Enphase (ENPH) CFO Mandy Yang granted 21,120 RSUs in Form 4 filing

Rhea-AI Filing Summary

Enphase Energy EVP and CFO Mandy Yang reported an equity award of 21,120 restricted stock units (RSUs) of common stock on January 29, 2026. The RSUs were granted at $0 under Enphase’s 2021 Equity Incentive Plan as part of her compensation.

The RSUs vest in three equal installments: one-third on March 1, 2027, one-third on March 1, 2028, and one-third on March 1, 2029, contingent on her continued service. Following this award, she beneficially owns 111,227 common shares directly, plus 25,000 shares held indirectly in each of two grantor retained annuity trusts (GRAT 1 and GRAT 2).

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Yang Mandy

Role EVP, Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	21,120	$0.00	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 111,227 shares (Direct); Common Stock — 25,000 shares (Indirect, By GRAT 1)

Footnotes (1)

1. Restricted Stock Units ("RSUs") issued pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs vest as follows: 1/3rd on March 1, 2027, 1/3rd on March 1, 2028, and 1/3 on March 1, 2029, subject to Ms. Yang's continuous service through each applicable vesting date. Represents shares previously owned directly by the reporting person that were contributed to grantor retained annuity trust ("GRAT 1"). Represents shares previously owned directly by the reporting person that were contributed to grantor retained annuity trust ("GRAT 2").

Form 4 Insider Transactions: What Each Field Means →

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

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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)
01/29/2026

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(1)	01/29/2026		A		21,120(2)	A	$0	111,227	D
Common Stock								25,000	I	By GRAT 1(3)
Common Stock								25,000	I	By GRAT 2(4)

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. Restricted Stock Units ("RSUs") issued pursuant to the Issuer's 2021 Equity Incentive Plan.

2. The RSUs vest as follows: 1/3rd on March 1, 2027, 1/3rd on March 1, 2028, and 1/3 on March 1, 2029, subject to Ms. Yang's continuous service through each applicable vesting date.

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

4. 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	01/30/2026
	** 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

What insider transaction did Enphase Energy (ENPH) report for CFO Mandy Yang?

Enphase Energy reported that EVP and CFO Mandy Yang received 21,120 restricted stock units (RSUs) of common stock on January 29, 2026. The grant was made at $0 under the company’s 2021 Equity Incentive Plan as part of her equity compensation package.

How do Mandy Yang’s new Enphase (ENPH) RSUs vest over time?

Mandy Yang’s 21,120 Enphase RSUs vest in three equal parts. One-third vests on March 1, 2027, another third on March 1, 2028, and the final third on March 1, 2029, provided she remains in continuous service through each vesting date.

How many Enphase (ENPH) shares does Mandy Yang beneficially own after this Form 4?

After the reported RSU grant, Mandy Yang beneficially owns 111,227 Enphase common shares directly. In addition, 25,000 shares are held indirectly in a grantor retained annuity trust named GRAT 1, and another 25,000 shares are held indirectly in GRAT 2.

What is the role of GRAT 1 and GRAT 2 in Mandy Yang’s Enphase (ENPH) holdings?

GRAT 1 and GRAT 2 each hold 25,000 Enphase common shares indirectly for Mandy Yang. The filing explains these trusts contain shares previously owned directly by her that were contributed to grantor retained annuity trusts, changing how the shares are held but not their total quantity.

Under which plan were Mandy Yang’s new Enphase (ENPH) RSUs granted?

The 21,120 RSUs granted to Mandy Yang were issued under Enphase Energy’s 2021 Equity Incentive Plan. This plan is used to award equity-based compensation, such as restricted stock units, to executives and other participants to align their interests with shareholders.