[Form 4] Enphase Energy, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Mandy Yang, EVP and Chief Financial Officer of Enphase Energy (ENPH), reported routine transactions on a Form 4. On 09/10/2025 Ms. Yang had 1,319 shares of Common Stock withheld by the company at a price of $37.12 per share to satisfy tax withholding related to vested restricted stock units granted on February 15, 2022. After the withholding, she beneficially owned 76,306 shares. The filing also reports that 25,000 shares were previously contributed to each of two grantor retained annuity trusts (GRAT 1 and GRAT 2). The Form 4 was signed by an attorney-in-fact on 09/11/2025.

Positive

• Reporting person retains a meaningful stake with 76,306 shares beneficially owned after the withholding
• Transaction was tax withholding on vested RSUs, not an open-market discretionary sale
• GRAT contributions disclosed, indicating documented estate-planning transfers rather than undisclosed transfers

Negative

• Disposition of 1,319 shares reduced direct holdings via withholding
• No market-price context beyond the $37.12 per-share withholding price is provided to assess timing or valuation implications

Insights

Financial Analyst

TL;DR: Routine tax-withholding sale on vested RSUs; insider retains meaningful equity stake of 76,306 shares.

The transaction is a non-discretionary withholding of 1,319 shares to satisfy taxes on RSU vesting rather than an open-market cash sale, which reduces interpretive concern about active divestiture. The post-transaction beneficial ownership of 76,306 shares indicates continued alignment with shareholders. No options or derivative transactions were reported and the price of $37.12 reflects the withholding valuation on the transaction date.

Corporate Governance Expert

TL;DR: Disclosure is standard and complete for Section 16 reporting; two GRAT contributions indicate estate planning.

The Form 4 cleanly discloses tax-withholding on vested RSUs and identifies two prior contributions to grantor retained annuity trusts, which are common estate-planning mechanisms for executives. The filing is signed by an attorney-in-fact, which is acceptable under SEC practice. There are no unexplained derivative transactions or unusual transfers reported.

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
Estimated average burden
hours per response:			0.5

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)
09/10/2025

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	09/10/2025		F		1,319(1)	D	$37.12	76,306	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 Enphase Energy, Inc. (the "Company") 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 Company'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	09/11/2025
	** 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 did Mandy Yang report on the Form 4 for ENPH?

She reported 1,319 shares withheld to satisfy tax withholding on vested RSUs and a resulting beneficial ownership of 76,306 shares.

When was the transaction dated and at what price?

Transaction date: 09/10/2025. Withholding price: $37.12 per share.

Were there any transfers to trusts reported by the insider?

Yes. The filing discloses that 25,000 shares were previously contributed to each of two grantor retained annuity trusts (GRAT 1 and GRAT 2).

Does the Form 4 show any derivative transactions or option exercises?

No. Table II reports no derivative securities; the disclosed activity is limited to non-derivative common stock withholding and prior GRAT contributions.

Who signed the Form 4 and when?

The form was signed by Lisan Hung, Attorney-in-Fact for Mandy Yang, on 09/11/2025.