Enphase Energy (ENPH) director trust sells 137,250 common shares

Rhea-AI Filing Summary

Enphase Energy director Thurman J. Rodgers, through the Rodgers Massey Revocable Living Trust, sold 137,250 shares of Enphase common stock in open-market transactions on March 13, 2026 at a weighted average price of $43.6133 per share.

After these sales, the Rodgers Massey Revocable Living Trust holds 1,597,641 shares indirectly. Rodgers also holds 2,590 shares directly, and additional indirect trust holdings of 4,100 shares in each of the Valeta Massey 2012 Irrevocable Trust and TJ Rodgers 2012 Irrevocable Trust, plus 85,200 shares in the Rodgers Family Freedom and Free Markets Charitable Trust.

Insights

Insider trading analyst

Director-linked trust executed an open-market sale while retaining a substantial remaining stake.

The filing shows a trust associated with Enphase Energy director Thurman J. Rodgers selling 137,250 shares of common stock in open-market transactions at a weighted average price of $43.6133 on March 13, 2026. The transactions were executed across multiple trades within a disclosed price range.

After the sale, the Rodgers Massey Revocable Living Trust still holds 1,597,641 shares indirectly, and Rodgers has additional direct and indirect trust holdings, including charitable trust shares where he disclaims beneficial ownership beyond his pecuniary interest. With no derivatives reported and sizable remaining ownership, this looks like a portfolio adjustment rather than a transformational position change.

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Rodgers Thurman J

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026

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	03/13/2026		S		137,250	D	$43.6133(1)	1,597,641	I	By Trust(2)
Common Stock								2,590	D
Common Stock								4,100	I	By Trust(3)
Common Stock								4,100	I	By Trust(4)
Common Stock								85,200	I	By Charitable Trust(5)

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 a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $43.50 to $43.935. The reporting person has provided to the issuer, and undertakes to provide to the staff of the Commission or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

2. These shares are held directly by the Rodgers Massey Revocable Living Trust dtd 4/4/11 for which the reporting person and his spouse, Valeta Massey, serve as trustees.

3. These shares are held directly by the Valeta Massey 2012 Irrevocable Trust, for which the Reporting Person's spouse serves as trustee.

4. These shares are held directly by the TJ Rodgers 2012 Irrevocable Trust, for which the Reporting Person's spouse serves as trustee.

5. These shares are held directly by the Rodgers Family Freedom and Free Markets Charitable Trust, a charitable remainder trust for which the reporting person and his spouse, Valeta Massey, serve as trustees and of which the reporting person and his spouse are beneficiaries. The reporting person disclaims beneficial ownership except to the extent of his and his spouse's pecuniary interest therein.

Remarks:

	/s/ Lisan Hung, Attorney-in-Fact for Thurman John Rodgers	03/17/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Enphase Energy (ENPH) shares were sold in this Form 4?

The filing reports an open-market sale of 137,250 shares of Enphase Energy common stock. These were executed as multiple transactions on March 13, 2026, and are summarized at a weighted average price of $43.6133 per share, with detailed trade splits available on request.

At what price were the Enphase Energy (ENPH) shares sold in this insider transaction?

The shares were sold at a weighted average price of $43.6133 per share. Individual trades occurred in a price range from $43.50 to $43.935. The reporting person has committed to provide full price-by-trade details to the issuer, regulators, or any security holder upon request.

Who actually sold the Enphase Energy (ENPH) shares reported for Thurman J. Rodgers?

The sale was executed by the Rodgers Massey Revocable Living Trust dtd 4/4/11, for which Thurman J. Rodgers and his spouse serve as trustees. The Form 4 attributes the open-market sale of 137,250 Enphase Energy common shares to this trust, not to Rodgers individually.

How many Enphase Energy (ENPH) shares does the Rodgers Massey Revocable Living Trust hold after the sale?

Following the reported transactions, the Rodgers Massey Revocable Living Trust holds 1,597,641 shares of Enphase Energy common stock indirectly. This post-transaction figure reflects the trust’s remaining ownership after the 137,250-share open-market sale disclosed in the filing.

What other Enphase Energy (ENPH) holdings are reported for Thurman J. Rodgers and related trusts?

Besides the main trust position, the filing shows 2,590 shares held directly by Rodgers, 4,100 shares in the Valeta Massey 2012 Irrevocable Trust, 4,100 shares in the TJ Rodgers 2012 Irrevocable Trust, and 85,200 shares in the Rodgers Family Freedom and Free Markets Charitable Trust.

Does this Enphase Energy (ENPH) Form 4 include any derivative securities or option exercises?

No, the reported positions involve only common stock and list no derivative securities. The derivative summary in the data is empty, and the transaction codes do not indicate any option exercises, conversions, or other derivative-related activity in this particular filing.