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Array Technologies, Inc.·4

Mar 19, 9:03 PM ET

Collins Terrance L 4

Research Summary

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Updated

Array Technologies (ARRY) CHRO Terrance L. Collins Exercises RSUs

What Happened

  • Terrance L. Collins, Chief Human Resources Officer at Array Technologies (ARRY), had restricted stock units (RSUs) vest and convert into common shares on March 17–18, 2026. A total of 26,543 shares were issued upon vesting (6,152 on 3/17 and 20,391 on 3/18).
  • The company withheld 1,683 shares on March 17 (valued at $6.99/share = $11,764) and 5,577 shares on March 18 (valued at $6.86/share = $38,258) to satisfy tax withholding, for a total withholding value of $50,022. After withholding, Collins received a net increase of 19,283 shares (26,543 gross − 7,260 withheld).
  • This was not an open-market sale or purchase by Collins but the routine vesting/settlement of employee RSUs with share-withholding used to cover taxes.

Key Details

  • Transaction dates and actions: 2026-03-17 and 2026-03-18 — RSU conversion to shares (transaction code M) and share withholding for taxes (code F).
  • Shares issued on vesting: 6,152 (3/17) + 20,391 (3/18) = 26,543 shares.
  • Shares withheld for taxes: 1,683 (3/17, $6.99) + 5,577 (3/18, $6.86) = 7,260 shares; total withholding value ≈ $50,022.
  • Net new shares to insider: 19,283 shares added to Collins’ holdings from these settlements.
  • Footnotes: These RSU settlements relate to grants made 3/17/2023 (18,453 RSUs, vesting in three equal annual installments) and 3/18/2025 (61,174 RSUs, vesting in three equal annual installments). The filing notes an additional 99,533 unvested RSUs held by Collins from other grants.
  • Filing timeliness: Report filed 2026-03-19 for transactions on 3/17–3/18; appears to be filed within the usual Form 4 reporting window.

Context

  • M (derivative conversion) entries indicate RSUs vested and were converted into shares at no exercise price (typical for RSUs). F entries reflect share-withholding (a “sell-to-cover” by the issuer) to pay taxes — a routine administrative step, not an indication of a market sale intent.
  • These transactions are award settlements rather than discretionary purchases or sales by the insider; purchases typically signal stronger insider conviction, while routine RSU vesting is more neutral.