by the Employee to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Award, the Award and all rights hereunder shall immediately become null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Investment Representation</u>. The Employee hereby represents and covenants that (a) any shares of Common Stock acquired upon the lapse of restrictions with respect to the Award will be acquired for investment and not with a view to the distribution thereof within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), unless such acquisition has been registered under the Securities Act and any applicable state securities laws; (b) any subsequent sale of any such shares shall be made either pursuant to an effective registration statement under the Securities Act and any applicable state securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities laws; and (c) if requested by the Company, the Employee shall submit a written statement, in a form satisfactory to the Company, to the effect that such representation is true and correct as of the date of acquisition of any shares hereunder or is true and correct as of the date of sale of any such shares, as applicable. As a condition precedent to the issuance or delivery to the Employee of any shares subject to the Award, the Employee shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance or delivery of the shares and, in connection therewith, shall execute any documents which the Board shall in its sole discretion deem necessary or advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Tax Withholding</u>. The Employee timely shall pay to the Company such amount as the Company may be required, under all applicable federal, state, local or other laws or regulations, to withhold and pay over as income or other withholding taxes (the "Required Tax Payments") with respect to the Award. The Required Tax Payments shall be satisfied by the Company withholding whole shares of Common Stock which otherwise would be delivered to the Employee pursuant to the Award, having an aggregate Fair Market Value determined as of the date the obligation to withhold or pay taxes arises in connection with the Award. Shares of Common Stock to be withheld may not have an aggregate Fair Market Value in excess of the amount determined by applying the minimum statutory tax withholding obligations owed with respect to the Award as of such date; <u>provided</u>, <u>however</u>, that the number of shares to be withheld to satisfy the Required Tax Payments shall be rounded up to the nearest whole share, and the Company shall reimburse the Employee in cash for any such excess tax withholding as soon as practicable thereafter.

Notwithstanding the foregoing provisions of this Section 5.3, an Employee shall satisfy his or her obligation to advance employment taxes owed prior to the date that the Restriction Period with respect to the Award terminates, if any, by a cash payment to the Company, and the Employee hereby authorizes the Company or any Affiliate to deduct such cash payment from any amount payable by the Company or such Affiliate to the Employee, including without limitation any amount payable to the Employee as salary or wages, as allowed under state law. The Employee agrees that this authorization may be reauthorized via electronic means determined by the Company, and that the Employee may revoke this authorization by written notice to the Company prior to any such deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>No Rights as a Stockholder; Dividend Equivalents</u>. The Employee shall not be entitled to any privileges of ownership with respect to the shares of Common Stock subject to the Award unless and until, and only to the extent, the restrictions on the Award lapse and the shares are issued and the Employee becomes a stockholder of record with respect to such shares.

As of each date prior to the settlement of the Award on which the Company pays a regular cash dividend to record owners of shares of Common Stock (a "Dividend Date"), then the number of shares subject to the Award at that time shall increase by (i) the product of the number of shares subject to the Award immediately prior to such Dividend Date (taking into account any adjustment pursuant to Section 2 and any cash dividend equivalents previously credited pursuant to this Section 5.4) multiplied by the dollar amount of the cash dividend paid per share of Common Stock on such Dividend Date, divided by (ii) the Fair Market Value of a share of Common Stock on such Dividend Date, with such amount rounded down to the nearest whole number. Any such additional shares shall be subject to the same vesting conditions and payment terms set forth herein as the shares to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Adjustment</u>. In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation—Stock Compensation or any successor or replacement accounting standard) that causes the per share value of shares of Common Stock to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an extraordinary cash dividend, the terms of the Award, including the number and class of securities subject to the Award, shall be appropriately adjusted by the Board. In the event of any other change in corporate capitalization, including a merger, consolidation, reorganization or partial or complete liquidation of the Company, such adjustment described in the foregoing sentence may be made as determined to be appropriate and equitable by the Board to prevent dilution or enlargement of rights of participants. In either case, the decision of the Board regarding any such adjustment shall be final, binding and conclusive.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. <u>Compliance with Applicable Law</u>. The Award is subject to the condition that if the listing, registration or qualification of the shares of Common Stock subject to the Award upon any securities exchange or under any law, the consent or approval of any governmental body or the taking of any other action is necessary or desirable as a condition of, or in connection with, the delivery of shares, such shares will not be delivered unless such listing, registration, qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent, approval or other action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <u>Delivery of Shares</u>. On the date of payment of the Award, the Company shall deliver or cause to be delivered to the Employee (or the Employee's beneficiary, as applicable) one or more certificates issued in the Employee's (or beneficiary's) name (or such name as is acceptable to the Company and designated in writing by the Employee (or beneficiary)) representing the shares of Common Stock that have become vested pursuant to this Award (or such delivery shall be evidenced by appropriate entry in the books of the Company or a duly authorized transfer agent of the Company). The holder of the Award shall pay all original issue or transfer taxes and all fees and expenses incident to such delivery, unless the Company in its discretion elects to make such payment. Prior to the issuance to the Employee of shares of Common Stock with respect to the vested Award, the Employee shall have no direct or secured claim in any specific assets of the Company or in such shares, and will have the status of a general unsecured creditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. <u>Award Confers No Rights to Continued Employment or Service</u>. In no event shall the granting of the Award or the acceptance of this Award Agreement and the Award by the Employee give or be deemed to give the Employee any right to continued employment by or service with any Employer or any subsidiary or affiliate of an Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9. <u>Decisions of Board</u>. The Board or its delegate shall have the right to resolve all questions which may arise in connection with the Award. Any interpretation, determination or other action made or taken by the Board or its delegate regarding the Award, the Plan, this Award Agreement or the Award Summary shall be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10. <u>Award Agreement and Award Summary Subject to the Plan</u>. This Award Agreement and the Award Summary are subject to the provisions of the Plan, and shall be interpreted in accordance therewith. The Employee hereby acknowledges receipt of a copy of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11. <u>Award Subject to Clawback</u>. The Award and any shares of Common Stock delivered pursuant to the Award are subject to forfeiture, recovery by the Company or other action pursuant to the Company's Policy on Recoupment and Forfeiture of Incentive Compensation, and any other clawback or recoupment policy which the Company may adopt from time to time

**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous Provisions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Successors</u>. This Award Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any Person or Persons who shall acquire any rights hereunder in accordance with this Award Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Notices</u>. All notices, requests or other communications provided for in this Award Agreement shall be made in writing either (a) by actual delivery to the party entitled thereto, (b) by mailing in the United States mail to the last known address of the party entitled thereto, via certified or registered mail, postage prepaid and return receipt requested, (c) by electronic mail, utilizing notice of undelivered electronic mail features or (d) by telecopy with confirmation of receipt. The notice, request or other communication shall be deemed to be received (a) in case of delivery, on the date of its actual receipt by the party entitled thereto, (b) in case of mailing by certified or registered mail, five days following the date of such mailing, (c) in case of electronic mail, on the date of mailing but only if a notice of undelivered electronic mail is not received or (d) in case of telecopy, on the date of confirmation of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Governing Law</u>. The Award, this Award Agreement, the Award Summary and the Plan, and all determinations made and actions taken pursuant thereto, to the extent otherwise not governed by the Code or the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance therewith without giving effect to principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Modification and Severability</u>. It is the intention of the parties that if any term, restriction, covenant, or promise in this Award Agreement is found to be invalid, illegal or unenforceable in any respect, then such term, restriction, covenant, or promise shall be modified to the minimum extent necessary to make it valid, legal and enforceable. The parties agree that in the event that any part of this Award Agreement shall be declared invalid, it shall not affect the validity of any of the remaining terms or provisions of this Award Agreement. The restrictive covenants and agreements of the Employee related thereto shall survive the termination of this Award Agreement for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>Consideration of Award Agreement</u>. The Employee hereby acknowledges that the Employee has been provided at least fourteen (14) days within which to consider this Award Agreement and has been advised in writing that the Employee should consult an attorney prior to accepting it. The Employee further acknowledges that the Employee has carefully read and fully understands this Award Agreement in its entirety, has reviewed this Award Agreement with individuals of the Employee's own choosing, and that the Employee has entered into this Award Agreement knowingly and voluntarily, and intends to be bound thereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Amendment and Waiver</u>. The Company may amend or waive the provisions of this Award Agreement at any time; <u>provided</u>, <u>however</u>, that if any such amendment or waiver would materially impair the rights of the Employee, such amendment or waiver shall be effective only with the written agreement of the Employee. No course of conduct or failure or delay in enforcing the provisions of this Award Agreement shall affect the validity, binding effect or enforceability of this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. <u>Compliance with Section 409A of the Code</u>. If the Award is subject to section 409A of the Code, then for any purpose required under section 409A of the Code, all references herein to "termination of employment" or similar references shall mean Separation from Service. It is intended that the Award, this Award Agreement, the Award Summary and the Plan be exempt from the requirements of section 409A of the Code to the maximum extent permissible under law. To the extent section 409A of the Code applies to the Award, this Award Agreement, the Award Summary and/or the Plan, it is intended that the Award, this Award Agreement, the Award Summary and the Plan comply with the requirements of section 409A of the Code to the maximum extent permissible under law. The Award, this Award Agreement, the Award Summary and the Plan shall be administered and interpreted in a manner consistent with this intent. In the event that the Award, this Award Agreement, the Award Summary or the Plan does not comply with section 409A of the Code (to the extent applicable thereto), the Company shall have the authority to amend the terms of the Award, this Award Agreement, the Award Summary or the Plan (which amendment may be retroactive to the extent permitted by section 409A of the Code and, notwithstanding any other provision of this Award Agreement, may be made by the Company without the consent of the Employee) to avoid taxes and other penalties under section 409A of the Code, to the extent possible. Notwithstanding the foregoing, no particular tax result for the Employee with respect to any income recognized by the Employee in connection with the Award, this Award Agreement and the Award Summary is guaranteed, and the Employee solely shall be responsible for any taxes, penalties, interest or other losses or expenses incurred by the Employee in connection with the Award, this Award Agreement and the Award Summary.

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| | |
|:---|:---|
| **ARRAY DIGITAL INFRASTRUCTURE, INC.** | **ARRAY DIGITAL INFRASTRUCTURE, INC.** |
| By: |  |
|  | Anthony J. M. Carlson |
|  | President & Chief Executive Officer |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***<u>Accept grant electronically via Employee's account at www.shareworks.com/login</u>* <u>(or via such other method as prescribed by the Company)</u>**

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EXHIBIT A

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| | | |
|:---|:---|:---|
| <br>**ELEMENT** | <br>**ELEMENT** | <br>**PROVISION** |
| **Performance Period,**<br>**Performance Measures, and Weightings** | **Performance Period,**<br>**Performance Measures, and Weightings** | January 1, 2026 to December 31, 2026: Adjusted Revenue (40%)<br>January 1, 2026 to December 31, 2026: Adjusted OIBDA (40%) <br>January 1, 2026 to December 31, 2028: Relative Total Shareholder Return ("TSR") (20%) |
| &nbsp;&nbsp;&nbsp;**Performance Measure Definitions** | **Adjusted Revenue** | •&nbsp;&nbsp;&nbsp;&nbsp;Payout range (percentage of target): 0% to 200%<br>•&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Revenue is defined as operating revenue excluding TMUS MLA Interim Site revenue, Dish revenue, and impact of one-time payment from TMUS for active microwaves during the integration period (if the parties come to terms on an agreement for this) |
| &nbsp;&nbsp;&nbsp;**Performance Measure Definitions** | **Adjusted OIBDA** | •&nbsp;&nbsp;&nbsp;&nbsp;Payout range (percentage of target): 0% to 200%<br>•&nbsp;&nbsp;&nbsp;&nbsp;Adjusted OIBDA is defined as adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, and excludes Equity in earnings of unconsolidated entities and interest and dividend income, Revenue items listed above, Corporate assessments, bonus and PSU expense, Strategic Alternatives review costs, and Legal cost that relates to legacy UScellular matters (i.e., any legal cost that is not classified as "Tower" in the detailed legal budget submission) |
| &nbsp;&nbsp;&nbsp;**Performance Measure Definitions** | **Relative TSR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Payout range (percentage of target): 0% to 200%<br>•&nbsp;&nbsp;&nbsp;&nbsp;Determined for the Company, as well as the Peer Group (as defined below), from the beginning to the end of the Performance Period.<br>•&nbsp;&nbsp;&nbsp;&nbsp;Calculations subject to the following rules:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Beginning stock price is the thirty (30) trading-day average closing stock price preceding January 1 of the first year of the Performance Period.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Ending stock price is the thirty (30) trading-day average closing stock price preceding January 1 of the year following the end of the Performance Period<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Dividends, if any, are deemed to be reinvested in additional shares of the subject company, based on the then-current closing stock price.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;TSR is expressed as an annualized percentage.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Members of the Peer Group acquired (i.e., a transaction where the member is not the surviving entity), taken private or no longer publicly traded in the U.S. during the Performance Period will be deleted from the Peer Group and not included in the TSR calculation at any time during the three-year Performance Period.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Members of the Peer Group that go bankrupt, are liquidated or dissolved, or otherwise cease conducting operations during the Performance Period will be deemed to have a TSR equal to<br> -100% for the entire three-year Performance Period.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;The Company is not included in the Peer Group for purposes of determining the Company's percentile ranking versus the Peer Group.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;The Company's percentile ranking will be rounded to the nearest one-tenth of a percentage point. |

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------

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| | |
|:---|:---|
| <br>**ELEMENT** | <br>**PROVISION** |
| **Peer Group** | The Peer Group consists of the following companies (or their publicly-traded successors by merger or other transaction in which the below company or one of its subsidiaries prior to the transaction is the surviving and continuing corporation):<br>American Tower Corp.<br>ATN International, Inc.<br>AT&T, Inc.<br>Cable One, Inc.<br>Charter Communications, Inc.<br>Comcast Corp.<br>Crown Castle International Corp.<br>EchoStar Corp.<br>Harmonic, Inc.<br>IDT Corporation<br>Iridium Communications, Inc.<br>Lumen Technologies, Inc.<br>Optimum Communications, Inc.<br>SBA Communications Corp.<br>Shenandoah Telecommunications Co.<br>T-Mobile U.S., Inc.<br>Uniti Group, Inc.<br>Verizon Communications, Inc.<br>ViaSat Inc. |

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Adjustment recommendations related to changes in Generally Accepted Accounting Principles and/or other unusual or nonrecurring events affecting the Company or its financial statements and/or changes in applicable laws or regulations (including major business decisions such as acquisition and divestiture activity) that, without their adjustment, would cause the calculated result to differ from the unadjusted calculation and therefore not reflect the true performance delivered in the Performance Period will be evaluated by the Board to determine if adjustment to actual or target results is warranted.

## Exhibit 10.3

**Exhibit 10.3**

**ARRAY DIGITAL INFRASTRUCTURE, INC.**

**2022 LONG-TERM INCENTIVE PLAN**

**2026 RESTRICTED STOCK UNIT AWARD AGREEMENT**

Array Digital Infrastructure, Inc., a Delaware corporation (the "Company"), hereby grants to the recipient of this award (the "Employee") as of the date (the "Grant Date") set forth in the "Stock Options and Awards" section of the Employee's Company on-line account with Shareworks (the "Award Summary"), a Restricted Stock Unit Award (the "Award") with respect to the number of shares of Common Stock set forth in the Award Summary. The Award is granted pursuant to the provisions of the Array Digital Infrastructure, Inc. 2022 Long-Term Incentive Plan, as amended from time to time (the "Plan") and is subject to the restrictions, terms and conditions set forth below. Capitalized terms not defined herein shall have the meanings specified in the Plan.

**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award Subject to Acceptance</u>**

The Award shall become null and void unless the Employee accepts the Award and this Award Agreement electronically by utilizing the Employee's Company on-line account with Shareworks, which is accessed at www.shareworks.com/login (or via such other method as prescribed by the Company).

**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restriction Period and Forfeiture</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>In General</u>. Except as otherwise provided in this Award Agreement, the Restriction Period with respect to one-third of the shares of Common Stock subject to the Award shall terminate on each of the first, second and third annual anniversaries of the Grant Date (each such date on which the Restriction Period terminates, a "Vesting Date"), provided that the Employee remains continuously employed by the Employers and Affiliates until the applicable Vesting Date. Within sixty (60) days following the applicable Vesting Date, the Company shall issue to the Employee in a single payment the shares of Common Stock subject to the Award that have ceased to be subject to the Restriction Period as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Death, Disability or Retirement</u>. If the Employee's employment with the Employers and Affiliates terminates prior to the date that the Award has vested in full by reason of death, Disability or Retirement, then on the date of the Employee's termination of employment a pro rata portion of the Award shall become nonforfeitable and the Restriction Period with respect to such pro rata portion of the Award shall terminate, and the remaining portion of the Award, to the extent then outstanding, shall be forfeited and the Employee (or his or her beneficiary, as applicable) shall have no rights with respect thereto (including, without limitation, any rights relating to unvested accumulated dividend equivalents under Section 4.4). Such pro-rata portion shall be equal to (i) the number of shares of Common Stock subject to the Award as of the Grant Date (as increased by accumulated dividend equivalents under Section 4.4), multiplied by a fraction, the numerator of which is the number of whole months commencing on the Grant Date and ending on the date of the Employee's termination, and the denominator of which is 36, reduced by (ii) the number of shares of Common Stock subject to the Award that became nonforfeitable prior to the Employee's termination, if any. Within sixty (60) days following the date of the Employee's termination of employment, the Company shall issue to the Employee or the Employee's designated beneficiary, as applicable, in a single payment the shares of Common Stock subject to the portion of the Award that has become nonforfeitable; <u>provided</u>, <u>however</u>, that if the Employee terminated employment by reason of Disability or Retirement, the Award is subject to section 409A of the Code, and the Employee is a Specified Employee as of the date of his or her termination of employment, then such payment shall be delayed until and made during the seventh calendar month following the calendar month during which the Employee's termination of employment occurs (or, if earlier, the calendar month following the calendar month of the Employee's death).

For purposes of this Award Agreement, (i) "Disability" shall mean a disability within the meaning of the long-term disability plan of the Employee's Employer, as determined by the disability insurer of such plan and (ii) "Retirement" shall mean the Employee's termination of employment with the Employers and Affiliates on or after January 1, 2027 and at or after the Employee's attainment of age 66.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Termination of Employment</u>. If the Employee's employment with the Employers and Affiliates terminates prior to the date that the Award has vested in full for any reason other than death, Disability or Retirement (including if the Employee's employment is terminated by reason of the Employee's negligence or willful misconduct, in each case as determined by the Company in its sole discretion, irrespective of whether such termination occurs on or after the Employee attains age 66), then on the date of the Employee's termination of employment the Award (to the extent then outstanding) shall be forfeited and shall be canceled by the Company and the Employee shall have no rights with respect thereto (including, without limitation, any rights relating to accumulated dividend equivalents under Section 4.4).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Forfeiture of Award and Award Gain upon Competition, Misappropriation, Solicitation or Disparagement</u>. Notwithstanding any other provision herein, if the Employee engages in (i) Competition (as defined in this Section 2(d) below); (ii) Misappropriation (as defined in this Section 2(d) below); (iii) Solicitation (as defined in this Section 2(d) below) or (iv) Disparagement (as defined in this Section 2(d) below), then (i) on the date of such Competition, Misappropriation, Solicitation or Disparagement, the Award immediately shall be forfeited and shall be canceled by the Company and the Employee shall have no rights with respect thereto (including, without limitation, any rights relating to accumulated dividend equivalents under Section 4.4) and (ii) in the event that any portion of the Award became nonforfeitable within the twelve months immediately preceding such Competition, Misappropriation, Solicitation or Disparagement, the Employee shall pay the Company, within five business days of receipt by the Employee of a written demand therefor, an amount in cash determined by multiplying the number of shares of Common Stock subject to the portion of the Award that became nonforfeitable within such period (without reduction for any shares of Common Stock withheld by the Company pursuant to Section 4.3) by the Fair Market Value of a share of Common Stock on the date that such portion of the Award was paid. The Employee acknowledges and agrees that the Award, by encouraging stock ownership and thereby increasing an employee's proprietary interest in the Company's success, is intended as an incentive to participating employees to remain in the employ of the Employers or an Affiliate. The Employee acknowledges and agrees that this Section 2(d) is therefore fair and reasonable, and not a penalty.

The Employee may be released from the Employee's obligations under this Section 2(d) only if and to the extent the Board determines in its sole discretion that such release is in the best interests of the Company. Moreover, the provisions of Section 2(d)(i) (with respect to the Employee's engagement in Competition) and Section 2(d)(iii) (with respect to the Employee's engagement in Solicitation) are inapplicable and will not be enforced against the Employee if the Employee regularly performed services for the Employers in California or, regardless of where this Award Agreement was signed or where the Employee regularly performed services for the Employers, if those sections would have the effect of prohibiting the Employee from seeking or obtaining work in California.

The Employee agrees that by accepting this Award Agreement the Employee authorizes the Employers and any Affiliate to deduct any amount owed by the Employee pursuant to this Section 2(d) from any amount payable by the Employers or any Affiliate to the Employee, including, without limitation, any amount payable to the Employee as salary, wages, vacation pay or bonus, as allowed under state law. The Employee further agrees to execute any documents at the time of setoff required by the Employers and any Affiliate in order to effectuate the setoff. This right of setoff shall not be an exclusive remedy (the Company shall be entitled to any other remedy permitted under applicable law) and an Employer's or an Affiliate's election not to exercise this right of setoff with respect to any amount payable to the Employee shall not constitute a waiver of this right of setoff with respect to any other amount payable to the Employee or any other remedy. Should the Company institute a legal action against the Employee to recover the amounts due, the Employee agrees to reimburse the Company for its reasonable attorneys' fees and litigation costs incurred in recovering such amounts from the Employee.

For purposes of this Award Agreement, "Competition" shall mean that the Employee, directly or indirectly, individually or in conjunction with any Person, during the Employee's employment with the Employers and the Affiliates and for the twelve months after the termination of that employment for any reason, other than on any Employer's or Affiliate's behalf (i) has contact with, or provides any information to a third party in connection with its or their direct or indirect solicitation of, any customer or prospective customer of an Employer or Affiliate with whom the Employee had contact during the one year period immediately prior to termination of the Employee's employment which has been contacted or solicited by or on behalf of an Employer or Affiliate, for the purpose of soliciting or selling to such customer or prospective customer the same or a similar (such that it could substitute for) product or service provided by an Employer or Affiliate during the Employee's employment with the Employers and Affiliates; or (ii) works for a builder, seller and/or operator of wireless towers or entity that has as its primary business the sale or purchase of licensed wireless spectrum in the same or similar role for which the Employee worked for any Employer or Affiliate or which is likely to require utilizing any Confidential Information (as defined below) acquired while employed by any Employer or Affiliate in any market within the continental United States in which an Employer or Affiliate provided such products or services during the Employee's employment with an Employer or Affiliate or had plans to do so within the twelve-month period immediately following the Employee's termination of employment. "Work for" includes the provision of services, whether paid or unpaid, as an employee, officer, director, consultant or advisor.

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For purposes of this Award Agreement, "Misappropriation" shall mean that the Employee (i) uses Confidential Information (as defined below) for the benefit of anyone other than the Employers or an Affiliate, as the case may be, or discloses the Confidential Information to anyone not authorized by the Employers or an Affiliate, as the case may be, to receive such information; (ii) upon termination of employment, makes any summaries of, takes any notes with respect to or memorizes any Confidential Information or takes any Confidential Information or reproductions thereof from the facilities of the Employers or an Affiliate or (iii) upon termination of employment or upon the request of the Employers or an Affiliate, fails to return all Confidential Information then in the Employee's possession. For the avoidance of doubt, "Misappropriation" does not include disclosure of Confidential Information in the reporting of any allegations of unlawful conduct to any governmental official for investigation, including by filing a charge or complaint with any federal, state or local governmental agency or commission, such as the U.S. Securities and Exchange Commission, or by participating in any such agency or commission's investigation without notice to the Employers, or to an attorney, provided that the Employee informs the official, agency, commission or attorney that the Employers and/or Affiliates deem the information to be confidential. The Employee may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (a) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and provided that such disclosure is solely for the purpose of reporting or investigating a suspected violation of the law, or (b) in a complaint or other document filed in a lawsuit or other proceeding, provided that such filing is made under seal. Additionally, in the event the Employee files a lawsuit against the Employer for retaliation by the Employer against the Employee for reporting a suspected violation of law, the Employee has the right to provide trade secret information to their attorney and use the trade secret information in the court proceeding, although the Employee must file any document containing the trade secret under seal and may not disclose the trade secret, except pursuant to court order.

"Confidential Information" shall mean any information that the Employee learns or develops during the course of employment with an Employer or Affiliate that gives the Employer or any Affiliate a commercial advantage over a competitor that does not have such information and/or information that is not generally known to Persons outside the Employer or Affiliate, regardless of whether it is labeled confidential. Such information includes, but is not limited to, any confidential and proprietary drawings, reports, sales and training manuals, customer lists, computer programs and other material embodying trade secrets or confidential technical, business, or financial information of any Employer or an Affiliate. Confidential Information also includes information of third parties for which an Employer or Affiliate has accepted obligations of confidentiality. Nothing in this Award Agreement shall be interpreted or applied in a way that interferes with the Employee's legal right to engage in Section 7 activities under the National Labor Relations Act as well as any right to make truthful statements or disclosures regarding wages, hours and/or other terms and conditions of employment, which may be subject to an enforceable non-disclosure or confidentiality obligation pursuant to some other contract, policy, or arrangement or applicable law.

For purposes of this Award Agreement, "Solicitation" shall mean that the Employee, directly or indirectly, individually or in conjunction with any Person, during the Employee's employment with the Employers and the Affiliates and for the twelve months after the termination of that employment for any reason, other than on any Employer's or Affiliate's behalf, solicits, induces or encourages (or attempts to solicit, induce or encourage) any individual away from any Employer's or Affiliate's employ or from the faithful discharge of such individual's contractual and fiduciary obligations to serve the Employers' and Affiliates' interests with undivided loyalty.

For purposes of this Award Agreement, "Disparagement" shall mean that the Employee has made a material statement (whether oral, written or electronic), or released any material information or encouraged others to make such a statement or release such information, to any Person other than to an officer of an Employer or an Affiliate that, if the Employee is considered a supervisor under the National Labor Relations Act, is designed to embarrass, disparage or demean an Employer, an Affiliate, or any of their respective owners, directors, officers, employees, products or services, or if the Employee is not considered a supervisor under the National Labor Relations Act, is so disloyal, reckless or maliciously untrue as to lose its status as protected activity, including under the National Labor Relations Act, about an Employer, an Affiliate, or any of their respective owners, directors, officers, employees, products or services. For the avoidance of doubt, "Disparagement" does not include making truthful statements (i) when required by legal process to do so by a court of law, (ii) to any governmental agency having supervisory authority over the business of an Employer or Affiliate, or (iii) when required by any administrative or legislative body (including a committee thereof) with the jurisdiction to order the Employee to divulge, disclose or make accessible such information.

**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Control</u>**. The treatment of the Award in connection with a Change in Control shall be governed by Section 7.9 of the Plan.

**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Terms and Conditions of Award</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Transferability of Award</u>. Except (i) to a beneficiary upon the Employee's death (as designated in such form prescribed by the Company or pursuant to the terms of the Plan, and which may be designated on both a primary and contingent basis) or (ii) pursuant to a court order entered in connection with a dissolution of marriage or child support, the Employee may not sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Award (whether by operation of law or otherwise) and the Award otherwise may not be subject to execution, attachment or similar process. Upon any attempt by the Employee to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Award, the Award and all rights hereunder shall immediately become null and void.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Investment Representation</u>. The Employee hereby represents and covenants that (a) any shares of Common Stock acquired upon the lapse of restrictions with respect to the Award will be acquired for investment and not with a view to the distribution thereof within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), unless such acquisition has been registered under the Securities Act and any applicable state securities laws; (b) any subsequent sale of any such shares shall be made either pursuant to an effective registration statement under the Securities Act and any applicable state securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities laws; and (c) if requested by the Company, the Employee shall submit a written statement, in a form satisfactory to the Company, to the effect that such representation is true and correct as of the date of acquisition of any shares hereunder or is true and correct as of the date of sale of any such shares, as applicable. As a condition precedent to the issuance or delivery to the Employee of any shares subject to the Award, the Employee shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance or delivery of the shares and, in connection therewith, shall execute any documents which the Board shall in its sole discretion deem necessary or advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Tax Withholding</u>. The Employee timely shall pay to the Company such amount as the Company may be required, under all applicable federal, state, local or other laws or regulations, to withhold and pay over as income or other withholding taxes (the "Required Tax Payments") with respect to the Award. The Required Tax Payments shall be satisfied by the Company withholding whole shares of Common Stock which otherwise would be delivered to the Employee pursuant to the Award, having an aggregate Fair Market Value determined as of the date the obligation to withhold or pay taxes arises in connection with the Award. Shares of Common Stock to be withheld may not have an aggregate Fair Market Value in excess of the amount determined by applying the minimum statutory tax withholding obligations owed with respect to the Award as of such date; <u>provided</u>, <u>however</u>, that the number of shares to be withheld to satisfy the Required Tax Payments shall be rounded up to the nearest whole share, and the Company shall reimburse the Employee in cash for any such excess tax withholding as soon as practicable thereafter.

Notwithstanding the foregoing provisions of this Section 4.3, an Employee shall satisfy his or her obligation to advance employment taxes owed prior to the date that the Restriction Period with respect to the Award terminates, if any, by a cash payment to the Company, and the Employee hereby authorizes the Company or any Affiliate to deduct such cash payment from any amount payable by the Company or such Affiliate to the Employee, including without limitation any amount payable to the Employee as salary or wages, as allowed under state law. The Employee agrees that this authorization may be reauthorized via electronic means determined by the Company, and that the Employee may revoke this authorization by written notice to the Company prior to any such deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>No Rights as a Stockholder; Dividend Equivalents</u>. The Employee shall not be entitled to any privileges of ownership with respect to the shares of Common Stock subject to the Award unless and until, and only to the extent, the restrictions on the Award lapse and the shares are issued and the Employee becomes a stockholder of record with respect to such shares.

As of each date prior to the settlement of the Award on which the Company pays a regular cash dividend to record owners of shares of Common Stock (a "Dividend Date"), then the number of shares subject to the Award at that time shall increase by (i) the product of the number of shares subject to the Award immediately prior to such Dividend Date (taking into account any cash dividend equivalents previously credited pursuant to this Section 4.4) multiplied by the dollar amount of the cash dividend paid per share of Common Stock on such Dividend Date, divided by (ii) the Fair Market Value of a share of Common Stock on such Dividend Date, with such amount rounded down to the nearest whole number. Any such additional shares shall be subject to the same vesting conditions and payment terms set forth herein as the shares to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <u>Adjustment</u>. In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation—Stock Compensation or any successor or replacement accounting standard) that causes the per share value of shares of Common Stock to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an extraordinary cash dividend, the terms of the Award, including the number and class of securities subject to the Award, shall be appropriately adjusted by the Board. In the event of any other change in corporate capitalization, including a merger, consolidation, reorganization or partial or complete liquidation of the Company, such adjustment described in the foregoing sentence may be made as determined to be appropriate and equitable by the Board to prevent dilution or enlargement of rights of participants. In either case, the decision of the Board regarding any such adjustment shall be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <u>Compliance with Applicable Law</u>. The Award is subject to the condition that if the listing, registration or qualification of the shares of Common Stock subject to the Award upon any securities exchange or under any law, the consent or approval of any governmental body or the taking of any other action is necessary or desirable as a condition of, or in connection with, the delivery of shares, such shares will not be delivered unless such listing, registration, qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent, approval or other action.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <u>Delivery of Shares</u>. On the date of payment of the Award, the Company shall deliver or cause to be delivered to the Employee (or the Employee's beneficiary, as applicable) one or more certificates issued in the Employee's (or beneficiary's) name (or such name as is acceptable to the Company and designated in writing by the Employee (or beneficiary)) representing the shares of Common Stock that have become vested pursuant to this Award (or such delivery shall be evidenced by appropriate entry in the books of the Company or a duly authorized transfer agent of the Company). The holder of the Award shall pay all original issue or transfer taxes and all fees and expenses incident to such delivery, unless the Company in its discretion elects to make such payment. Prior to the issuance to the Employee of shares of Common Stock with respect to the vested Award, the Employee shall have no direct or secured claim in any specific assets of the Company or in such shares, and will have the status of a general unsecured creditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. <u>Award Confers No Rights to Continued Employment or Service</u>. In no event shall the granting of the Award or the acceptance of this Award Agreement and the Award by the Employee give or be deemed to give the Employee any right to continued employment by or service with any Employer or any subsidiary or affiliate of an Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9. <u>Decisions of Board</u>. The Board or its delegate shall have the right to resolve all questions which may arise in connection with the Award. Any interpretation, determination or other action made or taken by the Board or its delegate regarding the Award, the Plan, this Award Agreement or the Award Summary shall be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10. <u>Award Agreement and Award Summary Subject to the Plan</u>. This Award Agreement and the Award Summary are subject to the provisions of the Plan, and shall be interpreted in accordance therewith. The Employee hereby acknowledges receipt of a copy of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11. <u>Award Subject to Clawback</u>. The Award and any shares of Common Stock delivered pursuant to the Award are subject to forfeiture, recovery by the Company or other action pursuant to the Company's Policy on Recoupment and Forfeiture of Incentive Compensation, and any other clawback or recoupment policy which the Company may adopt from time to time.

**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous Provisions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Successors</u>. This Award Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any Person or Persons who shall acquire any rights hereunder in accordance with this Award Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Notices</u>. All notices, requests or other communications provided for in this Award Agreement shall be made in writing either (a) by actual delivery to the party entitled thereto, (b) by mailing in the United States mail to the last known address of the party entitled thereto, via certified or registered mail, postage prepaid and return receipt requested, (c) by electronic mail, utilizing notice of undelivered electronic mail features or (d) by telecopy with confirmation of receipt. The notice, request or other communication shall be deemed to be received (a) in case of delivery, on the date of its actual receipt by the party entitled thereto, (b) in case of mailing by certified or registered mail, five days following the date of such mailing, (c) in case of electronic mail, on the date of mailing but only if a notice of undelivered electronic mail is not received or (d) in case of telecopy, on the date of confirmation of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Governing Law</u>. The Award, this Award Agreement, the Award Summary and the Plan, and all determinations made and actions taken pursuant thereto, to the extent otherwise not governed by the Code or the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance therewith without giving effect to principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Modification and Severability</u>. It is the intention of the parties that if any term, restriction, covenant, or promise in this Award Agreement is found to be invalid, illegal or unenforceable in any respect, then such term, restriction, covenant, or promise shall be modified to the minimum extent necessary to make it valid, legal and enforceable. The parties agree that in the event that any part of this Award Agreement shall be declared invalid, it shall not affect the validity of any of the remaining terms or provisions of this Award Agreement. The restrictive covenants and agreements of the Employee related thereto shall survive the termination of this Award Agreement for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Consideration of Award Agreement</u>. The Employee hereby acknowledges that the Employee has been provided at least fourteen (14) days within which to consider this Award Agreement and has been advised in writing that the Employee should consult an attorney prior to accepting it. The Employee further acknowledges that the Employee has carefully read and fully understands this Award Agreement in its entirety, has reviewed this Award Agreement with individuals of the Employee's own choosing, and that the Employee has entered into this Award Agreement knowingly and voluntarily, and intends to be bound thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. <u>Amendment and Waiver</u>. The Company may amend or waive the provisions of this Award Agreement at any time; <u>provided</u>, <u>however</u>, that if any such amendment or waiver would materially impair the rights of the Employee, such amendment or waiver shall be effective only with the written agreement of the Employee. No course of conduct or failure or delay in enforcing the provisions of this Award Agreement shall affect the validity, binding effect or enforceability of this Award Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <u>Compliance with Section 409A of the Code</u>. If the Award is subject to section 409A of the Code, then for any purpose required under section 409A of the Code, all references herein to "termination of employment" or similar references shall mean Separation from Service. It is intended that the Award, this Award Agreement, the Award Summary and the Plan be exempt from the requirements of section 409A of the Code to the maximum extent permissible under law. To the extent section 409A of the Code applies to the Award, this Award Agreement, the Award Summary and/or the Plan, it is intended that the Award, this Award Agreement, the Award Summary and the Plan comply with the requirements of section 409A of the Code to the maximum extent permissible under law. The Award, this Award Agreement, the Award Summary and the Plan shall be administered and interpreted in a manner consistent with this intent. In the event that the Award, this Award Agreement, the Award Summary or the Plan does not comply with section 409A of the Code (to the extent applicable thereto), the Company shall have the authority to amend the terms of the Award, this Award Agreement, the Award Summary or the Plan (which amendment may be retroactive to the extent permitted by section 409A of the Code and, notwithstanding any other provision in this Award Agreement, may be made by the Company without the consent of the Employee) to avoid taxes and other penalties under section 409A of the Code, to the extent possible. Notwithstanding the foregoing, no particular tax result for the Employee with respect to any income recognized by the Employee in connection with the Award, this Award Agreement and the Award Summary is guaranteed, and the Employee solely shall be responsible for any taxes, penalties, interest or other losses or expenses incurred by the Employee in connection with the Award, this Award Agreement and the Award Summary.

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| | |
|:---|:---|
| **ARRAY DIGITAL INFRASTRUCTURE, INC.** | **ARRAY DIGITAL INFRASTRUCTURE, INC.** |
| By: |  |
|  | Anthony J. M. Carlson |
|  | President and Chief Executive Officer |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***<u>Accept grant electronically via Employee's account at www.shareworks.com/login (or via such other method as prescribed by the Company)</u>***

## Exhibit 31.1

**Exhibit 31.1**

**Certification of principal executive officer**

I, Anthony J. M. Carlson, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of Array Digital Infrastructure, Inc.;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 8, 2026

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| |
|:---|
| /s/ Anthony J. M. Carlson |
| Anthony J. M. Carlson<br>President and Chief Executive Officer<br>(principal executive officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of principal financial officer**

I, Vicki L. Villacrez, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of Array Digital Infrastructure, Inc.;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 8, 2026

---

| |
|:---|
| /s/ Vicki L. Villacrez |
| Vicki L. Villacrez<br>Executive Vice President, Chief Financial Officer and Treasurer<br>(principal financial officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification Pursuant to Section 1350 of Chapter 63**

**of Title 18 of the United States Code**

I, Anthony J. M. Carlson, the principal executive officer of Array Digital Infrastructure, Inc., certify that (i) the quarterly report on Form 10-Q for the first quarter of 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Array Digital Infrastructure, Inc.

---

| |
|:---|
| /s/ Anthony J. M. Carlson |
| Anthony J. M. Carlson |
| May 8, 2026 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Array Digital Infrastructure, Inc. and will be retained by Array Digital Infrastructure, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**Certification Pursuant to Section 1350 of Chapter 63**

**of Title 18 of the United States Code**

I, Vicki L. Villacrez, the principal financial officer of Array Digital Infrastructure, Inc., certify that (i) the quarterly report on Form 10-Q for the first quarter of 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Array Digital Infrastructure, Inc.

---

| |
|:---|
| /s/ Vicki L. Villacrez |
| Vicki L. Villacrez |
| May 8, 2026 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Array Digital Infrastructure, Inc. and will be retained by Array Digital Infrastructure, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

<br>