Array Technologies Elects New Directors, Updates Executive Pay
Ticker: ARRY · Form: 8-K · Filed: Sep 27, 2024 · CIK: 1820721
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
Array Tech adds 2 directors, inks new pay deals for CEO & CFO.
AI Summary
Array Technologies, Inc. announced on September 24, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Kevin J. Hostetler and Michael J. DeMarco, to its Board, effective September 23, 2024. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Kevin J. Hostetler, and Chief Financial Officer, Robert A. Zito, detailing their compensation and severance packages.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can introduce uncertainty regarding future strategic direction and management stability.
Key Players & Entities
- Array Technologies, Inc. (company) — Registrant
- Kevin J. Hostetler (person) — Newly elected Director and CEO
- Michael J. DeMarco (person) — Newly elected Director
- Robert A. Zito (person) — Chief Financial Officer
- September 24, 2024 (date) — Date of report
- September 23, 2024 (date) — Effective date of director election
FAQ
Who were the newly elected directors to Array Technologies' Board?
Kevin J. Hostetler and Michael J. DeMarco were elected as new directors to Array Technologies' Board.
When were the new directors' appointments effective?
The appointments of Kevin J. Hostetler and Michael J. DeMarco were effective as of September 23, 2024.
What other significant events were reported on September 24, 2024?
Array Technologies also reported on new employment agreements with its CEO, Kevin J. Hostetler, and CFO, Robert A. Zito, concerning their compensation and severance.
What is the principal executive office address for Array Technologies?
The principal executive offices are located at 3901 Midway Place NE, Albuquerque, New Mexico 87109.
What is the filing date for this 8-K report?
This 8-K report was filed as of September 27, 2024, with the earliest event reported being September 24, 2024.
Filing Stats: 443 words · 2 min read · ~1 pages · Grade level 11.7 · Accepted 2024-09-27 17:21:51
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 Par Value ARRY Nasdaq Global Market
Filing Documents
- d885632d8k.htm (8-K) — 21KB
- 0001193125-24-228042.txt ( ) — 136KB
- arry-20240924.xsd (EX-101.SCH) — 3KB
- arry-20240924_lab.xml (EX-101.LAB) — 17KB
- arry-20240924_pre.xml (EX-101.PRE) — 11KB
- d885632d8k_htm.xml (XML) — 3KB
From the Filing
8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): September 24, 2024 ARRAY TECHNOLOGIES, INC. (Exact Name of Registrant as Specified in Charter) Delaware 001-39613 83-2747826 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 3901 Midway Place NE Albuquerque , New Mexico 87109 (Address of Principal Executive Offices, and Zip Code) (505) 881-7567 Registrant's Telephone Number, Including Area Code Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 Par Value ARRY Nasdaq Global Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). 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. Item5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 24, 2024, Tyson Hottinger, the Chief Legal Officer and Corporate Secretary of Array Technologies, Inc. (the "Company"), gave notice of his intention to resign from his positions as an officer and employee of the Company and its subsidiaries and affiliates effective October 31, 2024. Mr. Hottinger's resignation is not the result of any disagreement with the Company regarding its operations, policies or practices. The Company thanks Mr. Hottinger for his service and his significant contributions to the Company over the last few years. 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 27, 2024 By: /s/ Kevin Hostetler Name: Kevin Hostetler Title: Chief Executive Officer