Enphase Energy (ENPH) CFO has shares withheld for RSU tax obligations

Rhea-AI Filing Summary

Enphase Energy EVP and CFO Mandy Yang reported a routine tax-related share disposition. On the vesting of restricted stock units granted on February 15, 2022 under Enphase’s 2021 Equity Incentive Plan, 1,322 shares of common stock were withheld by the company to cover associated tax obligations.

After this withholding, Yang holds 90,335 Enphase shares directly. She also has indirect holdings of 25,000 shares through a grantor retained annuity trust referred to as GRAT 1 and 25,000 shares through a separate GRAT 2, reflecting earlier contributions of directly owned shares into these trusts.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Yang Mandy

(Last) (First) (Middle)

C/O ENPHASE ENERGY, INC.

47281 BAYSIDE PARKWAY

(Street)

FREMONT CA 94538

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Enphase Energy, Inc. [ ENPH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/10/2026		F		1,322(1)	D	$43.59	90,335	D
Common Stock								25,000	I	By GRAT 1(2)
Common Stock								25,000	I	By GRAT 2(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares withheld by the Issuer to satisfy the tax withholding obligation associated with the vesting of a portion of the restricted stock units granted on February 15, 2022 under the Issuer's 2021 Equity Incentive Plan.

2. Represents shares previously owned directly by the reporting person that were contributed to grantor retained annuity trust ("GRAT 1").

3. Represents shares previously owned directly by the reporting person that were contributed to grantor retained annuity trust ("GRAT 2").

Remarks:

	/s/ Lisan Hung, Attorney-in-Fact for Mandy Yang	03/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did Enphase (ENPH) CFO Mandy Yang report in this Form 4?

Enphase CFO Mandy Yang reported a tax-related share disposition, where 1,322 common shares were withheld to satisfy tax obligations on vesting restricted stock units. The filing also updates her direct and indirect Enphase share holdings, including positions held through two grantor retained annuity trusts.

How many Enphase (ENPH) shares were withheld for Mandy Yang’s taxes?

The company withheld 1,322 Enphase common shares to cover Mandy Yang’s tax obligations tied to vesting restricted stock units. These shares were not sold on the open market but retained by the issuer as payment of the related tax liability on the equity compensation event.

Were Mandy Yang’s Enphase (ENPH) share transactions open-market sales?

No, the Form 4 shows a tax-withholding disposition, not an open-market sale. Enphase withheld 1,322 shares to satisfy taxes on vesting restricted stock units. This is a routine administrative step associated with equity compensation, rather than a discretionary decision to sell shares in the market.

How many Enphase (ENPH) shares does Mandy Yang now hold directly and indirectly?

After the tax withholding, Mandy Yang directly holds 90,335 Enphase common shares. She also holds 25,000 shares indirectly through a grantor retained annuity trust labeled GRAT 1 and another 25,000 shares indirectly through GRAT 2, reflecting contributions of previously directly owned shares to these trusts.

What triggered the tax withholding event reported by the Enphase (ENPH) CFO?

The tax withholding was triggered by the vesting of restricted stock units granted to Mandy Yang on February 15, 2022, under Enphase’s 2021 Equity Incentive Plan. When these units vested, 1,322 shares were withheld by the issuer to satisfy the related income tax obligations.

What is the nature of Mandy Yang’s indirect Enphase (ENPH) holdings?

Mandy Yang’s indirect holdings arise from shares contributed to two grantor retained annuity trusts identified as GRAT 1 and GRAT 2. Each GRAT now holds 25,000 Enphase shares. These shares were previously owned directly by her before being transferred into the trusts, according to the footnotes.