Document:

EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (the “Agreement”) is entered into between Lance M. Arnett (“Arnett”) and Power
Solutions International, Inc. (the “Company”). Arnett and the Company are collectively referred to herein as the “Parties.” This Agreement will be effective upon expiration of the revocation period provided in Section 11 of
this Agreement (the “Effective Date”). 
 RECITALS 

WHEREAS, Arnett currently serves as the Company’s Chief Executive Officer and has been employed with the Company since November, 2019;

 WHEREAS, Arnett and the Company entered into an Employment Agreement (the “Employment Agreement”) dated and effective on
February 15, 2021; 
 WHEREAS, the Parties have mutually agreed that it is in the best interests of the Parties to terminate the
Employment Agreement and facilitate Arnett’s transition out of the Company under the terms and conditions stated herein; 
 WHEREAS,
Arnett and PSI desire to enter into the following Agreement to (a) provide Arnett with the benefits described below in recognition of his contribution and service to the Company, (b) provide for Arnett’s cooperation as needed with
respect to the transition of his responsibilities and (c) avoid any disputes between them relating to or arising from Arnett’s employment by the Company or his resignation of employment. 

NOW, THEREFORE, in consideration of the promises and mutual agreements set forth in this Agreement, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows: 
 AGREEMENT 

1. Resignation of Employment. Arnett hereby voluntarily and irrevocably resigns from his employment as Chief Executive Officer, corporate officer and
any other position or appointment he holds with the Company effective May 31, 2022 (the “Separation Date”). Arnett’s separation will be announced in a statement mutually prepared by the Company and Arnett. If the Parties cannot
in good faith agree on a mutually prepared statement, the Company reserves the right to make any statement the Company reasonably believes it is legally required to make. The Company and Arnett will use best efforts to agree on the final content of
the mutually prepared statement within seven calendar days after the signing of this Agreement. The Company will continue to employ Arnett and will continue to provide Arnett with all compensation and benefits set forth in Paragraph 4 of his
Employment Agreement through the Separation Date. On or before the next regularly scheduled pay period following the Separation Date, Arnett will receive payment for any unpaid final wages for time worked through and including the Separation Date.
Except as set forth herein, all compensation and employee benefits will terminate on the Separation Date and Arnett will not be entitled to any additional compensation, bonuses, equity awards, Long Term Incentive bonus, employee benefits or other
consideration. Arnett waives any right to apply for re-employment with the Company and any such application may be rejected without explanation. The Company agrees not to contest Arnett’s application to
receive unemployment benefits. 

 2. Separation Benefits. 

A. The Company will pay Arnett severance pay in the total amount of $425,000 less applicable withholdings required by applicable law in 12
equal monthly installments of $35,416.67 payable on the last day of each month beginning on June 30, 2022. The payment will not be considered compensation for retirement or other compensation plan purposes. 

B. If Arnett timely elects COBRA health insurance continuation coverage, the Company will pay a proportional share of the premiums owed by
Arnett as if Arnett were still employed by the Company for a period of twelve months. Arnett will be responsible for submitting all notices and forms required to elect COBRA. 

C. The Company will pay Arnett $17,708.33 under the 2019 Long Term Incentive (LTI) plan, once approved by the Compensation committee, at the
same time other LTI participants are paid. as full and complete payment under the LTI plan. Once determined by the Company, if any, the Company will pay Arnett any Key Performance Indicator (KPI) bonus on a pro rata basis through the Separation Date
once determined by the Company at the same time as other KPI participants are paid out. 
 D. Arnett acknowledges and agrees that he has 30
days from his termination date to exercise any vested Stock Appreciation Rights (SARs), including, but not limited to the 16,666 SARs with vesting date November 25, 2020, 16,666 SARs with vesting date November 25, 2021 and 20,000 SARS with
vesting date February 19, 2022 granted to Arnett pursuant to the December 10, 2019 and February 19, 2021 Stock Appreciation Rights Agreements respectively. Arnett further acknowledges and agrees that any and all unvested SARs granted
to him in the December 10, 2019 and February 19, 2021 Stock Appreciation Rights Agreements are forfeited and shall be void and unenforceable against the Company, including, but not limited to 16,667 SARs with vesting date November 25,
2022, 20,000 SARs with vesting date February 19, 2023, 20,000 SARs with vesting date February 19, 2024, 20,000 SARs with vesting date February 19, 2025 and 1,875 SARs with vesting date March 18, 2022. 

Arnett acknowledges and agrees that he is responsible for any and all tax liability, if any, arising from the Separation Benefits provided in Paragraph 2.

 3. Indemnification. The Company agrees that the Indemnification Agreement between Arnett and the Company effective February 15, 2021
(“Indemnification Agreement”) remains in full force and effect. A true and accurate copy of the Indemnification Agreement is attached hereto as Exhibit A and is fully incorporated by reference. 

4. Release and Representations. 
 A.
Release of the Company. In exchange for the consideration specified in this Agreement, except for claims specifically exempted from the terms of this Release under the Agreement, Arnett, on behalf of himself and his heirs, legatees, personal
representatives and assigns, releases and discharges the Company, the Company affilliates, and each of their respective officers, directors, members, managers, partners and shareholders, (collectively, the “Released Parties”) from any and
all claims and causes of action, whether known or unknown, that Arnett has, had or may have against them, related in any way to his employment with the Company or 

 
separation of employment, including any and all claims under the Employment Agreement. This release specifically includes, but is in no way limited to, (i) all claims arising from or
relating in any way to Arnett’s employment with the Company or his separation from employment with the Company; (ii) all claims under Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42 U.S.C.
§§ 2000e et seq.; the Civil Rights Acts of 1866 and 1871 as amended, 42 U.S.C. § 1981; the Age Discrimination in Employment Act of 1967 as amended, 29 U.S.C. §§ 621 et. seq.; the Americans With Disabilities Act
of 1990, 42 U.S.C. §§ 12101 et seq., as amended; the Equal Pay Act, 29 U.S.C. § 29 U.S.C. § 206(d); the Family and Medical Leave Act of 1993, 29 U.S.C. §§ 2601 et seq., as amended; the Employee Retirement
Income Security Act of 1973 as amended, 29 U.S.C. §§ 1001 et seq.; the Occupational Safety and Health Act of 1970 as amended, 29 U.S.C. §§ 651 et seq.; the Illinois Human Rights Act, 765 ILCS 5/1-101 et seq., the Illinois Whistleblower Act, 740 ILCS 174/1 et seq., or any provision of Chapter 820 of the Illinois Compiled Statutes; and (iv) any other claims or causes of action that
Arnett has, had, or may have had under any federal, state, or local statute, regulation, ordinance, or the common law. Arnett waives any right to receive any monetary or other benefit because of any charge, claim, lawsuit, or administrative
proceeding based upon any claim released in this Agreement. This release does not apply to claims for workers’ compensation benefits, vested employee benefits, or other claims that cannot be released under applicable law. For avoidance of
doubt, this Release shall not (1) act to preclude Arnett from asserting any rights or claims as a Shareholder of the Company, (2) release any claims or modify any rights available to Arnett under the Indemnification Agreement or this
Agreement, or (3) release or waive any coverage or claim under the applicable Company’s Directors and Officers insurance policies, including Side A coverage. Nothing in this Agreement limits Arnett’s ability to file a charge or
complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state, or local government agency or
commission (“Government Agencies”), but Arnett waives his right to recover damages from PSI should any agency or other third party pursue a claim on his behalf; provided, however, that nothing in this paragraph or Agreement limits
Arnett’s right to receive or fully retain a monetary award from a government administered whistleblower award program for providing information directly to a government agency. Arnett further understands that this Agreement does not limit his
ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency. Nothing in this Agreement is intended to prevent, impede or interfere with Arnett
providing truthful testimony and information in the course of an investigation authorized by law and conducted by any Government Agencies. 

B. PSI’s Representations. PSI represents and warrants that it does not have any known claims against Arnett and that no such claims are
pending before any court, agency, or other person/entity. PSI does not release any unknown or future claims it may have against Arnett related to his employment with PSI that become known or arise after the date of this Agreement. 

6. Cooperation. For twelve (12) months following the Effective Date, Arnett agrees to continue to make himself reasonably available to assist in
the transition of his duties as requested by the Board of Directors or their expressly authorized designees. The Company agrees to reimburse Arnett for time incurred on such assistance at the rate of $250 per hour plus reasonable expenses incurred
by him (the “Consultancy Rate”) in the course of performing his duties and responsibilities. If approved by the Board, which approval shall not be unreasonably withheld, 

 
Arnett shall be entitled to the Consultancy Rate for time incurred, and reimbursement of all attorneys’ fees incurred by Arnett, responding to subpoenas or other legal process, providing
testimony, or otherwise cooperating in or related to any administrative, investigative, civil, or criminal proceeding relating to the Company or any of its current or former employees or agents. Arnett agrees that he will be responsible for any and
all tax liability, if any, arising from the payments received under this Paragraph 6. Arnett agrees to cooperate with the Company on all reasonable requests. The scope and timing of such assistance shall be mutually agreed upon in advance by Arnett
and the Company to the extent practicable, but in each case such work shall not materially interfere with any subsequent employment or engagement of Arnett. This provision is intended to modify Section 8(b) of the Employment Agreement to
specify the per diem rate to be paid Arnett. The remainder of Section 8(b) is incorporated herein by reference and is considered part of this Agreement. For the avoidance of doubt, this Agreement (1) shall not infringe or prevent Arnett in
any way from asserting his rights under the Fifth Amendment to the Constitution of the United States and (2) shall not require Arnett to cooperate in a manner adverse to his own interests in any governmental investigation. To the extent that
the Company seeks Arnett’s cooperation relating to a matter in which Arnett is represented by counsel, the Company shall work directly with Arnett’s counsel regarding the Company’s request for Arnett’s assistance. The Company
agrees to provide reasonable assistance and cooperation with Arnett’s requests for information in connection with any legal proceeding, audit, or governmental investigation relating to matters within the scope of Arnett’s employment by the
Company. Arnett understands that nothing in this Agreement prevents or is intended to prevent or discourage him from speaking to or cooperating with the government in any ongoing or future investigations. 

7. Expenses. Arnett shall submit documentation for any outstanding Business Expenses incurred under Section 4(e) of the Employment Agreement no
later than June 30, 2022. 
 8. Post-Employment Covenants. Except as explicitly set forth in paragraphs 5, 6, 7, and 8, of this Agreement,
Arnett agrees that the provisions of Sections 6, 7, and 8 of his Employment Agreement remain enforceable and are not superseded by this Agreement. 
 9. Non-Disparagement. Except as provided in the next sentence, Arnett and the Company each agree that they will not make any statement at any time, in the present or future, to any person or entity which is
disparaging of the individual, business, reputation, competence or good character of the other party or which, if publicized, would cause the other party humiliation or embarrassment, or would cause the public to question the other party’s
integrity, competence or good character. For the avoidance of doubt, nothing in this Agreement in any way precludes or interferes with, or is intended to preclude or interfere with, Arnett or the Company or its agents from providing truthful
testimony or information as part of a legal proceeding or investigation or making any truthful statements to any government enforcement or regulatory agency. 

10. Knowing and Voluntary Waiver of Age Claims. Arnett acknowledges that: 

A. He has been given a period of at least 21 days after being presented with this Agreement in which to consider whether to sign it, and has
an adequate opportunity to review this Agreement and obtain any legal advice necessary to fully understand its terms; 
 B. The
consideration he will receive under this Agreement is in addition to anything of value to which he is otherwise entitled to receive from the Company under applicable law; 

 C. He has read and understands this Agreement; 

D. He is waiving any and all claims against the Company under the Age Discrimination in Employment Act arising up to the date on which he
signs this Agreement; and 
 E. He has been advised that he may consult with an attorney of his choice before executing this Agreement. 

11. Revocation. Arnett may revoke this Agreement within seven calendar days after signing it. The revocation will be effective only if
written notice is received by the Company before the eighth calendar day after Arnett signs this Agreement. The Company’s obligations under this Agreement will not take effect until the time for Arnett to revoke this Agreement has expired and
Arnett has not revoked the Agreement. 
 12. Notice. Any notice provided for in this Agreement must be in writing and sent to the recipients at the
address indicated below: 
  

			
	 If to Arnett:
	  	Lance M. Arnett
		  	At the address on file with the Company
		
	 If to the Company:
	  	Power Solutions International, Inc.
		  	201 Mittel Drive
		  	Wood Dale, Il 60191
		  	Attn: William Buzogany
		  	Wbuzogany@psiengines.com

 or such other address or to the attention of such other person as the recipient party shall have specified by prior written
notice to the sending party. Any notice under this Agreement shall be deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the United States, return receipt requested, upon actual receipt;
(b) if sent by reputable overnight air courier (such as DHL or Federal Express), two business days after being so sent; or (c) if by electronic mail or otherwise actually personally delivered, when so delivered. 

13. Taxes and Deductions. All payments provided for in this Agreement will be subject to payroll tax withholding and deductions to the extent required
by law. Each party will report, as may be required by law for income tax purposes, its respective payment and receipt of the payments provided for in this Agreement and will bear its respective tax liabilities, if any, arising from this Agreement.
Arnett agrees to indemnify and hold the Company harmless from any and all taxes, penalties, tax-related disputes and interest that might be asserted against him or the Company by reason of the payments
provided for in this Agreement. 
 14. No Admission of Wrongdoing. Nothing in this Agreement constitutes an implication or admission of wrongdoing by
Arnett or the Company. 

 15. Section 409A. 

A. The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code
Section 409A and the regulations and guidance promulgated thereunder (collectively “Section 409A”) including the exceptions thereto and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in
compliance therewith, and any payments hereunder shall be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as
separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this
Agreement shall be treated as a separate payment. Any payments to be made under this Agreement in connection with a termination of employment shall only be made if such termination of employment constitutes a “separation from service”
under Section 409A. The company shall be entitled to amend this Agreement to comply and/or clarify a payment’s compliance with Section 409A (or an exemption therefrom), provided, however, to the extent that any provision hereof is
modified, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Executive and the Company of the applicable provision without violating the
provisions of Section 409A. Notwithstanding anything in the Agreement to the contrary, in no event whatsoever shall the Company be liable for any tax, interest or penalty that may be imposed on Arnett under Section 409A or any damages for
failing to comply with Section 409A. 
 B. Notwithstanding anything in this Agreement to the contrary, if any payment or
benefit provided to Arnett in connection with his separation of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and Arnett is determined to be a “specified
employee” as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Termination Date or,
if earlier, on Arnett’s death (the “Specified Employee Payment Date”). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid (without interest) to Arnett in a lump
sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule. 

C. To the extent required by Section 409A, each reimbursement or in-kind benefit
provided under this Agreement shall be provided in accordance with the following: (a) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot
affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (b) any reimbursement of an eligible expense shall be paid to Arnett on or before the last
day of the calendar year following the calendar year in which the expense was incurred; and (c) any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or
exchange for another benefit. 
 16. Entire Agreement. This Agreement sets forth the entire agreement of the Parties and supersedes all prior and
contemporaneous agreements and understandings between the Parties, including but not limited to the Employment Agreement, except as otherwise explicitly stated herein. 

 17. Choice of Law/Governing Jurisdiction/Consent to Jurisdiction/Waiver of Jury Trial. This Agreement
is to be construed in accordance with the laws of the State of Illinois, without regard to conflict of law principles. Any action regarding this Agreement or Arnett’s employment with or separation from the Company must be brought and prosecuted
in the state courts of DuPage County, Illinois, or in the United States District Court for the Northern District of Illinois, Eastern Division, and the parties will not dispute that personal jurisdiction or venue is appropriate and convenient. The
Company and Arnett further agree that in the event that such an action is commenced, the right to a jury trial is waived. 
 18. Modification of this
Agreement. This Agreement may not be amended or modified except in a writing signed by the Party against whom the amendment or modification is to be enforced. 

19. Execution in Counterparts. This Agreement may be signed in counterparts, which together will form the original. 

20. Severability. Nothing in this Agreement is to be construed as waiving rights that cannot be waived under applicable law, or as barring either Party
from providing information or truthful testimony when required to do so under applicable law. Should any portion of this Agreement be ruled unenforceable by a court of competent jurisdiction, the remainder of this Agreement and the releases and
covenant not to sue contained herein will remain in full force and effect as to any and all other claims; provided, however, that upon a finding by a court of competent jurisdiction that any release or agreement in Paragraph 4 above is illegal, void
or unenforceable, the Parties agree to execute promptly a release and agreement that is legal and enforceable. 
 Accepted and Agreed To By: 

 

							
	LANCE M. ARNETT	 		 	POWER SOLUTIONS INTERNATIONAL, INC.
				
	 /s/ Lance Arnett
	 		 	By:	 	 /s/ Dino Xykis

		 		 	Title:	 	CTO & Interim CEO
	Date: 6-1-2022	 		 	Date: 6-26-2022

 EXHIBIT A 

(INDEMNIFICATION AGREEMENT)EX-10.1

 Exhibit 10.1 

ARRAY TECHNOLOGIES, INC. 

2021 EMPLOYEE STOCK PURCHASE PLAN 

1.    DEFINED TERMS 

Exhibit A, which is incorporated by reference, defines the terms used in the Plan and sets forth certain operational rules related to
those terms. 
 2.    PURPOSE 

The Plan is intended to enable Eligible Employees to use payroll deductions to purchase shares of Stock, and thereby acquire an interest in the
Company. The Plan is intended to qualify as an “employee stock purchase plan” under Section 423 and to be exempt from the requirements of Section 409A of the Code, and is to be construed consistently with that intent. 

3.    ADMINISTRATION 

The Plan will be administered by the Administrator. The Administrator has discretionary authority, subject only to the express provisions of
the Plan, to interpret the Plan; to determine eligibility under the Plan; to prescribe forms, rules and procedures relating to the Plan; and to otherwise do all things necessary or desirable to carry out the purposes of the Plan. Determinations of
the Administrator made with respect to the Plan are conclusive and bind all persons. 
 4.    SHARE POOL 

(a)    Number of Shares. Subject to adjustment pursuant to Section 17 below, the maximum
aggregate number of shares of Stock available for purchase pursuant to the exercise of Options granted under the Plan will be 3,500,000 shares (the “Share Pool”). For purposes of this Section 4(a), shares of Stock shall not be
treated as delivered under the Plan, and will not reduce the Share Pool, unless and until, and to the extent, they are actually delivered to a Participant. Without limiting the generality of the foregoing, if any Option granted under the Plan
expires or terminates for any reason without having been exercised in full or ceases for any reason to be exercisable in whole or in part, the unpurchased shares of Stock subject to such Option will not reduce the Share Pool and will remain
available for purchase under the Plan. If, on an Exercise Date, the total number of shares of Stock that would otherwise be purchased upon the exercise of Options granted under the Plan exceeds the number of shares then available in the Share Pool,
the Administrator shall make a pro rata allocation of the shares then available in as uniform a manner as is practicable and as it determines to be equitable. In such event, the Administrator shall notify each Participant affected by such reduction.

 (b)    Type of Shares. Stock delivered by the Company under the Plan may be authorized
but unissued Stock, treasury Stock or previously issued Stock acquired by the Company. No fractional shares of Stock will be delivered under the Plan. 

5.    ELIGIBILITY 

(a)    Eligibility Requirements. Subject to the limitations contained in the
Plan, each Employee (i) who has been continuously employed by the Company or a Designated Subsidiary, 

  
 1 

 
as applicable, for a period of at least fourteen (14) days as of the first day of an Option Period, (ii) whose customary Employment with the Company or a Designated Subsidiary, as
applicable, is for more than five (5) months per calendar year, (iii) who customarily works twenty (20) hours or more per week, and (iv) who satisfies the requirements set forth in the Plan, will be an Eligible
Employee.     
 (b)    Five Percent Stockholders. No
Employee may be granted an Option under the Plan if, immediately after the Option is granted, the Employee would own (or pursuant to Section 424(d) of the Code would be deemed to own) shares possessing five percent (5%) or more of the total
combined voting power or value of all classes of stock of the Company or of its Parent or Subsidiaries, if any. 

(c)    Additional Requirements. The Administrator may, for Option Periods that have not
yet commenced, establish additional or other eligibility requirements, or amend the eligibility requirements set forth in subsection (a) above, in each case, consistent with the requirements of Section 423. 

6.    OPTION PERIODS 

The Plan will generally be implemented by a series of separate offerings referred to as “Option Periods”. Unless otherwise
determined by the Administrator, the Option Periods will be successive periods of approximately six (6) months commencing on the first Business Day in January and July of each year, anticipated to be on or around January 1 and July 1,
and ending approximately six (6) months later on the last Business Day in June or December, as applicable, of each year, anticipated to be on or around June 30 and December 31. The last Business Day of each Option Period will be an
“Exercise Date”. The Administrator may change the Exercise Date, the commencement date, the ending date and the duration of each Option Period, in each case, to the extent permitted by Section 423; provided, however,
that no Option may be exercised after 27 months from its grant date. 
 7.    OPTION GRANTS 

Subject to the limitations set forth herein and the Maximum Share Limit (as defined below), on the first day of an Option Period, each
Participant will automatically be granted an Option to purchase shares of Stock on the Exercise Date; provided, however, that no Participant will be granted an Option under the Plan that permits the Participant’s right to purchase
shares of Stock under the Plan and under all other employee stock purchase plans of the Company and its Parent and Subsidiaries, if any, to accrue at a rate that exceeds $25,000 in Fair Market Value (or such other maximum amount as may be prescribed
from time to time by the Code) for each calendar year during which any Option granted to such Participant is outstanding at any time, as determined in accordance with Section 423(b)(8) of the Code. 

8.    PARTICIPATION 

(a)    Election. To participate in an Option Period, an Eligible Employee must execute and
deliver to the Administrator an election form, in accordance with the procedures prescribed by, and in a form acceptable to, the Administrator. Such election form must be delivered not later than fourteen (14) days prior to the first day of an
Option Period, or such other time as specified 

  
 2 

 
by the Administrator. An Eligible Employee will become a Participant as of the first day of the Option Period for which he or she timely delivered such election form and will remain a Participant
with respect to subsequent Option Periods until his or her participation in the Plan is terminated as provided herein.     

(b)    Election Amount. Each election form will authorize payroll deductions as a whole
percentage from one (1) to fifteen (15) percent of the employee’s Eligible Compensation per payroll period, to be deducted from the Eligible Employee’s pay during each payroll period occurring during the applicable Option Period.

 (c)    Payroll Deduction Account. All payroll deductions made pursuant to
this Section 8 will be credited to the Participant’s Account. Amounts credited to a Participant’s Account will not be required to be set aside in trust or otherwise segregated from the Company’s general assets. 

(d)    Changes to Election for Current Option Period. During an Option Period,
elections and rates of contributions may not be increased or decreased. A Participant may terminate his or her participation in the Plan during an Option Period by canceling his or her Option in accordance with Section 14 below. 

(e)    Changes to Election for Subsequent Option Periods. A Participant’s election form
will remain in effect for subsequent Option Periods unless the Participant files a new election form not later than fourteen (14) days prior to the first day of the subsequent Option Period (or such other time as specified by the Administrator)
or the Participant’s Option is cancelled in accordance with the Plan. 
 9.    METHOD OF PAYMENT 

A Participant must pay for shares of Stock purchased upon the exercise of an Option with the accumulated payroll deductions credited to the
Participant’s Account. 
 10.    PURCHASE PRICE 

The Purchase Price of shares of Stock issued pursuant to the exercise of an Option on each Exercise Date will be eighty-five percent (85%) (or
such other percentage specified by the Administrator to the extent permitted under Section 423) of the lesser of (i) the Fair Market Value of a share of Stock on the date on which the Option was granted (i.e., the first day of the
Option Period) and (ii) the Fair Market Value of a share of Stock on the date on which the Option is deemed exercised (i.e., the Exercise Date). 

11.    EXERCISE OF OPTIONS 

(a)    Purchase of Shares. Subject to the limitations set forth herein, with
respect to each Option Period, on each Exercise Date, each Participant will be deemed to have exercised his or her Option and the accumulated payroll deductions credited to the Participant’s Account will be applied to purchase the greatest
number of shares of Stock (rounded down to the nearest whole share) that can be purchased with such Account balance at the applicable Purchase Price; provided, however, that no more than 2,500 shares of Stock may be purchased by a Participant
on any Exercise Date, or such other number as the Administrator may prescribe in accordance with 

  
 3 

 
Section 423 (the “Maximum Share Limit”). As soon as practicable thereafter, the shares of Stock so purchased will be placed, in book-entry form, into a recordkeeping account
in the name of the Participant. Any accumulated payroll deductions in a Participant’s Account that are not sufficient to purchase a whole share of Stock will be retained in the Participant’s Account for the subsequent Option Period,
subject to earlier withdrawal by the Participant as provided in Section 14 below. 
 (b)    Return of
Account Balance. Except as provided in Section 11(a) above, any accumulated payroll deductions in a Participant’s Account for an Option Period that are not used to purchase shares of Stock, whether because of
the Participant’s withdrawal from participation in an Option Period or for any other reason, will be returned to the Participant (or his or her designated beneficiary or legal representative, as applicable), without interest, as soon as
administratively practicable after such withdrawal or other event, as applicable. If the Participant’s accumulated payroll deductions for an Option Period would otherwise enable the Participant to purchase shares of Stock in excess of the
Maximum Share Limit or the maximum Fair Market Value set forth in Section 7 above, the excess of the amount of the accumulated payroll deductions over the aggregate Purchase Price of the shares of Stock actually purchased will be returned to
the Participant, without interest, as soon as administratively practicable after the applicable Exercise Date. 
 12.    INTEREST

 No interest will accrue or be payable on any amount held in the Account of any Participant. 

13.    TAXES 
 Payroll
deductions will be made on an after-tax basis. The Administrator will have the right, as a condition to exercising an Option, to make such provision as it deems necessary to satisfy its obligations to withhold
federal, state, local or other taxes incurred by reason of the purchase or disposition of shares of Stock under the Plan. In the Administrator’s discretion and subject to applicable law, such tax obligations may be satisfied in whole or in part
by delivery of shares of Stock to the Company, including shares of Stock purchased under the Plan, valued at Fair Market Value, but not in excess of the maximum withholding amount consistent with the award being subject to equity accounting
treatment under the Accounting Rules. 
 14.    CANCELLATION AND WITHDRAWAL 

A Participant who holds an Option under the Plan may cancel all (but not less than all) of such Option and terminate his or her participation
in the Plan by delivering a notice to the Administrator in accordance with the procedures prescribed by, and in a form acceptable to, the Administrator. To be effective with respect to an upcoming Exercise Date, such notice must be delivered not
later than fourteen (14) days prior to such Exercise Date (or such other time as specified by the Administrator). Upon such termination and cancellation, the balance in the Participant’s Account will be returned to the Participant, without
interest, as soon as administratively practicable thereafter. For the avoidance of doubt, a Participant who reduces his or her rate of payroll deductions for future payroll periods to zero percent (0%) in accordance with Section 8 above will be
deemed to have terminated his or her participation in the Plan as to all current and future Option Periods, unless and until the Participant has delivered a new election for a subsequent Option Period in accordance with the rules of Section 8
above. 

  
 4 

 15.    TERMINATION OF EMPLOYMENT 

Upon the termination of a Participant’s employment with the Company or a Designated Subsidiary, as applicable, for any reason (including
the death of a Participant during an Option Period prior to an Exercise Date) or in the event the Participant ceases to qualify as an Eligible Employee, the Participant’s participation in the Plan will terminate, any Option held by the
Participant under the Plan will be canceled, the balance in the Participant’s Account will be returned to the Participant (or his or her estate or designated beneficiary in the event of the Participant’s death), without interest, as soon
as administratively practicable thereafter, and the Participant will have no further rights under the Plan. 
 16.    EQUAL RIGHTS;
RIGHTS NOT TRANSFERABLE 
 All Participants granted Options during an Option Period under the Plan will have the same rights and
privileges, consistent with the requirements set forth in Section 423. Any Option granted under the Plan will be exercisable during the Participant’s lifetime only by him or her and may not be sold, pledged, assigned, or transferred in any
manner. In the event any Participant violates or attempts to violate the terms of this Section 16, as determined by the Administrator in its sole discretion, any Options granted to the Participant under the Plan may be terminated by the Company
and, upon the return to the Participant of the balance of his or her Account, without interest, all of the Participant’s rights under the Plan will terminate. 

17.    CHANGE IN CAPITALIZATION; COVERED TRANSACTION 

(a)    Change in Capitalization. In the event of a stock dividend, stock split or combination
of shares (including a reverse stock split), recapitalization or other change in the Company’s capital structure that constitutes an equity restructuring within the meaning of the Accounting Rules, the Administrator shall make appropriate
adjustments to the aggregate number and type of shares of stock available under the Plan, the number and type of shares of stock granted under any outstanding Options, the maximum number and type of shares of stock purchasable under any outstanding
Option, and/or the Purchase Price under any outstanding Option, in any case, in a manner that complies with Section 423. 

(b)    Covered Transaction. In the event of a Covered Transaction, the Administrator
may, in its discretion, (i) provide that each outstanding Option will be assumed or exchanged for a substitute option granted by the acquiror or successor corporation or by a parent or subsidiary of the acquiror or successor corporation;
(ii) cancel each outstanding Option and return the balances in Participants’ Accounts to the Participants; and/or (iii) terminate the Option Period on or before the date of the Covered Transaction (in which case the date on which the
Option Period terminates will be treated as the Exercise Date for such Option Period). 
 18.    AMENDMENT AND TERMINATION 

(a)    Amendment. The Administrator reserves the right at any time or times to
amend the Plan to any extent and in any manner it may deem advisable; provided, that any amendment that would be treated as the adoption of a new plan for purposes of Section 423 will have no force or effect unless approved by the
stockholders of the Company within twelve (12) months before or after its adoption. 

  
 5 

 (b)    Termination. The Administrator
reserves the right at any time or times to suspend or terminate the Plan. In connection therewith, the Administrator may provide, in its sole discretion, either that outstanding Options will be exercisable on the Exercise Date for the applicable
Option Period or on such earlier date as the Administrator may specify (in which case such earlier date will be treated as the Exercise Date for the applicable Option Period), or that the balance of each Participant’s Account will be returned
to the Participant, without interest. 
 19.    APPROVALS 

Stockholder approval of the Plan will be obtained prior to the date that is twelve (12) months after the date the Plan is approved by the
Board. In the event that the Plan has not been approved by the stockholders of the Company prior to the one-year anniversary of the date the Plan is approved by the Board, all Options granted under the Plan
will be cancelled and become null and void and all shares of Stock previously purchased under the Plan will be required to be returned to the Company. 

Notwithstanding anything herein to the contrary, the obligation of the Company to issue and deliver shares of Stock under the Plan will be
subject to the approval required of any governmental authority in connection with the authorization, issuance, sale or transfer of such shares of Stock and to any requirements of any national securities exchange applicable thereto, and to compliance
by the Company with other applicable legal requirements in effect from time to time. 
 20.    PARTICIPANTS’ RIGHTS AS
STOCKHOLDERS AND EMPLOYEES 
 A Participant will have no rights or privileges as a stockholder of the Company and will not receive any
dividends in respect of any shares of Stock covered by an Option granted hereunder until such Option has been exercised, full payment has been made for such shares, and the shares have been issued to the Participant. 

Nothing contained in the Plan will be construed as giving to any Employee the right to be retained in the employ of the Company or any
Designated Subsidiary or as interfering with the right of the Company or any Designated Subsidiary to discharge, promote, demote or otherwise re-assign any Employee from one position to another within the
Company or any Designated Subsidiary or any other Subsidiary at any time. 
 21.    RESTRICTIONS ON TRANSFER; INFORMATION REGARDING
DISQUALIFYING DISPOSITIONS 
 (a)    Restrictions on Transfer. Shares of Stock purchased
under the Plan may not be sold, pledged or assigned in any manner for a period of twenty-four (24) months following the applicable Exercise Date and may not be transferred to another brokerage account for a period of twenty-four
(24) months following the applicable Exercise Date (or, in either case, for such other period as may be determined by the Administrator), other than by will or by the laws of descent and distribution. 

(b)    Disqualifying Dispositions. By electing to participate in the Plan, each Participant
agrees (or will be deemed to have agreed) to provide such information about any transfer of Stock 

  
 6 

 
acquired under the Plan that occurs within two (2) years after the first day of the Option Period in which such Stock was acquired and within one (1) year after the day such Stock was
purchased as may be requested by the Company or any Designated Subsidiary in order to assist it in complying with applicable tax laws. 

22.    MISCELLANEOUS 

(a)    Waiver of Jury Trial. By electing to participate in the Plan, each Participant waives
(or will be deemed to have waived), to the maximum extent permitted under applicable law, any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan or with respect to any Option, or under any
amendment, waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees (or will be deemed to have agreed) that any such action, proceedings or counterclaim will be
tried before a court and not before a jury. By electing to participate in the Plan, each Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the
event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers. Notwithstanding anything to the contrary in the Plan, nothing herein is to be construed as limiting the ability of the Company and a Participant to agree to
submit any dispute arising under the terms of the Plan or in respect of any Option to binding arbitration or as limiting the ability of the Company to require any individual to agree to submit any dispute to binding arbitration as a condition of
receiving an Option hereunder. 
 (b)    Limitation of Liability. Notwithstanding anything
to the contrary in the Plan, neither the Company, nor any of its subsidiaries, nor the Administrator, nor any person acting on behalf of the Company, any of its subsidiaries, or the Administrator, will be liable to any Participant or to any other
person by reason of any acceleration of income, any additional tax, or any penalty, interest or other liability asserted by reason of the failure of the Plan or any Option to satisfy the requirements of Section 423, or otherwise asserted with
respect to the Plan or any Option. 
 (c)    Unfunded Plan. The Company’s obligations
under the Plan are unfunded, and no Participant will have any right to specific assets of the Company in respect of any Option. Participants will be general unsecured creditors of the Company with respect to any amounts due or payable under the
Plan. 
 23.    ESTABLISHMENT OF SUB-PLANS 

Notwithstanding the foregoing or any provision of the Plan to the contrary, consistent with the requirements of Section 423, the
Administrator may, in its sole discretion, amend the terms of the Plan, or an offering and/or provide for separate offerings under the Plan in order to, among other things, reflect the impact of local law outside of the United States as applied to
one or more Eligible Employees of a Designated Subsidiary and may, where appropriate, establish one or more sub-plans to reflect such amended provisions. 

24.    GOVERNING LAW 
  

  
 7 

 (a)    Certain Requirements of Corporate
Law. Options and shares of Stock will be granted, issued and administered consistent with the requirements of applicable Delaware law relating to the issuance of stock and the consideration to be received therefor, and with the
applicable requirements of the stock exchanges or other trading systems on which the Stock is listed or entered for trading, in each case as determined by the Administrator. 

(b)    Other Matters. Except as otherwise provided by the express terms of a sub-plan described in Section 23 above or as provided in Section 24(a) above, the domestic substantive laws of the State of Delaware govern the provisions of the Plan and of Options under the Plan and all
claims or disputes arising out of or based upon the Plan or any Option or relating to the subject matter hereof or thereof without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic
substantive laws of any other jurisdiction. 
 (c)    Jurisdiction. By electing to
participate in the Plan, each Participant agrees or will be deemed to have agreed to (i) submit irrevocably and unconditionally to the jurisdiction of the federal and state courts located within the geographic boundaries of the United States
District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon the Plan or any Option; (ii) not commence any suit, action or other proceeding arising out of or based upon the
Plan or any Option, except in the federal and state courts located within the geographic boundaries of the United States District Court for the District of Delaware; and (iii) waive, and not assert, by way of motion as a defense or otherwise,
in any such suit, action or proceeding, any claim that he or she is not subject personally to the jurisdiction of the above-named courts that his or her property is exempt or immune from attachment or execution, that the suit, action or proceeding
is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the Plan or any Option or the subject matter thereof may not be enforced in or by such court. 

25.    EFFECTIVE DATE AND TERM 

The Plan will become effective upon adoption of the Plan by the Board and no rights will be granted hereunder after the earliest to occur of
(i) the Plan’s termination by the Administrator, (ii) the issuance of all shares of Stock available for issuance under the Plan and (iii) the day before the ten (10)-year anniversary of the date the Board approves the Plan. 

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 8 

 EXHIBIT A 

Definition of Terms 

The following terms, when used in the Plan, have the meanings and are subject to the provisions set forth below: 

“401(k) Plan”: A savings plan qualifying under Section 401(k) of the Code that is sponsored by the Company or one of its
Subsidiaries for the benefit of its employees. 
 “Account”: A notional payroll deduction account maintained in the
Participant’s name in the records of the Company. 
 “Accounting Rules”: Financial Accounting Standards Board
Accounting Standards Codification Topic 718, or any successor provision. 
 “Administrator”: The Compensation Committee,
except that the Board may at any time act in the capacity of the Administrator (including with respect to such matters that are not delegated to the Compensation Committee by the Board (whether pursuant to committee charter or otherwise), if
applicable). The Compensation Committee (or the Board) may delegate (i) to one or more of its members (or one or more other members of the Board) such of its duties, powers and responsibilities as it may determine and (ii) to such
Employees or other persons as it determines such ministerial tasks as it deems appropriate. For purposes of the Plan, the term “Administrator” will include the Board, the Compensation Committee, and the person or persons delegated
authority under the Plan to the extent of such delegation, as applicable. 
 “Board”: The Board of Directors of the
Company. 
 “Business Day”: Any day on which the established national exchange or trading system (including the Nasdaq
Global Market) on which the Stock is traded is available and open for trading. 
 “Code”: The U.S. Internal Revenue Code of
1986, as from time to time amended and in effect, or any successor statute as from time to time in effect. 
 “Company”:
Array Technologies, Inc., a Delaware corporation. 
 “Compensation Committee”: The Compensation Committee of the Board.

 “Covered Transaction”: Any of (i) a consolidation, merger or similar transaction or series of related transactions,
including a sale or other disposition of stock, in which the Company is not the surviving corporation or which results in the acquisition of all or substantially all of the Company’s then outstanding common stock by a single person or entity or
by a group of persons and/or entities acting in concert; (ii) a sale or transfer of all or substantially all the Company’s assets; (iii) a dissolution or liquidation of the Company or (iv) any other transaction the Administrator
determines to be a Covered Transaction. Where a Covered Transaction involves a 

  
 A-1 

 
tender offer that is reasonably expected to be followed by a merger described in clause (i) (as determined by the Administrator), the Covered Transaction will be deemed to have occurred upon
consummation of the tender offer. 
 “Designated Subsidiary”: A Subsidiary of the Company that has been designated
by the Board or the Compensation Committee from time to time as eligible to participate in the Plan as set forth on Exhibit B, as amended from time to time (with the initial list of Designated Subsidiaries as of the date of adoption of the
Plan by the Board set forth on Exhibit B). For the avoidance of doubt, any Subsidiary of the Company, whether or not a Subsidiary on the date the Plan was adopted by the Board, shall be eligible to be designated as a Designated Subsidiary
hereunder. 
 “Eligible Compensation”: Regular base salary and regular base wages. Eligible Compensation will not be
reduced by any income or employment tax withholdings or any contributions by the Employee to a 401(k) Plan or a plan under Section 125 of the Code, but will be reduced by any contributions made on the Employee’s behalf by the Company or
any Subsidiary to any deferred compensation plan or welfare benefit program now or hereafter established. 
 “Eligible
Employee”: Any Employee who meets the eligibility requirements set forth in the Plan. 
 “Employee”: Any person
who is employed by the Company or a Designated Subsidiary. For the avoidance of doubt, independent contractors and consultants are not “Employees”. 

“Exercise Date”: The date set forth in the Plan or otherwise designated by the Administrator with respect to a particular
Option Period on which a Participant will be deemed to have exercised the Option granted to him or her for such Option Period.     

“Fair Market Value”: As of a particular date, (i) the closing price for a share of Stock reported on the Nasdaq Global
Market (or any other national securities exchange on which the Stock is then listed) for that date or, if no closing price is reported for that date, the closing price on the immediately preceding date on which a closing price was reported or
(ii) in the event that the Stock is not traded on a national securities exchange, the fair market value of a share of Stock determined by the Administrator consistent with the rules of Section 422 and Section 409A to the extent
applicable. 
 “Maximum Share Limit”: The meaning set forth in Section 11 of the Plan. 

“Option”: An option granted pursuant to the Plan entitling the holder to acquire shares of Stock upon payment of the Purchase
Price per share of Stock. 
 “Option Period”: An offering period established in accordance with Section 6 of the Plan.

 “Parent”: A “parent corporation” as defined in Section 424(e) of the Code. 

  
 A-2 

 “Participant”: An Eligible Employee who elects to participate in an Option
Period under the Plan. 
 “Plan”: This Array Technologies, Inc. 2021 Employee Stock Purchase Plan, as from time to time
amended and in effect. 
 “Purchase Price”: The price per share of Stock with respect to an Option Period determined in
accordance with Section 10 of the Plan. 
 “Section 423”: Section 423 of the Code and the
regulations thereunder. 
 “Stock”: Common stock of the Company, par value $0.001 per share. 

“Subsidiary”: A “subsidiary corporation” as defined in Section 424(f) of the Code. 

  
 A-3 

 EXHIBIT B 

Designated Subsidiaries 

(as of December 1, 2021) 

Array Tech, Inc.

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