Array (ARRY) CAO James Zhu Exercises RSUs; Tax Withholding

What Happened

• James Zhu, Chief Accounting Officer of Array Technologies (ARRY), had 23,385 restricted stock units (RSUs) convert into common shares on September 24, 2026 (reported on Form 4 filed 2026-09-28).
• The issuer withheld 6,279 of those shares to satisfy tax withholding obligations at a withholding price of $3.93 per share, totaling $24,676. After withholding, Zhu received a net 17,106 shares (23,385 converted − 6,279 withheld).
• This was a routine compensation-related vesting/settlement (derivative conversion, transaction code M) with tax withholding (code F), not an open-market sale or purchase.

Key Details

• Transaction date: September 24, 2026; Form 4 filed September 28, 2026 (appears to be filed within the normal two-business-day window).
• Conversion: 23,385 RSUs converted into shares (code M).
• Tax withholding: 6,279 shares withheld at $3.93/share for $24,676 (code F).
• Net shares delivered: 17,106 shares.
• Footnotes: The RSUs stem from a September 24, 2024 grant of 35,433 RSUs that vest 66% on the second anniversary and 34% on the third (footnote F3). The filing also notes the reporting person holds 75,671 other unvested RSUs from separate grants (footnote F4).
• Shares owned after transaction: not explicitly stated in the excerpt provided; filing shows net receipt of 17,106 shares and remaining unvested RSUs noted above.

Context

• These entries reflect RSU vesting/settlement (derivative conversion) and routine tax withholding (issuer withheld shares to cover taxes), a common form of executive compensation settlement rather than a market buy or sell.
• The F code indicates shares were surrendered to cover tax obligations (cashless withholding), not an open-market disposition.
• Such compensation-related conversions are informational for investors but do not necessarily signal the insider’s view of the company’s stock.