Enphase Energy (ENPH) CFO details 10b5-1 sale and share holdings in SEC filing

Rhea-AI Filing Summary

Enphase Energy EVP and Chief Financial Officer Mandy Yang reported recent transactions in Enphase common stock. On December 10, 2025, 1,319 shares were withheld by the company to satisfy tax obligations related to the vesting of restricted stock units granted on February 15, 2022 under Enphase’s 2021 Equity Incentive Plan.

On December 12, 2025, Yang sold 6,000 shares of Enphase common stock at $33.01 per share in an open-market transaction made under a Rule 10b5-1 trading plan adopted on September 2, 2025 for her 2025 year-end tax planning. After these transactions, she beneficially owns 68,987 shares directly, plus 25,000 shares held in GRAT 1 and 25,000 shares held in GRAT 2.

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).

X

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)
12/10/2025

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	12/10/2025		F		1,319(1)	D	$32.79	74,987	D
Common Stock	12/12/2025		S		6,000(2)	D	$33.01	68,987	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. 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. The sales reported on this Form 4 were made pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 2, 2025 in connection with the Reporting Person's year- end tax planning for 2025.

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	12/12/2025
	** 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 insider stock transactions did Enphase Energy (ENPH) CFO Mandy Yang report?

Mandy Yang reported two main items: on December 10, 2025, 1,319 Enphase common shares were withheld to cover taxes on vesting restricted stock units, and on December 12, 2025, she sold 6,000 shares at $33.01 per share.

Were Mandy Yang’s Enphase Energy (ENPH) stock sales under a Rule 10b5-1 plan?

Yes. The 6,000-share sale on December 12, 2025 was made under a Rule 10b5-1 trading plan that Yang adopted on September 2, 2025 in connection with her 2025 year-end tax planning.

How many Enphase Energy (ENPH) shares does Mandy Yang own after these transactions?

Following the reported transactions, Mandy Yang beneficially owns 68,987 Enphase common shares directly, plus 25,000 shares held indirectly through GRAT 1 and 25,000 shares held indirectly through GRAT 2.

Why were 1,319 Enphase Energy (ENPH) shares withheld on December 10, 2025?

The 1,319 shares were withheld by Enphase to satisfy tax withholding obligations associated with the vesting of a portion of restricted stock units granted to Mandy Yang on February 15, 2022 under the company’s 2021 Equity Incentive Plan.

What is Mandy Yang’s role at Enphase Energy (ENPH)?

Mandy Yang is an officer of Enphase Energy, serving as EVP, Chief Financial Officer, and she is the reporting person for the insider stock transactions described.

How are some of Mandy Yang’s Enphase Energy (ENPH) shares held indirectly?

In addition to shares held directly, Mandy Yang holds Enphase shares indirectly through two grantor retained annuity trusts, identified as GRAT 1 and GRAT 2, each holding 25,000 shares contributed from shares she previously owned directly.