UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On September 24, 2024, the Human Capital Committee (the “Committee”) of the Board of Directors of Array Technologies, Inc. (the “Company”) approved a supplemental leadership incentive plan (the “Supplemental Plan”) comprised of performance-based stock units (“PSUs”) for Kevin Hostetler, Neil Manning, Tyson Hottinger, Terrance Collins, and James Zhu, along with other senior executives of the Company (the “Participants”), under the Company’s 2021 Long-Term Incentive Plan (the “LTIP”). The Committee believes the Supplemental Plan will be key to motivating our executive officers to achieve long-term corporate financial and operating goals.
Under the Supplemental Plan, each Participant is eligible to vest in a number of PSUs, with an aggregate grant value ranging from 0% to 95% of the target award amount for each participant, based on the attainment of certain cash, gross margin, and sales targets. The measurement period for the Supplemental Plan covers the period from July 1, 2024 through December 31, 2024.
The Committee also approved a supplemental grant of restricted stock unit (“RSU”) awards to the Participants under the LTIP (the “Supplemental Grant”). The Committee believes the Supplemental Grant will encourage long-term retention, as the RSUs awarded under the Supplemental Grant will vest in two tranches over three years, subject to employment conditions, as follows: 66 2/3% on the second anniversary of the grant date and 33 1/3% on third anniversary of the grant date.
SIGNATURE
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 hereunto duly authorized.
| Array Technologies, Inc. | ||||||
| Date: September 30, 2024 | By: | /s/ Kevin G. Hostetler | ||||
| Name: | Kevin G. Hostetler | |||||
| Title: | Chief Executive Officer and Interim Chief Financial Officer | |||||