Exhibit 10.1


 


Barclays Bank PLC


5 The North Colonnade


Canary Wharf, London E14 4BB


Facsimile: +44(20)77736461


Telephone: +44 (20) 777 36810


 


c/o Barclays Capital
Inc.


as Agent for Barclays Bank PLC


745 Seventh Avenue


New York, NY 10019


Telephone: +1 212 412 4000


 


March 10, 2021


 


	To:	Enphase Energy, Inc.

47281 Bayside Parkway

Fremont, CA 94538

Attention: General Counsel

Telephone No.: (707) 774-7000



 


		Re:	Additional Call Option Transaction



 


The purpose of this
letter agreement (this “Confirmation”) is to confirm the terms and conditions of the call option transaction
entered into between Barclays Bank PLC (“Dealer”), through its agent Barclays Capital Inc. (the “Agent”)
and Enphase Energy, Inc. (“Counterparty”)
as of the Trade Date specified below (the “Transaction”). This letter agreement constitutes a “Confirmation”
as referred to in the ISDA Master Agreement specified below. This Confirmation shall replace any previous agreements and serve
as the final documentation for the Transaction. Dealer is not a member of the Securities Investor Protection Corporation. Dealer
is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority.


 


The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published
by the International Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation.
In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain
defined terms used herein are based on terms that are defined in the Offering Memorandum dated February 24, 2021 (the “Offering
Memorandum”) relating to the Convertible Senior Notes due 2026 (as originally issued by Counterparty, the “Convertible
Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible Note”) issued by Counterparty
in an aggregate initial principal amount of USD 575,000,000 (as increased by an aggregate principal amount of USD 57,500,000 pursuant
to the exercise by the Initial Purchasers (as defined herein) of their over-allotment option to purchase additional Convertible
Notes pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture dated March 1, 2021 between Counterparty
and U.S. Bank National Association, as trustee (the “Indenture”). In the event of any inconsistency between
the terms defined in the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. The parties
acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth
in the Indenture which are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred
to herein will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any
such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the
Offering Memorandum will govern for purposes of this Confirmation. The parties further acknowledge that the Indenture section numbers
used herein are based on the Indenture as executed. Subject to the foregoing, references to the Indenture herein are references
to the Indenture as in effect on the date of its execution, and if the Indenture is amended following such date (other than any
amendment pursuant to Section 10.01(m) of the Indenture that, as determined by the Calculation Agent, conforms the Indenture
to the description of Convertible Notes in the Offering Memorandum), any such amendment will be disregarded for purposes of this
Confirmation unless the parties agree otherwise in writing.


 






     


     


    

 


Each party is hereby
advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial
transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.


 


		1.	This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as
to the terms of the Transaction to which this Confirmation relates. This Confirmation shall supplement, form a part of, and be
subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Counterparty
had executed an agreement in such form (but without any Schedule except for (i) the election of the laws of the State of New
York as the governing law (without reference to choice of law doctrine) and (ii) the election that the “Cross Default”
provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer, with a “Threshold Amount” of 3% of
shareholders’ equity of Dealer (provided that (a) the phrase “, or becoming capable at such time of being
declared,” shall be deleted from clause (1) of such Section 5(a)(vi) of the Agreement, (b) “Specified
Indebtedness” shall have the meaning specified in Section 14 of the Agreement, except that such term shall not include
obligations in respect of deposits received in the ordinary course of Dealer’s banking business and (c) the following
sentence shall be added to the end of Section 5(a)(vi) of the Agreement: “Notwithstanding the foregoing, a default
under subsection (2) hereof shall not constitute an Event of Default if (i) the default was caused solely by error or
omission of an administrative or operational nature; (ii) funds were available to enable the relevant party to make the payment
when due; and (iii) the payment is made within two Local Business Days of such party’s receipt of written notice of
its failure to pay.”)) on the Trade Date. In the event of any inconsistency between provisions of the Agreement and this
Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates. The parties
hereby agree that no transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement.



 


		2.	The terms of the particular Transaction to which this Confirmation relates are as follows:



 


	 	General Terms.	 
	 	 	 
	 	Trade Date:	March 10, 2021
	 	 	 
	 	Effective Date:	The closing date of the issuance of the Convertible Notes issued pursuant to the option to purchase additional Convertible Notes exercised on the date hereof
	 	 	 
	 	Option Style:	“Modified American”, as described under “Procedures for Exercise” below
	 	 	 
	 	Option Type:	Call
	 	 	 
	 	Buyer:	Counterparty
	 	 	 
	 	Seller:	Dealer
	 	 	 
	 	Shares:	The common stock of Counterparty, par value USD 0.00001 per share (Exchange symbol “ENPH” as of the Trade Date).
	 	 	 
	 	Number of Options:	57,500.  For the avoidance of doubt, the Number of Options shall be reduced by any Options exercised by Counterparty.  In no event will the Number of Options be less than zero.
	 	 	 
	 	Applicable Percentage:	35%



 






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	 	Option Entitlement:	A number equal to the product of the Applicable Percentage and 3.2523.
	 	 	 
	 	Strike Price:	USD 307.4747
	 	 	 
	 	Premium:	USD 3,964,625
	 	 	 
	 	Premium Payment Date:	March 12, 2021
	 	 	 
	 	Exchange:	The NASDAQ Global Market
	 	 	 
	 	Related Exchange(s):	All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the tenth line of such section.
	 	 	 
	 	Excluded Provisions:	Section 14.04(h) and Section 14.03 of the Indenture.
	 	 	 
	 	Procedures for Exercise.	 
	 	 	 
	 	Conversion Date:	With respect to any conversion of a Convertible Note, the date on which the Holder (as such term is defined in the Indenture) of such Convertible Note satisfies all of the requirements for conversion thereof as set forth in Section 14.02(b) of the Indenture.
	 	 	 
	 	Averaging Period Threshold Date:	January 23, 2026
	 	 	 
	 	Expiration Time:	The Valuation Time
	 	 	 
	 	Expiration Date:	March 1, 2026, subject to earlier exercise.
	 	 	 
	 	Multiple Exercise:	Applicable, as described under “Automatic Exercise” below.
	 	 	 
	 	Automatic Exercise:	Notwithstanding Section 3.4 of the Equity Definitions, on each Conversion Date in respect of which a Notice of Conversion that is effective as to Counterparty has been delivered by the relevant converting Holder, a number of Options equal to (i) the number of Convertible Notes in denominations of USD 1,000 as to which such Conversion Date has occurred minus (ii) the number of Options that are or are deemed to be automatically exercised on such Conversion Date under the Base Call Option Transaction Confirmation letter agreement dated February 24, 2021  between Dealer and Counterparty (the “Base Call Option Confirmation”), shall be deemed to be automatically exercised; provided that such Options shall be exercised or deemed exercised only if Counterparty or the Trustee (or other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing) on behalf of Counterparty has provided a Notice of Exercise to Dealer in accordance with “Notice of Exercise” below; provided further that if the Trustee or any other such agent on behalf of Counterparty provides such Notice of Exercise to Dealer, Dealer shall be entitled to rely on the accuracy of such Notice of Exercise without any independent investigation.



 






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	 	 	Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options.
	 	 	 
	 	Notice of Exercise:	Notwithstanding anything to the contrary in the Equity Definitions or under “Automatic Exercise” above, in order to exercise any Options, Counterparty or the Trustee (or other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing) on behalf of Counterparty must notify Dealer in writing before 5:00 p.m. (New York City time) on the Scheduled Valid Day immediately preceding the scheduled first day of the Settlement Averaging Period for the Options being exercised (the “Exercise Notice Deadline”) of (i) the number of such Options, (ii) the scheduled first day of the Settlement Averaging Period and the scheduled Settlement Date, (iii) the Relevant Settlement Method for such Options, and (iv) if the settlement method for the related Convertible Notes is not Settlement in Shares or Settlement in Cash (each as defined below), the fixed amount of cash per Convertible Note that Counterparty has elected to pay to Holders (as such term is defined in the Indenture) of the related Convertible Notes (the “Specified Cash Amount”); provided that notwithstanding the foregoing, in respect of any Options relating to Convertible Notes with a Conversion Date occurring prior to the Averaging Period Threshold Date, such notice (and the related exercise of Options) shall be effective if given after the Exercise Notice Deadline, but prior to 4:00 p.m. (New York City time) on the fifth Scheduled Valid Day following the Exercise Notice Deadline, in which event the Calculation Agent shall have the right to adjust the delivery obligation under this Confirmation as appropriate to reflect the commercially reasonable additional costs (including, but not limited to, additional costs related to hedging mismatches and market losses and gains) and commercially reasonable expenses incurred by Dealer in connection with commercially reasonable hedging activities (including the unwinding of any commercially reasonable Hedge Positions) as a result of Dealer not having received such notice on or prior to the Exercise Notice Deadline and Dealer’s obligation to make any payment or delivery in respect of such exercise shall not be extinguished; and provided further that in respect of (1) any Options relating to Convertible Notes with a Conversion Date occurring on or after the Averaging Period Threshold Date and (2) any Options relating to Convertible Notes with a Conversion Date occurring on or after Counterparty issues a “Redemption Notice” (as used herein, as defined in the Indenture) with respect to the Convertible Notes in accordance with Section 16.02 of the Indenture and prior to the close of business on the Scheduled Valid Day immediately preceding the related “Redemption Date” (as used herein, as defined in the Indenture), (A) such notice may be given on or prior to the second Scheduled Valid Day immediately preceding the Expiration Date, or on or prior to the second Scheduled Valid Day immediately preceding such Redemption Date, as the case may be, and need only specify the information required in clause (i) above (and, in the case of clause (2) in this proviso only, the number of Convertible Notes as to which Counterparty issued a Redemption Notice), and (B) if the Relevant Settlement Method for such Options is (x) Net Share Settlement and the Specified Cash Amount is not USD 1,000, (y) Cash Settlement or (z) Combination Settlement, Dealer shall have received a separate notice (the “Notice of Final Settlement Method”) in respect of all such Convertible Notes before 5:00 p.m. (New York City time) on the Averaging Period Threshold Date, or concurrently with the delivery of the Redemption Notice to Holders of the Convertible Notes, as the case may be, specifying the information required in clauses (iii) and (iv) above.  Counterparty acknowledges its
responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act (as defined below) and the rules and regulations thereunder, in respect of any election of a settlement method with respect to the Convertible Notes. The parties hereto agree and acknowledge that if the Trustee or any other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing on behalf of Counterparty provides notice to Dealer as provided for in the second immediately preceding sentence, Dealer shall be entitled to rely on the accuracy of such notice without any independent investigation.



 






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	 	Valuation Time:	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in good faith and in a commercially reasonable manner.
	 	 	 
	 	Market Disruption Event:	Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following:
	 	 	 
	 	 	“‘Market Disruption Event’ means, in respect of a Share, (i) a failure by the primary United States national or regional securities exchange or market on which the Shares are listed or admitted for trading to open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. (New York City time) on any Scheduled Valid Day for the Shares for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Shares or in any options contracts or futures contracts relating to the Shares.”



 






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	 	Settlement Terms.	 
	 	 	 
	 	Settlement Method:	For any Option, Net Share Settlement; provided that if the Relevant Settlement Method set forth below for such Option is not Net Share Settlement, then the Settlement Method for such Option shall be such Relevant Settlement Method, but only if Counterparty, or the Trustee (or other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing) on behalf of Counterparty, shall have notified Dealer of the Relevant Settlement Method in the Notice of Exercise or Notice of Final Settlement Method, as applicable, for such Option.  The parties hereto agree and acknowledge that if the Trustee or any other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing on behalf of Counterparty provides notice to Dealer as provided for in the proviso to the immediately preceding sentence, Dealer shall be entitled to rely on the accuracy of such notice without any independent investigation.
	 	 	 
	 	Relevant Settlement Method:	In respect of any Option:
	 	 	 
	 	 	(i)  if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note (A) entirely in Shares pursuant to Section 14.02(iv)(A)  of the Indenture (together with cash in lieu of fractional Shares) (such settlement method, “Settlement in Shares”), (B) in a combination of cash and Shares pursuant to Section 14.04(iv)(C)  of the Indenture with a Specified Cash Amount less than USD 1,000 or (C) in a combination of cash and Shares pursuant to Section 14.04(iv)(C) of the Indenture with a Specified Cash Amount equal to USD 1,000, then, in each case, the Relevant Settlement Method for such Option shall be Net Share Settlement;
	 	 	 
	 	 	(ii)  if
    Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note in a combination
    of cash and Shares pursuant to Section 14.04(iv)(C) of the Indenture with a Specified Cash Amount greater than USD
    1,000, then the Relevant Settlement Method for such Option shall be Combination Settlement; and
	 	 	 
	 	 	(iii) if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note entirely in cash pursuant to Section 14.04(iv)(B) of the Indenture (such settlement method, “Settlement in Cash”), then the Relevant Settlement Method for such Option shall be Cash Settlement.
	 	 	 
	 	Net Share Settlement:	If Net Share Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the relevant Settlement Date for each such Option, a number of Shares (the “Net Share Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for each such Option, of (i) (a) the Daily Option Value for such Valid Day, divided by (b) the Relevant Price on such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period; provided that in no event shall the Net Share Settlement Amount for any Option exceed a number of Shares equal to the Applicable Limit for such Option, divided by the Applicable Limit Price on the Settlement Date for such Option.



 






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	 	 	Dealer will pay
    cash in lieu of delivering any fractional Shares to be delivered with respect to any Net Share Settlement Share Amount valued
    at the Relevant Price for the last Valid Day of the Settlement Averaging Period.
	 	 	 
	 	Combination Settlement:	If Combination Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may be, to Counterparty, on the relevant Settlement Date for each such Option:
	 	 	 
	 	 	(i)    cash (the “Combination Settlement Cash Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (A) an amount (the “Daily Combination Settlement Cash Amount”) equal to the lesser of (1) the product of (x) the Applicable Percentage and (y) the Specified Cash Amount minus USD 1,000 and (2) the Daily Option Value, divided by (B) the number of Valid Days in the Settlement Averaging Period; provided that if the calculation in clause (A) above results in zero or a negative number for any Valid Day, the Daily Combination Settlement Cash Amount for such Valid Day shall be deemed to be zero; and
	 	 	 
	 	 	(ii)   Shares
    (the “Combination Settlement Share Amount”) equal to the sum, for each Valid Day during the Settlement
    Averaging Period for such Option, of a number of Shares for such Valid Day (the “Daily Combination Settlement Share
    Amount”) equal to (A) (1) the Daily Option Value on such Valid Day minus the Daily Combination
    Settlement Cash Amount for such Valid Day, divided by (2) the Relevant Price on such Valid Day, divided by
    (B) the number of Valid Days in the Settlement Averaging Period; provided that if the calculation in sub-clause
    (A)(1) above results in zero or a negative number for any Valid Day, the Daily Combination Settlement Share Amount for
    such Valid Day shall be deemed to be zero;
	 	 	 
	 	 	provided that in no event shall the sum of (x) the Combination Settlement Cash Amount for any Option, and (y) the Combination Settlement Share Amount for such Option, multiplied by the Applicable Limit Price on the Settlement Date for such Option, exceed the Applicable Limit for such Option.
	 	 	 
	 	 	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Combination Settlement Share Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.



 






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	 	Cash Settlement:	If Cash Settlement is applicable to any Option exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for each such Option, an amount of cash (the “Cash Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period; provided that in no event shall the Cash Settlement Amount exceed the Applicable Limit for such Option.
	 	 	 
	 	Daily Option Value:	For any Valid Day, an amount equal to (i) the Option Entitlement on such Valid Day, multiplied by (ii) the Relevant Price on such Valid Day less the Strike Price on such Valid Day; provided that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Valid Day shall be deemed to be zero.  In no event will the Daily Option Value be less than zero.
	 	 	 
	 	Make-Whole Adjustment:	Notwithstanding anything to the contrary herein, in respect of any exercise of Options relating to a conversion of Convertible Notes for which additional Shares will be added to the “Conversion Rate” (as defined in the Indenture) as determined pursuant to Section 14.03 of the Indenture, the Daily Option Value shall be calculated as if the Option Entitlement included the Applicable Percentage of the number of such additional Shares as determined with reference to the adjustment set forth in such Section 14.03 of the Indenture; provided that if the sum of (i) the product of (a) the number of Shares (if any) deliverable by Dealer to Counterparty per exercised Option and (b) the Applicable Limit Price on the Settlement Date and (ii) the amount of cash (if any) payable by Dealer to Counterparty per exercised Option would otherwise exceed the amount per Option, as determined by the Calculation Agent, that would be payable by Dealer under Section 6 of the Agreement if (x) the relevant  Conversion Date were an Early Termination Date resulting from an Additional Termination Event with respect to which the Transaction was the sole Affected Transaction and Counterparty was the sole Affected Party and (y) Section 14.03 of the Indenture were deleted, then each Daily Option Value shall be proportionately reduced to the extent necessary to eliminate such excess.
	 	 	 
	 	Applicable Limit:	For any Option, an amount of cash equal to the Applicable Percentage, multiplied by the excess of (i) the aggregate of (A) the amount of cash, if any, paid to the Holder of the related Convertible Note upon conversion of such Convertible Note and (B) the number of Shares, if any, delivered to the Holder of the related Convertible Note upon conversion of such Convertible Note multiplied by the Applicable Limit Price on the Settlement Date for such Option, over (ii) USD 1,000.



 






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	 	Applicable Limit Price:	On any day, the opening price as displayed under the heading “Op” on Bloomberg page ENPH <equity> (or any successor thereto).
	 	 	 
	 	Valid Day:	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange or, if the Shares are not then listed on the Exchange, on the principal other United States national or regional securities exchange on which the Shares are then listed or, if the Shares are not then listed on a United States national or regional securities exchange, on the principal other market on which the Shares are then listed or admitted for trading. If the Shares are not so listed or admitted for trading, “Valid Day” means a Business Day.
	 	 	 
	 	Scheduled Valid Day:	A day that is scheduled to be a Valid Day on the principal United States national or regional securities exchange or market on which the Shares are listed or admitted for trading.  If the Shares are not so listed or admitted for trading, “Scheduled Valid Day” means a Business Day.
	 	 	 
	 	Business Day:	Any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed.
	 	 	 
	 	Relevant Price:	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page ENPH <equity> AQR (or its equivalent successor if such page is not available) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or if such volume-weighted average price is unavailable, the market value of one Share on such Valid Day, as determined by the Calculation Agent in good faith and in a commercially reasonable manner using, if practicable, a volume-weighted average method).  The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
	 	 	 
	 	Settlement Averaging Period:	For any Option and regardless of the Settlement Method applicable to such Option:
	 	 	 
	 	 	(i)    subject to clause (ii), if the related Conversion Date
    occurs prior to the Averaging Period Threshold Date, the 20  consecutive Valid Days commencing on, and including,
    the second Valid Day following such Conversion Date; or



 






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	 	 	(ii)   with
    respect to any Convertible Notes called for redemption and converted pursuant to Section 14.01(b)(v) of the Indenture,
    if the related Conversion Date occurs on or after the date on which Counterparty issues a Redemption Notice with respect to
    such Convertible Notes in accordance with Section 16.02 of the Indenture and prior to the close of business on the Scheduled
    Valid Day immediately preceding the related Redemption Date, the 20 consecutive Valid Days commencing on, and including, the
    21st Scheduled Valid Day immediately prior to such Redemption Date; and or
	 	 	 
	 	 	(iii)  subject to clause (ii), if the related Conversion Date occurs on or following the Averaging Period Threshold Date, the 20 consecutive Valid Days commencing on, and including, the 21st Scheduled Valid Day immediately prior to the Expiration Date.
	 	 	 
	 	Settlement Date:	For any Option, the date cash is paid and Shares, if any, are delivered under the terms of the Indenture with respect to the conversion of the Convertible Note related to such Option.
	 	 	 
	 	Settlement Currency:	USD
	 	 	 
	 	Other Applicable Provisions:	The provisions of Sections 9.1(c), 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Settled”.  “Share Settled” in relation to any Option means that Net Share Settlement or Combination Settlement is applicable to that Option.
	 	 	 
	 	Representation and Agreement:	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery, subject to restrictions and limitations arising from Counterparty’s status as issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”)).



 


		3.	Additional Terms applicable to the Transaction.



 


	 	Adjustments applicable to the Transaction:
	 	 	 
	 	Potential Adjustment Events:	Notwithstanding Section 11.2(e) of the Equity Definitions, a “Potential Adjustment Event” means an occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that would result in an adjustment under the Indenture to the “Conversion Rate” or the composition of a “unit of Reference Property” or to any “Last Reported Sale Price,”  “Daily VWAP,” “Daily Conversion Value” or “Daily Settlement Amount” (each as defined in the Indenture).  For the avoidance of doubt, Dealer shall not have any delivery or payment obligation hereunder, and no adjustment shall be made to the terms of the Transaction, on account of (x) any distribution of cash, property or securities by Counterparty to holders of the Convertible Notes (upon conversion or otherwise) or (y) any other transaction in which holders of the Convertible Notes are entitled to participate, in each case, in lieu of an adjustment under the Indenture of the type referred to in the immediately preceding sentence (including, without limitation, pursuant to the fourth sentence of Section 14.04(c) of the Indenture or the fourth sentence of Section 14.04(d) of the Indenture).



 






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	 	Method of Adjustment:	Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, upon any Potential Adjustment Event, the Calculation Agent shall make a corresponding adjustment to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction; provided that, notwithstanding the foregoing, if the Calculation Agent acting in good faith and in a commercially reasonable manner disagrees with any adjustment pursuant to the terms and provisions of the Indenture that is the basis of any calculation hereunder and that involves an exercise of discretion by Counterparty or its board of directors (including, without limitation, pursuant to Section 14.05 of the Indenture, Section 14.07 of the Indenture or any supplemental indenture entered into thereunder or in connection with any proportional adjustment or the determination of the fair value of any securities, property, rights or other assets), then in each such case, the Calculation Agent will determine the adjustment to be made to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction in a commercially reasonable manner.
	 	 	 
	 	Dilution Adjustment Provisions:	Sections 14.04(a), (b), (b), (b) and (e) and Section 14.05 of the Indenture.
	 	 	 
	 	Extraordinary Events applicable to the Transaction:
	 	 	 
	 	Merger Events:	Applicable; provided that notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in the definition of “Merger Event” in Section 14.07(a) of the Indenture.
	 	 	 
	 	Tender Offers:	Applicable; provided that notwithstanding Section 12.1(d) of the Equity Definitions, a “Tender Offer” means the occurrence of any event or condition set forth in Section 14.04(e) of the Indenture.



 






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	 	Consequences of Merger
    Events / Tender Offers:	Notwithstanding Section 12.2 and Section 12.3 of the Equity Definitions, upon the occurrence of a Merger Event or a Tender Offer, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares (in the case of a Merger Event), Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction; provided, however, that such adjustment shall be made without regard to any adjustment to the Conversion Rate determined pursuant to any Excluded Provision; provided further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person that is not a corporation or is not organized under the laws of the United States, any State thereof or the District of Columbia or (ii) the Counterparty to the Transaction following such Merger Event or Tender Offer, will not be a corporation or will not be the Issuer following such Merger Event or Tender Offer, then Cancellation and Payment (Calculation Agent Determination) may apply at Dealer’s sole election.
	 	 	 
	 	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.
	 	 	 
	 	Additional Disruption Events:	 
	 	 	 
	 	Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the word “Shares” with the phrase “Hedge Positions” in clause (X) thereof, (ii) inserting the parenthetical “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” at the end of clause (A) thereof and (iii) immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”.
	 	 	 
	 	Failure to Deliver:	Applicable



 






    	 	12	 



     


    

 


	 	Hedging Disruption:	Applicable; provided that:
	 	 	 
	 	 	(i)    Section 12.9(a)(v) of
    the Equity Definitions is hereby amended by inserting the following two phrases at the end of such Section:
	 	 	 
	 	 	“For
    the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to,
    stock price and volatility risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases
    (A) or (B) above must be available on commercially reasonable pricing terms; and
	 	 	 
	 	 	(ii)   Section 12.9(b)(iii) of
    the Equity Definitions is hereby amended by inserting in the third line thereof, after the words “to terminate the Transaction”,
    the words “or a portion of the Transaction affected by such Hedging Disruption”.
	 	 	 
	 	Increased Cost of Hedging:	Not Applicable
	 	 	 
	 	Hedging Party:	For all applicable Additional Disruption Events, Dealer.
	 	 	 
	 	Determining Party:	For all applicable Extraordinary Events, Dealer.  All calculations and determinations by the Determining Party shall be made in good faith and in a commercially reasonable manner.  Following any calculation by the Determining Party hereunder, upon written request by Counterparty, the Determining Party will provide to Counterparty by email to the email address provided to Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such calculation; provided, however, that in no event will the Determining Party be obligated to share with Counterparty any proprietary or confidential data or information or information or any proprietary or confidential models used by it.
	 	 	 
	 	Non-Reliance:	Applicable.
	 	 	 
	 	Agreements and Acknowledgments	 
	 	Regarding Hedging Activities:	Applicable
	 	 	 
	 	Additional Acknowledgments:	Applicable



 


	4.	Calculation Agent.	Dealer; provided
    that following the occurrence and during the continuance of an Event of Default of the type described in Section 5(a)(vii) of
    the Agreement with respect to which Dealer is the sole Defaulting Party, if the Calculation Agent fails to timely make any
    calculation, adjustment or determination required to be made by the Calculation Agent hereunder or to perform any obligation
    of the Calculation Agent hereunder and such failure continues for five Exchange Business Days following notice to the Calculation
    Agent by Counterparty of such failure, Counterparty shall have the right to designate a nationally recognized third-party
    dealer in over-the-counter corporate equity derivatives to act, during the period commencing on the first date the Calculation
    Agent fails to timely make such calculation, adjustment or determination or to perform such obligation, as the case may be,
    and ending on the earlier of the Early Termination Date with respect to such Event of Default and the date on which such Event
    of Default is no longer continuing, as the Calculation Agent.



 






    	 	13	 



     


    

 


	 	 	All calculations and determinations by the Calculation Agent
shall be made in good faith and in a commercially reasonable manner. Following any calculation by the Calculation Agent hereunder,
upon written request by Counterparty, the Calculation Agent will provide to Counterparty by email to the email address provided
by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial
data) displaying in reasonable detail the basis for such calculation; provided, however, that in no event will Dealer
be obligated to share with Counterparty any proprietary or confidential data or information or any proprietary or confidential
models used by it.



 


		5.	Account Details.



 


		(a)	Account for payments to Counterparty:



 


Bank:


ABA#:


Acct No.:


Beneficiary:


Ref:


 


Account for delivery of Shares to Counterparty:


 


To be provided upon request.


 


		(b)	Account for payments to Dealer:



 


Bank:


ABA#


BIC:


Acct:


Beneficiary:


 


Account for delivery of Shares from Dealer:


 


To be provided by Dealer.


 


		6.	Offices.



 


		(a)	The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party.



 


		(b)	The Office of Dealer for the Transaction is: Inapplicable, Dealer is not a Multibranch Party



 






    	 	14	 



     


    

 



 


		7.	Notices.



 


		(a)	Address for notices or communications to Counterparty:



 


Enphase Energy, Inc.


Attention: General Counsel


Telephone No.: (707) 763-4785


 


		(b)	Address for notices or communications to Dealer:



 


Barclays Bank PLC


c/o Barclays Capital Inc.


745 Seventh Avenue


New York, NY 10019


Attention:


Telephone:


Email:


 


With a copy to:


Attention: Equity Linked Hybrid Solutions


Group Email:


(Note that this is a group email address which may include
one or more persons on the public side of Dealer.  This group email address is only to be used for notifications sent to Dealer
for this Transaction, this Confirmation and the Agreement.)


 


		8.	Representations and Warranties of Counterparty.



 


		(a)	Representations and Warranties of Counterparty. Each of the representations and warranties of Counterparty
set forth in Section 2 of the Purchase Agreement (the “Purchase Agreement”), dated as of February 24,
2021, among Counterparty and BofA Securities, Inc. and Barclays Capital Inc., as representatives of the initial purchasers
party thereto (the “Initial Purchasers”), are true and correct and are hereby deemed to be repeated to Dealer
as if set forth herein. Counterparty hereby further represents and warrants to Dealer on the date hereof and on and as of the Premium
Payment Date that:



 


		(i)	Counterparty has all necessary corporate power and authority to execute, deliver and perform its
obligations in respect of the Transaction; such execution, delivery and performance have been duly authorized by all necessary
corporate action on Counterparty’s part; and this Confirmation has been duly and validly executed and delivered by Counterparty
and constitutes its valid and binding obligation, enforceable against Counterparty in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and
remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness,
good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights
to indemnification and contribution hereunder may be limited by federal or state securities laws or public policy relating thereto.



 


		(ii)	Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations
of Counterparty hereunder will conflict with or result in a breach of (A) the certificate of incorporation or by-laws (or
any equivalent documents) of Counterparty, or (B) any applicable law or regulation, or any order, writ, injunction or decree
of any court or governmental authority or agency, or (C) any agreement or instrument to which Counterparty or any of its subsidiaries
is a party or by which Counterparty or any of its subsidiaries is bound or to which Counterparty or any of its subsidiaries is
subject, or constitute a default under, or result in the creation of any lien under, any such agreement or instrument, except for
any such conflicts, breaches, defaults or lien creations in the cases of clause (C) above that would not adversely affect
the ability of Counterparty to fulfill its obligations under this Transaction.



 






    15


     


    

 


		(iii)	No consent, approval, authorization, or order of, or filing with, any governmental agency or body
or any court is required in connection with the execution, delivery or performance by Counterparty of this Confirmation, except
such as have been obtained or made and such as may be required under the Securities Act or state securities laws.



 


		(iv)	Counterparty is not and, after consummation of the transactions contemplated hereby, will not be
required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.



 


		(v)	Counterparty is in compliance, in all material respects, with its periodic reporting obligations
under the Exchange Act.



 


		(vi)	Counterparty (A) is capable of evaluating investment risks independently, both in general
and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent
judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the
broker-dealer in writing; and (C) has total assets of at least $50 million.



 


		(vii)	Counterparty acknowledges that the Transaction may constitute a purchase of its equity securities. 
Counterparty further acknowledges that, pursuant to the provisions of the Coronavirus Aid, Relief and Economic Security Act (the
 “Cares Act”), the Counterparty will be required to agree to certain time-bound restrictions on its ability to
purchase its equity securities if it receives loans, loan guarantees or direct loans (as that term is defined in the Cares Act)
under section 4003(b) of the Cares Act.  Counterparty further acknowledges that it may be required to agree to certain
time-bound restrictions on its ability to purchase its equity securities if it receives loans, loan guarantees or direct loans
(as that term is defined in the Cares Act) under programs or facilities established by the Board of Governors of the Federal Reserve
System for the purpose of providing liquidity to the financial system.  Accordingly, Counterparty represents and warrants
that neither it nor any of its subsidiaries has applied, and throughout the term of the Transaction neither it nor any of its subsidiaries
shall apply, for a loan, loan guarantee, direct loan (as that term is defined in the Cares Act) or other investment, or to receive
any financial assistance or relief (howsoever defined) under any program or facility established in any jurisdiction that (a) is
established under applicable law, including without limitation the Cares Act and the Federal Reserve Act, as amended, and (b) requires,
as a condition of such loan, loan guarantee, direct loan (as that term is defined in the Cares Act), investment, financial assistance
or relief, that the Counterparty agree, attest, certify or warrant that neither it nor any of its subsidiaries has, as of the date
specified in such condition, repurchased, or will repurchase, any equity security of Counterparty.  Counterparty further represents
and warrants that the Premium is not being paid, in whole or in part, directly or indirectly, with funds received under or pursuant
to any program or facility established in any jurisdiction, including the U.S. Small Business Administration’s “Paycheck
Protection Program”, that (a) is established under applicable law (whether in existence as of the Trade Date or subsequently
enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires
under such applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with
jurisdiction for such program or facility) that such funds be used for specified or enumerated purposes that do not include the
purchase of the Transaction (either by specific reference to the Transaction or by general reference to transactions with the attributes
of the Transaction in all relevant respects).



 


		(b)	Each of Dealer and Counterparty agrees and represents that it is an “eligible contract participant”
(as such term is defined in Section 1a(18) of the Commodity Exchange Act, as amended (the “CEA”), other
than a person that is an eligible contract participant under Section 1a(18)(C) of the CEA).



 






    16


     


    

 


		9.	Other Provisions.



 


		(a)	Opinions. Counterparty shall deliver to Dealer an opinion of counsel, dated as of
the Trade Date, with respect to (i) the matters set forth in Section 8(a)(ii)(B) and Section 8(a)(iii) of
this Confirmation to the knowledge of counsel, (ii) due incorporation, existence and good standing of Counterparty in Delaware,
(iii) the due authorization, execution and delivery of this Confirmation, and, (iv) in respect of the execution, delivery
and performance of this Confirmation, the absence of any conflict with or breach of any material agreement required to be filed
as an exhibit to Counterparty’s Annual Report on Form 10-K, Counterparty’s certificate of incorporation or Counterparty’s
by-laws.  Delivery of such opinion to Dealer shall be a condition precedent for the purpose of Section 2(a)(iii) of
the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the Agreement.



 


		(b)	Repurchase Notices. Counterparty shall, on any day on which Counterparty effects
any repurchase of Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on
such day if following such repurchase, the number of outstanding Shares as determined on such day is (i) less than 101.3 million
(in the case of the first such notice) or (ii) thereafter more than 17.9 million less than the number of Shares included in
the immediately preceding Repurchase Notice. Counterparty agrees to indemnify and hold harmless Dealer and its affiliates and their
respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified
Person”) from and against any and all losses (including losses relating to Dealer’s hedging activities as a consequence
of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance
from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction),
claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified
Person may become subject to, as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice on the day
and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each of such Indemnified
Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony
or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any governmental
or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s
failure to provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify
Counterparty in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory
to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and
shall pay the fees and expenses of such counsel related to such proceeding. Counterparty shall not be liable for any settlement
of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent
or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any
loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which
any Indemnified Person is a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement
includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding
on terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable
to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty
hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph (b) are not
exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.
The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless
of the termination of the Transaction.



 






    17


     


    

 


		(c)	Regulation M. Counterparty is not on the Trade Date engaged in a distribution, as
such term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and
102(b)(7) of Regulation M. Counterparty shall not, until the second Scheduled Trading Day immediately following the Effective
Date, engage in any such distribution.



 


		(d)	No Manipulation. Counterparty is not entering into the Transaction to create actual
or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to manipulate the
price of the Shares (or any security convertible into or exchangeable for the Shares) in violation of the Exchange Act.



 


		(e)	Transfer or Assignment.



 


		(i)	Counterparty shall have the right to transfer or assign its rights and obligations hereunder with
respect to all, but not less than all, of the Options hereunder (such Options, the “Transfer Options”); provided
that such transfer or assignment shall be subject to reasonable conditions that Dealer may impose, including but not limited, to
the following conditions:



 


		(A)	With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification
obligations pursuant to Section 9(b) or any obligations under Section 9(n) or 9(s) of this Confirmation;



 


		(B)	Any Transfer Options shall only be transferred or assigned to a third party that is a United States
person (as defined in the Internal Revenue Code of 1986, as amended (the “Code”);



 


		(C)	Such transfer or assignment shall be effected on terms, including any reasonable undertakings by
such third party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a
manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and
execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party
and Counterparty, as are requested and reasonably satisfactory to Dealer;



 


		(D)	Dealer will not, as a result of such transfer and assignment, be required to pay the transferee
on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have
been required to pay to Counterparty in the absence of such transfer and assignment;



 


		(E)	An Event of Default, Potential Event of Default or Termination Event will not occur as a result
of such transfer and assignment;



 


		(F)	Without limiting the generality of clause (B), Counterparty shall cause the transferee to make
such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer
to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment;
and



 


		(G)	Counterparty shall be responsible for all commercially reasonable costs and expenses, including
commercially reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment.



 






    18


     


    

 


		(ii)	Dealer may, without Counterparty’s consent, transfer or assign (such transfer or assignment,
a “Transfer”) all or any part of its rights or obligations under the Transaction (A) to any affiliate of
Dealer (1) that has a long-term issuer rating that is equal to or better than Dealer’s credit rating at the time of
such Transfer, or (2) whose obligations hereunder will be guaranteed, pursuant to the terms of a customary guarantee in a
form used by Dealer generally for similar transactions, by Dealer, or (B) with Counterparty’s consent (not to be unreasonably
withheld or delayed) to any other third party with a long-term issuer rating equal to or better than the lesser of (1) the
credit rating of Dealer at the time of the Transfer and (2) A- by Standard and Poor’s Rating Group, Inc. or its
successor (“S&P”), or A3 by Moody’s Investor Service, Inc. (“Moody’s”)
or, if either S&P or Moody’s ceases to rate such third party, at least an equivalent rating or better by a substitute
rating agency mutually agreed by Counterparty and Dealer; provided that either (x) the transferee in any such Transfer
shall be a “dealer in securities” within the meaning of Section 475(c)(1) of the Code or (y) the Transfer
will not result in a deemed exchange by Counterparty within the meaning of Section 1001 of the Code; and provided further
that Dealer shall provide notice to Counterparty following any such Transfer. If at any time at which (A) the Section 16
Percentage exceeds 8.0%, (B) the Option Equity Percentage exceeds 14.5%, or (C) the Share Amount exceeds the Applicable
Share Limit (if any applies) (any such condition described in clauses (A), (B) or (C), an “Excess Ownership Position”),
Dealer is unable after using its commercially reasonable efforts to effect a transfer or assignment of Options to a third party
on pricing terms reasonably acceptable to Dealer and within a time period reasonably acceptable to Dealer such that no Excess Ownership
Position exists, then Dealer may designate any Exchange Business Day as an Early Termination Date with respect to a portion of
the Transaction (the “Terminated Portion”), such that following such partial termination no Excess Ownership
Position exists. In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction,
a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated
in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the number of Options underlying
the Terminated Portion, (2) Counterparty were the sole Affected Party with respect to such partial termination and (3) the
Terminated Portion were the sole Affected Transaction (and, for the avoidance of doubt, the provisions of Section 9(l) shall
apply to any amount that is payable by Dealer to Counterparty pursuant to this sentence as if Counterparty was not the Affected
Party). The “Section 16 Percentage” as of any day is the fraction, expressed as a percentage, (A) the
numerator of which is the number of Shares that Dealer and any of its affiliates or any other person subject to aggregation with
Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act, or any “group”
(within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part beneficially owns
(within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason
the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a
higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day. The “Option
Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the sum
of (1) the product of the Number of Options and the Option Entitlement and (2) the aggregate number of Shares underlying
any other call option transaction sold by Dealer to Counterparty, and (B) the denominator of which is the number of Shares
outstanding. The “Share Amount” as of any day is the number of Shares that Dealer and any person whose ownership
position would be aggregated with that of Dealer (Dealer or any such person, a “Dealer Person”) under any law,
rule, regulation, regulatory order or organizational documents or contracts of Counterparty that are, in each case, applicable
to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls,
holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by
Dealer in its reasonable discretion. The “Applicable Share Limit” means a number of Shares equal to (A) the
minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining
prior approval from any person or entity) of a Dealer Person, or could result in an adverse effect on a Dealer Person, under any
Applicable Restriction, as determined by Dealer in its reasonable discretion, minus (B) 1% of the number of Shares
outstanding.



 






    19


     


    




 


		(iii)	Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing
Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from
Counterparty, Dealer may designate any of its affiliates (each, a “Dealer Designated Affiliate”) to purchase,
sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform
Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged
of its obligations to Counterparty under this Confirmation to the extent such Dealer Designated Affiliate fully performs the obligations
designated by Dealer to such Dealer Designated Affiliate under this Section 9(e)(iii).



 


		(f)	Staggered Settlement. If upon advice of counsel with respect to applicable legal
and regulatory requirements, including any requirements relating to Dealer’s commercially reasonable hedging activities hereunder
that would be customarily applicable to transactions of this type by the dealers in this market as determined by the Calculation
Agent, Dealer reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver,
any or all of the Shares to be delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty
on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more
dates (each, a “Staggered Settlement Date”) as follows:



 


		(i)	in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (the
first of which will be such Nominal Settlement Date and the last of which will be no later than the twentieth (20th) Exchange Business
Day following such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date;



 


		(ii)	the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered
Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement
Date; and



 


		(iii)	if the Net Share Settlement terms or the Combination Settlement terms set forth above were to apply
on the Nominal Settlement Date, then the Net Share Settlement terms or the Combination Settlement terms, as the case may be, will
apply on each Staggered Settlement Date, except that the Shares otherwise deliverable on such Nominal Settlement Date will be allocated
among such Staggered Settlement Dates as specified by Dealer in the notice referred to in clause (i) above.



 


		(g)	Role of Agent. Each of Dealer and Counterparty acknowledges to and agrees with the
other party hereto and to and with the Agent that (i) the Agent is acting as agent for Dealer under the Transaction pursuant
to instructions from such party, (ii) the Agent is not a principal or party to the Transaction, and may transfer its rights
and obligations with respect to the Transaction, (iii) the Agent shall have no responsibility, obligation or liability, by
way of issuance, guaranty, endorsement or otherwise in any manner with respect to the performance of either party under the Transaction,
(iv) Dealer and the Agent have not given, and Counterparty is not relying (for purposes of making any investment decision
or otherwise) upon, any statements, opinions or representations (whether written or oral) of Dealer or the Agent, other than the
representations expressly set forth in this Confirmation or the Agreement, and (v) each party agrees to proceed solely against
the other party, and not the Agent, to collect or recover any money or securities owed to it in connection with the Transaction.
Each party hereto acknowledges and agrees that the Agent is an intended third party beneficiary hereunder. Counterparty acknowledges
that the Agent is an affiliate of Dealer. Dealer will be acting for its own account in respect of this Confirmation and the Transaction
contemplated hereunder.



 






    20


     


    

 


		(h)	Submission to Jurisdiction. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION
WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT
TO, THESE COURTS.



 


		(i)	Additional Termination Events.



 


		(i)	Notwithstanding anything to the contrary in this Confirmation if an event of default with respect
to Counterparty occurs under the terms of the Convertible Notes as set forth in Section 6.01 of the Indenture, then such event
of default shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional
Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole
Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of
the Agreement.



 


		(ii)	Promptly (and in any event within five Scheduled Trading Days) following any (i) repurchase
(which, for the avoidance of doubt, includes any exchange transaction) and cancellation of Convertible Notes, including without
limitation pursuant to Article 15 of the Indenture in connection with a “Fundamental Change” (as defined in the
Indenture) or (ii) any Convertible Notes are redeemed (whether pursuant to Section 16.01 of the Indenture or otherwise)
by Counterparty and are no longer outstanding under the Indenture, (such event, a “Repurchase Event”), Counterparty
may notify Dealer in writing of such Repurchase Event and the number of Convertible Notes subject to such Repurchase Event (any
such notice, a “Repurchase Notice”). Notwithstanding anything to the contrary in this Confirmation, the receipt
by Dealer from Counterparty of (x) any Repurchase Notice, within the applicable time period set forth in the preceding sentence,
and (y) a written representation and warranty by Counterparty that, as of the date of such Repurchase Notice, Counterparty
is not in possession of any material non-public information regarding Counterparty or the Shares, shall constitute an Additional
Termination Event as provided in this paragraph. Upon receipt of any such Repurchase Notice and the related written representation
and warranty, Dealer shall promptly designate an Exchange Business Day following receipt of such Repurchase Notice (which Exchange
Business Day shall be on or as promptly as reasonably practicable after the related repurchase settlement date for the relevant
Repurchase Event) as an Early Termination Date with respect to the portion of this Transaction corresponding to a number of Options
(the “Repurchase Options”) equal to the lesser of (A) the number of such Convertible Notes specified in
such Repurchase Notice minus the number of “Repurchase Options” (as defined in the Base Call Option Confirmation),
if any, that relate to such Convertible Notes divided by the Applicable Percentage and (B) the Number of Options as
of the date Dealer designates such Early Termination Date and, as of such date, the Number of Options shall be reduced by the number
of Repurchase Options. Any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of
the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to
this Transaction and a Number of Options equal to the number of Repurchase Options, (2) Counterparty were the sole Affected
Party with respect to such Additional Termination Event, (3) no adjustment to the “Conversion Rate” (as defined
in the Indenture) for the Convertible Notes has occurred pursuant to any Excluded Provision, (4) the corresponding Convertible
Notes remaining outstanding as if the circumstances related to the Repurchase Event had not occurred, (5) the relevant Repurchase
Event and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading
thereto had not occurred, and (6) the terminated portion of the Transaction were the sole Affected Transaction.



 






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		(j)	Amendments to Equity Definitions.



 


		(i)	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting
from the fourth line thereof the word “or” after the word “official” and inserting a comma therefor, and
(2) deleting the semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or
(C) the occurrence of any of the events specified in Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement
with respect to that Issuer.”



 


		(ii)	Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing
 “either party may elect” with “Dealer may elect” and (2) replacing “notice to the other party”
with “notice to Counterparty” in the first sentence of such section.



 


		(k)	No Setoff. Each party waives any and all rights it may have to set off obligations
arising under the Agreement and the Transaction against other obligations between the parties, whether arising under any other
agreement, applicable law or otherwise.



 


		(l)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.
If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated
with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary
Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid
to all holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s
control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty
is the Affected Party other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or
(viii) of the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case
that resulted from an event or events outside Counterparty’s control), and if Dealer would owe any amount to Counterparty
pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant to Article 12 of the Equity Definitions
(any such amount, a “Payment Obligation”), then Dealer shall satisfy the Payment Obligation by the Share Termination
Alternative (as defined below), unless (a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed in writing
within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger Date, Tender Offer Date, Announcement
Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable,
of its election that the Share Termination Alternative shall not apply, (b) Counterparty remakes the representation set forth
in Section 8(a)(v) as of the date of such election and (c) Dealer agrees, in its sole discretion, to such election,
in which case the provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) of
the Agreement, as the case may be, shall apply.



 


	Share Termination Alternative:	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment.
	 	 
	Share Termination Delivery Property:	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.



 






    22


     


    

 


	Share Termination Unit Price:	The value to Dealer of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in good faith and in a commercially reasonable manner and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider the purchase price paid in connection with the purchase of Share Termination Delivery Property.
	 	 
	Share Termination Delivery Unit:	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.
	 	 
	Failure to Deliver:	Applicable
	 	 
	Other applicable provisions:	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement” in Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”. “Share Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.


 


		(m)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party
(i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such
other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual
waivers and certifications provided herein.



 






    23


     


    

 


		(n)	Registration. Counterparty hereby agrees that if, in the good faith reasonable judgment
of Dealer, based on the advice of counsel, the Shares (“Hedge Shares”) acquired by Dealer for the purpose of
hedging its obligations pursuant to the Transaction cannot be sold in the public market by Dealer without registration under the
Securities Act, Counterparty shall, at its election, either (i) in order to allow Dealer to sell the Hedge Shares in a registered
offering, make available to Dealer an effective registration statement under the Securities Act and enter into an agreement, in
customary form and substance reasonably satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered
secondary offering of equity securities of comparable size of companies of comparable size, maturity and line of business; provided,
however, that if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the
results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above,
then clause (ii) or clause (iii) of this paragraph shall apply at the election of Counterparty, (ii) in order to
allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to
private placement purchase agreements customary for private placements of equity securities of comparable size of companies of
comparable size, maturity and line of business, in customary form and substance that is commercially reasonable and reasonably
satisfactory to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are
necessary, in its commercially reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares
incurred on the sale of Hedge Shares in a private placement), or (iii) purchase the Hedge Shares from Dealer at the Relevant
Price on such Exchange Business Days, and in the amounts, requested by Dealer.



 


		(o)	Tax Disclosure. Effective from the date of commencement of discussions concerning
the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons,
without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including
opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure.



 


		(p)	Right to Extend. Dealer may postpone or add, in a commercially reasonable manner,
in whole or in part, any Valid Day or Valid Days during the Settlement Averaging Period or any other date of valuation, payment
or delivery by Dealer, with respect to some or all of the Options hereunder, if Dealer reasonably determines, in its reasonable
discretion, that such action is reasonably necessary or appropriate to preserve Dealer’s commercially reasonable hedging
or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer to effect purchases of Shares
in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that would, if
Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or self-regulatory
requirements, or with related policies and procedures applicable to Dealer; provided that in no event shall Dealer have
the right to so postpone or add any Valid Day(s) or any such other date beyond the 30th Valid Day immediately following the
last Valid Day of the relevant Settlement Averaging Period (determined without regard to this Section 9(p)).



 


		(q)	Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation
is not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of
common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that nothing herein
shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its
obligations and agreements with respect to the Transaction; provided, further, that nothing herein shall limit or
shall be deemed to limit Dealer’s rights in respect of any transactions other than the Transaction.



 


		(r)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction
to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the
United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded
by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s
right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement
with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each
payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement
payment” and a “transfer” as defined in the Bankruptcy Code.



 






    24


     


    

 


		(s)	Notice of Certain Other Events. Counterparty covenants and agrees that:



 


		(i)	promptly following the public announcement of the results of any election by the holders of Shares
with respect to the consideration due upon consummation of any Merger Event, Counterparty shall give Dealer written notice of the
weighted average of the types and amounts of consideration actually received by holders of Shares (the date of such notification,
the “Consideration Notification Date”); provided that in no event shall the Consideration Notification
Date be later than the date on which such Merger Event is consummated;



 


		(ii)	promptly following any adjustment to the Convertible Notes in connection with any Potential Adjustment
Event, Merger Event or Tender Offer, Counterparty shall give Dealer written notice of the details of such adjustment; and



 


		(iii)	concurrently with any issuance by Counterparty of a Redemption Notice with respect to the Convertible
Notes in accordance with Section 16.02 of the Indenture, Counterparty shall notify Dealer of such Redemption Notice, the anticipated
Redemption Date and the number of Convertible Notes subject thereto.



 


		(t)	Wall Street Transparency and Accountability Act. In connection with Section 739
of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither
the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall
limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement
this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs,
regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including,
but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership
Position, or Illegality (as defined in the Agreement)).



 


		(u)	Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges
and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or
other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust
its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares
other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own determination
as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do
so in a manner that it deems appropriate to hedge its price and market risk with respect to the Relevant Prices; and (D) any
market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as
well as the Relevant Prices, each in a manner that may be adverse to Counterparty.



 


		(v)	Early Unwind. In the event the sale of the “Option Securities” (as defined
in the Purchase Agreement) is not consummated with the Initial Purchasers for any reason, or Counterparty fails to deliver to Dealer
opinions of counsel as required pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time) on the Premium
Payment Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date, the “Early
Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”) on the Early Unwind
Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty under the Transaction
shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees
not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of
and to be performed in connection with the Transaction either prior to or after the Early Unwind Date; Each of Dealer and Counterparty
represents and acknowledges to the other that, upon an Early Unwind, all obligations with respect to the Transaction shall be deemed
fully and finally discharged.



 






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		(w)	Payment by Counterparty. In the event that, following payment of the Premium, (i) an
Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of
Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result,
Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes
to Dealer, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8
of the Equity Definitions, such amount shall be deemed to be zero.



 


		(x)	Determinations; Adjustments. All calculations, adjustments and determinations made
by Dealer hereunder, whether as Calculation Agent, as Determining Party or following the occurrence of an Early Termination Date,
shall be made in good faith and in a commercially reasonable manner. Following any determination, adjustment or calculation by
Dealer hereunder (including, without limitation, in its capacity as Calculation Agent), Dealer will provide to Counterparty by
email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage
and manipulation of financial data) displaying in reasonable detail the basis for such calculation; provided, however,
that in no event will Dealer be obligated to share with Counterparty any proprietary or confidential data or information or any
proprietary or confidential models used by it. For the avoidance of doubt, whenever the Calculation Agent or Determining Party
(as the case may be) is called upon to make an adjustment pursuant to the terms of this Confirmation or the Equity Definitions
(other than any adjustment required to be made by reference to the terms of the Convertible Notes or the Indenture) to take into
account the effect of an event, the Calculation Agent or Determining Party (as the case may be) shall make such adjustment by reference
to the effect of such event on the Hedging Party, assuming that the Hedging Party maintains a commercially reasonable hedge position.



 


		(y)	Tax Matters.



 


		(i)	Payee Representations:



 


For the purpose of Section 3(f) of
the Agreement, Counterparty makes the following representation to Dealer:


 


Counterparty is a corporation
and a U.S. person (as that term is defined in Section 7701(a)(30) of the Code and used in Section 1.1441-4(a)(3)(ii) of
the United States Treasury Regulations) for U.S. federal income tax purposes.


 


For the purpose of Section 3(f) of
the Agreement, Dealer makes the following representation to Counterparty:


 


(A) It is a “foreign
person” (as that term is used in Section 1.6041-4(a)(4) of the United States Treasury Regulations) for U.S. federal
income tax purposes; and


 


(B) Each payment received
or to be received by it in connection with this Agreement will be effectively connected with its conduct of a trade or business
in the United States.


 


		(ii)	Tax Documentation. For the purposes of Section 4(a)(i) of the Agreement, (1) Counterparty
shall provide to Dealer a valid United States Internal Revenue Service Form  W-9 (or successor thereto), and (2) Dealer
shall provide to Counterparty a valid United States Internal Revenue Service Form W-8ECI (or successor thereto), in each case,
(A) on or before the date of execution of this Confirmation and (B) promptly upon learning that any such tax form previously
provided by it has become obsolete or incorrect.



 


		(iii)	Withholding Tax Imposed on Payments to non-U.S. Counterparties under the Provisions Known as
the Foreign Account Tax Compliance Act. “Indemnifiable Tax” as defined in Section 14 of the Agreement shall
not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current
or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of
the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement
entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”).
For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law
for the purposes of Section 2(d) of the Agreement.



 






    26


     


    

 


		(iv)	HIRE Act. “Indemnifiable Tax”, as defined in Section 14 of the Agreement,
shall not include any tax imposed on payments treated as dividends from sources within the United States under Section 871(m) of
the Code or any regulations issued thereunder.



 


		(z)	Regulatory Provisions. The time of dealing for the Transaction will be confirmed
by Dealer upon written request by Counterparty. The Agent will furnish to Counterparty upon written request a statement as to the
source and amount of any remuneration received or to be received by the Agent in connection with a Transaction.



 


		(aa)	Method of Delivery. Whenever delivery of funds or other assets is required hereunder
by or to Counterparty, such delivery shall be effected through the Agent. In addition, all notices, demands and communications
of any kind relating to the Transaction between Dealer and Counterparty shall be transmitted exclusively through the Agent.



 


		(bb)	2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol. The
parties agree that the terms of the 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol published by
ISDA on July 19, 2013 (“Protocol”) apply to the Agreement as if the parties had adhered to the Protocol without
amendment. In respect of the Attachment to the Protocol, (i) the definition of “Adherence Letter” shall be deemed
to be deleted and references to “Adherence Letter” shall be deemed to be to this section (and references to “such
party’s Adherence Letter” and “its Adherence Letter” shall be read accordingly), (ii) references to
 “adheres to the Protocol” shall be deemed to be “enters into the Agreement”, (iii) references to “Protocol
Covered Agreement” shall be deemed to be references to the Agreement (and each “Protocol Covered Agreement” shall
be read accordingly), and (iv) references to “Implementation Date” shall be deemed to be references to the date
of this Confirmation. For the purposes of this section:



 


		1.	Dealer is a Portfolio Data Sending Entity and Counterparty is a Portfolio Data Receiving Entity;



 


		2.	Dealer and Counterparty may use a Third Party Service Provider, and each of Dealer and Counterparty
consents to such use including the communication of the relevant data in relation to Dealer and Counterparty to such Third Party
Service Provider for the purposes of the reconciliation services provided by such entity.



 


		3.	The Local Business Days for such purposes in relation to Dealer and Counterparty is New York, New
York, USA.



 


		4.	The following are the applicable email addresses.



 


	Portfolio Data:	Dealer:
	 	 
		Counterparty:
	 	 
	Notice of discrepancy:	Dealer:
	 	 
		Counterparty:
	 	 
	Dispute Notice:	Dealer:
	 	 
		Counterparty:


 






    27


     


    

 


		(cc)	NFC Representation Protocol. The parties agree that the provisions set out in the
Attachment to the ISDA 2013 EMIR NFC Representation Protocol published by ISDA on March 8, 2013 (the “NFC Representation
Protocol”) shall apply to the Agreement as if each party were an Adhering Party under the terms of the NFC Representation
Protocol. In respect of the Attachment to the NFC Representation Protocol, (i) the definition of “Adherence Letter”
shall be deemed to be deleted and references to “Adherence Letter” shall be deemed to be to this section (and references
to “the relevant Adherence Letter” and “its Adherence Letter” shall be read accordingly), (ii) references
to “adheres to the Protocol” shall be deemed to be “enters into the Agreement”, (iii) references to
 “Covered Master Agreement” shall be deemed to be references to the Agreement (and each “Covered Master Agreement”
shall be read accordingly), and (iv) references to “Implementation Date” shall be deemed to be references to the
date of this Confirmation. Counterparty confirms that it enters into this Confirmation as a party making the NFC Representation
(as such term is defined in the NFC Representation Protocol). Counterparty shall promptly notify Dealer of any change to its status
as a party making the NFC Representation.



 


		(dd)	Acknowledgment regarding certain UK Resolution Authority Powers.



 


		(i)	Dealer is authorized by the Prudential Regulation Authority (“PRA”) and regulated
by the Financial Conduct Authority and the PRA, and is subject to the Bank of England’s resolution authority powers, as contained
in the EU Bank Recovery and Resolution Directive, and transposed in the UK by the Banking Act 2009. The powers include the ability
to (a) suspend temporarily the termination and security enforcement rights of parties to a qualifying contract, and/or (b) bail-in
certain liabilities owed by Dealer including the writing-down of the value of certain liabilities and/or the conversion of such
liabilities into equity holdings (as described in further detail below). Pursuant to PRA requirements, Dealer is required to ensure
that counterparties to certain agreements it enters into which are governed by non-EEA law contractually recognize the validity
and applicability of the above-mentioned resolution powers, in order to ensure their effectiveness in cross border scenarios.
	 	 	 
	 	(ii)	The
terms of this section apply only to the Transaction and constitute our entire agreement in relation to the matters contained in
this section, and do not extend or amend the resolution authority powers of the Bank of England or any replacement authority. The
terms of this section may not be amended by any other agreements, arrangements or understandings between Dealer and Counterparty.
By signing the Transaction, Counterparty acknowledges and agrees that, notwithstanding the governing law of the Transaction, the
Transaction is subject to, and Counterparty will be bound by the effect of an application of, the Bank of England’s (or replacement
resolution authority’s) powers to (a) stay termination and/or security enforcement rights, and (b) bail-in liabilities.



 






    28


     


    

 


Please confirm
that the foregoing correctly sets forth the terms of our agreement by executing this Confirmation and returning it to Dealer.


 


Very truly yours,


 


	 	 
	 	BARCLAYS BANK PLC
	 	 	 
	 	By: 	/s/ Bradley Diener
	 	Name: Bradley Diener
	 	Title: Managing Director



 





	Accepted and confirmed	 
	as of the Trade Date:	 
	 	 
	Enphase Energy, Inc.	 
	 	 	 
	By: 	/s/ Eric Branderiz	 
	Authorized Signatory	 
	Name: Eric Branderiz	 



 






    


     


    





 


Credit Suisse Capital LLC


c/o Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, NY 10010


 


	 	March 10, 2021



		To:	Enphase Energy, Inc.

47281 Bayside Parkway

Fremont, CA 94538

Attention: General Counsel

Telephone No.: (707) 774-7000



 


		Re:	Additional Call Option Transaction



 


The purpose of this
letter agreement (this “Confirmation”) is to confirm the terms and conditions of the call option transaction
entered into between Credit Suisse Capital LLC (“Dealer”), represented by Credit Suisse Securities (USA) LLC
(“Agent”) as its agent, and Enphase Energy, Inc.
(“Counterparty”) as of the Trade Date specified below (the “Transaction”). This letter agreement
constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. This Confirmation shall replace
any previous agreements and serve as the final documentation for the Transaction.


 


The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published
by the International Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation.
In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain
defined terms used herein are based on terms that are defined in the Offering Memorandum dated February 24, 2021 (the “Offering
Memorandum”) relating to the Convertible Senior Notes due 2026 (as originally issued by Counterparty, the “Convertible
Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible Note”) issued by Counterparty
in an aggregate initial principal amount of USD 575,000,000 (as increased by an aggregate principal amount of USD 57,500,000 pursuant
to the exercise by the Initial Purchasers (as defined herein) of their over-allotment option to purchase additional Convertible
Notes pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture dated March 1, 2021 between Counterparty
and U.S. Bank National Association, as trustee (the “Indenture”). In the event of any inconsistency between
the terms defined in the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. The parties
acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth
in the Indenture which are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred
to herein will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any
such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the
Offering Memorandum will govern for purposes of this Confirmation. The parties further acknowledge that the Indenture section numbers
used herein are based on the Indenture as executed. Subject to the foregoing, references to the Indenture herein are references
to the Indenture as in effect on the date of its execution, and if the Indenture is amended following such date (other than any
amendment pursuant to Section 10.01(m) of the Indenture that, as determined by the Calculation Agent, conforms the Indenture
to the description of Convertible Notes in the Offering Memorandum), any such amendment will be disregarded for purposes of this
Confirmation unless the parties agree otherwise in writing.


 


Each party is hereby
advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial
transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.


 



     


     


    




 


		1.	This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as
to the terms of the Transaction to which this Confirmation relates. This Confirmation shall supplement, form a part of, and be
subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Counterparty
had executed an agreement in such form (but without any Schedule except for (i) the election of the laws of the State of New
York as the governing law (without reference to choice of law doctrine) and (ii) the election that the “Cross Default”
provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer, with a “Threshold Amount” of 3% of
shareholders’ equity of Dealer (provided that (a) the phrase “, or becoming capable at such time of being
declared,” shall be deleted from clause (1) of such Section 5(a)(vi) of the Agreement, (b) “Specified
Indebtedness” shall have the meaning specified in Section 14 of the Agreement, except that such term shall not include
obligations in respect of deposits received in the ordinary course of Dealer’s banking business and (c) the following
sentence shall be added to the end of Section 5(a)(vi) of the Agreement: “Notwithstanding the foregoing, a default
under subsection (2) hereof shall not constitute an Event of Default if (i) the default was caused solely by error or
omission of an administrative or operational nature; (ii) funds were available to enable the relevant party to make the payment
when due; and (iii) the payment is made within two Local Business Days of such party’s receipt of written notice of
its failure to pay.”)) on the Trade Date. In the event of any inconsistency between provisions of the Agreement and this
Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates. The parties
hereby agree that no transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement.



 


		2.	The terms of the particular Transaction to which this Confirmation relates are as follows:



 


General Terms.


 


	 	Trade Date:	March 10, 2021
	 	 	 
	 	Effective Date:	The closing date of the issuance of the Convertible
Notes issued pursuant to the option to purchase additional Convertible Notes exercised on the date hereof
	 	 	 
	 	Option Style: 	“Modified American”, as described under “Procedures for Exercise” below
	 	 	 
	 	Option Type:	Call
	 	 	 
	 	Buyer:	Counterparty
	 	 	 
	 	Seller:	Dealer
	 	 	 
	 	Shares:	The common stock of Counterparty, par value USD 0.00001 per share (Exchange symbol “ENPH”
as of the Trade Date).
	 	 	 
	 	Number of Options:	57,500. For the avoidance of doubt, the
Number of Options shall be reduced by any Options exercised by Counterparty. In no event will the Number of Options be less than
zero.
	 	 	 
	 	Applicable Percentage:	25%
	 	 	 
	 	Option Entitlement:	A number equal to the product of the Applicable Percentage and 3.2523.
	 	 	 
	 	Strike Price:	USD 307.4747
	 	 	 
	 	Premium:	USD 2,831,875
	 	 	 
	 	Premium Payment Date:	March 12, 2021
	 	 	 
	 	Exchange: 	The NASDAQ Global Market



 



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	 	Related Exchange(s):	All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the tenth line of such section.
	 	 	 
	 	Excluded Provisions:	Section 14.04(h)  and Section 14.03 of the Indenture.


 


Procedures for Exercise.


 


	 	Conversion Date:	With respect to any conversion of a Convertible Note, the date on which the Holder (as such term is defined in the Indenture) of such Convertible Note satisfies all of the requirements for conversion thereof as set forth in Section 14.02(b)  of the Indenture.
	 	 	 
	 	Averaging Period Threshold Date:	January 23, 2026
	 	 	 
	 	Expiration Time:	The Valuation Time
	 	 	 
	 	Expiration Date:	March 1, 2026, subject to earlier exercise.
	 	 	 
	 	Multiple Exercise:	Applicable, as described under “Automatic Exercise” below.
	 	 	 
	 	Automatic Exercise:	Notwithstanding Section 3.4 of the Equity Definitions, on each Conversion Date in respect of which a Notice of Conversion that is effective as to Counterparty has been delivered by the relevant converting Holder, a number of Options equal to (i) the number of Convertible Notes in denominations of USD 1,000 as to which such Conversion Date has occurred minus (ii) the number of Options that are or are deemed to be automatically exercised on such Conversion Date under the Base Call Option Transaction Confirmation letter agreement dated February 24, 2021 between Dealer and Counterparty (the “Base Call Option Confirmation”), shall be deemed to be automatically exercised; provided that such Options shall be exercised or deemed exercised only if Counterparty or the Trustee (or other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing) on behalf of Counterparty has provided a Notice of Exercise to Dealer in accordance with “Notice of Exercise” below; provided further that if the Trustee or any other such agent on behalf of Counterparty provides such Notice of Exercise to Dealer, Dealer shall be entitled to rely on the accuracy of such Notice of Exercise without any independent investigation.
	 	 	 
	 	 	Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options.



 



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	 	Notice of Exercise:	Notwithstanding anything to the contrary in the Equity Definitions or under “Automatic Exercise” above, in order to exercise any Options, Counterparty or the Trustee (or other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing) on behalf of Counterparty must notify Dealer in writing before 5:00 p.m. (New York City time) on the Scheduled Valid Day immediately preceding the scheduled first day of the Settlement Averaging Period for the Options being exercised (the “Exercise Notice Deadline”) of (i) the number of such Options, (ii) the scheduled first day of the Settlement Averaging Period and the scheduled Settlement Date, (iii) the Relevant Settlement Method for such Options, and (iv) if the settlement method for the related Convertible Notes is not Settlement in Shares or Settlement in Cash (each as defined below), the fixed amount of cash per Convertible Note that Counterparty has elected to pay to Holders (as such term is defined in the Indenture) of the related Convertible Notes (the “Specified Cash Amount”); provided that notwithstanding the foregoing, in respect of any Options relating to Convertible Notes with a Conversion Date occurring prior to the Averaging Period Threshold Date, such notice (and the related exercise of Options) shall be effective if given after the Exercise Notice Deadline, but prior to 4:00 p.m. (New York City time) on the fifth Scheduled Valid Day following the Exercise Notice Deadline, in which event the Calculation Agent shall have the right to adjust the delivery obligation under this Confirmation as appropriate to reflect the commercially reasonable additional costs (including, but not limited to, additional costs related to hedging mismatches and market losses and gains) and commercially reasonable expenses incurred by Dealer in connection with commercially reasonable hedging activities (including the unwinding of any commercially reasonable Hedge Positions) as a result of Dealer not having received such notice on or prior to the Exercise Notice Deadline and Dealer’s obligation to make any payment or delivery in respect of such exercise shall not be extinguished; and provided further that in respect of (1) any Options relating to Convertible Notes with a Conversion Date occurring on or after the Averaging Period Threshold Date and (2) any Options relating to Convertible Notes with a Conversion Date occurring on or after Counterparty issues a “Redemption Notice” (as used herein, as defined in the Indenture) with respect to the Convertible Notes in accordance with Section 16.02 of the Indenture and prior to the close of business on the Scheduled Valid Day immediately preceding the related “Redemption Date” (as used herein, as defined in the Indenture), (A) such notice may be given on or prior to the second Scheduled Valid Day immediately preceding the Expiration Date, or on or prior to the second Scheduled Valid Day immediately preceding such Redemption Date, as the case may be, and need only specify the information required in clause (i) above (and, in the case of clause (2) in this proviso only, the number of Convertible Notes as to which Counterparty issued a Redemption Notice), and (B) if the Relevant Settlement Method for such Options is (x) Net Share Settlement and the Specified Cash Amount is not USD 1,000, (y) Cash Settlement or (z) Combination Settlement, Dealer shall have received a separate notice (the “Notice of Final Settlement Method”) in respect of all such Convertible Notes before 5:00 p.m. (New York City time) on the Averaging Period Threshold Date, or concurrently with the delivery of the Redemption Notice to Holders of the Convertible Notes, as the case may be, specifying the information required in clauses (iii) and (iv) above. Counterparty acknowledges its responsibilities under applicable securities
laws, and in particular Section 9 and Section 10(b) of the Exchange Act (as defined below) and the rules and regulations thereunder, in respect of any election of a settlement method with respect to the Convertible Notes. The parties hereto agree and acknowledge that if the Trustee or any other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing on behalf of Counterparty provides notice to Dealer as provided for in the second immediately preceding sentence, Dealer shall be entitled to rely on the accuracy of such notice without any independent investigation.



 



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	 	Valuation Time:	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in good faith and in a commercially reasonable manner.
	 	 	 
	 	Market Disruption Event:	Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following:
	 	 	“‘Market Disruption Event’ means, in respect of a Share, (i) a failure by the primary United States national or regional securities exchange or market on which the Shares are listed or admitted for trading to open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. (New York City time) on any Scheduled Valid Day for the Shares for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Shares or in any options contracts or futures contracts relating to the Shares.”



 


	 	Settlement Terms.	 



 


	 	Settlement Method:	For any Option, Net Share Settlement; provided that if the Relevant Settlement Method set forth below for such Option is not Net Share Settlement, then the Settlement Method for such Option shall be such Relevant Settlement Method, but only if Counterparty, or the Trustee (or other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing) on behalf of Counterparty, shall have notified Dealer of the Relevant Settlement Method in the Notice of Exercise or Notice of Final Settlement Method, as applicable, for such Option. The parties hereto agree and acknowledge that if the Trustee or any other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing on behalf of Counterparty provides notice to Dealer as provided for in the proviso to the immediately preceding sentence, Dealer shall be entitled to rely on the accuracy of such notice without any independent investigation.



 



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	 	Relevant Settlement Method:	In respect of any Option:
	 	 	 
	 	 	(i)    if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note (A) entirely in Shares pursuant to Section 14.02(iv)(A)  of the Indenture (together with cash in lieu of fractional Shares) (such settlement method, “Settlement in Shares”), (B) in a combination of cash and Shares pursuant to Section 14.04(iv)(C)  of the Indenture with a Specified Cash Amount less than USD 1,000 or (C) in a combination of cash and Shares pursuant to Section 14.04(iv)(C) of the Indenture with a Specified Cash Amount equal to USD 1,000, then, in each case, the Relevant Settlement Method for such Option shall be Net Share Settlement;
	 	 	 
	 	 	(ii)    if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note in a combination of cash and Shares pursuant to Section 14.04(iv)(C) of the Indenture with a Specified Cash Amount greater than USD 1,000, then the Relevant Settlement Method for such Option shall be Combination Settlement; and
	 	 	 
	 	 	(iii)    if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note entirely in cash pursuant to Section 14.04(iv)(B) of the Indenture (such settlement method, “Settlement in Cash”), then the Relevant Settlement Method for such Option shall be Cash Settlement.
	 	 	 
	 	Net Share Settlement:	If Net Share Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the relevant Settlement Date for each such Option, a number of Shares (the “Net Share Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for each such Option, of (i) (a) the Daily Option Value for such Valid Day, divided by (b) the Relevant Price on such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period; provided that in no event shall the Net Share Settlement Amount for any Option exceed a number of Shares equal to the Applicable Limit for such Option, divided by the Applicable Limit Price on the Settlement Date for such Option.
	 	 	 
	 	 	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Net Share Settlement Share Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.



 



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	 	Combination Settlement:	If Combination Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may be, to Counterparty, on the relevant Settlement Date for each such Option:


 





		(i)	cash (the “Combination Settlement Cash Amount”) equal to the sum, for each Valid
Day during the Settlement Averaging Period for such Option, of (A) an amount (the “Daily Combination Settlement Cash
Amount”) equal to the lesser of (1) the product of (x) the Applicable Percentage and (y) the Specified
Cash Amount minus USD 1,000 and (2) the Daily Option Value, divided by (B) the number of Valid Days in
the Settlement Averaging Period; provided that if the calculation in clause (A) above results in zero or a negative
number for any Valid Day, the Daily Combination Settlement Cash Amount for such Valid Day shall be deemed to be zero; and



 


		(ii)	Shares (the “Combination Settlement Share Amount”) equal to the sum, for each
Valid Day during the Settlement Averaging Period for such Option, of a number of Shares for such Valid Day (the “Daily
Combination Settlement Share Amount”) equal to (A) (1) the Daily Option Value on such Valid Day minus
the Daily Combination Settlement Cash Amount for such Valid Day, divided by (2) the Relevant Price on such Valid Day,
divided by (B) the number of Valid Days in the Settlement Averaging Period; provided that if the calculation
in sub-clause (A)(1) above results in zero or a negative number for any Valid Day, the Daily Combination Settlement Share
Amount for such Valid Day shall be deemed to be zero;



 


	 	 	provided that in no event shall the sum of (x) the Combination
    Settlement Cash Amount for any Option, and (y) the Combination Settlement Share Amount for such Option, multiplied
    by the Applicable Limit Price on the Settlement Date for such Option, exceed the Applicable Limit for such Option.
	 	 	 
	 	 	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect
    to any Combination Settlement Share Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging
    Period.
	 	 	 
	 	Cash Settlement:	If Cash Settlement is applicable to any Option exercised or deemed exercised hereunder,
    in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for
    each such Option, an amount of cash (the “Cash Settlement Amount”) equal to the sum, for each Valid Day during
    the Settlement Averaging Period for such Option, of (i) the Daily Option Value for such Valid Day, divided by
    (ii) the number of Valid Days in the Settlement Averaging Period; provided that in no event shall the Cash Settlement
    Amount exceed the Applicable Limit for such Option.



 



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	 	Daily Option Value:	For any Valid Day, an amount equal to (i) the Option Entitlement on such Valid Day,
    multiplied by (ii) the Relevant Price on such Valid Day less the Strike Price on such Valid Day; provided
    that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such
    Valid Day shall be deemed to be zero. In no event will the Daily Option Value be less than zero.
	 	 	 
	 	Make-Whole Adjustment:	Notwithstanding anything to the contrary herein, in respect of any exercise of Options relating
    to a conversion of Convertible Notes for which additional Shares will be added to the “Conversion Rate” (as defined
    in the Indenture) as determined pursuant to Section 14.03 of the Indenture, the Daily Option Value shall be calculated
    as if the Option Entitlement included the Applicable Percentage of the number of such additional Shares as determined with
    reference to the adjustment set forth in such Section 14.03 of the Indenture; provided that if the sum of (i) the
    product of (a) the number of Shares (if any) deliverable by Dealer to Counterparty per exercised Option and (b) the
    Applicable Limit Price on the Settlement Date and (ii) the amount of cash (if any) payable by Dealer to Counterparty
    per exercised Option would otherwise exceed the amount per Option, as determined by the Calculation Agent, that would be payable
    by Dealer under Section 6 of the Agreement if (x) the relevant Conversion Date were an Early Termination Date resulting
    from an Additional Termination Event with respect to which the Transaction was the sole Affected Transaction and Counterparty
    was the sole Affected Party and (y) Section 14.03 of the Indenture were deleted, then each Daily Option Value shall
    be proportionately reduced to the extent necessary to eliminate such excess.
	 	 	 
	 	Applicable Limit:	For any Option, an amount of cash equal to the Applicable Percentage, multiplied by
    the excess of (i) the aggregate of (A) the amount of cash, if any, paid to the Holder of the related Convertible
    Note upon conversion of such Convertible Note and (B) the number of Shares, if any, delivered to the Holder of the related
    Convertible Note upon conversion of such Convertible Note multiplied by the Applicable Limit Price on the Settlement
    Date for such Option, over (ii) USD 1,000.
	 	 	 
	 	Applicable Limit Price:	On any day, the opening price as displayed under the heading “Op” on Bloomberg
    page ENPH <equity> (or any successor thereto).
	 	 	 
	 	Valid Day:	A day on which (i) there is no Market Disruption Event and (ii) trading in the
    Shares generally occurs on the Exchange or, if the Shares are not then listed on the Exchange, on the principal other United
    States national or regional securities exchange on which the Shares are then listed or, if the Shares are not then listed
    on a United States national or regional securities exchange, on the principal other market on which the Shares are then listed
    or admitted for trading. If the Shares are not so listed or admitted for trading, “Valid Day” means a Business
    Day.



 



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	 	Scheduled Valid Day:	A day that is scheduled to be a Valid Day on the principal United States national or regional
    securities exchange or market on which the Shares are listed or admitted for trading. If the Shares are not so listed or admitted
    for trading, “Scheduled Valid Day” means a Business Day.
	 	 	 
	 	Business Day:	Any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New
    York is authorized or required by law or executive order to close or be closed.
	 	 	 
	 	Relevant Price:	On any Valid Day, the per Share volume-weighted average price as displayed under the heading
    “Bloomberg VWAP” on Bloomberg page ENPH <equity> AQR (or its equivalent successor if such page is
    not available) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the
    Exchange on such Valid Day (or if such volume-weighted average price is unavailable, the market value of one Share on such
    Valid Day, as determined by the Calculation Agent in good faith and in a commercially reasonable manner using, if practicable,
    a volume-weighted average method). The Relevant Price will be determined without regard to after-hours trading or any other
    trading outside of the regular trading session trading hours.
	 	 	 
	 	Settlement Averaging Period:	For any Option and regardless of the Settlement Method applicable to such Option:


 


	 	(i)	subject to clause (ii), if the related Conversion Date occurs prior to the Averaging Period Threshold Date, the 20 consecutive Valid Days commencing on, and including, the second Valid Day following such Conversion Date; or


 


	 	(ii)	with respect to any Convertible Notes called for redemption and converted pursuant to Section 14.01(b)(v) of the Indenture, if the related Conversion Date occurs on or after the date on which Counterparty issues a Redemption Notice with respect to such Convertible Notes in accordance with Section 16.02 of the Indenture and prior to the close of business on the Scheduled Valid Day immediately preceding the related Redemption Date, the 20 consecutive Valid Days commencing on, and including, the 21st Scheduled Valid Day immediately prior to such Redemption Date; and or


 



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	 	(iii)	subject to clause (ii), if the related Conversion Date occurs on or following the Averaging Period Threshold Date, the 20 consecutive Valid Days commencing on, and including, the 21st Scheduled Valid Day immediately prior to the Expiration Date.


 


 


	 	Settlement Date:	For any Option, the date cash is paid and Shares, if any, are delivered under the terms of the Indenture with respect to the conversion of the Convertible Note related to such Option.
	 	 	 
	 	Settlement Currency:	USD
	 	 	 
	 	Other Applicable Provisions:	The provisions of Sections 9.1(c), 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Settled”. “Share Settled” in relation to any Option means that Net Share Settlement or Combination Settlement is applicable to that Option.
	 	 	 
	 	Representation and Agreement:	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery, subject to restrictions and limitations arising from Counterparty’s status as issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”)).



 


	3.	Additional Terms applicable to the Transaction.
	 	 
	 	Adjustments applicable to the Transaction:



 


	 	Potential Adjustment Events:	Notwithstanding Section 11.2(e) of the Equity Definitions, a “Potential Adjustment Event” means an occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that would result in an adjustment under the Indenture to the “Conversion Rate” or the composition of a “unit of Reference Property” or to any “Last Reported Sale Price,”  “Daily VWAP,” “Daily Conversion Value” or “Daily Settlement Amount” (each as defined in the Indenture). For the avoidance of doubt, Dealer shall not have any delivery or payment obligation hereunder, and no adjustment shall be made to the terms of the Transaction, on account of (x) any distribution of cash, property or securities by Counterparty to holders of the Convertible Notes (upon conversion or otherwise) or (y) any other transaction in which holders of the Convertible Notes are entitled to participate, in each case, in lieu of an adjustment under the Indenture of the type referred to in the immediately preceding sentence (including, without limitation, pursuant to the fourth sentence of Section 14.04(c) of the Indenture or the fourth sentence of Section 14.04(d) of the Indenture).



 



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	 	Method of Adjustment:	Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, upon any Potential Adjustment Event, the Calculation Agent shall make a corresponding adjustment to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction; provided that, notwithstanding the foregoing, if the Calculation Agent acting in good faith and in a commercially reasonable manner disagrees with any adjustment pursuant to the terms and provisions of the Indenture that is the basis of any calculation hereunder and that involves an exercise of discretion by Counterparty or its board of directors (including, without limitation, pursuant to Section 14.05 of the Indenture, Section 14.07 of the Indenture or any supplemental indenture entered into thereunder or in connection with any proportional adjustment or the determination of the fair value of any securities, property, rights or other assets), then in each such case, the Calculation Agent will determine the adjustment to be made to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction in a commercially reasonable manner.
	 	 	 
	 	Dilution Adjustment Provisions:	Sections 14.04(a), (b), (b), (b) and (e) and Section 14.05 of the Indenture.



 


	 	 	 
	 	Extraordinary Events applicable to the Transaction:	 



 


	 	 	 
	 	Merger Events:	Applicable; provided that notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in the definition of “Merger Event” in Section 14.07(a) of the Indenture.
	 	 	 
	 	Tender Offers:	Applicable; provided that notwithstanding Section 12.1(d) of the Equity Definitions, a “Tender Offer” means the occurrence of any event or condition set forth in Section 14.04(e) of the Indenture.



 



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	 	Consequences of Merger Events / Tender
    Offers:	Notwithstanding Section 12.2 and Section 12.3 of the Equity Definitions, upon the occurrence of a Merger Event or a Tender Offer, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares (in the case of a Merger Event), Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction; provided, however, that such adjustment shall be made without regard to any adjustment to the Conversion Rate determined pursuant to any Excluded Provision; provided further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person that is not a corporation or is not organized under the laws of the United States, any State thereof or the District of Columbia or (ii) the Counterparty to the Transaction following such Merger Event or Tender Offer, will not be a corporation or will not be the Issuer following such Merger Event or Tender Offer, then Cancellation and Payment (Calculation Agent Determination) may apply at Dealer’s sole election.
	 	 	 
	 	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.



 


	 	Additional Disruption Events:	 



 


	 	Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the word “Shares” with the phrase “Hedge Positions” in clause (X) thereof, (ii) inserting the parenthetical “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” at the end of clause (A) thereof and (iii) immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”.
	 	 	 
	 	Failure to Deliver:	Applicable
	 	 	 
	 	Hedging Disruption:	Applicable; provided that:


 


	 	(i)	Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following two phrases at the end of such Section:


 


	 	“For the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms; and


 



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	 	(ii)	Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof, after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected by such Hedging Disruption”.


 


	 	Increased Cost of Hedging:	Not Applicable
	 	 	 
	 	Hedging Party:	For all applicable Additional Disruption Events, Dealer.



 


	 	Determining Party:	For all applicable Extraordinary Events, Dealer. All calculations and determinations by the Determining Party shall be made in good faith and in a commercially reasonable manner. Following any calculation by the Determining Party hereunder, upon written request by Counterparty, the Determining Party will provide to Counterparty by email to the email address provided to Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such calculation; provided, however, that in no event will the Determining Party be obligated to share with Counterparty any proprietary or confidential data or information or information or any proprietary or confidential models used by it.
	 	 	 
	 	Non-Reliance: 	Applicable.
	 	 	 
	 	Agreements and Acknowledgments Regarding
    Hedging Activities:	Applicable
	 	 	 
	 	Additional Acknowledgments:	Applicable
	 	 	 
	4.	Calculation Agent.	Dealer; provided that following the occurrence and during the continuance of an Event of Default of the type described in Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, if the Calculation Agent fails to timely make any calculation, adjustment or determination required to be made by the Calculation Agent hereunder or to perform any obligation of the Calculation Agent hereunder and such failure continues for five Exchange Business Days following notice to the Calculation Agent by Counterparty of such failure, Counterparty shall have the right to designate a nationally recognized third-party dealer in over-the-counter corporate equity derivatives to act, during the period commencing on the first date the Calculation Agent fails to timely make such calculation, adjustment or determination or to perform such obligation, as the case may be, and ending on the earlier of the Early Termination Date with respect to such Event of Default and the date on which such Event of Default is no longer continuing, as the Calculation Agent.



 



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	 	 	All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner. Following any calculation by the Calculation Agent hereunder, upon written request by Counterparty, the Calculation Agent will provide to Counterparty by email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such calculation; provided, however, that in no event will Dealer be obligated to share with Counterparty any proprietary or confidential data or information or any proprietary or confidential models used by it.


 





	5.	Account Details.



 


		(a)	Account for payments to Counterparty:



 


	 	Bank:
	 	ABA#:
	 	Acct No.:
	 	Beneficiary:
	 	Ref:




 


	 	Account for delivery of Shares to Counterparty:
	 	 
	 	To be provided upon request.






 


	 	(b)	Account for payments to Dealer:



 


	 	ABA Code:
	 	SWIFT:
	 	Account Name
	 	Account No.:
	 	 
	 	Account for delivery of Shares from Dealer:
	 	 
	 	To be provided by Dealer.


 


		6.	Offices.



 


		(a)	The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party.



 


		(b)	The Office of Dealer for the Transaction is: New York



 


		7.	Notices.



 


		(a)	Address for notices or communications to Counterparty:






 


Enphase Energy, Inc.


Attention: General Counsel


Telephone No.: (707) 763-4785


 


		(b)	Address for notices or communications to Dealer:



 



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	 	 	Any and all notices, demands, or communications of any kind relating to this Transaction between Dealer and Counterparty shall be transmitted exclusively through Agent at the following address:






	 	 	 
	 	 	Credit Suisse Securities (USA) LLC
	 	 	Eleven Madison Avenue
	 	 	New York, NY 10010
	 	 	Attention:
	 	 	Telephone:
	 	 	Facsimile:
	 	 	Email:
	 	 	 
	 	 	With a copy to:
	 	 	Credit Suisse Securities (USA) LLC
	 	 	11 Madison Avenue, 9th Floor
	 	 	New York, New York 10010
	 	 	Attn:
	 	 	Telephone:
	 	 	Facsimile:
	 	 	Email:
	 	 	 
	 	 	For payments and deliveries:
	 	 	Facsimile No.:
	 	 	Telephone No.:
	 	 	 
	 	 	For all other communications:
	 	 	Telephone:
	 	 	Facsimile:



 





		8.	Representations and Warranties of Counterparty.



 


		(a)	Representations and Warranties of Counterparty. Each of the representations and warranties of Counterparty
set forth in Section 2 of the Purchase Agreement (the “Purchase Agreement”), dated as of February 24,
2021, among Counterparty and BofA Securities, Inc. and Barclays Capital Inc., as representatives of the initial purchasers
party thereto (the “Initial Purchasers”), are true and correct and are hereby deemed to be repeated to Dealer
as if set forth herein. Counterparty hereby further represents and warrants to Dealer on the date hereof and on and as of the Premium
Payment Date that:



 


		(i)	Counterparty has all necessary corporate power and authority to execute, deliver and perform its
obligations in respect of the Transaction; such execution, delivery and performance have been duly authorized by all necessary
corporate action on Counterparty’s part; and this Confirmation has been duly and validly executed and delivered by Counterparty
and constitutes its valid and binding obligation, enforceable against Counterparty in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and
remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness,
good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights
to indemnification and contribution hereunder may be limited by federal or state securities laws or public policy relating thereto.



 


		(ii)	Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations
of Counterparty hereunder will conflict with or result in a breach of (A) the certificate of incorporation or by-laws (or
any equivalent documents) of Counterparty, or (B) any applicable law or regulation, or any order, writ, injunction or decree
of any court or governmental authority or agency, or (C) any agreement or instrument to which Counterparty or any of its subsidiaries
is a party or by which Counterparty or any of its subsidiaries is bound or to which Counterparty or any of its subsidiaries is
subject, or constitute a default under, or result in the creation of any lien under, any such agreement or instrument, except for
any such conflicts, breaches, defaults or lien creations in the cases of clause (C) above that would not adversely affect
the ability of Counterparty to fulfill its obligations under this Transaction.



 



    15 


     


    



 


		(iii)	No consent, approval, authorization, or order of, or filing with, any governmental agency or body
or any court is required in connection with the execution, delivery or performance by Counterparty of this Confirmation, except
such as have been obtained or made and such as may be required under the Securities Act or state securities laws.






 


		(iv)	Counterparty is not and, after consummation of the transactions contemplated hereby, will not be
required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.



 


		(v)	Counterparty is in compliance, in all material respects, with its periodic reporting obligations
under the Exchange Act.



 


		(vi)	Counterparty (A) is capable of evaluating investment risks independently, both in general
and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent
judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the
broker-dealer in writing; and (C) has total assets of at least $50 million.



 


		(vii)	Counterparty acknowledges that the Transaction may constitute a purchase of its equity securities. 
Counterparty further acknowledges that, pursuant to the provisions of the Coronavirus Aid, Relief and Economic Security Act (the
 “Cares Act”), the Counterparty will be required to agree to certain time-bound restrictions on its ability to
purchase its equity securities if it receives loans, loan guarantees or direct loans (as that term is defined in the Cares Act)
under section 4003(b) of the Cares Act.  Counterparty further acknowledges that it may be required to agree to certain
time-bound restrictions on its ability to purchase its equity securities if it receives loans, loan guarantees or direct loans
(as that term is defined in the Cares Act) under programs or facilities established by the Board of Governors of the Federal Reserve
System for the purpose of providing liquidity to the financial system.  Accordingly, Counterparty represents and warrants
that neither it nor any of its subsidiaries has applied, and throughout the term of the Transaction neither it nor any of its subsidiaries
shall apply, for a loan, loan guarantee, direct loan (as that term is defined in the Cares Act) or other investment, or to receive
any financial assistance or relief (howsoever defined) under any program or facility established in any jurisdiction that (a) is
established under applicable law, including without limitation the Cares Act and the Federal Reserve Act, as amended, and (b) requires,
as a condition of such loan, loan guarantee, direct loan (as that term is defined in the Cares Act), investment, financial assistance
or relief, that the Counterparty agree, attest, certify or warrant that neither it nor any of its subsidiaries has, as of the date
specified in such condition, repurchased, or will repurchase, any equity security of Counterparty.  Counterparty further represents
and warrants that the Premium is not being paid, in whole or in part, directly or indirectly, with funds received under or pursuant
to any program or facility established in any jurisdiction, including the U.S. Small Business Administration’s “Paycheck
Protection Program”, that (a) is established under applicable law (whether in existence as of the Trade Date or subsequently
enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires
under such applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with
jurisdiction for such program or facility) that such funds be used for specified or enumerated purposes that do not include the
purchase of the Transaction (either by specific reference to the Transaction or by general reference to transactions with the attributes
of the Transaction in all relevant respects).



 


		(b)	Each of Dealer and Counterparty agrees and represents that it is an “eligible contract participant”
(as such term is defined in Section 1a(18) of the Commodity Exchange Act, as amended (the “CEA”), other
than a person that is an eligible contract participant under Section 1a(18)(C) of the CEA).



 






    16


     


    

 


		9.	Other Provisions.






 


		(a)	Opinions. Counterparty shall deliver to Dealer an opinion of counsel, dated as of
the Trade Date, with respect to (i) the matters set forth in Section 8(a)(ii)(B) and Section 8(a)(iii) of
this Confirmation to the knowledge of counsel, (ii) due incorporation, existence and good standing of Counterparty in Delaware,
(iii) the due authorization, execution and delivery of this Confirmation, and, (iv) in respect of the execution, delivery
and performance of this Confirmation, the absence of any conflict with or breach of any material agreement required to be filed
as an exhibit to Counterparty’s Annual Report on Form 10-K, Counterparty’s certificate of incorporation or Counterparty’s
by-laws.  Delivery of such opinion to Dealer shall be a condition precedent for the purpose of Section 2(a)(iii) of
the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the Agreement.



 


		(b)	Repurchase Notices. Counterparty shall, on any day on which Counterparty effects
any repurchase of Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on
such day if following such repurchase, the number of outstanding Shares as determined on such day is (i) less than 101.3 million
(in the case of the first such notice) or (ii) thereafter more than 18.0 million less than the number of Shares included in
the immediately preceding Repurchase Notice. Counterparty agrees to indemnify and hold harmless Dealer and its affiliates and their
respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified
Person”) from and against any and all losses (including losses relating to Dealer’s hedging activities as a consequence
of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance
from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction),
claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified
Person may become subject to, as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice on the day
and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each of such Indemnified
Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony
or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any governmental
or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s
failure to provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify
Counterparty in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory
to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and
shall pay the fees and expenses of such counsel related to such proceeding. Counterparty shall not be liable for any settlement
of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent
or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any
loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which
any Indemnified Person is a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement
includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding
on terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable
to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty
hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph (b) are not
exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.
The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless
of the termination of the Transaction.



 






    17


     


    

 


		(c)	Regulation M. Counterparty is not on the Trade Date engaged in a distribution, as
such term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and
102(b)(7) of Regulation M. Counterparty shall not, until the second Scheduled Trading Day immediately following the Effective
Date, engage in any such distribution.






 


		(d)	No Manipulation. Counterparty is not entering into the Transaction to create actual
or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to manipulate the
price of the Shares (or any security convertible into or exchangeable for the Shares) in violation of the Exchange Act.



 


		(e)	Transfer or Assignment.



 


		(i)	Counterparty shall have the right to transfer or assign its rights and obligations hereunder with
respect to all, but not less than all, of the Options hereunder (such Options, the “Transfer Options”); provided
that such transfer or assignment shall be subject to reasonable conditions that Dealer may impose, including but not limited, to
the following conditions:



 


		(A)	With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification
obligations pursuant to Section 9(b) or any obligations under Section 9(n) or 9(s) of this Confirmation;



 


		(B)	Any Transfer Options shall only be transferred or assigned to a third party that is a United States
person (as defined in the Internal Revenue Code of 1986, as amended (the “Code”);



 


		(C)	Such transfer or assignment shall be effected on terms, including any reasonable undertakings by
such third party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a
manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and
execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party
and Counterparty, as are requested and reasonably satisfactory to Dealer;



 


		(D)	Dealer will not, as a result of such transfer and assignment, be required to pay the transferee
on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have
been required to pay to Counterparty in the absence of such transfer and assignment;



 


		(E)	An Event of Default, Potential Event of Default or Termination Event will not occur as a result
of such transfer and assignment;



 


		(F)	Without limiting the generality of clause (B), Counterparty shall cause the transferee to make
such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer
to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment;
and



 


		(G)	Counterparty shall be responsible for all commercially reasonable costs and expenses, including
commercially reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment.



 






    18


     


    

 


		(ii)	Dealer may, without Counterparty’s consent, transfer or assign (such transfer or assignment,
a “Transfer”) all or any part of its rights or obligations under the Transaction (A) to any affiliate of
Dealer (1) that has a long-term issuer rating that is equal to or better than Dealer’s credit rating at the time of
such Transfer, or (2) whose obligations hereunder will be guaranteed, pursuant to the terms of a customary guarantee in a
form used by Dealer generally for similar transactions, by Dealer, or (B) with Counterparty’s consent (not to be unreasonably
withheld or delayed) to any other third party with a long-term issuer rating equal to or better than the lesser of (1) the
credit rating of Dealer at the time of the Transfer and (2) A- by Standard and Poor’s Rating Group, Inc. or its
successor (“S&P”), or A3 by Moody’s Investor Service, Inc. (“Moody’s”)
or, if either S&P or Moody’s ceases to rate such third party, at least an equivalent rating or better by a substitute
rating agency mutually agreed by Counterparty and Dealer; provided that either (x) the transferee in any such Transfer
shall be a “dealer in securities” within the meaning of Section 475(c)(1) of the Code or (y) the Transfer
will not result in a deemed exchange by Counterparty within the meaning of Section 1001 of the Code; and provided further
that Dealer shall provide notice to Counterparty following any such Transfer. If at any time at which (A) the Section 16
Percentage exceeds 8.0%, (B) the Option Equity Percentage exceeds 14.5%, or (C) the Share Amount exceeds the Applicable
Share Limit (if any applies) (any such condition described in clauses (A), (B) or (C), an “Excess Ownership Position”),
Dealer is unable after using its commercially reasonable efforts to effect a transfer or assignment of Options to a third party
on pricing terms reasonably acceptable to Dealer and within a time period reasonably acceptable to Dealer such that no Excess Ownership
Position exists, then Dealer may designate any Exchange Business Day as an Early Termination Date with respect to a portion of
the Transaction (the “Terminated Portion”), such that following such partial termination no Excess Ownership
Position exists. In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction,
a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated
in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the number of Options underlying
the Terminated Portion, (2) Counterparty were the sole Affected Party with respect to such partial termination and (3) the
Terminated Portion were the sole Affected Transaction (and, for the avoidance of doubt, the provisions of Section 9(l) shall
apply to any amount that is payable by Dealer to Counterparty pursuant to this sentence as if Counterparty was not the Affected
Party). The “Section 16 Percentage” as of any day is the fraction, expressed as a percentage, (A) the
numerator of which is the number of Shares that Dealer and any of its affiliates or any other person subject to aggregation with
Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act, or any “group”
(within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part beneficially owns
(within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason
the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a
higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day. The “Option
Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the sum
of (1) the product of the Number of Options and the Option Entitlement and (2) the aggregate number of Shares underlying
any other call option transaction sold by Dealer to Counterparty, and (B) the denominator of which is the number of Shares
outstanding. The “Share Amount” as of any day is the number of Shares that Dealer and any person whose ownership
position would be aggregated with that of Dealer (Dealer or any such person, a “Dealer Person”) under any law,
rule, regulation, regulatory order or organizational documents or contracts of Counterparty that are, in each case, applicable
to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls,
holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by
Dealer in its reasonable discretion. The “Applicable Share Limit” means a number of Shares equal to (A) the
minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining
prior approval from any person or entity) of a Dealer Person, or could result in an adverse effect on a Dealer Person, under any
Applicable Restriction, as determined by Dealer in its reasonable discretion, minus (B) 1% of the number of Shares
outstanding.






 






    19


     


    

 


		(iii)	Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing
Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from
Counterparty, Dealer may designate any of its affiliates (each, a “Dealer Designated Affiliate”) to purchase,
sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform
Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged
of its obligations to Counterparty under this Confirmation to the extent such Dealer Designated Affiliate fully performs the obligations
designated by Dealer to such Dealer Designated Affiliate under this Section 9(e)(iii).



 


		(f)	Staggered Settlement. If upon advice of counsel with respect to applicable legal
and regulatory requirements, including any requirements relating to Dealer’s commercially reasonable hedging activities hereunder
that would be customarily applicable to transactions of this type by the dealers in this market as determined by the Calculation
Agent, Dealer reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver,
any or all of the Shares to be delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty
on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more
dates (each, a “Staggered Settlement Date”) as follows:



 


		(i)	in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (the
first of which will be such Nominal Settlement Date and the last of which will be no later than the twentieth (20th) Exchange Business
Day following such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date;



 


		(ii)	the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered
Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement
Date; and



 


		(iii)	if the Net Share Settlement terms or the Combination Settlement terms set forth above were to apply
on the Nominal Settlement Date, then the Net Share Settlement terms or the Combination Settlement terms, as the case may be, will
apply on each Staggered Settlement Date, except that the Shares otherwise deliverable on such Nominal Settlement Date will be allocated
among such Staggered Settlement Dates as specified by Dealer in the notice referred to in clause (i) above.



 


		(g)	Role of Agent. As a broker-dealer registered with the U.S. Securities and Exchange
Commission (“SEC”), Credit Suisse Securities (USA) LLC in its capacity as Agent will be responsible for (i) effecting
the Transactions, (ii) issuing all required confirmations and statements to Dealer and Counterparty, (iii) maintaining
books and records relating to the Transactions as required by Rules 17a-3 and 17a-4 under the Exchange Act and (iv) unless
otherwise requested by Counterparty, receiving, delivering, and safeguarding Counterparty’s funds and any securities in connection
with each Transaction, in compliance with Rule 15c3-3 under the Exchange Act.



 


Credit Suisse Securities (USA) LLC is acting in connection
with the Transaction solely in its capacity as Agent for Dealer and Counterparty pursuant to instructions from Dealer and Counterparty.
Credit Suisse Securities (USA) LLC shall have no responsibility or personal liability to Dealer or Counterparty arising from any
failure by Dealer or Counterparty to pay or perform any obligations hereunder, or to monitor or enforce compliance by Dealer or
Counterparty with any obligation hereunder, including without limitation, any obligations to maintain collateral. Each of Dealer
and Counterparty agrees to proceed solely against the other to collect or recover any securities or monies owing to it in connection
with or as a result of the Transaction. Credit Suisse Securities (USA) LLC shall otherwise have no liability in respect of the
Transaction, except for its gross negligence or willful misconduct in performing its duties as Agent.





 






    20


     


    

 


Dealer is not a member of the SIPC (Securities Investor
Protection Corporation).


 


Dealer represents that it is an “OTC derivatives
dealer” as such term is defined in the Exchange Act and is an affiliate of a broker-dealer that is registered with and fully-regulated
by the SEC, Credit Suisse Securities (USA) LLC.


 


The date and time of the Transaction
evidenced hereby will be furnished by the Agent to Dealer and Counterparty upon written request.


 


The Agent will furnish to Counterparty
upon written request a statement as to the source and amount of any remuneration received or to be received by the Agent in connection
with the Transaction evidenced hereby.


 


		(h)	Submission to Jurisdiction. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION
WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT
TO, THESE COURTS.



 


		(i)	Additional Termination Events.



 


		(i)	Notwithstanding anything to the contrary in this Confirmation if an event of default with respect
to Counterparty occurs under the terms of the Convertible Notes as set forth in Section 6.01 of the Indenture, then such event
of default shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional
Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole
Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of
the Agreement.



 


		(ii)	Promptly (and in any event within five Scheduled Trading Days) following any (i) repurchase
(which, for the avoidance of doubt, includes any exchange transaction) and cancellation of Convertible Notes, including without
limitation pursuant to Article 15 of the Indenture in connection with a “Fundamental Change” (as defined in the
Indenture) or (ii) any Convertible Notes are redeemed (whether pursuant to Section 16.01 of the Indenture or otherwise)
by Counterparty and are no longer outstanding under the Indenture, (such event, a “Repurchase Event”), Counterparty
may notify Dealer in writing of such Repurchase Event and the number of Convertible Notes subject to such Repurchase Event (any
such notice, a “Repurchase Notice”). Notwithstanding anything to the contrary in this Confirmation, the receipt
by Dealer from Counterparty of (x) any Repurchase Notice, within the applicable time period set forth in the preceding sentence,
and (y) a written representation and warranty by Counterparty that, as of the date of such Repurchase Notice, Counterparty
is not in possession of any material non-public information regarding Counterparty or the Shares, shall constitute an Additional
Termination Event as provided in this paragraph. Upon receipt of any such Repurchase Notice and the related written representation
and warranty, Dealer shall promptly designate an Exchange Business Day following receipt of such Repurchase Notice (which Exchange
Business Day shall be on or as promptly as reasonably practicable after the related repurchase settlement date for the relevant
Repurchase Event) as an Early Termination Date with respect to the portion of this Transaction corresponding to a number of Options
(the “Repurchase Options”) equal to the lesser of (A) the number of such Convertible Notes specified in
such Repurchase Notice minus the number of “Repurchase Options” (as defined in the Base Call Option Confirmation),
if any, that relate to such Convertible Notes divided by the Applicable Percentage and (B) the Number of Options as
of the date Dealer designates such Early Termination Date and, as of such date, the Number of Options shall be reduced by the number
of Repurchase Options. Any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of
the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to
this Transaction and a Number of Options equal to the number of Repurchase Options, (2) Counterparty were the sole Affected
Party with respect to such Additional Termination Event, (3) no adjustment to the “Conversion Rate” (as defined
in the Indenture) for the Convertible Notes has occurred pursuant to any Excluded Provision, (4) the corresponding Convertible
Notes remaining outstanding as if the circumstances related to the Repurchase Event had not occurred, (5) the relevant Repurchase
Event and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading
thereto had not occurred, and (6) the terminated portion of the Transaction were the sole Affected Transaction.



 






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		(j)	Amendments to Equity Definitions.



 


		(i)	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting
from the fourth line thereof the word “or” after the word “official” and inserting a comma therefor, and
(2) deleting the semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or
(C) the occurrence of any of the events specified in Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement
with respect to that Issuer.”



 


		(ii)	Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing
 “either party may elect” with “Dealer may elect” and (2) replacing “notice to the other party”
with “notice to Counterparty” in the first sentence of such section.



 


		(k)	No Setoff. Each party waives any and all rights it may have to set off obligations
arising under the Agreement and the Transaction against other obligations between the parties, whether arising under any other
agreement, applicable law or otherwise.



 


		(l)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.
If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated
with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary
Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid
to all holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s
control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty
is the Affected Party other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or
(viii) of the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case
that resulted from an event or events outside Counterparty’s control), and if Dealer would owe any amount to Counterparty
pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant to Article 12 of the Equity Definitions
(any such amount, a “Payment Obligation”), then Dealer shall satisfy the Payment Obligation by the Share Termination
Alternative (as defined below), unless (a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed in writing
within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger Date, Tender Offer Date, Announcement
Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable,
of its election that the Share Termination Alternative shall not apply, (b) Counterparty remakes the representation set forth
in Section 8(a)(v) as of the date of such election and (c) Dealer agrees, in its sole discretion, to such election,
in which case the provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) of
the Agreement, as the case may be, shall apply.



 






    22


     


    

 


	Share Termination Alternative:	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment.
	 	 
	Share Termination Delivery Property:	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.
	 	 
	Share Termination Unit Price:	The value to Dealer of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in good faith and in a commercially reasonable manner and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider the purchase price paid in connection with the purchase of Share Termination Delivery Property.
	 	 
	Share Termination Delivery Unit:	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.
	 	 
	Failure to Deliver:	Applicable
	 	 
	Other applicable provisions:	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement” in Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”. “Share Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.



 






    23


     


    







 


		(m)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party
(i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such
other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual
waivers and certifications provided herein.



 


		(n)	Registration. Counterparty hereby agrees that if, in the good faith reasonable judgment
of Dealer, based on the advice of counsel, the Shares (“Hedge Shares”) acquired by Dealer for the purpose of
hedging its obligations pursuant to the Transaction cannot be sold in the public market by Dealer without registration under the
Securities Act, Counterparty shall, at its election, either (i) in order to allow Dealer to sell the Hedge Shares in a registered
offering, make available to Dealer an effective registration statement under the Securities Act and enter into an agreement, in
customary form and substance reasonably satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered
secondary offering of equity securities of comparable size of companies of comparable size, maturity and line of business; provided,
however, that if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the
results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above,
then clause (ii) or clause (iii) of this paragraph shall apply at the election of Counterparty, (ii) in order to
allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to
private placement purchase agreements customary for private placements of equity securities of comparable size of companies of
comparable size, maturity and line of business, in customary form and substance that is commercially reasonable and reasonably
satisfactory to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are
necessary, in its commercially reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares
incurred on the sale of Hedge Shares in a private placement), or (iii) purchase the Hedge Shares from Dealer at the Relevant
Price on such Exchange Business Days, and in the amounts, requested by Dealer.



 


		(o)	Tax Disclosure. Effective from the date of commencement of discussions concerning
the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons,
without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including
opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure.



 


		(p)	Right to Extend. Dealer may postpone or add, in a commercially reasonable manner,
in whole or in part, any Valid Day or Valid Days during the Settlement Averaging Period or any other date of valuation, payment
or delivery by Dealer, with respect to some or all of the Options hereunder, if Dealer reasonably determines, in its reasonable
discretion, that such action is reasonably necessary or appropriate to preserve Dealer’s commercially reasonable hedging
or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer to effect purchases of Shares
in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that would, if
Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or self-regulatory
requirements, or with related policies and procedures applicable to Dealer; provided that in no event shall Dealer have
the right to so postpone or add any Valid Day(s) or any such other date beyond the 30th Valid Day immediately following the
last Valid Day of the relevant Settlement Averaging Period (determined without regard to this Section 9(p)).



 






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		(q)	Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation
is not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of
common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that nothing herein
shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its
obligations and agreements with respect to the Transaction; provided, further, that nothing herein shall limit or
shall be deemed to limit Dealer’s rights in respect of any transactions other than the Transaction.






 


		(r)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction
to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the
United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded
by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s
right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement
with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each
payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement
payment” and a “transfer” as defined in the Bankruptcy Code.



 


		(s)	Notice of Certain Other Events. Counterparty covenants and agrees that:



 


		(i)	promptly following the public announcement of the results of any election by the holders of Shares
with respect to the consideration due upon consummation of any Merger Event, Counterparty shall give Dealer written notice of the
weighted average of the types and amounts of consideration actually received by holders of Shares (the date of such notification,
the “Consideration Notification Date”); provided that in no event shall the Consideration Notification
Date be later than the date on which such Merger Event is consummated;



 


		(ii)	promptly following any adjustment to the Convertible Notes in connection with any Potential Adjustment
Event, Merger Event or Tender Offer, Counterparty shall give Dealer written notice of the details of such adjustment; and



 


		(iii)	concurrently with any issuance by Counterparty of a Redemption Notice with respect to the Convertible
Notes in accordance with Section 16.02 of the Indenture, Counterparty shall notify Dealer of such Redemption Notice, the anticipated
Redemption Date and the number of Convertible Notes subject thereto.



 


		(t)	Wall Street Transparency and Accountability Act. In connection with Section 739
of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither
the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall
limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement
this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs,
regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including,
but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership
Position, or Illegality (as defined in the Agreement)).



 


		(u)	Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges
and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or
other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust
its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares
other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own determination
as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do
so in a manner that it deems appropriate to hedge its price and market risk with respect to the Relevant Prices; and (D) any
market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as
well as the Relevant Prices, each in a manner that may be adverse to Counterparty.



 






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		(v)	Early Unwind. In the event the sale of the “Option Securities” (as defined
in the Purchase Agreement) is not consummated with the Initial Purchasers for any reason, or Counterparty fails to deliver to Dealer
opinions of counsel as required pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time) on the Premium
Payment Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date, the “Early
Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”) on the Early Unwind
Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty under the Transaction
shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees
not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of
and to be performed in connection with the Transaction either prior to or after the Early Unwind Date; Each of Dealer and Counterparty
represents and acknowledges to the other that, upon an Early Unwind, all obligations with respect to the Transaction shall be deemed
fully and finally discharged.






 


		(w)	Payment by Counterparty. In the event that, following payment of the Premium, (i) an
Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of
Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result,
Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes
to Dealer, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8
of the Equity Definitions, such amount shall be deemed to be zero.



 


		(x)	Determinations; Adjustments. All calculations, adjustments and determinations made
by Dealer hereunder, whether as Calculation Agent, as Determining Party or following the occurrence of an Early Termination Date,
shall be made in good faith and in a commercially reasonable manner. Following any determination, adjustment or calculation by
Dealer hereunder (including, without limitation, in its capacity as Calculation Agent), Dealer will provide to Counterparty by
email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage
and manipulation of financial data) displaying in reasonable detail the basis for such calculation; provided, however,
that in no event will Dealer be obligated to share with Counterparty any proprietary or confidential data or information or any
proprietary or confidential models used by it. For the avoidance of doubt, whenever the Calculation Agent or Determining Party
(as the case may be) is called upon to make an adjustment pursuant to the terms of this Confirmation or the Equity Definitions
(other than any adjustment required to be made by reference to the terms of the Convertible Notes or the Indenture) to take into
account the effect of an event, the Calculation Agent or Determining Party (as the case may be) shall make such adjustment by reference
to the effect of such event on the Hedging Party, assuming that the Hedging Party maintains a commercially reasonable hedge position.



 


		(y)	Tax Matters.



 


		(i)	Payee Representations:



 


		For	the purpose of Section 3(f) of the Agreement,
Counterparty makes the following representation to Dealer:



 


		Counterparty is a corporation and a U.S. person (as that term is defined in Section 7701(a)(30) of the Code and used in Section 1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for U.S. federal income tax purposes.



 


		For	the purpose of Section 3(f) of the Agreement,
Dealer makes the following representation to Counterparty:



 


		Dealer is a disregarded entity for U.S. federal income tax purposes that is wholly owned by Credit Suisse Capital Holdings, Inc., which is a “U.S. person” (as that term is used in Section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes and an exempt recipient under Section 1.6049-4(c)(1)(ii) of the United States Treasury Regulations.



 






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		(ii)	Tax Documentation. For the purposes of Section 4(a)(i) of the Agreement, (1) Counterparty
shall provide to Dealer a valid United States Internal Revenue Service Form  W-9 (or successor thereto), and (2) Dealer
shall provide to Counterparty a valid United States Internal Revenue Service Form W-9 (or successor thereto), in each case,
(A) on or before the date of execution of this Confirmation and (B) promptly upon learning that any such tax form previously
provided by it has become obsolete or incorrect.






 


		(iii)	Withholding Tax Imposed on Payments to non-U.S. Counterparties under the Provisions Known as
the Foreign Account Tax Compliance Act. “Indemnifiable Tax” as defined in Section 14 of the Agreement shall
not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current
or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of
the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement
entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”).
For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law
for the purposes of Section 2(d) of the Agreement.



 


		(iv)	HIRE Act. “Indemnifiable Tax”, as defined in Section 14 of the Agreement,
shall not include any tax imposed on payments treated as dividends from sources within the United States under Section 871(m) of
the Code or any regulations issued thereunder.



 


		(z)	Incorporation of ISDA 2015 Section 871(m) Protocol. The parties to this
Confirmation agree that the amendments set out in the Attachment to the ISDA 2015 Section 871(m) Protocol published by
ISDA on November 2, 2015 and available on the ISDA website (www.isda.org) shall apply to this Confirmation. The parties further
agree that this Confirmation will be deemed to be a Covered Master Agreement and that the Implementation Date shall be the effective
date of this Confirmation as amended by the parties for the purposes of such Protocol amendments regardless of the definitions
of such terms in the Protocol.



 


		(aa)	Incorporation of ISDA 2012 FATCA Protocol. The parties to this Confirmation agree
that the amendments set out in the Attachment to the ISDA 2012 FATCA Protocol published by ISDA on August 15, 2012 and available
on the ISDA website (www.isda.org) shall apply to this Confirmation. The parties further agree that this Confirmation will be deemed
to be a Covered Master Agreement and that the Implementation Date shall be the effective date of this Confirmation as amended by
the parties for the purposes of such Protocol amendments regardless of the definitions of such terms in the Protocol.



 


		(bb)	U.S. Resolution Stay Protocol. To the extent that the QFC Stay Rules are applicable
hereto, then the parties agree that (i) to the extent that prior to the date hereof both parties have adhered to the 2018
ISDA U.S. Resolution Stay Protocol (the “Protocol”), the terms of the Protocol are incorporated into and form
a part of this Confirmation, and for such purposes this Confirmation shall be deemed a Protocol Covered Agreement and each party
shall be deemed to have the same status as “Regulated Entity” and/or “Adhering Party” as applicable to
it under the Protocol; (ii) to the extent that prior to the date hereof the parties have executed a separate agreement the
effect of which is to amend the qualified financial contracts between them to conform with the requirements of the QFC Stay Rules (the
 “Bilateral Agreement”), the terms of the Bilateral Agreement are incorporated into and form a part of this Confirmation
and each party shall be deemed to have the status of “Covered Entity” or “Counterparty Entity” (or other
similar term) as applicable to it under the Bilateral Agreement; or (iii) if clause (i) and clause (ii) do not apply,
the terms of Section 1 and Section 2 and the related defined terms (together, the “Bilateral Terms”)
of the form of bilateral template entitled “Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)”
published by ISDA on November 2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and,
a copy of which is available upon request), the effect of which is to amend the qualified financial contracts between the parties
thereto to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of this Confirmation,
and for such purposes this Confirmation shall be deemed a “Covered Agreement,” Dealer shall be deemed a “Covered
Entity” and Counterparty shall be deemed a “Counterparty Entity.” In the event that, after the date of this Confirmation,
both parties hereto become adhering parties to the Protocol, the terms of the Protocol will replace the terms of this paragraph.
In the event of any inconsistencies between this Confirmation and the terms of the Protocol, the Bilateral Agreement or the Bilateral
Terms (each, the “QFC Stay Terms”), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph
without definition shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph, references
to “this Confirmation” include any related credit enhancements entered into between the parties or provided by one
to the other. In addition, the parties agree that the terms of this paragraph shall be incorporated into any related covered affiliate
credit enhancements, with all references to Dealer replaced by references to the covered affiliate support provider.



 






    27


     


    

 


“QFC Stay Rules”
means the regulations codified at 12 C.F.R. 252.2, 252.81–8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited
exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act
and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override
of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions
on the transfer of any covered affiliate credit enhancements


 












    28


     


    

 





 


Please confirm
that the foregoing correctly sets forth the terms of our agreement by executing this Confirmation and returning it to Dealer.


 


Very truly yours,


 


	 	CREDIT SUISSE CAPITAL LLC
	 	 
	 	 
	 	By:	/s/ Barry Dixon
	 	Name: Barry Dixon






	 	Title:	Authorized Signatory


 


 


	 	By:	/s/ Shui Wong
	 	Name: Shui Wong






	 	Title:	Authorized Signatory


 


	 	CREDIT SUISSE SECURITIES (USA) LLC, AS AGENT FOR CREDIT SUISSE CAPITAL LLC
	 	 
	 	 
	 	By:	/s/ Shui Wong
	 	
        Name: Shui Wong

        

	 	Title:	Authorized Signatory


 


 


Accepted and confirmed

as of the Trade Date:


 


	Enphase Energy, Inc.	 
	 	 
	 	 
	By:	/s/ Eric Branderiz	 
	Authorized Signatory	 
	Name:	Eric Branderiz	 


 






    


     


    

 












 


JPMorgan Chase Bank, National Association


New York Branch


383 Madison Avenue


New York, NY 10179


 


March 10, 2021


 



	To:	Enphase Energy, Inc.	 
	 	47281 Bayside Parkway	 
	 	Fremont, CA 94538	 
	 	Attention: General Counsel	 
	 	Telephone No.: (707) 774-7000	 


 


	Re:	Additional Call Option Transaction



 


The purpose of this
letter agreement (this “Confirmation”) is to confirm the terms and conditions of the call option transaction
entered into between JPMorgan Chase Bank, National Association, New York Branch (“Dealer”) and Enphase
Energy, Inc. (“Counterparty”) as of the Trade Date specified below (the “Transaction”).
This letter agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. This
Confirmation shall replace any previous agreements and serve as the final documentation for the Transaction.


 


The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published
by the International Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation.
In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain
defined terms used herein are based on terms that are defined in the Offering Memorandum dated February 24, 2021 (the “Offering
Memorandum”) relating to the Convertible Senior Notes due 2026 (as originally issued by Counterparty, the “Convertible
Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible Note”) issued by Counterparty
in an aggregate initial principal amount of USD 575,000,000 (as increased by an aggregate principal amount of USD 57,500,000 pursuant
to the exercise by the Initial Purchasers (as defined herein) of their over-allotment option to purchase additional Convertible
Notes pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture dated March 1, 2021 between Counterparty
and U.S. Bank National Association, as trustee (the “Indenture”). In the event of any inconsistency between
the terms defined in the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. The parties
acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth
in the Indenture which are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred
to herein will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any
such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the
Offering Memorandum will govern for purposes of this Confirmation. The parties further acknowledge that the Indenture section numbers
used herein are based on the Indenture as executed. Subject to the foregoing, references to the Indenture herein are references
to the Indenture as in effect on the date of its execution, and if the Indenture is amended following such date (other than any
amendment pursuant to Section 10.01(m) of the Indenture that, as determined by the Calculation Agent, conforms the Indenture
to the description of Convertible Notes in the Offering Memorandum), any such amendment will be disregarded for purposes of this
Confirmation unless the parties agree otherwise in writing.


 


Each party is hereby
advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial
transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.


 






     


     


    

 


	1.	This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as
to the terms of the Transaction to which this Confirmation relates. This Confirmation shall supplement, form a part of, and be
subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Counterparty
had executed an agreement in such form (but without any Schedule except for (i) the election of the laws of the State of New
York as the governing law (without reference to choice of law doctrine) and (ii) the election that the “Cross Default”
provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer, with a “Threshold Amount” of 3% of
shareholders’ equity of Dealer (provided that (a) the phrase “, or becoming capable at such time of being
declared,” shall be deleted from clause (1) of such Section 5(a)(vi) of the Agreement, (b) “Specified
Indebtedness” shall have the meaning specified in Section 14 of the Agreement, except that such term shall not include
obligations in respect of deposits received in the ordinary course of Dealer’s banking business and (c) the following
sentence shall be added to the end of Section 5(a)(vi) of the Agreement: “Notwithstanding the foregoing, a default
under subsection (2) hereof shall not constitute an Event of Default if (i) the default was caused solely by error or
omission of an administrative or operational nature; (ii) funds were available to enable the relevant party to make the payment
when due; and (iii) the payment is made within two Local Business Days of such party’s receipt of written notice of
its failure to pay.”)) on the Trade Date. In the event of any inconsistency between provisions of the Agreement and this
Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates. The parties
hereby agree that no transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement.



 


	2.	The terms of the particular Transaction to which this Confirmation relates are as follows:



 


	 	General Terms. 
	 	 	 	 
	 	 	Trade Date:	March 10, 2021
	 	 	 	 
	 	 	Effective Date:	The closing date of the issuance of the Convertible Notes issued pursuant to the option to purchase additional Convertible Notes exercised on the date hereof
	 	 	 	 
	 	 	Option Style:	“Modified American”, as described under “Procedures for Exercise” below
	 	 	 	 
	 	 	Option Type:	Call
	 	 	 	 
	 	 	Buyer: 	Counterparty
	 	 	 	 
	 	 	Seller: 	Dealer
	 	 	 	 
	 	 	Shares: 	The common stock of Counterparty, par value USD 0.00001 per share (Exchange symbol “ENPH” as of the Trade Date).
	 	 	 	 
	 	 	Number of Options:	57,500. For the avoidance of doubt, the Number of Options shall be reduced by any Options exercised by Counterparty. In no event will the Number of Options be less than zero.
	 	 	 	 
	 	 	Applicable Percentage:	15%
	 	 	 	 
	 	 	Option Entitlement:	A number equal to the product of the Applicable Percentage and 3.2523.
	 	 	 	 
	 	 	Strike Price:	USD 307.4747
	 	 	 	 
	 	 	Premium: 	USD 1,699,125
	 	 	 	 
	 	 	Premium Payment Date:	March 12, 2021
	 	 	 	 
	 	 	Exchange: 	The NASDAQ Global Market
	 	 	 	 
	 	 	Related Exchange(s):	All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the tenth line of such section.



 






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	 	 	Excluded Provisions:	Section 14.04(h) and Section 14.03 of the Indenture.
	 	 	 	 
	 	Procedures for Exercise. 
	 	 	 	 
	 	 	Conversion Date:	With respect to any conversion of a Convertible Note, the date on which the Holder (as such term is defined in the Indenture) of such Convertible Note satisfies all of the requirements for conversion thereof as set forth in Section 14.02(b) of the Indenture.
	 	 	 	 
	 	 	Averaging Period Threshold Date:	January 23, 2026
	 	 	 	 
	 	 	Expiration Time:	The Valuation Time
	 	 	 	 
	 	 	Expiration Date:	March 1, 2026, subject to earlier exercise.
	 	 	 	 
	 	 	Multiple Exercise:	Applicable, as described under “Automatic Exercise” below.
	 	 	 	 
	 	 	Automatic Exercise:	Notwithstanding Section 3.4 of the Equity Definitions, on each Conversion Date in respect of which a Notice of Conversion that is effective as to Counterparty has been delivered by the relevant converting Holder, a number of Options equal to (i) the number of Convertible Notes in denominations of USD 1,000 as to which such Conversion Date has occurred minus (ii) the number of Options that are or are deemed to be automatically exercised on such Conversion Date under the Base Call Option Transaction Confirmation letter agreement dated February 24, 2021 between Dealer and Counterparty (the “Base Call Option Confirmation”), shall be deemed to be automatically exercised; provided that such Options shall be exercised or deemed exercised only if Counterparty or the Trustee (or other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing) on behalf of Counterparty has provided a Notice of Exercise to Dealer in accordance with “Notice of Exercise” below; provided further that if the Trustee or any other such agent on behalf of Counterparty provides such Notice of Exercise to Dealer, Dealer shall be entitled to rely on the accuracy of such Notice of Exercise without any independent investigation.
	 	 	 	 
	 	 		Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options.



 






    3 


     


    

 


	 	 	Notice of Exercise:	Notwithstanding anything to the contrary in the Equity Definitions or under “Automatic Exercise” above, in order to exercise any Options, Counterparty or the Trustee (or other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing) on behalf of Counterparty must notify Dealer in writing before 5:00 p.m. (New York City time) on the Scheduled Valid Day immediately preceding the scheduled first day of the Settlement Averaging Period for the Options being exercised (the “Exercise Notice Deadline”) of (i) the number of such Options, (ii) the scheduled first day of the Settlement Averaging Period and the scheduled Settlement Date, (iii) the Relevant Settlement Method for such Options, and (iv) if the settlement method for the related Convertible Notes is not Settlement in Shares or Settlement in Cash (each as defined below), the fixed amount of cash per Convertible Note that Counterparty has elected to pay to Holders (as such term is defined in the Indenture) of the related Convertible Notes (the “Specified Cash Amount”); provided that notwithstanding the foregoing, in respect of any Options relating to Convertible Notes with a Conversion Date occurring prior to the Averaging Period Threshold Date, such notice (and the related exercise of Options) shall be effective if given after the Exercise Notice Deadline, but prior to 4:00 p.m. (New York City time) on the fifth Scheduled Valid Day following the Exercise Notice Deadline, in which event the Calculation Agent shall have the right to adjust the delivery obligation under this Confirmation as appropriate to reflect the commercially reasonable additional costs (including, but not limited to, additional costs related to hedging mismatches and market losses and gains) and commercially reasonable expenses incurred by Dealer in connection with commercially reasonable hedging activities (including the unwinding of any commercially reasonable Hedge Positions) as a result of Dealer not having received such notice on or prior to the Exercise Notice Deadline and Dealer’s obligation to make any payment or delivery in respect of such exercise shall not be extinguished; and provided further that in respect of (1) any Options relating to Convertible Notes with a Conversion Date occurring on or after the Averaging Period Threshold Date and (2) any Options relating to Convertible Notes with a Conversion Date occurring on or after Counterparty issues a “Redemption Notice” (as used herein, as defined in the Indenture) with respect to the Convertible Notes in accordance with Section 16.02 of the Indenture and prior to the close of business on the Scheduled Valid Day immediately preceding the related “Redemption Date” (as used herein, as defined in the Indenture), (A) such notice may be given on or prior to the second Scheduled Valid Day immediately preceding the Expiration Date, or on or prior to the second Scheduled Valid Day immediately preceding such Redemption Date, as the case may be, and need only specify the information required in clause (i) above (and, in the case of clause (2) in this proviso only, the number of Convertible Notes as to which Counterparty issued a Redemption Notice), and (B) if the Relevant Settlement Method for such Options is (x) Net Share Settlement and the Specified Cash Amount is not USD 1,000, (y) Cash Settlement or (z) Combination Settlement, Dealer shall have received a separate notice (the “Notice of Final Settlement Method”) in respect of all such Convertible Notes before 5:00 p.m. (New York City time) on the Averaging Period Threshold Date, or concurrently with the delivery of the Redemption Notice to Holders of the Convertible Notes, as the case may be, specifying the information required in clauses (iii) and (iv) above. Counterparty acknowledges its responsibilities under applicable securities
laws, and in particular Section 9 and Section 10(b) of the Exchange Act (as defined below) and the rules and regulations thereunder, in respect of any election of a settlement method with respect to the Convertible Notes. The parties hereto agree and acknowledge that if the Trustee or any other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing on behalf of Counterparty provides notice to Dealer as provided for in the second immediately preceding sentence, Dealer shall be entitled to rely on the accuracy of such notice without any independent investigation.


 






    4 


     


    

 


	 	 	Valuation Time:	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in good faith and in a commercially reasonable manner.
	 	 	 	 
	 	 	Market Disruption Event:	Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following:
	 	 	 	 
	 	 	 	“‘Market Disruption Event’ means, in respect of a Share, (i) a failure by the primary United States national or regional securities exchange or market on which the Shares are listed or admitted for trading to open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. (New York City time) on any Scheduled Valid Day for the Shares for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Shares or in any options contracts or futures contracts relating to the Shares.”
	 	 	 	 
	 	Settlement Terms. 	 
	 	 	 	 
	 	 	Settlement Method:	For any Option, Net Share Settlement; provided that if the Relevant Settlement Method set forth below for such Option is not Net Share Settlement, then the Settlement Method for such Option shall be such Relevant Settlement Method, but only if Counterparty, or the Trustee (or other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing) on behalf of Counterparty, shall have notified Dealer of the Relevant Settlement Method in the Notice of Exercise or Notice of Final Settlement Method, as applicable, for such Option. The parties hereto agree and acknowledge that if the Trustee or any other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing on behalf of Counterparty provides notice to Dealer as provided for in the proviso to the immediately preceding sentence, Dealer shall be entitled to rely on the accuracy of such notice without any independent investigation.
	 	 	 	 



 






    5 


     


    

 


	 	 	Relevant Settlement Method:	In respect of any Option:
	 	 	 	 
	 	 	 	(i)    if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note (A) entirely in Shares pursuant to Section 14.02(iv)(A)  of the Indenture (together with cash in lieu of fractional Shares) (such settlement method, “Settlement in Shares”), (B) in a combination of cash and Shares pursuant to Section 14.04(iv)(C)  of the Indenture with a Specified Cash Amount less than USD 1,000 or (C) in a combination of cash and Shares pursuant to Section 14.04(iv)(C) of the Indenture with a Specified Cash Amount equal to USD 1,000, then, in each case, the Relevant Settlement Method for such Option shall be Net Share Settlement;
	 	 	 	 
	 	 	 	(ii)   if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note in a combination of cash and Shares pursuant to Section 14.04(iv)(C) of the Indenture with a Specified Cash Amount greater than USD 1,000, then the Relevant Settlement Method for such Option shall be Combination Settlement; and
	 	 	 	 
	 	 	 	(iii)  if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note entirely in cash pursuant to Section 14.04(iv)(B) of the Indenture (such settlement method, “Settlement in Cash”), then the Relevant Settlement Method for such Option shall be Cash Settlement.
	 	 	 	 
	 	 	Net Share Settlement:	If Net Share Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the relevant Settlement Date for each such Option, a number of Shares (the “Net Share Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for each such Option, of (i) (a) the Daily Option Value for such Valid Day, divided by (b) the Relevant Price on such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period; provided that in no event shall the Net Share Settlement Amount for any Option exceed a number of Shares equal to the Applicable Limit for such Option, divided by the Applicable Limit Price on the Settlement Date for such Option.
	 	 	 	 
	 	 	 	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Net Share Settlement Share Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.



 






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	 	 	Combination Settlement:	If Combination Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may be, to Counterparty, on the relevant Settlement Date for each such Option:


 


		 	(i)	cash (the “Combination Settlement Cash Amount”) equal to the sum, for each Valid
Day during the Settlement Averaging Period for such Option, of (A) an amount (the “Daily Combination Settlement Cash
Amount”) equal to the lesser of (1) the product of (x) the Applicable Percentage and (y) the Specified
Cash Amount minus USD 1,000 and (2) the Daily Option Value, divided by (B) the number of Valid Days in
the Settlement Averaging Period; provided that if the calculation in clause (A) above results in zero or a negative
number for any Valid Day, the Daily Combination Settlement Cash Amount for such Valid Day shall be deemed to be zero; and



 


		 	(ii)	Shares (the “Combination Settlement Share Amount”) equal to the sum, for each
Valid Day during the Settlement Averaging Period for such Option, of a number of Shares for such Valid Day (the “Daily
Combination Settlement Share Amount”) equal to (A) (1) the Daily Option Value on such Valid Day minus
the Daily Combination Settlement Cash Amount for such Valid Day, divided by (2) the Relevant Price on such Valid Day,
divided by (B) the number of Valid Days in the Settlement Averaging Period; provided that if the calculation
in sub-clause (A)(1) above results in zero or a negative number for any Valid Day, the Daily Combination Settlement Share
Amount for such Valid Day shall be deemed to be zero;



 


	 	 		provided that in no event shall the sum of (x) the Combination Settlement Cash Amount for any Option, and (y) the Combination Settlement Share Amount for such Option, multiplied by the Applicable Limit Price on the Settlement Date for such Option, exceed the Applicable Limit for such Option.
	 	 	 	 
	 	 		Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Combination Settlement Share Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.
	 	 	 	 
	 	 	Cash Settlement:	If Cash Settlement is applicable to any Option exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for each such Option, an amount of cash (the “Cash Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period; provided that in no event shall the Cash Settlement Amount exceed the Applicable Limit for such Option.



 






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	 	 	Daily Option Value:	For any Valid Day, an amount equal to (i) the Option Entitlement on such Valid Day, multiplied by (ii) the Relevant Price on such Valid Day less the Strike Price on such Valid Day; provided that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Valid Day shall be deemed to be zero. In no event will the Daily Option Value be less than zero.
	 	 	 	 
	 	 	Make-Whole Adjustment:	Notwithstanding anything to the contrary herein, in respect of any exercise of Options relating to a conversion of Convertible Notes for which additional Shares will be added to the “Conversion Rate” (as defined in the Indenture) as determined pursuant to Section 14.03 of the Indenture, the Daily Option Value shall be calculated as if the Option Entitlement included the Applicable Percentage of the number of such additional Shares as determined with reference to the adjustment set forth in such Section 14.03 of the Indenture; provided that if the sum of (i) the product of (a) the number of Shares (if any) deliverable by Dealer to Counterparty per exercised Option and (b) the Applicable Limit Price on the Settlement Date and (ii) the amount of cash (if any) payable by Dealer to Counterparty per exercised Option would otherwise exceed the amount per Option, as determined by the Calculation Agent, that would be payable by Dealer under Section 6 of the Agreement if (x) the relevant Conversion Date were an Early Termination Date resulting from an Additional Termination Event with respect to which the Transaction was the sole Affected Transaction and Counterparty was the sole Affected Party and (y) Section 14.03 of the Indenture were deleted, then each Daily Option Value shall be proportionately reduced to the extent necessary to eliminate such excess.
	 	 	 	 
	 	 	Applicable Limit:	For any Option, an amount of cash equal to the Applicable Percentage, multiplied by the excess of (i) the aggregate of (A) the amount of cash, if any, paid to the Holder of the related Convertible Note upon conversion of such Convertible Note and (B) the number of Shares, if any, delivered to the Holder of the related Convertible Note upon conversion of such Convertible Note multiplied by the Applicable Limit Price on the Settlement Date for such Option, over (ii) USD 1,000.
	 	 	 	 
	 	 	Applicable Limit Price:	On any day, the opening price as displayed under the heading “Op” on Bloomberg page ENPH <equity> (or any successor thereto).
	 	 	 	 
	 	 	Valid Day:	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange or, if the Shares are not then listed on the Exchange, on the principal other United States national or regional securities exchange on which the Shares are then listed or, if the Shares are not then listed on a United States national or regional securities exchange, on the principal other market on which the Shares are then listed or admitted for trading. If the Shares are not so listed or admitted for trading, “Valid Day” means a Business Day.



 






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	 	 	Scheduled Valid Day:	A day that is scheduled to be a Valid Day on the principal United States national or regional securities exchange or market on which the Shares are listed or admitted for trading. If the Shares are not so listed or admitted for trading, “Scheduled Valid Day” means a Business Day.
	 	 	 	 
	 	 	Business Day:	Any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed.
	 	 	 	 
	 	 	Relevant Price:	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page ENPH <equity> AQR (or its equivalent successor if such page is not available) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or if such volume-weighted average price is unavailable, the market value of one Share on such Valid Day, as determined by the Calculation Agent in good faith and in a commercially reasonable manner using, if practicable, a volume-weighted average method). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
	 	 	 	 
	 	 	Settlement Averaging Period:	For any Option and regardless of the Settlement Method applicable to such Option:



 


	 		(i)	subject to clause (ii), if the related Conversion Date occurs prior to the Averaging Period Threshold
Date, the 20 consecutive Valid Days commencing on, and including, the second Valid Day following such Conversion Date; or



 


	 		(ii)	with respect to any Convertible Notes called for redemption and converted pursuant to Section 14.01(b)(v) of
the Indenture, if the related Conversion Date occurs on or after the date on which Counterparty issues a Redemption Notice with
respect to such Convertible Notes in accordance with Section 16.02 of the Indenture and prior to the close of business on
the Scheduled Valid Day immediately preceding the related Redemption Date, the 20 consecutive Valid Days commencing on, and including,
the 21st Scheduled Valid Day immediately prior to such Redemption Date; and or



 






    9 


     


    

 


	 		(iii)	subject to clause (ii), if the related Conversion Date occurs on or following the Averaging Period
Threshold Date, the 20 consecutive Valid Days commencing on, and including, the 21st Scheduled Valid Day immediately
prior to the Expiration Date.



 


	 	 	Settlement Date:	For any Option, the date cash is paid and Shares, if any, are delivered under the terms of the Indenture with respect to the conversion of the Convertible Note related to such Option.
	 	 	 	 
	 	 	Settlement Currency:	USD
	 	 	 	 
	 	 	Other Applicable Provisions:	The provisions of Sections 9.1(c), 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Settled”. “Share Settled” in relation to any Option means that Net Share Settlement or Combination Settlement is applicable to that Option.
	 	 	 	 
	 	 	Representation and Agreement:	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery, subject to restrictions and limitations arising from Counterparty’s status as issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”)).



 


	 	3.	Additional Terms applicable to the Transaction.






	 	 	 	 
	 	Adjustments applicable to the Transaction:	 
	 	 	 	 
	 	 	Potential Adjustment Events:	Notwithstanding Section 11.2(e) of the Equity Definitions, a “Potential Adjustment Event” means an occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that would result in an adjustment under the Indenture to the “Conversion Rate” or the composition of a “unit of Reference Property” or to any “Last Reported Sale Price,”  “Daily VWAP,” “Daily Conversion Value” or “Daily Settlement Amount” (each as defined in the Indenture). For the avoidance of doubt, Dealer shall not have any delivery or payment obligation hereunder, and no adjustment shall be made to the terms of the Transaction, on account of (x) any distribution of cash, property or securities by Counterparty to holders of the Convertible Notes (upon conversion or otherwise) or (y) any other transaction in which holders of the Convertible Notes are entitled to participate, in each case, in lieu of an adjustment under the Indenture of the type referred to in the immediately preceding sentence (including, without limitation, pursuant to the fourth sentence of Section 14.04(c) of the Indenture or the fourth sentence of Section 14.04(d) of the Indenture).



 






    10 


     


    

 


	 	 	Method of Adjustment:	Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, upon any Potential Adjustment Event, the Calculation Agent shall make a corresponding adjustment to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction; provided that, notwithstanding the foregoing, if the Calculation Agent acting in good faith and in a commercially reasonable manner disagrees with any adjustment pursuant to the terms and provisions of the Indenture that is the basis of any calculation hereunder and that involves an exercise of discretion by Counterparty or its board of directors (including, without limitation, pursuant to Section 14.05 of the Indenture, Section 14.07 of the Indenture or any supplemental indenture entered into thereunder or in connection with any proportional adjustment or the determination of the fair value of any securities, property, rights or other assets), then in each such case, the Calculation Agent will determine the adjustment to be made to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction in a commercially reasonable manner.
	 	 	 	 
	 	 	Dilution Adjustment Provisions:	Sections 14.04(a), (b), (b), (b) and (e) and Section 14.05 of the Indenture.
	 	 	 	 
	 	Extraordinary Events applicable to the Transaction:	 
	 	 	 	 
	 	 	Merger Events:	Applicable; provided that notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in the definition of “Merger Event” in Section 14.07(a) of the Indenture.
	 	 	 	 
	 	 	Tender Offers:	Applicable; provided that notwithstanding Section 12.1(d) of the Equity Definitions, a “Tender Offer” means the occurrence of any event or condition set forth in Section 14.04(e) of the Indenture.



 






    11 


     


    

 


	 	 	Consequences of Merger Events /	 
	 	 	Tender Offers:	Notwithstanding Section 12.2 and Section 12.3 of the Equity Definitions, upon the occurrence of a Merger Event or a Tender Offer, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares (in the case of a Merger Event), Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction; provided, however, that such adjustment shall be made without regard to any adjustment to the Conversion Rate determined pursuant to any Excluded Provision; provided further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person that is not a corporation or is not organized under the laws of the United States, any State thereof or the District of Columbia or (ii) the Counterparty to the Transaction following such Merger Event or Tender Offer, will not be a corporation or will not be the Issuer following such Merger Event or Tender Offer, then Cancellation and Payment (Calculation Agent Determination) may apply at Dealer’s sole election.






	 	 	 	 
	 	 	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.
	 	 	 	 
	 	 	Additional Disruption Events:	 
	 	 	 	 
	 	 	Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the word “Shares” with the phrase “Hedge Positions” in clause (X) thereof, (ii) inserting the parenthetical “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” at the end of clause (A) thereof and (iii) immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”.
	 	 	 	 
	 	 	Failure to Deliver:	Applicable
	 	 	 	 
	 	 	Hedging Disruption:	Applicable; provided that:



 


	 		(i)	Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following
two phrases at the end of such Section:



 


	 	 	 	“For the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms; and



 






    12 


     


    

 


	 		(ii)	Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the
third line thereof, after the words “to terminate the Transaction”, the words “or a portion of the Transaction
affected by such Hedging Disruption”.



 


	 	 	Increased Cost of Hedging:	Not Applicable
	 	 	 	 
	 	 	Hedging Party:	For all applicable Additional Disruption Events, Dealer.
	 	 	 	 
	Determining Party:	For all applicable Extraordinary Events, Dealer. All calculations and determinations by the Determining Party shall be made in good faith and in a commercially reasonable manner. Following any calculation by the Determining Party hereunder, upon written request by Counterparty, the Determining Party will provide to Counterparty by email to the email address provided to Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such calculation; provided, however, that in no event will the Determining Party be obligated to share with Counterparty any proprietary or confidential data or information or information or any proprietary or confidential models used by it.



 


		 	Non-Reliance:	Applicable.



 


	 	 	Agreements and Acknowledgments	 
	 	 	Regarding Hedging Activities:	Applicable
	 	 	 	 
	 	 	Additional Acknowledgments:	Applicable



 


	4.	 	
Calculation Agent.	Dealer; provided that following the occurrence and during the continuance of an Event of Default of the type described in Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, if the Calculation Agent fails to timely make any calculation, adjustment or determination required to be made by the Calculation Agent hereunder or to perform any obligation of the Calculation Agent hereunder and such failure continues for five Exchange Business Days following notice to the Calculation Agent by Counterparty of such failure, Counterparty shall have the right to designate a nationally recognized third-party dealer in over-the-counter corporate equity derivatives to act, during the period commencing on the first date the Calculation Agent fails to timely make such calculation, adjustment or determination or to perform such obligation, as the case may be, and ending on the earlier of the Early Termination Date with respect to such Event of Default and the date on which such Event of Default is no longer continuing, as the Calculation Agent.



 






    13 


     


    

 


	 	 	 	 
	 	 	 	All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner. Following any calculation by the Calculation Agent hereunder, upon written request by Counterparty, the Calculation Agent will provide to Counterparty by email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such calculation; provided, however, that in no event will Dealer be obligated to share with Counterparty any proprietary or confidential data or information or any proprietary or confidential models used by it.
	 	 	 	 





	5.	Account Details.



 


		(a)	Account for payments to Counterparty:



 


	 	 	Bank:
	 	 	ABA#:
	 	 	Acct No.:
	 	 	Beneficiary:
	 	 	Ref:
	 	 	 
	 	 	Account for delivery of Shares to Counterparty:
	 	 	 
	 	 	To be provided upon request.
	 	 	 






		(b)	Account for payments to Dealer:



 


	 	 	Bank:
	 	 	ABA#:
	 	 	Acct No.:
	 	 	Beneficiary:
	 	 	Ref:
	 	 	 
	 	 	Account for delivery of Shares from Dealer:



 


	6.	Offices.



 


		(a)	The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party.



 


		(b)	The Office of Dealer for the Transaction is: New York, NY



 


JPMorgan Chase Bank, National Association


New York Branch


383 Madison Avenue


New York, NY 10179


 


	7.	Notices.



 


		(a)	Address for notices or communications to Counterparty:



 


Enphase Energy, Inc.


Attention: General Counsel


Telephone No.: (707) 763-4785


 






    14 


     


    

 


		(b)	Address for notices or communications to Dealer:



 


JPMorgan Chase Bank, National Association

EDG Marketing Support

Email:


 


Facsimile No:


 


With a copy to:


 


Attention:

Telephone No:

Email:


 


	8.	Representations and Warranties of Counterparty.



 


		(a)	Representations and Warranties of Counterparty. Each of the representations and warranties of Counterparty
set forth in Section 2 of the Purchase Agreement (the “Purchase Agreement”), dated as of February 24,
2021, among Counterparty and BofA Securities, Inc. and Barclays Capital Inc., as representatives of the initial purchasers
party thereto (the “Initial Purchasers”), are true and correct and are hereby deemed to be repeated to Dealer
as if set forth herein. Counterparty hereby further represents and warrants to Dealer on the date hereof and on and as of the Premium
Payment Date that:



 


		(i)	Counterparty has all necessary corporate power and authority to execute, deliver and perform its
obligations in respect of the Transaction; such execution, delivery and performance have been duly authorized by all necessary
corporate action on Counterparty’s part; and this Confirmation has been duly and validly executed and delivered by Counterparty
and constitutes its valid and binding obligation, enforceable against Counterparty in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and
remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness,
good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights
to indemnification and contribution hereunder may be limited by federal or state securities laws or public policy relating thereto.



 


		(ii)	Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations
of Counterparty hereunder will conflict with or result in a breach of (A) the certificate of incorporation or by-laws (or
any equivalent documents) of Counterparty, or (B) any applicable law or regulation, or any order, writ, injunction or decree
of any court or governmental authority or agency, or (C) any agreement or instrument to which Counterparty or any of its subsidiaries
is a party or by which Counterparty or any of its subsidiaries is bound or to which Counterparty or any of its subsidiaries is
subject, or constitute a default under, or result in the creation of any lien under, any such agreement or instrument, except for
any such conflicts, breaches, defaults or lien creations in the cases of clause (C) above that would not adversely affect
the ability of Counterparty to fulfill its obligations under this Transaction.



 


		(iii)	No consent, approval, authorization, or order of, or filing with, any governmental agency or body
or any court is required in connection with the execution, delivery or performance by Counterparty of this Confirmation, except
such as have been obtained or made and such as may be required under the Securities Act or state securities laws.



 


		(iv)	Counterparty is not and, after consummation of the transactions contemplated hereby, will not be
required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.



 






    15 


     


    

 


		(v)	Counterparty is in compliance, in all material respects, with its periodic reporting obligations
under the Exchange Act.



 


		(vi)	Counterparty (A) is capable of evaluating investment risks independently, both in general
and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent
judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the
broker-dealer in writing; and (C) has total assets of at least $50 million.



 


		(vii)	Counterparty acknowledges that the Transaction may constitute a purchase of its equity securities. 
Counterparty further acknowledges that, pursuant to the provisions of the Coronavirus Aid, Relief and Economic Security Act (the
 “Cares Act”), the Counterparty will be required to agree to certain time-bound restrictions on its ability to
purchase its equity securities if it receives loans, loan guarantees or direct loans (as that term is defined in the Cares Act)
under section 4003(b) of the Cares Act.  Counterparty further acknowledges that it may be required to agree to certain
time-bound restrictions on its ability to purchase its equity securities if it receives loans, loan guarantees or direct loans
(as that term is defined in the Cares Act) under programs or facilities established by the Board of Governors of the Federal Reserve
System for the purpose of providing liquidity to the financial system.  Accordingly, Counterparty represents and warrants
that neither it nor any of its subsidiaries has applied, and throughout the term of the Transaction neither it nor any of its subsidiaries
shall apply, for a loan, loan guarantee, direct loan (as that term is defined in the Cares Act) or other investment, or to receive
any financial assistance or relief (howsoever defined) under any program or facility established in any jurisdiction that (a) is
established under applicable law, including without limitation the Cares Act and the Federal Reserve Act, as amended, and (b) requires,
as a condition of such loan, loan guarantee, direct loan (as that term is defined in the Cares Act), investment, financial assistance
or relief, that the Counterparty agree, attest, certify or warrant that neither it nor any of its subsidiaries has, as of the date
specified in such condition, repurchased, or will repurchase, any equity security of Counterparty.  Counterparty further represents
and warrants that the Premium is not being paid, in whole or in part, directly or indirectly, with funds received under or pursuant
to any program or facility established in any jurisdiction, including the U.S. Small Business Administration’s “Paycheck
Protection Program”, that (a) is established under applicable law (whether in existence as of the Trade Date or subsequently
enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires
under such applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with
jurisdiction for such program or facility) that such funds be used for specified or enumerated purposes that do not include the
purchase of the Transaction (either by specific reference to the Transaction or by general reference to transactions with the attributes
of the Transaction in all relevant respects).



 


		(b)	Each of Dealer and Counterparty agrees and represents that it is an “eligible contract participant”
(as such term is defined in Section 1a(18) of the Commodity Exchange Act, as amended (the “CEA”), other
than a person that is an eligible contract participant under Section 1a(18)(C) of the CEA).



 


	9.	Other Provisions.



 


		(a)	Opinions. Counterparty shall deliver to Dealer an opinion of counsel, dated as of
the Trade Date, with respect to (i) the matters set forth in Section 8(a)(ii)(B) and Section 8(a)(iii) of
this Confirmation to the knowledge of counsel, (ii) due incorporation, existence and good standing of Counterparty in Delaware,
(iii) the due authorization, execution and delivery of this Confirmation, and, (iv) in respect of the execution, delivery
and performance of this Confirmation, the absence of any conflict with or breach of any material agreement required to be filed
as an exhibit to Counterparty’s Annual Report on Form 10-K, Counterparty’s certificate of incorporation or Counterparty’s
by-laws.  Delivery of such opinion to Dealer shall be a condition precedent for the purpose of Section 2(a)(iii) of
the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the Agreement.



 






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		(b)	Repurchase Notices. Counterparty shall, on any day on which Counterparty effects
any repurchase of Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on
such day if following such repurchase, the number of outstanding Shares as determined on such day is (i) less than 101.3 million
(in the case of the first such notice) or (ii) thereafter more than 18.0 million less than the number of Shares included in
the immediately preceding Repurchase Notice. Counterparty agrees to indemnify and hold harmless Dealer and its affiliates and their
respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified
Person”) from and against any and all losses (including losses relating to Dealer’s hedging activities as a consequence
of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance
from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction),
claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified
Person may become subject to, as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice on the day
and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each of such Indemnified
Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony
or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any governmental
or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s
failure to provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify
Counterparty in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory
to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and
shall pay the fees and expenses of such counsel related to such proceeding. Counterparty shall not be liable for any settlement
of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent
or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any
loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which
any Indemnified Person is a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement
includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding
on terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable
to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty
hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph (b) are not
exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.
The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless
of the termination of the Transaction.



 


		(c)	Regulation M. Counterparty is not on the Trade Date engaged in a distribution, as
such term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and
102(b)(7) of Regulation M. Counterparty shall not, until the second Scheduled Trading Day immediately following the Effective
Date, engage in any such distribution.



 


		(d)	No Manipulation. Counterparty is not entering into the Transaction to create actual
or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to manipulate the
price of the Shares (or any security convertible into or exchangeable for the Shares) in violation of the Exchange Act.



 






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		(e)	Transfer or Assignment.



 


		(i)	Counterparty shall have the right to transfer or assign its rights and obligations hereunder with
respect to all, but not less than all, of the Options hereunder (such Options, the “Transfer Options”); provided
that such transfer or assignment shall be subject to reasonable conditions that Dealer may impose, including but not limited, to
the following conditions:



 


		(A)	With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification
obligations pursuant to Section 9(b) or any obligations under Section 9(n) or 9(s) of this Confirmation;



 


		(B)	Any Transfer Options shall only be transferred or assigned to a third party that is a United States
person (as defined in the Internal Revenue Code of 1986, as amended (the “Code”);



 


		(C)	Such transfer or assignment shall be effected on terms, including any reasonable undertakings by
such third party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a
manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and
execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party
and Counterparty, as are requested and reasonably satisfactory to Dealer;



 


		(D)	Dealer will not, as a result of such transfer and assignment, be required to pay the transferee
on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have
been required to pay to Counterparty in the absence of such transfer and assignment;



 


		(E)	An Event of Default, Potential Event of Default or Termination Event will not occur as a result
of such transfer and assignment;



 


		(F)	Without limiting the generality of clause (B), Counterparty shall cause the transferee to make
such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer
to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment;
and



 


		(G)	Counterparty shall be responsible for all commercially reasonable costs and expenses, including
commercially reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment.



 






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		(ii)	Dealer may, without Counterparty’s consent, transfer or assign (such transfer or assignment,
a “Transfer”) all or any part of its rights or obligations under the Transaction (A) to any affiliate of
Dealer (1) that has a long-term issuer rating that is equal to or better than Dealer’s credit rating at the time of
such Transfer, or (2) whose obligations hereunder will be guaranteed, pursuant to the terms of a customary guarantee in a
form used by Dealer generally for similar transactions, by Dealer, or (B) with Counterparty’s consent (not to be unreasonably
withheld or delayed) to any other third party with a long-term issuer rating equal to or better than the lesser of (1) the
credit rating of Dealer at the time of the Transfer and (2) A- by Standard and Poor’s Rating Group, Inc. or its
successor (“S&P”), or A3 by Moody’s Investor Service, Inc. (“Moody’s”)
or, if either S&P or Moody’s ceases to rate such third party, at least an equivalent rating or better by a substitute
rating agency mutually agreed by Counterparty and Dealer; provided that either (x) the transferee in any such Transfer
shall be a “dealer in securities” within the meaning of Section 475(c)(1) of the Code or (y) the Transfer
will not result in a deemed exchange by Counterparty within the meaning of Section 1001 of the Code; and provided further
that Dealer shall provide notice to Counterparty following any such Transfer. If at any time at which (A) the Section 16
Percentage exceeds 8.0%, (B) the Option Equity Percentage exceeds 14.5%, or (C) the Share Amount exceeds the Applicable
Share Limit (if any applies) (any such condition described in clauses (A), (B) or (C), an “Excess Ownership Position”),
Dealer is unable after using its commercially reasonable efforts to effect a transfer or assignment of Options to a third party
on pricing terms reasonably acceptable to Dealer and within a time period reasonably acceptable to Dealer such that no Excess Ownership
Position exists, then Dealer may designate any Exchange Business Day as an Early Termination Date with respect to a portion of
the Transaction (the “Terminated Portion”), such that following such partial termination no Excess Ownership
Position exists. In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction,
a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated
in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the number of Options underlying
the Terminated Portion, (2) Counterparty were the sole Affected Party with respect to such partial termination and (3) the
Terminated Portion were the sole Affected Transaction (and, for the avoidance of doubt, the provisions of Section 9(l) shall
apply to any amount that is payable by Dealer to Counterparty pursuant to this sentence as if Counterparty was not the Affected
Party). The “Section 16 Percentage” as of any day is the fraction, expressed as a percentage, (A) the
numerator of which is the number of Shares that Dealer and any of its affiliates or any other person subject to aggregation with
Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act, or any “group”
(within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part beneficially owns
(within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason
the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a
higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day. The “Option
Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the sum
of (1) the product of the Number of Options and the Option Entitlement and (2) the aggregate number of Shares underlying
any other call option transaction sold by Dealer to Counterparty, and (B) the denominator of which is the number of Shares
outstanding. The “Share Amount” as of any day is the number of Shares that Dealer and any person whose ownership
position would be aggregated with that of Dealer (Dealer or any such person, a “Dealer Person”) under any law,
rule, regulation, regulatory order or organizational documents or contracts of Counterparty that are, in each case, applicable
to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls,
holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by
Dealer in its reasonable discretion. The “Applicable Share Limit” means a number of Shares equal to (A) the
minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining
prior approval from any person or entity) of a Dealer Person, or could result in an adverse effect on a Dealer Person, under any
Applicable Restriction, as determined by Dealer in its reasonable discretion, minus (B) 1% of the number of Shares
outstanding.



 






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		(iii)	Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing
Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from
Counterparty, Dealer may designate any of its affiliates (each, a “Dealer Designated Affiliate”) to purchase,
sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform
Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged
of its obligations to Counterparty under this Confirmation to the extent such Dealer Designated Affiliate fully performs the obligations
designated by Dealer to such Dealer Designated Affiliate under this Section 9(e)(iii).



 


		(f)	Staggered Settlement. If upon advice of counsel with respect to applicable legal
and regulatory requirements, including any requirements relating to Dealer’s commercially reasonable hedging activities hereunder
that would be customarily applicable to transactions of this type by the dealers in this market as determined by the Calculation
Agent, Dealer reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver,
any or all of the Shares to be delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty
on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more
dates (each, a “Staggered Settlement Date”) as follows:



 


		(i)	in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (the
first of which will be such Nominal Settlement Date and the last of which will be no later than the twentieth (20th) Exchange Business
Day following such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date;



 


		(ii)	the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered
Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement
Date; and



 


		(iii)	if the Net Share Settlement terms or the Combination Settlement terms set forth above were to apply
on the Nominal Settlement Date, then the Net Share Settlement terms or the Combination Settlement terms, as the case may be, will
apply on each Staggered Settlement Date, except that the Shares otherwise deliverable on such Nominal Settlement Date will be allocated
among such Staggered Settlement Dates as specified by Dealer in the notice referred to in clause (i) above.



 


		(g)	[Reserved]



 


		(h)	Submission to Jurisdiction. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION
WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT
TO, THESE COURTS.



 


		(i)	Additional Termination Events.



 


		(i)	Notwithstanding anything to the contrary in this Confirmation if an event of default with respect
to Counterparty occurs under the terms of the Convertible Notes as set forth in Section 6.01 of the Indenture, then such event
of default shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional
Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole
Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of
the Agreement.



 






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		(ii)	Promptly (and in any event within five Scheduled Trading Days) following any (i) repurchase
(which, for the avoidance of doubt, includes any exchange transaction) and cancellation of Convertible Notes, including without
limitation pursuant to Article 15 of the Indenture in connection with a “Fundamental Change” (as defined in the
Indenture) or (ii) any Convertible Notes are redeemed (whether pursuant to Section 16.01 of the Indenture or otherwise)
by Counterparty and are no longer outstanding under the Indenture, (such event, a “Repurchase Event”), Counterparty
may notify Dealer in writing of such Repurchase Event and the number of Convertible Notes subject to such Repurchase Event (any
such notice, a “Repurchase Notice”). Notwithstanding anything to the contrary in this Confirmation, the receipt
by Dealer from Counterparty of (x) any Repurchase Notice, within the applicable time period set forth in the preceding sentence,
and (y) a written representation and warranty by Counterparty that, as of the date of such Repurchase Notice, Counterparty
is not in possession of any material non-public information regarding Counterparty or the Shares, shall constitute an Additional
Termination Event as provided in this paragraph. Upon receipt of any such Repurchase Notice and the related written representation
and warranty, Dealer shall promptly designate an Exchange Business Day following receipt of such Repurchase Notice (which Exchange
Business Day shall be on or as promptly as reasonably practicable after the related repurchase settlement date for the relevant
Repurchase Event) as an Early Termination Date with respect to the portion of this Transaction corresponding to a number of Options
(the “Repurchase Options”) equal to the lesser of (A) the number of such Convertible Notes specified in
such Repurchase Notice minus the number of “Repurchase Options” (as defined in the Base Call Option Confirmation),
if any, that relate to such Convertible Notes divided by the Applicable Percentage and (B) the Number of Options as
of the date Dealer designates such Early Termination Date and, as of such date, the Number of Options shall be reduced by the number
of Repurchase Options. Any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of
the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to
this Transaction and a Number of Options equal to the number of Repurchase Options, (2) Counterparty were the sole Affected
Party with respect to such Additional Termination Event, (3) no adjustment to the “Conversion Rate” (as defined
in the Indenture) for the Convertible Notes has occurred pursuant to any Excluded Provision, (4) the corresponding Convertible
Notes remaining outstanding as if the circumstances related to the Repurchase Event had not occurred, (5) the relevant Repurchase
Event and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading
thereto had not occurred, and (6) the terminated portion of the Transaction were the sole Affected Transaction.



 


		(j)	Amendments to Equity Definitions.



 


		(i)	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting
from the fourth line thereof the word “or” after the word “official” and inserting a comma therefor, and
(2) deleting the semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or
(C) the occurrence of any of the events specified in Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement
with respect to that Issuer.”



 


		(ii)	Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing
 “either party may elect” with “Dealer may elect” and (2) replacing “notice to the other party”
with “notice to Counterparty” in the first sentence of such section.



 


		(k)	No Setoff. Each party waives any and all rights it may have to set off obligations
arising under the Agreement and the Transaction against other obligations between the parties, whether arising under any other
agreement, applicable law or otherwise.



 






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		(l)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.
If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated
with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary
Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid
to all holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s
control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty
is the Affected Party other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or
(viii) of the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case
that resulted from an event or events outside Counterparty’s control), and if Dealer would owe any amount to Counterparty
pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant to Article 12 of the Equity Definitions
(any such amount, a “Payment Obligation”), then Dealer shall satisfy the Payment Obligation by the Share Termination
Alternative (as defined below), unless (a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed in writing
within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger Date, Tender Offer Date, Announcement
Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable,
of its election that the Share Termination Alternative shall not apply, (b) Counterparty remakes the representation set forth
in Section 8(a)(v) as of the date of such election and (c) Dealer agrees, in its sole discretion, to such election,
in which case the provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) of
the Agreement, as the case may be, shall apply.



 


	 	Share Termination Alternative:	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment.
	 	 	 
	 	Share Termination Delivery Property:	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.
	 	 	 
	 	Share Termination Unit Price:	The value to Dealer of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in good faith and in a commercially reasonable manner and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider the purchase price paid in connection with the purchase of Share Termination Delivery Property.
	 	 	 
	 	Share Termination Delivery Unit:	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.



 






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	 	Failure to Deliver:	Applicable
	 	 	 
	 	Other applicable provisions:	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement” in Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”. “Share Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.
	 	 	 



 


		(m)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party
(i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such
other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual
waivers and certifications provided herein.



 


		(n)	Registration. Counterparty hereby agrees that if, in the good faith reasonable judgment
of Dealer, based on the advice of counsel, the Shares (“Hedge Shares”) acquired by Dealer for the purpose of
hedging its obligations pursuant to the Transaction cannot be sold in the public market by Dealer without registration under the
Securities Act, Counterparty shall, at its election, either (i) in order to allow Dealer to sell the Hedge Shares in a registered
offering, make available to Dealer an effective registration statement under the Securities Act and enter into an agreement, in
customary form and substance reasonably satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered
secondary offering of equity securities of comparable size of companies of comparable size, maturity and line of business; provided,
however, that if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the
results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above,
then clause (ii) or clause (iii) of this paragraph shall apply at the election of Counterparty, (ii) in order to
allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to
private placement purchase agreements customary for private placements of equity securities of comparable size of companies of
comparable size, maturity and line of business, in customary form and substance that is commercially reasonable and reasonably
satisfactory to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are
necessary, in its commercially reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares
incurred on the sale of Hedge Shares in a private placement), or (iii) purchase the Hedge Shares from Dealer at the Relevant
Price on such Exchange Business Days, and in the amounts, requested by Dealer.



 


		(o)	Tax Disclosure. Effective from the date of commencement of discussions concerning
the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons,
without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including
opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure.



 






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		(p)	Right to Extend. Dealer may postpone or add, in a commercially reasonable manner,
in whole or in part, any Valid Day or Valid Days during the Settlement Averaging Period or any other date of valuation, payment
or delivery by Dealer, with respect to some or all of the Options hereunder, if Dealer reasonably determines, in its reasonable
discretion, that such action is reasonably necessary or appropriate to preserve Dealer’s commercially reasonable hedging
or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer to effect purchases of Shares
in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that would, if
Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or self-regulatory
requirements, or with related policies and procedures applicable to Dealer; provided that in no event shall Dealer have
the right to so postpone or add any Valid Day(s) or any such other date beyond the 30th Valid Day immediately following the
last Valid Day of the relevant Settlement Averaging Period (determined without regard to this Section 9(p)).



 


		(q)	Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation
is not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of
common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that nothing herein
shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its
obligations and agreements with respect to the Transaction; provided, further, that nothing herein shall limit or
shall be deemed to limit Dealer’s rights in respect of any transactions other than the Transaction.



 


		(r)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction
to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the
United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded
by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s
right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement
with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each
payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement
payment” and a “transfer” as defined in the Bankruptcy Code.



 


		(s)	Notice of Certain Other Events. Counterparty covenants and agrees that:



 


		(i)	promptly following the public announcement of the results of any election by the holders of Shares
with respect to the consideration due upon consummation of any Merger Event, Counterparty shall give Dealer written notice of the
weighted average of the types and amounts of consideration actually received by holders of Shares (the date of such notification,
the “Consideration Notification Date”); provided that in no event shall the Consideration Notification
Date be later than the date on which such Merger Event is consummated;



 


		(ii)	promptly following any adjustment to the Convertible Notes in connection with any Potential Adjustment
Event, Merger Event or Tender Offer, Counterparty shall give Dealer written notice of the details of such adjustment; and



 


		(iii)	concurrently with any issuance by Counterparty of a Redemption Notice with respect to the Convertible
Notes in accordance with Section 16.02 of the Indenture, Counterparty shall notify Dealer of such Redemption Notice, the anticipated
Redemption Date and the number of Convertible Notes subject thereto.



 


		(t)	Wall Street Transparency and Accountability Act. In connection with Section 739
of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither
the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall
limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement
this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs,
regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including,
but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership
Position, or Illegality (as defined in the Agreement)).



 






    24 


     


    

 


		(u)	Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges
and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or
other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust
its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares
other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own determination
as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do
so in a manner that it deems appropriate to hedge its price and market risk with respect to the Relevant Prices; and (D) any
market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as
well as the Relevant Prices, each in a manner that may be adverse to Counterparty.



 


		(v)	Early Unwind. In the event the sale of the “Option Securities” (as defined
in the Purchase Agreement) is not consummated with the Initial Purchasers for any reason, or Counterparty fails to deliver to Dealer
opinions of counsel as required pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time) on the Premium
Payment Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date, the “Early
Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”) on the Early Unwind
Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty under the Transaction
shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees
not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of
and to be performed in connection with the Transaction either prior to or after the Early Unwind Date; Each of Dealer and Counterparty
represents and acknowledges to the other that, upon an Early Unwind, all obligations with respect to the Transaction shall be deemed
fully and finally discharged.



 


		(w)	Payment by Counterparty. In the event that, following payment of the Premium, (i) an
Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of
Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result,
Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes
to Dealer, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8
of the Equity Definitions, such amount shall be deemed to be zero.



 


		(x)	Determinations; Adjustments. All calculations, adjustments and determinations made
by Dealer hereunder, whether as Calculation Agent, as Determining Party or following the occurrence of an Early Termination Date,
shall be made in good faith and in a commercially reasonable manner. Following any determination, adjustment or calculation by
Dealer hereunder (including, without limitation, in its capacity as Calculation Agent), Dealer will provide to Counterparty by
email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage
and manipulation of financial data) displaying in reasonable detail the basis for such calculation; provided, however,
that in no event will Dealer be obligated to share with Counterparty any proprietary or confidential data or information or any
proprietary or confidential models used by it. For the avoidance of doubt, whenever the Calculation Agent or Determining Party
(as the case may be) is called upon to make an adjustment pursuant to the terms of this Confirmation or the Equity Definitions
(other than any adjustment required to be made by reference to the terms of the Convertible Notes or the Indenture) to take into
account the effect of an event, the Calculation Agent or Determining Party (as the case may be) shall make such adjustment by reference
to the effect of such event on the Hedging Party, assuming that the Hedging Party maintains a commercially reasonable hedge position.



 






    25 


     


    

 


		(y)	Tax Matters.



 


		(i)	Payee Representations:



 


For the purpose of Section 3(f) of
the Agreement, Counterparty makes the following representation to Dealer:


 


Counterparty is a corporation
and a U.S. person (as that term is defined in Section 7701(a)(30) of the Code and used in Section 1.1441-4(a)(3)(ii) of
the United States Treasury Regulations) for U.S. federal income tax purposes.


 


For the purpose of Section 3(f) of
the Agreement, Dealer makes the following representation to Counterparty:


 


JPMorgan Chase Bank, National
Association, New York Branch is (1) a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of
United States Treasury Regulations) for U.S. federal income tax purposes and (2) a national banking association organized
and existing under the laws of the United States of America.


 


		(ii)	Tax Documentation. For the purposes of Section 4(a)(i) of the Agreement, (1) Counterparty
shall provide to Dealer a valid United States Internal Revenue Service Form  W-9 (or successor thereto), and (2) Dealer
shall provide to Counterparty a valid United States Internal Revenue Service Form W-9 (or successor thereto), in each case,
(A) on or before the date of execution of this Confirmation and (B) promptly upon learning that any such tax form previously
provided by it has become obsolete or incorrect.



 


		(iii)	Withholding Tax Imposed on Payments to non-U.S. Counterparties under the Provisions Known as
the Foreign Account Tax Compliance Act. “Indemnifiable Tax” as defined in Section 14 of the Agreement shall
not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current
or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of
the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement
entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”).
For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law
for the purposes of Section 2(d) of the Agreement.



 


		(iv)	HIRE Act. “Indemnifiable Tax”, as defined in Section 14 of the Agreement,
shall not include any tax imposed on payments treated as dividends from sources within the United States under Section 871(m) of
the Code or any regulations issued thereunder.



 






    26 


     


    

 





		(z)	U.S. Resolution Stay Protocol. The parties acknowledge and agree that (i) to
the extent that prior to the date hereof both parties have adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the “Protocol”),
the terms of the Protocol are incorporated into and form a part of the Agreement, and for such purposes the Agreement shall be
deemed a Protocol Covered Agreement, the J.P. Morgan entity that is a party to the Agreement (“J.P. Morgan”)
shall be deemed a Regulated Entity and the other entity that is a party to the Agreement (“Counterparty”) shall
be deemed an Adhering Party; (ii) to the extent that prior to the date hereof the parties have executed a separate agreement
the effect of which is to amend the qualified financial contracts between them to conform with the requirements of the QFC Stay
Rules (the “Bilateral Agreement”), the terms of the Bilateral Agreement are incorporated into and form
a part of the Agreement, and for such purposes the Agreement shall be deemed a Covered Agreement, J.P. Morgan shall be deemed a
Covered Entity and Counterparty shall be deemed a Counterparty Entity; or (iii) if clause (i) and clause (ii) do
not apply, the terms of Section 1 and Section 2 and the related defined terms (together, the “Bilateral Terms”)
of the form of bilateral template entitled “Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)”
published by ISDA on November 2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org
and, a copy of which is available upon request), the effect of which is to amend the qualified financial contracts between the
parties thereto to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of the Agreement,
and for such purposes the Agreement shall be deemed a “Covered Agreement,” J.P. Morgan shall be deemed a “Covered
Entity” and Counterparty shall be deemed a “Counterparty Entity.” In the event that, after the date of
the Agreement, both parties hereto become adhering parties to the Protocol, the terms of the Protocol will replace the terms of
this paragraph. In the event of any inconsistencies between the Agreement and the terms of the Protocol, the Bilateral Agreement
or the Bilateral Terms (each, the “QFC Stay Terms”), as applicable, the QFC Stay Terms will govern. Terms used
in this paragraph without definition shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph,
references to “the Agreement” include any related credit enhancements entered into between the parties or provided
by one to the other. In addition, the parties agree that the terms of this paragraph shall be incorporated into any related covered
affiliate credit enhancements, with all references to J.P. Morgan replaced by references to the covered affiliate support provider.
 “QFC Stay Rules” means the regulations codified at 12 C.F.R. 252.2, 252.81–8, 12 C.F.R. 382.1-7 and 12
C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the FDIC
under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform
and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into
certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements.


 


		(aa)	Communications with Employees of J.P. Morgan Securities LLC. If Counterparty interacts
with any employee of J.P. Morgan Securities LLC with respect to the Transaction, Counterparty is hereby notified that such employee
will act solely as an authorized representative of JPMorgan Chase Bank, N.A. (and not as a representative of J.P. Morgan Securities
LLC) in connection with the Transaction.



 






    27 


     


    

 


Please confirm that
the foregoing correctly sets forth the terms of our agreement by executing this Confirmation and returning it to J.P. Morgan Securities
LLC, 383 Madison Ave, New York, NY 10179, and by email to [__].


 


	Very truly yours,
	 	 
	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
	 	 
	 	 By: 	/s/ Ranga Kanthadai
	 	 Authorized Signatory
	 	 Name:  Ranga Kanthadai
	 	 
	 	 
	 	 
	 	 
	 	 



 


	Accepted
    and confirmed as of the Trade Date:	 
	 	 
	Enphase Energy, Inc.	 
	 	 
	By: 	/s/ Eric Branderiz	 
	Authorized Signatory	 
	Name:  Eric Branderiz	 
	 	 
	 	 



 






     


     


    

 



 


Mizuho Markets Americas LLC 


c/o Mizuho Securities USA LLC, as agent 


1271 Avenue of the Americas 


New York, NY 10020


 


March 10, 2021


 


	To:	Enphase
Energy, Inc.
	 	47281 Bayside Parkway
	 	Fremont, CA 94538
	 	Attention: General Counsel
	 	Telephone No.: (707) 774-7000
	 	 
	Re:	Additional
Call Option Transaction



 


The purpose of this
letter agreement (this “Confirmation”) is to confirm the terms and conditions of the call option transaction
entered into between Mizuho Markets Americas LLC (“MMA”) (with Mizuho Securities USA LLC (“MSUSA”)
acting as agent) (“Dealer”) and Enphase Energy, Inc.
(“Counterparty”) as of the Trade Date specified below (the “Transaction”). This letter agreement
constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. This Confirmation shall replace
any previous agreements and serve as the final documentation for the Transaction. MMA is acting as principal in its capacity as
Dealer hereunder and MSUSA, its affiliate, is acting as agent for MMA, in its capacity as Dealer hereunder, and Counterparty hereunder.
This Master Confirmation and each Supplemental Confirmation is a confirmation for purposes of Rule 10b-10 promulgated under
the Exchange Act (as defined below). MMA is not a member of the Securities Investor Protection Corporation.


 


The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published
by the International Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation.
In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain
defined terms used herein are based on terms that are defined in the Offering Memorandum dated February 24, 2021 (the “Offering
Memorandum”) relating to the Convertible Senior Notes due 2026 (as originally issued by Counterparty, the “Convertible
Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible Note”) issued by Counterparty
in an aggregate initial principal amount of USD 575,000,000 (as increased by an aggregate principal amount of USD 57,500,000 pursuant
to the exercise by the Initial Purchasers (as defined herein) of their over-allotment option to purchase additional Convertible
Notes pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture dated March 1, 2021 between Counterparty
and U.S. Bank National Association, as trustee (the “Indenture”). In the event of any inconsistency between
the terms defined in the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. The parties
acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth
in the Indenture which are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred
to herein will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any
such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the
Offering Memorandum will govern for purposes of this Confirmation. The parties further acknowledge that the Indenture section numbers
used herein are based on the Indenture as executed. Subject to the foregoing, references to the Indenture herein are references
to the Indenture as in effect on the date of its execution, and if the Indenture is amended following such date (other than any
amendment pursuant to Section 10.01(m) of the Indenture that, as determined by the Calculation Agent, conforms the Indenture
to the description of Convertible Notes in the Offering Memorandum), any such amendment will be disregarded for purposes of this
Confirmation unless the parties agree otherwise in writing.


 


Each party is hereby
advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial
transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.


 






     


     


    

 


		1.	This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as
to the terms of the Transaction to which this Confirmation relates. This Confirmation shall supplement, form a part of, and be
subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Counterparty
had executed an agreement in such form (but without any Schedule except for (i) the election of the laws of the State of New
York as the governing law (without reference to choice of law doctrine) and (ii) the election that the “Cross Default”
provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer, with a “Threshold Amount” of 3% of
shareholders’ equity of Dealer (provided that (a) the phrase “, or becoming capable at such time of being
declared,” shall be deleted from clause (1) of such Section 5(a)(vi) of the Agreement, (b) “Specified
Indebtedness” shall have the meaning specified in Section 14 of the Agreement, except that such term shall not include
obligations in respect of deposits received in the ordinary course of Dealer’s banking business and (c) the following
sentence shall be added to the end of Section 5(a)(vi) of the Agreement: “Notwithstanding the foregoing, a default
under subsection (2) hereof shall not constitute an Event of Default if (i) the default was caused solely by error or
omission of an administrative or operational nature; (ii) funds were available to enable the relevant party to make the payment
when due; and (iii) the payment is made within two Local Business Days of such party’s receipt of written notice of
its failure to pay.”)) on the Trade Date. In the event of any inconsistency between provisions of the Agreement and this
Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates. The parties
hereby agree that no transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement.



 


		2.	The terms of the particular Transaction to which this Confirmation relates are as follows:



 


General Terms.


 


	Trade Date:	March 10, 2021
	 	 
	Effective Date:	The closing date of the issuance of the Convertible Notes issued pursuant to the option to purchase additional Convertible Notes exercised on the date hereof
	 	 
	Option Style:	“Modified American”, as described under “Procedures for Exercise” below
	 	 
	Option Type:	Call
	 	 
	Buyer:	Counterparty
	 	 
	Seller: 	Dealer
	 	 
	Shares: 	The common stock of Counterparty, par value USD 0.00001 per share (Exchange symbol “ENPH” as of the Trade Date).
	 	 
	Number of Options:	57,500. For the avoidance of doubt, the Number of Options shall be reduced by any Options exercised by Counterparty. In no event will the Number of Options be less than zero.
	 	 
	Applicable Percentage:	25%
	 	 
	Option Entitlement:	A number equal to the product of the Applicable Percentage and 3.2523.
	 	 
	Strike Price:	USD 307.4747
	 	 
	Premium: 	USD 2,831,875



 






    2


     


    

 


	Premium Payment Date:	March 12, 2021
	 	 
	Exchange: 	The NASDAQ Global Market
	 	 
	Related Exchange(s):	All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the tenth line of such section.
	 	 
	Excluded Provisions:	Section 14.04(h)  and Section 14.03 of the Indenture.


 


Procedures for Exercise.


 


	Conversion Date:	With respect to any conversion of a Convertible Note, the date on which the Holder (as such term is defined in the Indenture) of such Convertible Note satisfies all of the requirements for conversion thereof as set forth in Section 14.02(b)  of the Indenture.
	 	 
	Averaging Period Threshold Date:	January 23, 2026
	 	 
	Expiration Time:	The Valuation Time
	 	 
	Expiration Date:	March 1, 2026, subject to earlier exercise.
	 	 
	Multiple Exercise:	Applicable, as described under “Automatic Exercise” below.
	 	 
	Automatic Exercise:	Notwithstanding Section 3.4 of the Equity Definitions, on each Conversion Date in respect of which a Notice of Conversion that is effective as to Counterparty has been delivered by the relevant converting Holder, a number of Options equal to (i) the number of Convertible Notes in denominations of USD 1,000 as to which such Conversion Date has occurred minus (ii) the number of Options that are or are deemed to be automatically exercised on such Conversion Date under the Base Call Option Transaction Confirmation letter agreement dated February 24, 2021 between Dealer and Counterparty (the “Base Call Option Confirmation”), shall be deemed to be automatically exercised; provided that such Options shall be exercised or deemed exercised only if Counterparty or the Trustee (or other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing) on behalf of Counterparty has provided a Notice of Exercise to Dealer in accordance with “Notice of Exercise” below; provided further that if the Trustee or any other such agent on behalf of Counterparty provides such Notice of Exercise to Dealer, Dealer shall be entitled to rely on the accuracy of such Notice of Exercise without any independent investigation.
	 	 
	 	Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options.


 






    3


     


    

 


	Notice of Exercise:	Notwithstanding anything to the contrary in the Equity Definitions or under “Automatic Exercise” above, in order to exercise any Options, Counterparty or the Trustee (or other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing) on behalf of Counterparty must notify Dealer in writing before 5:00 p.m. (New York City time) on the Scheduled Valid Day immediately preceding the scheduled first day of the Settlement Averaging Period for the Options being exercised (the “Exercise Notice Deadline”) of (i) the number of such Options, (ii) the scheduled first day of the Settlement Averaging Period and the scheduled Settlement Date, (iii) the Relevant Settlement Method for such Options, and (iv) if the settlement method for the related Convertible Notes is not Settlement in Shares or Settlement in Cash (each as defined below), the fixed amount of cash per Convertible Note that Counterparty has elected to pay to Holders (as such term is defined in the Indenture) of the related Convertible Notes (the “Specified Cash Amount”); provided that notwithstanding the foregoing, in respect of any Options relating to Convertible Notes with a Conversion Date occurring prior to the Averaging Period Threshold Date, such notice (and the related exercise of Options) shall be effective if given after the Exercise Notice Deadline, but prior to 4:00 p.m. (New York City time) on the fifth Scheduled Valid Day following the Exercise Notice Deadline, in which event the Calculation Agent shall have the right to adjust the delivery obligation under this Confirmation as appropriate to reflect the commercially reasonable additional costs (including, but not limited to, additional costs related to hedging mismatches and market losses and gains) and commercially reasonable expenses incurred by Dealer in connection with commercially reasonable hedging activities (including the unwinding of any commercially reasonable Hedge Positions) as a result of Dealer not having received such notice on or prior to the Exercise Notice Deadline and Dealer’s obligation to make any payment or delivery in respect of such exercise shall not be extinguished; and provided further that in respect of (1) any Options relating to Convertible Notes with a Conversion Date occurring on or after the Averaging Period Threshold Date and (2) any Options relating to Convertible Notes with a Conversion Date occurring on or after Counterparty issues a “Redemption Notice” (as used herein, as defined in the Indenture) with respect to the Convertible Notes in accordance with Section 16.02 of the Indenture and prior to the close of business on the Scheduled Valid Day immediately preceding the related “Redemption Date” (as used herein, as defined in the Indenture), (A) such notice may be given on or prior to the second Scheduled Valid Day immediately preceding the Expiration Date, or on or prior to the second Scheduled Valid Day immediately preceding such Redemption Date, as the case may be, and need only specify the information required in clause (i) above (and, in the case of clause (2) in this proviso only, the number of Convertible Notes as to which Counterparty issued a Redemption Notice), and (B) if the Relevant Settlement Method for such Options is (x) Net Share Settlement and the Specified Cash Amount is not USD 1,000, (y) Cash Settlement or (z) Combination Settlement, Dealer shall have received a separate notice (the “Notice of Final Settlement Method”) in respect of all such Convertible Notes before 5:00 p.m. (New York City time) on the Averaging Period Threshold Date, or concurrently with the delivery of the Redemption Notice to Holders of the Convertible Notes, as the case may be, specifying the information required in clauses (iii) and (iv) above. Counterparty acknowledges its responsibilities under applicable securities
laws, and in particular Section 9 and Section 10(b) of the Exchange Act (as defined below) and the rules and regulations thereunder, in respect of any election of a settlement method with respect to the Convertible Notes. The parties hereto agree and acknowledge that if the Trustee or any other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing on behalf of Counterparty provides notice to Dealer as provided for in the second immediately preceding sentence, Dealer shall be entitled to rely on the accuracy of such notice without any independent investigation.


 






    4


     


    

 


	Valuation Time:	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in good faith and in a commercially reasonable manner.
	 	 
	Market Disruption Event:	Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following:
	 	 
	 	“‘Market Disruption Event’ means, in respect of a Share, (i) a failure by the primary United States national or regional securities exchange or market on which the Shares are listed or admitted for trading to open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. (New York City time) on any Scheduled Valid Day for the Shares for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Shares or in any options contracts or futures contracts relating to the Shares.”


 


Settlement Terms.


 


	Settlement Method:	For any Option, Net Share Settlement; provided that if the Relevant Settlement Method set forth below for such Option is not Net Share Settlement, then the Settlement Method for such Option shall be such Relevant Settlement Method, but only if Counterparty, or the Trustee (or other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing) on behalf of Counterparty, shall have notified Dealer of the Relevant Settlement Method in the Notice of Exercise or Notice of Final Settlement Method, as applicable, for such Option. The parties hereto agree and acknowledge that if the Trustee or any other agent authorized by Counterparty and previously identified to Dealer by Counterparty in writing on behalf of Counterparty provides notice to Dealer as provided for in the proviso to the immediately preceding sentence, Dealer shall be entitled to rely on the accuracy of such notice without any independent investigation.


 






    5


     


    

 


	Relevant Settlement Method:	In respect of any Option:
	 	 
	 	(i) if Counterparty
    has elected to settle its conversion obligations in respect of the related Convertible Note (A) entirely in Shares
    pursuant to Section 14.02(iv)(A)  of the Indenture (together with cash in lieu of fractional Shares) (such
    settlement method, “Settlement in Shares”), (B) in a combination of cash and Shares pursuant to
    Section 14.04(iv)(C)  of the Indenture with a Specified Cash Amount less than USD 1,000 or (C) in a
    combination of cash and Shares pursuant to Section 14.04(iv)(C) of the Indenture with a Specified Cash Amount equal
    to USD 1,000, then, in each case, the Relevant Settlement Method for such Option shall be Net Share
    Settlement;
	 	 
	 	(ii) if
    Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note in a combination of
    cash and Shares pursuant to Section 14.04(iv)(C) of the Indenture with a Specified Cash Amount greater than USD
    1,000, then the Relevant Settlement Method for such Option shall be Combination Settlement; and
	 	 
	 	(iii) if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note entirely in cash pursuant to Section 14.04(iv)(B) of the Indenture (such settlement method, “Settlement in Cash”), then the Relevant Settlement Method for such Option shall be Cash Settlement.
	 	 
	Net Share Settlement:	If Net Share Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the relevant Settlement Date for each such Option, a number of Shares (the “Net Share Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for each such Option, of (i) (a) the Daily Option Value for such Valid Day, divided by (b) the Relevant Price on such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period; provided that in no event shall the Net Share Settlement Amount for any Option exceed a number of Shares equal to the Applicable Limit for such Option, divided by the Applicable Limit Price on the Settlement Date for such Option.



 






    6


     


    

 


	 	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Net Share Settlement Share Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.
	 	 
	Combination Settlement:	If Combination Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may be, to Counterparty, on the relevant Settlement Date for each such Option:


 


		(i)	cash (the “Combination Settlement Cash Amount”) equal to the sum, for each Valid
Day during the Settlement Averaging Period for such Option, of (A) an amount (the “Daily Combination Settlement Cash
Amount”) equal to the lesser of (1) the product of (x) the Applicable Percentage and (y) the Specified
Cash Amount minus USD 1,000 and (2) the Daily Option Value, divided by (B) the number of Valid Days in
the Settlement Averaging Period; provided that if the calculation in clause (A) above results in zero or a negative
number for any Valid Day, the Daily Combination Settlement Cash Amount for such Valid Day shall be deemed to be zero; and



 


		(ii)	Shares (the “Combination Settlement Share Amount”) equal to the sum, for each
Valid Day during the Settlement Averaging Period for such Option, of a number of Shares for such Valid Day (the “Daily
Combination Settlement Share Amount”) equal to (A) (1) the Daily Option Value on such Valid Day minus
the Daily Combination Settlement Cash Amount for such Valid Day, divided by (2) the Relevant Price on such Valid Day,
divided by (B) the number of Valid Days in the Settlement Averaging Period; provided that if the calculation
in sub-clause (A)(1) above results in zero or a negative number for any Valid Day, the Daily Combination Settlement Share
Amount for such Valid Day shall be deemed to be zero;



 


	 	provided that in no event shall the sum of (x) the Combination Settlement Cash Amount for any Option, and (y) the Combination Settlement Share Amount for such Option, multiplied by the Applicable Limit Price on the Settlement Date for such Option, exceed the Applicable Limit for such Option.
	 	 
	 	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Combination Settlement Share Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.
	 	 
	Cash Settlement:	If Cash Settlement is applicable to any Option exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for each such Option, an amount of cash (the “Cash Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period; provided that in no event shall the Cash Settlement Amount exceed the Applicable Limit for such Option.



 






    7


     


    

 


	Daily Option Value:	For any Valid Day, an amount equal to (i) the Option Entitlement on such Valid Day, multiplied by (ii) the Relevant Price on such Valid Day less the Strike Price on such Valid Day; provided that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Valid Day shall be deemed to be zero. In no event will the Daily Option Value be less than zero.
	 	 
	Make-Whole Adjustment:	Notwithstanding anything to the contrary herein, in respect of any exercise of Options relating to a conversion of Convertible Notes for which additional Shares will be added to the “Conversion Rate” (as defined in the Indenture) as determined pursuant to Section 14.03 of the Indenture, the Daily Option Value shall be calculated as if the Option Entitlement included the Applicable Percentage of the number of such additional Shares as determined with reference to the adjustment set forth in such Section 14.03 of the Indenture; provided that if the sum of (i) the product of (a) the number of Shares (if any) deliverable by Dealer to Counterparty per exercised Option and (b) the Applicable Limit Price on the Settlement Date and (ii) the amount of cash (if any) payable by Dealer to Counterparty per exercised Option would otherwise exceed the amount per Option, as determined by the Calculation Agent, that would be payable by Dealer under Section 6 of the Agreement if (x) the relevant Conversion Date were an Early Termination Date resulting from an Additional Termination Event with respect to which the Transaction was the sole Affected Transaction and Counterparty was the sole Affected Party and (y) Section 14.03 of the Indenture were deleted, then each Daily Option Value shall be proportionately reduced to the extent necessary to eliminate such excess.
	 	 
	Applicable Limit:	For any Option, an amount of cash equal to the Applicable Percentage, multiplied by the excess of (i) the aggregate of (A) the amount of cash, if any, paid to the Holder of the related Convertible Note upon conversion of such Convertible Note and (B) the number of Shares, if any, delivered to the Holder of the related Convertible Note upon conversion of such Convertible Note multiplied by the Applicable Limit Price on the Settlement Date for such Option, over (ii) USD 1,000.
	 	 
	Applicable Limit Price:	On any day, the opening price as displayed under the heading “Op” on Bloomberg page ENPH <equity> (or any successor thereto).



 






    8


     


    

 


	Valid Day:	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange or, if the Shares are not then listed on the Exchange, on the principal other United States national or regional securities exchange on which the Shares are then listed or, if the Shares are not then listed on a United States national or regional securities exchange, on the principal other market on which the Shares are then listed or admitted for trading. If the Shares are not so listed or admitted for trading, “Valid Day” means a Business Day.
	 	 
	Scheduled Valid Day:	A day that is scheduled to be a Valid Day on the principal United States national or regional securities exchange or market on which the Shares are listed or admitted for trading. If the Shares are not so listed or admitted for trading, “Scheduled Valid Day” means a Business Day.
	 	 
	Business Day:	Any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed.
	 	 
	Relevant Price:	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page ENPH <equity> AQR (or its equivalent successor if such page is not available) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or if such volume-weighted average price is unavailable, the market value of one Share on such Valid Day, as determined by the Calculation Agent in good faith and in a commercially reasonable manner using, if practicable, a volume-weighted average method). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
	 	 
	Settlement Averaging Period:	For any Option and regardless of the Settlement Method applicable to such Option:



 


		(i)	subject to clause (ii), if the related Conversion Date occurs prior to the Averaging Period Threshold
Date, the 20 consecutive Valid Days commencing on, and including, the second Valid Day following such Conversion Date; or



 


		(ii)	with respect to any Convertible Notes called for redemption and converted pursuant to Section 14.01(b)(v) of
the Indenture, if the related Conversion Date occurs on or after the date on which Counterparty issues a Redemption Notice with
respect to such Convertible Notes in accordance with Section 16.02 of the Indenture and prior to the close of business on
the Scheduled Valid Day immediately preceding the related Redemption Date, the 20 consecutive Valid Days commencing on, and including,
the 21st Scheduled Valid Day immediately prior to such Redemption Date; and or



 






    9


     


    

 


		(iii)	subject to clause (ii), if the related Conversion Date occurs on or following the Averaging Period
Threshold Date, the 20 consecutive Valid Days commencing on, and including, the 21st Scheduled Valid Day immediately
prior to the Expiration Date.



 


	Settlement Date:	For any Option, the date cash is paid and Shares, if any, are delivered under the terms of the Indenture with respect to the conversion of the Convertible Note related to such Option.
	 	 
	Settlement Currency:	USD
	 	 
	Other Applicable Provisions:	The provisions of Sections 9.1(c), 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Settled”. “Share Settled” in relation to any Option means that Net Share Settlement or Combination Settlement is applicable to that Option.
	 	 
	Representation and Agreement:	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery, subject to restrictions and limitations arising from Counterparty’s status as issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”)).


 


		3.	Additional Terms applicable to the Transaction.



 


Adjustments applicable to the
Transaction:


 


	Potential Adjustment Events:	Notwithstanding Section 11.2(e) of the Equity Definitions, a “Potential Adjustment Event” means an occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that would result in an adjustment under the Indenture to the “Conversion Rate” or the composition of a “unit of Reference Property” or to any “Last Reported Sale Price,”  “Daily VWAP,” “Daily Conversion Value” or “Daily Settlement Amount” (each as defined in the Indenture). For the avoidance of doubt, Dealer shall not have any delivery or payment obligation hereunder, and no adjustment shall be made to the terms of the Transaction, on account of (x) any distribution of cash, property or securities by Counterparty to holders of the Convertible Notes (upon conversion or otherwise) or (y) any other transaction in which holders of the Convertible Notes are entitled to participate, in each case, in lieu of an adjustment under the Indenture of the type referred to in the immediately preceding sentence (including, without limitation, pursuant to the fourth sentence of Section 14.04(c) of the Indenture or the fourth sentence of Section 14.04(d) of the Indenture).



 






    10


     


    

 


	Method of Adjustment:	Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions, upon any Potential Adjustment Event, the Calculation Agent shall make a corresponding adjustment to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction; provided that, notwithstanding the foregoing, if the Calculation Agent acting in good faith and in a commercially reasonable manner disagrees with any adjustment pursuant to the terms and provisions of the Indenture that is the basis of any calculation hereunder and that involves an exercise of discretion by Counterparty or its board of directors (including, without limitation, pursuant to Section 14.05 of the Indenture, Section 14.07 of the Indenture or any supplemental indenture entered into thereunder or in connection with any proportional adjustment or the determination of the fair value of any securities, property, rights or other assets), then in each such case, the Calculation Agent will determine the adjustment to be made to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction in a commercially reasonable manner.
	 	 
	Dilution Adjustment Provisions:	Sections 14.04(a), (b), (b), (b) and (e) and Section 14.05 of the Indenture.



 


Extraordinary Events applicable
to the Transaction:


 


	Merger Events:	Applicable; provided that notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in the definition of “Merger Event” in Section 14.07(a) of the Indenture.
	 	 
	Tender Offers:	Applicable; provided that notwithstanding Section 12.1(d) of the Equity Definitions, a “Tender Offer” means the occurrence of any event or condition set forth in Section 14.04(e) of the Indenture.
	 	 
	Consequences of Merger Events /

                                    Tender Offers:
	Notwithstanding Section 12.2 and Section 12.3 of the Equity Definitions, upon the occurrence of a Merger Event or a Tender Offer, the Calculation Agent shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares (in the case of a Merger Event), Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction; provided, however, that such adjustment shall be made without regard to any adjustment to the Conversion Rate determined pursuant to any Excluded Provision; provided further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person that is not a corporation or is not organized under the laws of the United States, any State thereof or the District of Columbia or (ii) the Counterparty to the Transaction following such Merger Event or Tender Offer, will not be a corporation or will not be the Issuer following such Merger Event or Tender Offer, then Cancellation and Payment (Calculation Agent Determination) may apply at Dealer’s sole election.



 






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	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.



 


Additional
Disruption Events:


 


	Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the word “Shares” with the phrase “Hedge Positions” in clause (X) thereof, (ii) inserting the parenthetical “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” at the end of clause (A) thereof and (iii) immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”.
	 	 
	Failure to Deliver:	Applicable
	 	 
	Hedging Disruption:	Applicable; provided that:



 


		(i)	Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following
two phrases at the end of such Section:



 


	 	“For the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms; and



 






    12


     


    

 


		(ii)	Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the
third line thereof, after the words “to terminate the Transaction”, the words “or a portion of the Transaction
affected by such Hedging Disruption”.



 


	Increased Cost of Hedging:	Not Applicable
	 	 
	Hedging Party:	For all applicable Additional Disruption Events, Dealer.
	 	 
	Determining Party:	For all applicable Extraordinary Events, Dealer. All calculations and determinations by the Determining Party shall be made in good faith and in a commercially reasonable manner. Following any calculation by the Determining Party hereunder, upon written request by Counterparty, the Determining Party will provide to Counterparty by email to the email address provided to Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such calculation; provided, however, that in no event will the Determining Party be obligated to share with Counterparty any proprietary or confidential data or information or information or any proprietary or confidential models used by it.
	 	 
	Non-Reliance: 	Applicable.
	 	 
	Agreements and Acknowledgments Regarding Hedging Activities:	Applicable
	 	 
	Additional Acknowledgments:	Applicable



 






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	4.	Calculation Agent.	Dealer; provided that
following the occurrence and during the continuance of an Event of Default of the type described in Section 5(a)(vii) of
the Agreement with respect to which Dealer is the sole Defaulting Party, if the Calculation Agent fails to timely make any calculation,
adjustment or determination required to be made by the Calculation Agent hereunder or to perform any obligation of the Calculation
Agent hereunder and such failure continues for five Exchange Business Days following notice to the Calculation Agent by Counterparty
of such failure, Counterparty shall have the right to designate a nationally recognized third-party dealer in over-the-counter
corporate equity derivatives to act, during the period commencing on the first date the Calculation Agent fails to timely make
such calculation, adjustment or determination or to perform such obligation, as the case may be, and ending on the earlier of
the Early Termination Date with respect to such Event of Default and the date on which such Event of Default is no longer continuing,
as the Calculation Agent.
	 	 	 
	 	 	All calculations and determinations
by the Calculation Agent shall be made in good faith and in a commercially reasonable manner. Following any calculation by the
Calculation Agent hereunder, upon written request by Counterparty, the Calculation Agent will provide to Counterparty by email
to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage
and manipulation of financial data) displaying in reasonable detail the basis for such calculation; provided, however,
that in no event will Dealer be obligated to share with Counterparty any proprietary or confidential data or information or any
proprietary or confidential models used by it.



 


	5.	Account Details.



 


		(a)	Account for payments to Counterparty:
	 	 	 
	 	 	Bank:
	 	 	ABA#:
	 	 	Acct No.:
	 	 	Beneficiary:
	 	 	Ref:
	 	 	 
	 	 	Account for delivery of Shares to Counterparty:
	 	 	 
	 	 	To be provided upon request.
	 	 	 
	 	(b)	Account for payments to Dealer:
	 	 	 
	 	 	Bank:
	 	 	ABA#:
	 	 	Acct No.:
	 	 	Beneficiary:
	 	 	SWIFT:



 






    14


     


    

 


	 	 	Account for delivery of Shares from Dealer:
	 	 	 
	 	 	To be provided by Dealer.
	 	 	 
		6.	Offices.



 


		(a)	The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party.



 


		(b)	The Office of Dealer for the Transaction is: New York, New York



 


		7.	Notices.



 


		(a)	Address for notices or communications to Counterparty:
	 	 	 
	 	 	Enphase Energy, Inc.
	 	 	Attention: General Counsel
	 	 	Telephone No.: (707) 763-4785



 


		(b)	Address for notices or communications to Dealer:
	 	 	 
	 	 	To:	Mizuho
Securities USA LLC
	 	 	 	1271 Avenue of the Americas
	 	 	 	New York, NY 10020
	 	 	 	 
	 	 	Attention:	 
	 	 	Telephone:	 
	 	 	Email:	 
	 	 	 	 
	 	 	With a copy to:	 
	 	 	 	 
	 	 	To:	Mizuho
Markets Americas LLC
	 	 	 	c/o Mizuho Securities USA LLC
	 	 	 	1271 Avenue of the Americas
	 	 	 	 
	 	 	New York, NY 10020Attention:        US
Equity Derivatives Notices
	 	 	 	 
	 	 	Telephone:	 
	 	 	Email:	 



 


		8.	Representations and Warranties of Counterparty.



 


		(a)	Representations and Warranties of Counterparty. Each of the representations and warranties of Counterparty
set forth in Section 2 of the Purchase Agreement (the “Purchase Agreement”), dated as of February 24,
2021, among Counterparty and BofA Securities, Inc. and Barclays Capital Inc., as representatives of the initial purchasers
party thereto (the “Initial Purchasers”), are true and correct and are hereby deemed to be repeated to Dealer
as if set forth herein. Counterparty hereby further represents and warrants to Dealer on the date hereof and on and as of the Premium
Payment Date that:



 


		(i)	Counterparty has all necessary corporate power and authority to execute, deliver and perform its
obligations in respect of the Transaction; such execution, delivery and performance have been duly authorized by all necessary
corporate action on Counterparty’s part; and this Confirmation has been duly and validly executed and delivered by Counterparty
and constitutes its valid and binding obligation, enforceable against Counterparty in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and
remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness,
good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights
to indemnification and contribution hereunder may be limited by federal or state securities laws or public policy relating thereto.



 






    15


     


    

 



 


		(ii)	Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations
of Counterparty hereunder will conflict with or result in a breach of (A) the certificate of incorporation or by-laws (or
any equivalent documents) of Counterparty, or (B) any applicable law or regulation, or any order, writ, injunction or decree
of any court or governmental authority or agency, or (C) any agreement or instrument to which Counterparty or any of its subsidiaries
is a party or by which Counterparty or any of its subsidiaries is bound or to which Counterparty or any of its subsidiaries is
subject, or constitute a default under, or result in the creation of any lien under, any such agreement or instrument, except for
any such conflicts, breaches, defaults or lien creations in the cases of clause (C) above that would not adversely affect
the ability of Counterparty to fulfill its obligations under this Transaction.



 


		(iii)	No consent, approval, authorization, or order of, or filing with, any governmental agency or body
or any court is required in connection with the execution, delivery or performance by Counterparty of this Confirmation, except
such as have been obtained or made and such as may be required under the Securities Act or state securities laws.



 


		(iv)	Counterparty is not and, after consummation of the transactions contemplated hereby, will not be
required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.



 


		(v)	Counterparty is in compliance, in all material respects, with its periodic reporting obligations
under the Exchange Act.



 


		(vi)	Counterparty (A) is capable of evaluating investment risks independently, both in general
and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent
judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the
broker-dealer in writing; and (C) has total assets of at least $50 million.



 


		(vii)	Counterparty acknowledges that the Transaction may constitute a purchase of its equity securities. 
Counterparty further acknowledges that, pursuant to the provisions of the Coronavirus Aid, Relief and Economic Security Act (the
 “Cares Act”), the Counterparty will be required to agree to certain time-bound restrictions on its ability to
purchase its equity securities if it receives loans, loan guarantees or direct loans (as that term is defined in the Cares Act)
under section 4003(b) of the Cares Act.  Counterparty further acknowledges that it may be required to agree to certain
time-bound restrictions on its ability to purchase its equity securities if it receives loans, loan guarantees or direct loans
(as that term is defined in the Cares Act) under programs or facilities established by the Board of Governors of the Federal Reserve
System for the purpose of providing liquidity to the financial system.  Accordingly, Counterparty represents and warrants
that neither it nor any of its subsidiaries has applied, and throughout the term of the Transaction neither it nor any of its subsidiaries
shall apply, for a loan, loan guarantee, direct loan (as that term is defined in the Cares Act) or other investment, or to receive
any financial assistance or relief (howsoever defined) under any program or facility established in any jurisdiction that (a) is
established under applicable law, including without limitation the Cares Act and the Federal Reserve Act, as amended, and (b) requires,
as a condition of such loan, loan guarantee, direct loan (as that term is defined in the Cares Act), investment, financial assistance
or relief, that the Counterparty agree, attest, certify or warrant that neither it nor any of its subsidiaries has, as of the date
specified in such condition, repurchased, or will repurchase, any equity security of Counterparty.  Counterparty further represents
and warrants that the Premium is not being paid, in whole or in part, directly or indirectly, with funds received under or pursuant
to any program or facility established in any jurisdiction, including the U.S. Small Business Administration’s “Paycheck
Protection Program”, that (a) is established under applicable law (whether in existence as of the Trade Date or subsequently
enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires
under such applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with
jurisdiction for such program or facility) that such funds be used for specified or enumerated purposes that do not include the
purchase of the Transaction (either by specific reference to the Transaction or by general reference to transactions with the attributes
of the Transaction in all relevant respects).



 






    16


     


    

 


		(b)	Each of Dealer and Counterparty agrees and represents that it is an “eligible contract participant”
(as such term is defined in Section 1a(18) of the Commodity Exchange Act, as amended (the “CEA”), other
than a person that is an eligible contract participant under Section 1a(18)(C) of the CEA).



 


		9.	Other Provisions.



 


		(a)	Opinions. Counterparty shall deliver to Dealer an opinion of counsel, dated as of
the Trade Date, with respect to (i) the matters set forth in Section 8(a)(ii)(B) and Section 8(a)(iii) of
this Confirmation to the knowledge of counsel, (ii) due incorporation, existence and good standing of Counterparty in Delaware,
(iii) the due authorization, execution and delivery of this Confirmation, and, (iv) in respect of the execution, delivery
and performance of this Confirmation, the absence of any conflict with or breach of any material agreement required to be filed
as an exhibit to Counterparty’s Annual Report on Form 10-K, Counterparty’s certificate of incorporation or Counterparty’s
by-laws.  Delivery of such opinion to Dealer shall be a condition precedent for the purpose of Section 2(a)(iii) of
the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the Agreement.



 


		(b)	Repurchase Notices. Counterparty shall, on any day on which Counterparty effects
any repurchase of Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on
such day if following such repurchase, the number of outstanding Shares as determined on such day is (i) less than 101.3 million
(in the case of the first such notice) or (ii) thereafter more than 18.0 million less than the number of Shares included in
the immediately preceding Repurchase Notice. Counterparty agrees to indemnify and hold harmless Dealer and its affiliates and their
respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified
Person”) from and against any and all losses (including losses relating to Dealer’s hedging activities as a consequence
of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance
from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction),
claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified
Person may become subject to, as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice on the day
and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each of such Indemnified
Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony
or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any governmental
or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s
failure to provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify
Counterparty in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory
to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and
shall pay the fees and expenses of such counsel related to such proceeding. Counterparty shall not be liable for any settlement
of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent
or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any
loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which
any Indemnified Person is a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement
includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding
on terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable
to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty
hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph (b) are not
exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.
The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless
of the termination of the Transaction.



 






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		(c)	Regulation M. Counterparty is not on the Trade Date engaged in a distribution, as
such term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and
102(b)(7) of Regulation M. Counterparty shall not, until the second Scheduled Trading Day immediately following the Effective
Date, engage in any such distribution.



 


		(d)	No Manipulation. Counterparty is not entering into the Transaction to create actual
or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to manipulate the
price of the Shares (or any security convertible into or exchangeable for the Shares) in violation of the Exchange Act.



 


		(e)	Transfer or Assignment.



 


		(i)	Counterparty shall have the right to transfer or assign its rights and obligations hereunder with
respect to all, but not less than all, of the Options hereunder (such Options, the “Transfer Options”); provided
that such transfer or assignment shall be subject to reasonable conditions that Dealer may impose, including but not limited, to
the following conditions:



 


		(A)	With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification
obligations pursuant to Section 9(b) or any obligations under Section 9(n) or 9(s) of this Confirmation;



 


		(B)	Any Transfer Options shall only be transferred or assigned to a third party that is a United States
person (as defined in the Internal Revenue Code of 1986, as amended (the “Code”);



 


		(C)	Such transfer or assignment shall be effected on terms, including any reasonable undertakings by
such third party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a
manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and
execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party
and Counterparty, as are requested and reasonably satisfactory to Dealer;



 


		(D)	Dealer will not, as a result of such transfer and assignment, be required to pay the transferee
on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have
been required to pay to Counterparty in the absence of such transfer and assignment;



 






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		(E)	An Event of Default, Potential Event of Default or Termination Event will not occur as a result
of such transfer and assignment;



 


		(F)	Without limiting the generality of clause (B), Counterparty shall cause the transferee to make
such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer
to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment;
and



 


		(G)	Counterparty shall be responsible for all commercially reasonable costs and expenses, including
commercially reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment.



 


		(ii)	Dealer may, without Counterparty’s consent, transfer or assign (such transfer or assignment,
a “Transfer”) all or any part of its rights or obligations under the Transaction (A) to any affiliate of
Dealer (1) that has a long-term issuer rating that is equal to or better than Dealer’s credit rating at the time of
such Transfer, or (2) whose obligations hereunder will be guaranteed, pursuant to the terms of a customary guarantee in a
form used by Dealer generally for similar transactions, by Dealer, or (B) with Counterparty’s consent (not to be unreasonably
withheld or delayed) to any other third party with a long-term issuer rating equal to or better than the lesser of (1) the
credit rating of Dealer at the time of the Transfer and (2) A- by Standard and Poor’s Rating Group, Inc. or its
successor (“S&P”), or A3 by Moody’s Investor Service, Inc. (“Moody’s”)
or, if either S&P or Moody’s ceases to rate such third party, at least an equivalent rating or better by a substitute
rating agency mutually agreed by Counterparty and Dealer; provided that either (x) the transferee in any such Transfer
shall be a “dealer in securities” within the meaning of Section 475(c)(1) of the Code or (y) the Transfer
will not result in a deemed exchange by Counterparty within the meaning of Section 1001 of the Code; and provided further
that Dealer shall provide notice to Counterparty following any such Transfer. If at any time at which (A) the Section 16
Percentage exceeds 8.0%, (B) the Option Equity Percentage exceeds 14.5%, or (C) the Share Amount exceeds the Applicable
Share Limit (if any applies) (any such condition described in clauses (A), (B) or (C), an “Excess Ownership Position”),
Dealer is unable after using its commercially reasonable efforts to effect a transfer or assignment of Options to a third party
on pricing terms reasonably acceptable to Dealer and within a time period reasonably acceptable to Dealer such that no Excess Ownership
Position exists, then Dealer may designate any Exchange Business Day as an Early Termination Date with respect to a portion of
the Transaction (the “Terminated Portion”), such that following such partial termination no Excess Ownership
Position exists. In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction,
a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated
in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the number of Options underlying
the Terminated Portion, (2) Counterparty were the sole Affected Party with respect to such partial termination and (3) the
Terminated Portion were the sole Affected Transaction (and, for the avoidance of doubt, the provisions of Section 9(l) shall
apply to any amount that is payable by Dealer to Counterparty pursuant to this sentence as if Counterparty was not the Affected
Party). The “Section 16 Percentage” as of any day is the fraction, expressed as a percentage, (A) the
numerator of which is the number of Shares that Dealer and any of its affiliates or any other person subject to aggregation with
Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act, or any “group”
(within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part beneficially owns
(within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason
the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a
higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day. The “Option
Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the sum
of (1) the product of the Number of Options and the Option Entitlement and (2) the aggregate number of Shares underlying
any other call option transaction sold by Dealer to Counterparty, and (B) the denominator of which is the number of Shares
outstanding. The “Share Amount” as of any day is the number of Shares that Dealer and any person whose ownership
position would be aggregated with that of Dealer (Dealer or any such person, a “Dealer Person”) under any law,
rule, regulation, regulatory order or organizational documents or contracts of Counterparty that are, in each case, applicable
to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls,
holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by
Dealer in its reasonable discretion. The “Applicable Share Limit” means a number of Shares equal to (A) the
minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining
prior approval from any person or entity) of a Dealer Person, or could result in an adverse effect on a Dealer Person, under any
Applicable Restriction, as determined by Dealer in its reasonable discretion, minus (B) 1% of the number of Shares
outstanding.



 






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		(iii)	Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing
Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from
Counterparty, Dealer may designate any of its affiliates (each, a “Dealer Designated Affiliate”) to purchase,
sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform
Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged
of its obligations to Counterparty under this Confirmation to the extent such Dealer Designated Affiliate fully performs the obligations
designated by Dealer to such Dealer Designated Affiliate under this Section 9(e)(iii).



 


		(f)	Staggered Settlement. If upon advice of counsel with respect to applicable legal
and regulatory requirements, including any requirements relating to Dealer’s commercially reasonable hedging activities hereunder
that would be customarily applicable to transactions of this type by the dealers in this market as determined by the Calculation
Agent, Dealer reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver,
any or all of the Shares to be delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty
on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more
dates (each, a “Staggered Settlement Date”) as follows:



 


		(i)	in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (the
first of which will be such Nominal Settlement Date and the last of which will be no later than the twentieth (20th) Exchange Business
Day following such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date;



 


		(ii)	the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered
Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement
Date; and



 


		(iii)	if the Net Share Settlement terms or the Combination Settlement terms set forth above were to apply
on the Nominal Settlement Date, then the Net Share Settlement terms or the Combination Settlement terms, as the case may be, will
apply on each Staggered Settlement Date, except that the Shares otherwise deliverable on such Nominal Settlement Date will be allocated
among such Staggered Settlement Dates as specified by Dealer in the notice referred to in clause (i) above.



 






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		(g)	Role of Agent.



 


		(i)	Counterparty understands and agrees that MSUSA will act as agent for both parties with respect
to each Transaction and has no obligation, by way of issuance, endorsement, guarantee or otherwise with respect to the performance
of either party under any Transaction. MSUSA shall have no responsibility or personal liability to Counterparty arising from any
failure by MMA to pay or perform any obligations hereunder or to monitor or enforce compliance by MMA or Counterparty with any
obligation hereunder, including, without limitation, any obligations to maintain collateral. MSUSA is so acting solely in its capacity
as agent for Counterparty and MMA pursuant to instructions from Counterparty and MMA. Each of MMA and Counterparty agrees to proceed
solely against the other to collect or recover any securities or monies owing to it in connection with or as a result of a Transaction.



 


		(ii)	MSUSA received or will receive other remuneration from MMA in relation to this Master Confirmation
and each Transaction hereunder. The amount and source of such other remuneration will be furnished upon written request.



 


		(h)	Submission to Jurisdiction. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION
WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT
TO, THESE COURTS.



 


		(i)	Additional Termination Events.



 


		(i)	Notwithstanding anything to the contrary in this Confirmation if an event of default with respect
to Counterparty occurs under the terms of the Convertible Notes as set forth in Section 6.01 of the Indenture, then such event
of default shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional
Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole
Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of
the Agreement.



 


		(i)	Promptly (and in any event within five Scheduled Trading Days) following any (i) repurchase
(which, for the avoidance of doubt, includes any exchange transaction) and cancellation of Convertible Notes, including without
limitation pursuant to Article 15 of the Indenture in connection with a “Fundamental Change” (as defined in the
Indenture) or (ii) any Convertible Notes are redeemed (whether pursuant to Section 16.01 of the Indenture or otherwise)
by Counterparty and are no longer outstanding under the Indenture, (such event, a “Repurchase Event”), Counterparty
may notify Dealer in writing of such Repurchase Event and the number of Convertible Notes subject to such Repurchase Event (any
such notice, a “Repurchase Notice”). Notwithstanding anything to the contrary in this Confirmation, the receipt
by Dealer from Counterparty of (x) any Repurchase Notice, within the applicable time period set forth in the preceding sentence,
and (y) a written representation and warranty by Counterparty that, as of the date of such Repurchase Notice, Counterparty
is not in possession of any material non-public information regarding Counterparty or the Shares, shall constitute an Additional
Termination Event as provided in this paragraph. Upon receipt of any such Repurchase Notice and the related written representation
and warranty, Dealer shall promptly designate an Exchange Business Day following receipt of such Repurchase Notice (which Exchange
Business Day shall be on or as promptly as reasonably practicable after the related repurchase settlement date for the relevant
Repurchase Event) as an Early Termination Date with respect to the portion of this Transaction corresponding to a number of Options
(the “Repurchase Options”) equal to the lesser of (A) the number of such Convertible Notes specified in
such Repurchase Notice minus the number of “Repurchase Options” (as defined in the Base Call Option Confirmation),
if any, that relate to such Convertible Notes divided by the Applicable Percentage and (B) the Number of Options as
of the date Dealer designates such Early Termination Date and, as of such date, the Number of Options shall be reduced by the number
of Repurchase Options. Any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of
the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to
this Transaction and a Number of Options equal to the number of Repurchase Options, (2) Counterparty were the sole Affected
Party with respect to such Additional Termination Event, (3) no adjustment to the “Conversion Rate” (as defined
in the Indenture) for the Convertible Notes has occurred pursuant to any Excluded Provision, (4) the corresponding Convertible
Notes remaining outstanding as if the circumstances related to the Repurchase Event had not occurred, (5) the relevant Repurchase
Event and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading
thereto had not occurred, and (6) the terminated portion of the Transaction were the sole Affected Transaction.



 






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		(j)	Amendments to Equity Definitions.



 


		(i)	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting
from the fourth line thereof the word “or” after the word “official” and inserting a comma therefor, and
(2) deleting the semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or
(C) the occurrence of any of the events specified in Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement
with respect to that Issuer.”



 


		(ii)	Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing
 “either party may elect” with “Dealer may elect” and (2) replacing “notice to the other party”
with “notice to Counterparty” in the first sentence of such section.



 


		(k)	No Setoff. Each party waives any and all rights it may have to set off obligations
arising under the Agreement and the Transaction against other obligations between the parties, whether arising under any other
agreement, applicable law or otherwise.



 


		(l)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.
If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated
with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary
Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid
to all holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s
control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty
is the Affected Party other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or
(viii) of the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case
that resulted from an event or events outside Counterparty’s control), and if Dealer would owe any amount to Counterparty
pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant to Article 12 of the Equity Definitions
(any such amount, a “Payment Obligation”), then Dealer shall satisfy the Payment Obligation by the Share Termination
Alternative (as defined below), unless (a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed in writing
within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger Date, Tender Offer Date, Announcement
Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable,
of its election that the Share Termination Alternative shall not apply, (b) Counterparty remakes the representation set forth
in Section 8(a)(v) as of the date of such election and (c) Dealer agrees, in its sole discretion, to such election,
in which case the provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) of
the Agreement, as the case may be, shall apply.



 






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	 	Share Termination Alternative:	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment.
	 	 	 
	 	Share Termination Delivery Property:	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.
	 	 	 
	 	Share Termination Unit Price:	The value to Dealer of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in good faith and in a commercially reasonable manner and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider the purchase price paid in connection with the purchase of Share Termination Delivery Property.
	 	 	 
	 	Share Termination Delivery Unit:	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.
	 	 	 
	 	Failure to Deliver:	Applicable
	 	 	 
	 	Other applicable provisions:	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement” in Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”. “Share Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.



 






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		(m)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party
(i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such
other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual
waivers and certifications provided herein.



 


		(n)	Registration. Counterparty hereby agrees that if, in the good faith reasonable judgment
of Dealer, based on the advice of counsel, the Shares (“Hedge Shares”) acquired by Dealer for the purpose of
hedging its obligations pursuant to the Transaction cannot be sold in the public market by Dealer without registration under the
Securities Act, Counterparty shall, at its election, either (i) in order to allow Dealer to sell the Hedge Shares in a registered
offering, make available to Dealer an effective registration statement under the Securities Act and enter into an agreement, in
customary form and substance reasonably satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered
secondary offering of equity securities of comparable size of companies of comparable size, maturity and line of business; provided,
however, that if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the
results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above,
then clause (ii) or clause (iii) of this paragraph shall apply at the election of Counterparty, (ii) in order to
allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to
private placement purchase agreements customary for private placements of equity securities of comparable size of companies of
comparable size, maturity and line of business, in customary form and substance that is commercially reasonable and reasonably
satisfactory to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are
necessary, in its commercially reasonable judgment, to compensate Dealer for any discount from the public market price of the Shares
incurred on the sale of Hedge Shares in a private placement), or (iii) purchase the Hedge Shares from Dealer at the Relevant
Price on such Exchange Business Days, and in the amounts, requested by Dealer.



 


		(o)	Tax Disclosure. Effective from the date of commencement of discussions concerning
the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons,
without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including
opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure.



 


		(p)	Right to Extend. Dealer may postpone or add, in a commercially reasonable manner,
in whole or in part, any Valid Day or Valid Days during the Settlement Averaging Period or any other date of valuation, payment
or delivery by Dealer, with respect to some or all of the Options hereunder, if Dealer reasonably determines, in its reasonable
discretion, that such action is reasonably necessary or appropriate to preserve Dealer’s commercially reasonable hedging
or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer to effect purchases of Shares
in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that would, if
Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or self-regulatory
requirements, or with related policies and procedures applicable to Dealer; provided that in no event shall Dealer have
the right to so postpone or add any Valid Day(s) or any such other date beyond the 30th Valid Day immediately following the
last Valid Day of the relevant Settlement Averaging Period (determined without regard to this Section 9(p)).



 






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		(q)	Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation
is not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of
common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that nothing herein
shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its
obligations and agreements with respect to the Transaction; provided, further, that nothing herein shall limit or
shall be deemed to limit Dealer’s rights in respect of any transactions other than the Transaction.



 


		(r)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction
to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the
United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded
by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s
right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement
with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each
payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement
payment” and a “transfer” as defined in the Bankruptcy Code.



 


		(s)	Notice of Certain Other Events. Counterparty covenants and agrees that:



 


		(i)	promptly following the public announcement of the results of any election by the holders of Shares
with respect to the consideration due upon consummation of any Merger Event, Counterparty shall give Dealer written notice of the
weighted average of the types and amounts of consideration actually received by holders of Shares (the date of such notification,
the “Consideration Notification Date”); provided that in no event shall the Consideration Notification
Date be later than the date on which such Merger Event is consummated;



 


		(ii)	promptly following any adjustment to the Convertible Notes in connection with any Potential Adjustment
Event, Merger Event or Tender Offer, Counterparty shall give Dealer written notice of the details of such adjustment; and



 


		(iii)	concurrently with any issuance by Counterparty of a Redemption Notice with respect to the Convertible
Notes in accordance with Section 16.02 of the Indenture, Counterparty shall notify Dealer of such Redemption Notice, the anticipated
Redemption Date and the number of Convertible Notes subject thereto.



 


		(t)	Wall Street Transparency and Accountability Act. In connection with Section 739
of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither
the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall
limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement
this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs,
regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including,
but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership
Position, or Illegality (as defined in the Agreement)).



 


		(u)	Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges
and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or
other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust
its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares
other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own determination
as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do
so in a manner that it deems appropriate to hedge its price and market risk with respect to the Relevant Prices; and (D) any
market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as
well as the Relevant Prices, each in a manner that may be adverse to Counterparty.



 






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		(v)	Early Unwind. In the event the sale of the “Option Securities” (as defined
in the Purchase Agreement) is not consummated with the Initial Purchasers for any reason, or Counterparty fails to deliver to Dealer
opinions of counsel as required pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time) on the Premium
Payment Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date, the “Early
Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”) on the Early Unwind
Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty under the Transaction
shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees
not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of
and to be performed in connection with the Transaction either prior to or after the Early Unwind Date; Each of Dealer and Counterparty
represents and acknowledges to the other that, upon an Early Unwind, all obligations with respect to the Transaction shall be deemed
fully and finally discharged.



 


		(w)	Payment by Counterparty. In the event that, following payment of the Premium, (i) an
Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of
Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result,
Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes
to Dealer, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8
of the Equity Definitions, such amount shall be deemed to be zero.



 


		(x)	Determinations; Adjustments. All calculations, adjustments and determinations made
by Dealer hereunder, whether as Calculation Agent, as Determining Party or following the occurrence of an Early Termination Date,
shall be made in good faith and in a commercially reasonable manner. Following any determination, adjustment or calculation by
Dealer hereunder (including, without limitation, in its capacity as Calculation Agent), Dealer will provide to Counterparty by
email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage
and manipulation of financial data) displaying in reasonable detail the basis for such calculation; provided, however,
that in no event will Dealer be obligated to share with Counterparty any proprietary or confidential data or information or any
proprietary or confidential models used by it. For the avoidance of doubt, whenever the Calculation Agent or Determining Party
(as the case may be) is called upon to make an adjustment pursuant to the terms of this Confirmation or the Equity Definitions
(other than any adjustment required to be made by reference to the terms of the Convertible Notes or the Indenture) to take into
account the effect of an event, the Calculation Agent or Determining Party (as the case may be) shall make such adjustment by reference
to the effect of such event on the Hedging Party, assuming that the Hedging Party maintains a commercially reasonable hedge position.



 


		(y)	Tax Matters.



 


		(i)	Payee Representations:



 


For the purpose of Section 3(f) of
the Agreement, Counterparty makes the following representation to Dealer:


 


Counterparty is a corporation
and a U.S. person (as that term is defined in Section 7701(a)(30) of the Code and used in Section 1.1441-4(a)(3)(ii) of
the United States Treasury Regulations) for U.S. federal income tax purposes.


 


For the purpose of Section 3(f) of
the Agreement, Dealer makes the following representation to Counterparty:


 


(A) Dealer is a U.S. person
(as that term is defined in Section 7701(a)(30) of the Code and used in Section 1.1441-4(a)(3)(ii) of the United
States Treasury Regulations) for U.S. federal income tax purposes.


 






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		(ii)	Tax Documentation. For the purposes of Section 4(a)(i) of the Agreement, (1) Counterparty
shall provide to Dealer a valid United States Internal Revenue Service Form  W-9 (or successor thereto), and (2) Dealer
shall provide to Counterparty a valid United States Internal Revenue Service Form W-9 (or successor thereto), in each case,
(A) on or before the date of execution of this Confirmation and (B) promptly upon learning that any such tax form previously
provided by it has become obsolete or incorrect.



 


		(iii)	Withholding Tax Imposed on Payments to non-U.S. Counterparties under the Provisions Known as
the Foreign Account Tax Compliance Act. “Indemnifiable Tax” as defined in Section 14 of the Agreement shall
not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current
or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of
the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement
entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”).
For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law
for the purposes of Section 2(d) of the Agreement.



 


		(iv)	HIRE Act. “Indemnifiable Tax”, as defined in Section 14 of the Agreement,
shall not include any tax imposed on payments treated as dividends from sources within the United States under Section 871(m) of
the Code or any regulations issued thereunder.



 


		(z)	U.S. Resolution Stay. The parties agree that (i) to the extent that prior to
the date hereof both parties have adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the “Protocol”), the
terms of the Protocol are incorporated into and form a part of this Confirmation, and for such purposes this Confirmation shall
be deemed a Protocol Covered Agreement and each party shall be deemed to have the same status as “Regulated Entity”
and/or “Adhering Party” as applicable to it under the Protocol; (ii) to the extent that prior to the date hereof
the parties have executed a separate agreement the effect of which is to amend the qualified financial contracts between them to
conform with the requirements of the QFC Stay Rules (the “Bilateral Agreement”), the terms of the Bilateral
Agreement are incorporated into and form a part of this Confirmation and each party shall be deemed to have the status of “Covered
Entity” or “Counterparty Entity” (or other similar term) as applicable to it under the Bilateral Agreement; or
(iii) if clause (i) and clause (ii) do not apply, the terms of Section 1 and Section 2 and the related
defined terms (together, the “Bilateral Terms”) of the form of bilateral template entitled “Full-Length
Omnibus (for use between U.S. G-SIBs and Corporate Groups)” published by ISDA on November 2, 2018 (currently available
on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and, a copy of which is available upon request), the effect
of which is to amend the qualified financial contracts between the parties thereto to conform with the requirements of the QFC
Stay Rules, are hereby incorporated into and form a part of this Confirmation, and for such purposes this Confirmation shall be
deemed a “Covered Agreement,” Dealer shall be deemed a “Covered Entity” and Company shall be deemed a “Counterparty
Entity.” In the event that, after the date of this Confirmation, both parties hereto become adhering parties to the Protocol,
the terms of the Protocol will replace the terms of this paragraph. In the event of any inconsistencies between this Confirmation
and the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each, the “QFC Stay Terms”),
as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without definition shall have the meanings assigned
to them under the QFC Stay Rules. For purposes of this paragraph, references to “this Confirmation” include any related
credit enhancements entered into between the parties or provided by one to the other. In addition, the parties agree that the terms
of this paragraph shall be incorporated into any related covered affiliate credit enhancements, with all references to Dealer replaced
by references to the covered affiliate support provider. “QFC Stay Rules” means the regulations codified at 12 C.F.R.
252.2, 252.81–8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition
of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under
Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related directly or
indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered
affiliate credit enhancements.



 






    27


     


    

 


		(aa)	Dealer Boilerplate.



 


		(i)	Notwithstanding any provisions of the Agreement, all communications relating to each Transaction
or the Agreement shall be transmitted exclusively through MSUSA at the address provided in Section 7(b) above.



 


		(ii)	MMA hereby provides notice that the Securities Investor Protection Act of 1970 does not protect
Counterparty and MMA is not a member of the Securities Investor Protection Corporation.



 









    28


     


    

 


Please confirm
that the foregoing correctly sets forth the terms of our agreement by executing this Confirmation and returning it to Dealer.


 


	 	Very truly yours,



 


	 	MIZUHO MARKETS AMERICAS LLC
	 	 
	 	By: 	/s/ Adam Hopkins
	 	Authorized Signatory
	 	Name:    Adam Hopkins
	 	 
	 	MIZUHO SECURITIES USA LLC
	 	 
	 	Acting solely as Agent in connection with this
	 	Master Confirmation
	 	 
	 	By: 	/s/ Mariano Gaut
	 	Authorized Signatory
	 	Name:    Mariano Gaut


 


Accepted and confirmed


as of the Trade Date:


 


	Enphase Energy, Inc.	 
	 	 
	By:	/s/ Eric Branderiz	 
	Authorized Signatory	 
	Name:	   Eric Branderiz