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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 28, 2023, the board of directors (the “Board”) of Nextracker Inc. (the “Company”) approved an increase in the target annual incentive bonus opportunity for Daniel Shugar, the Company’s Chief Executive Officer, from 110% to 135% of his annual base salary for the fiscal year 2024 performance period. This adjustment was made following a review of compensation practices of the Company’s peer group and general market trends to ensure Mr. Shugar’s target bonus opportunity remains competitively positioned with the market and peer group median.
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.
| Nextracker Inc. | ||
| By: | /s/ Léah Schlesinger | |
| Léah Schlesinger | ||
| General Counsel, Chief Ethics and Compliance Officer | ||
Date: September 29, 2023