Enphase Energy (ENPH) CFO Mandy Yang earns 21,120 performance shares

Rhea-AI Filing Summary

Enphase Energy EVP and CFO Mandy Yang reported an equity award and updated share holdings. On January 22, 2026, she acquired 21,120 shares of common stock at $0 per share under a performance-based stock unit award granted on January 14, 2025 pursuant to Enphase’s 2021 Equity Incentive Plan. The award was certified by the Compensation Committee based on achievement of performance criteria, and the shares are scheduled to vest on March 1, 2026, subject to her continued service.

Following this award, Yang beneficially owns 90,107 common shares directly, and an additional 25,000 shares each are held indirectly through GRAT 1 and GRAT 2, which are grantor retained annuity trusts funded with shares she previously owned directly.

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)
01/22/2026

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	01/22/2026		A		21,120	A(1)	$0	90,107	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 earned as a result of the achievement of certain performance criteria, pursuant to a performance-based stock unit award originally granted on January 14, 2025 under the Issuer's 2021 Equity Incentive Plan, and certified by the Issuer's Compensation Committee of the Board of Directors on January 22, 2026. The shares are scheduled to vest on March 1, 2026, subject to Ms. Yang's continuous service through such date.

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	01/23/2026
	** 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.
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FAQ

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

The filing shows that Enphase Energy EVP and Chief Financial Officer Mandy Yang acquired 21,120 shares of common stock on January 22, 2026 with a transaction code "A" (award or grant) at a price of $0 per share.

What is the source of the 21,120 Enphase (ENPH) shares reported for Mandy Yang?

The 21,120 shares represent shares earned under a performance-based stock unit award originally granted on January 14, 2025 under Enphase’s 2021 Equity Incentive Plan and certified by the Compensation Committee on January 22, 2026.

When do Mandy Yang’s newly earned Enphase (ENPH) shares vest?

The filing states that the earned shares are scheduled to vest on March 1, 2026, provided that Ms. Yang remains in continuous service with Enphase Energy through that date.

How many Enphase (ENPH) shares does Mandy Yang own after this transaction?

After the reported award, Mandy Yang beneficially owns 90,107 shares of Enphase common stock directly. In addition, 25,000 shares are held indirectly by GRAT 1 and another 25,000 shares are held indirectly by GRAT 2.

What are GRAT 1 and GRAT 2 in the Enphase (ENPH) Form 4 for Mandy Yang?

GRAT 1 and GRAT 2 are described as grantor retained annuity trusts. The filing explains that they hold shares that were previously owned directly by Mandy Yang and later contributed to these trusts.

Is the Enphase (ENPH) Form 4 transaction for Mandy Yang a sale or a grant?

The reported transaction is a grant/award, not a sale. The transaction code is "A", and the filing specifies that the 21,120 shares were earned from a performance-based stock unit award at a price of $0 per share.